<SEC-DOCUMENT>0001554855-23-000303.txt : 20230426
<SEC-HEADER>0001554855-23-000303.hdr.sgml : 20230426
<ACCEPTANCE-DATETIME>20230425205605
ACCESSION NUMBER:		0001554855-23-000303
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		177
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230426
DATE AS OF CHANGE:		20230425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vasta Platform Ltd
		CENTRAL INDEX KEY:			0001792829
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39415
		FILM NUMBER:		23846532

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA PAULISTA, 901, 6TH FLOOR
		STREET 2:		JARDIM PAULISTA
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			01310-100
		BUSINESS PHONE:		55 11 3133-7559

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PAULISTA, 901, 6TH FLOOR
		STREET 2:		JARDIM PAULISTA
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			01310-100
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>vsta-20221231.htm
<DESCRIPTION>20-F
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    <ix:footnote xml:lang="en-US" id="footnote1" footnoteRole="http://www.xbrl.org/2003/role/footnote">Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the acquiror, as well as an expected increase in the Company&#8217;s market-share due to the penetration of the Company&#8217;s products and services in regions where the Company did not operate before. Also, the current tax law allows the deductibility of the acquisition date goodwill and fair value of net assets acquired when a non-substantive action is taken after acquisition by the Company (i.e. when the Company merges or spins off the companies acquired) and therefore the tax and accounting bases of the net assets acquired are the same as of the acquisition date.</ix:footnote>
    <ix:footnote xml:lang="en-US" id="footnote2" footnoteRole="http://www.xbrl.org/2003/role/footnote">As a result of purchase price allocation, the Company identified R$ 18,783, customer portfolio (&#8220;SESI&#8221;), and R$ 64,806, customer portfolio (&#8220;De Gouges&#8221;) based on customer portfolio receivables expectation around 8% per year. See Note 14.</ix:footnote>
    <ix:footnote xml:lang="en-US" id="footnote3" footnoteRole="http://www.xbrl.org/2003/role/footnote">As a result of the purchase price allocation, the Company identified R$ 247,622, a commercial agreement (&#8220;Eleva Holding&#8221;), which corresponds to the sale of teaching material from "De Gouges" to partner schools of "Eleva Holding" within 10 years, with an estimated sales rate of 10% per year.</ix:footnote>
    <ix:footnote xml:lang="en-US" id="footnote4" footnoteRole="http://www.xbrl.org/2003/role/footnote">Refers to new lease agreements which the Company has embedded part of its digital learning solutions. These lease agreements (digital learning) refer to lease terms of 36 months, with rates negotiated in the range of 10.3% p.a to 10.9% p.a.</ix:footnote>
    <ix:footnote xml:lang="en-US" id="footnote5" footnoteRole="http://www.xbrl.org/2003/role/footnote">On March 15, 2021, the Company, substantially settled bonds with related parties amounting to R$ 100,000 and R$ 1,488, in principal and interest, respectively as follows: 5th Issuance, 1st series &#8211; R$ 101,488. In addition, the Company settled only interest on the following bonds: 5th Issuance, 2nd series &#8211; R$ 1,451, 6th Issuance, 2nd series &#8211; R$ 3,613 and 7th Issuance, single series &#8211; R$ 5,663. This measure is part of a commitment with shareholders as a result of the IPO.

On May 31, 2021, the Company partially settled bonds with related parties amounting to R$ 188,000, of principal of the 7th issuance single series.

On August 6, 2021, the Company settled the remaining 7th issuance with related parties in the amounts of R$189,564 and R$5,871, as principal and interest. In addition, the Company settled only interest on the following bonds: 5th Issuance, 2nd series &#8211; R$ 2,029 and 6th Issuance, 2nd series &#8211; R$ 4,758.

Regarding the financing with Banco de Desenvolvimento de Minas Gerais SA - BDMG, the Company pays monthly the amount of R$ 15 and R$ 4, respectively, of principal and interest, totaling on December 31, 2021 an amount of R$177 and R$49, respectively, of principal and interest.</ix:footnote>
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<p style="margin: 0pt; text-align: left;"><br/></p>
<div style="border-top: #000000 3pt solid; line-height: 3px; border-bottom: #000000 1pt solid; font-size: 3pt; width: 100%; padding: 0in;">&#160;</div>
<p style="text-align: center;">&#160;<span style="font-size: 14pt; text-align: center;">UNITED STATES</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</span></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 12pt;">Washington, D.C. 20549</span></p>
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<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">(Mark One)</span></p>
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<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;">OR</span></p>
<p style="margin: 0pt 0pt 0pt 45.35pt; text-indent: -27.35pt;"><span style="font-size: 9pt;"><span style="font-family: 'MS Gothic'; font-weight: normal;"><ix:nonNumeric contextRef="D20221231_3" name="dei:DocumentAnnualReport" id="Tag3440" format="ixt-sec:boolballotbox">&#9746;</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-weight: bold; margin-left: 16px;">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></span><br/><span style="font-size: 9pt;"><span style="font-family: 'Times New Roman'; font-weight: bold;">For the fiscal </span><span style="font-family: 'Times New Roman'; font-weight: bold;">year ended <ix:nonNumeric contextRef="D20221231_3" name="dei:DocumentPeriodEndDate" id="Tag3438" format="ixt:date-monthname-day-year-en">December 31, 2022</ix:nonNumeric></span></span></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;">OR</span></p>
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<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;">OR</span></p>
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<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Not applicable</span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt;">(Translation of Registrant</span><span style="font-family: 'Times New Roman'; font-size: 8pt;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 8pt;">s name into English)</span></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityIncorporationStateCountryCode" id="Tag3434" format="ixt-sec:edgarprovcountryen">Cayman Islands</ix:nonNumeric></span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt;">(Jurisdiction of incorporation or organization)</span></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityAddressAddressLine1" id="Tag3433"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Av. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Paulista</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">, 901, 5th Floor</span></ix:nonNumeric><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityAddressAddressLine2" id="Tag3432">Bela Vista</ix:nonNumeric></span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityAddressCityOrTown" id="Tag3431">S&#227;o Paulo</ix:nonNumeric> &#8211; SP, <ix:nonNumeric contextRef="D20221231_3" name="dei:EntityAddressPostalZipCode" id="Tag3430">01310-100</ix:nonNumeric></span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityAddressCountry" id="Tag3429" format="ixt-sec:countrynameen">Brazil</ix:nonNumeric></span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">+55 11 3133-7311</span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt;">(Address of principal executive offices)</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20221231_BusinessContactMember" name="dei:ContactPersonnelName" id="Tag3426">Cesar Augusto Silva</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">, Chief Financial Officer</span><br/><ix:nonNumeric contextRef="D20221231_BusinessContactMember" name="dei:EntityAddressAddressLine1" id="Tag3425"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Av. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Paulista</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">, 901, 5th Floor</span></ix:nonNumeric><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20221231_BusinessContactMember" name="dei:EntityAddressAddressLine2" id="Tag3424">Bela Vista</ix:nonNumeric></span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20221231_BusinessContactMember" name="dei:EntityAddressCityOrTown" id="Tag3423">S&#227;o Paulo</ix:nonNumeric> &#8211; SP, <ix:nonNumeric contextRef="D20221231_BusinessContactMember" name="dei:EntityAddressPostalZipCode" id="Tag3422">01310-100</ix:nonNumeric></span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20221231_BusinessContactMember" name="dei:EntityAddressCountry" id="Tag3421" format="ixt-sec:countrynameen">Brazil</ix:nonNumeric></span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20221231_BusinessContactMember" name="dei:CityAreaCode" id="Tag3420">+55 11</ix:nonNumeric> <ix:nonNumeric contextRef="D20221231_BusinessContactMember" name="dei:LocalPhoneNumber" id="Tag3428">3133-7311</ix:nonNumeric></span><br/><span style="font-family: 'Times New Roman'; font-size: 8pt;">(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 9pt; font-style: italic;">Copies to:</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Manuel Garciadiaz</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Davis Polk &amp; Wardwell LLP</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">450 Lexington Avenue</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">New York, NY 10017</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Phone: (212) 450-4000</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Fax: (212) 450-6858</span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Securities registered or to be registered pursuant to Section 12(b) of the Act:</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold;">Title of each class</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold;">Trading Symbol(s)</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold;">Name of each exchange on which registered</span></p>
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<p style="margin: 0pt;"><ix:nonNumeric contextRef="D20221231_3" name="dei:Security12bTitle" id="Tag3427"><span style="font-family: 'Times New Roman'; font-size: 8pt;">Class A c</span><span style="font-family: 'Times New Roman'; font-size: 8pt;">ommon shares, par value US$0.00005 per share</span></ix:nonNumeric></p>
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<td style="padding-left: 5.75pt; padding-right: 5.75pt; vertical-align: top; width: 25%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt;"><ix:nonNumeric contextRef="D20221231_3" name="dei:TradingSymbol" id="Tag3419">VSTA</ix:nonNumeric></span></p>
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<td style="padding-left: 5.75pt; padding-right: 5.75pt; vertical-align: top; width: 36%;">
<p style="margin: 0pt; text-align: center;"><ix:nonNumeric contextRef="D20221231_3" name="dei:SecurityExchangeName" id="Tag3418" format="ixt-sec:exchnameen"><span style="font-family: 'Times New Roman'; font-size: 8pt;">Nasdaq </span><span style="font-family: 'Times New Roman'; font-size: 8pt;">Global Select Market</span></ix:nonNumeric></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;</span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Securities registered or to be registered pursuant to Section 12(g) of the Act:</span></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;">None</span></p>
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<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:</span></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;">None</span></p>
<p style="margin: 0pt 0pt 6pt; page-break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Indicate the number of outstanding shares of each of the issuer</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">s classes of capital or common stock as of the close of the period covered by the annual report.</span></p>
<p style="margin: 0pt 0pt 6pt 18pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">The number of outstanding shares as of December 31, </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">202</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">2</span> <span style="font-family: 'Times New Roman'; font-size: 9pt;">was <ix:nonFraction contextRef="I20221231_ClassACommonSharesMember" name="dei:EntityCommonStockSharesOutstanding" unitRef="Shares" id="Tag3417" decimals="0" format="ixt:num-dot-decimal">18,213,794</ix:nonFraction></span>&#160;<span style="font-family: 'Times New Roman'; font-size: 9pt;">Class A </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">common shares</span><span style="font-family: 'Times New Roman'; font-size: 9pt;"> and <ix:nonFraction contextRef="I20221231_ClassBSeries1CommonSharesMember" name="dei:EntityCommonStockSharesOutstanding" unitRef="Shares" id="Tag3416" decimals="0" format="ixt:num-dot-decimal">64,436,093</ix:nonFraction> Class B common shares</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">.</span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</span></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Yes </span><span style="font-family: 'MS Gothic'; font-size: 9pt;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityWellKnownSeasonedIssuer" id="Tag3415" format="ixt-sec:yesnoballotbox">&#9744;</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">No </span><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9746;</span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.</span></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Yes </span><span style="font-family: 'MS Gothic'; font-size: 9pt;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityVoluntaryFilers" id="Tag3414" format="ixt-sec:yesnoballotbox">&#9744;</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">No </span><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9746;</span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;">Note</span><span style="font-family: 'Times New Roman'; font-size: 9pt;"> &#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.</span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</span></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Yes </span><span style="font-family: 'MS Gothic'; font-size: 9pt;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityCurrentReportingStatus" id="Tag3411" format="ixt-sec:yesnoballotbox">&#9746;</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">No </span><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9744;</span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</span></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Yes </span><span style="font-family: 'MS Gothic'; font-size: 9pt;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityInteractiveDataCurrent" id="Tag3413" format="ixt-sec:yesnoballotbox">&#9746;</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">No </span><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9744;</span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">accelerated filer and large accelerated filer</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;"> in Rule 12b-2 of the Exchange Act. (Check one):</span></p>
<p style="font-size: 9pt; line-height: 90%; margin: 0pt 0pt 10pt; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Large Accelerated Filer&#160; </span><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9744;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 9pt;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityFilerCategory" id="Tag3407" format="ixt-sec:entityfilercategoryen">Accelerated Filer</ix:nonNumeric>&#160; </span><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9744;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">Non-accelerated Filer&#160; </span><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9744;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">Emerging growth company&#160; </span><span style="font-family: 'MS Gothic'; font-size: 9pt;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityEmergingGrowthCompany" id="Tag3412" format="ixt-sec:boolballotbox">&#9746;</ix:nonNumeric></span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange Act</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">.</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'MS Gothic'; font-size: 9pt;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityExTransitionPeriod" id="Tag3410" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></p>
<p style="margin: 0pt 0pt 6pt 18pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#8224; The term </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">new or revised financial accounting standard</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;"> refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Indicate by check mark </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">whether the registrant has filed a report on and attestation to its management</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">:</span> <span style="font-family: 'MS Gothic'; font-size: 9pt;"><ix:nonNumeric contextRef="D20221231_3" name="dei:IcfrAuditorAttestationFlag" id="Tag3409" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements: </span><span style="font-family: 'MS Gothic'; font-size: 9pt;"><span>&#9744;</span></span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">-</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">based compensation received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b) : </span><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9744;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>
<p style="margin: 0pt 0pt 6pt 36pt;"><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9744;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">U.S. GAAP</span></p>
<p style="margin: 0pt 0pt 6pt 36pt;"><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9746;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span><span style="border-right: none; border-left: none;"> <span style="font-family: 'Times New Roman'; font-size: 9pt;"><ix:nonNumeric contextRef="D20221231_3" name="dei:DocumentAccountingStandard" id="Tag3406">International Financial Reporting Standards</ix:nonNumeric></span></span><span style="font-family: 'Times New Roman'; font-size: 9pt;"> as issued by the International Accounting Standards Board</span></p>
<p style="margin: 0pt 0pt 6pt 36pt;"><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9744;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">Other</span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">If </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">Other</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;"> has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</span></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9744;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;"> Item 17</span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9744;</span><span style="font-family: 'Times New Roman'; font-size: 9pt;"> Item 18</span></p>
<p style="margin: 0pt 0pt 6pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</span></p>
<p style="margin: 0pt 0pt 6pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 9pt;">Yes </span><span style="font-family: 'MS Gothic'; font-size: 9pt;"><ix:nonNumeric contextRef="D20221231_3" name="dei:EntityShellCompany" id="Tag3408" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 9pt;">No </span><span style="font-family: 'MS Gothic'; font-size: 9pt;">&#9746;</span></p>
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<p style="margin: 0px; break-after: avoid; text-align: center; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">VASTA PLATFORM LIMITED</span></p>
<p style="margin: 0px; break-after: avoid; text-align: center; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><br/></span></p>
<p style="margin: 0px; break-after: avoid; text-align: center; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">TABLE OF CONTENTS</span></p>
<p style="margin: 0px; break-after: avoid; text-align: center; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><br/></span></p>
<table id="TOC" cellpadding="0" border="0" style="height: 877px; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
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<p><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#"></a></p>
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<p style="vertical-align: middle; text-align: center;">Page</p>
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<td id="BM_BA_GX7Q2YPTO000000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BA_GX7Q2YPTO000000000000000000000">Presentation of Financial and Other Information</a></td>
<td class="bmpageno" id="BMP_BA_GX7Q2YPTO000000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">1</td>
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<tr style="height: 17px;">
<td id="BM_BB_1DPB4DBBM800000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BB_1DPB4DBBM800000000000000000000">Forward-Looking Statements</a></td>
<td class="bmpageno" id="BMP_BB_1DPB4DBBM800000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">6</td>
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<tr style="height: 17px;">
<td id="BM_BC_583GUJ6FGG00000000000000000000" style="width: 84.9494%; height: 17px; text-align: center;"><a href="#BC_583GUJ6FGG00000000000000000000">PART I</a></td>
<td class="bmpageno" id="BMP_BC_583GUJ6FGG00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
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<td id="BM_BD_0LDSE69ZCG00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BD_0LDSE69ZCG00000000000000000000">ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></td>
<td class="bmpageno" id="BMP_BD_0LDSE69ZCG00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
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<tr style="height: 17px;">
<td id="BM_BE_F7A231XYRK00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BE_F7A231XYRK00000000000000000000">A.&#160; &#160; &#160; Directors and Senior Management</a></td>
<td class="bmpageno" id="BMP_BE_F7A231XYRK00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
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<td id="BM_BF_YOC1S3F0KW00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BF_YOC1S3F0KW00000000000000000000">B.&#160; &#160; &#160; Advisers</a></td>
<td class="bmpageno" id="BMP_BF_YOC1S3F0KW00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
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<tr style="height: 17px;">
<td id="BM_BG_1SY8E6UM0W00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BG_1SY8E6UM0W00000000000000000000">C.&#160; &#160; &#160; Auditors</a></td>
<td class="bmpageno" id="BMP_BG_1SY8E6UM0W00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
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<tr style="height: 17px;">
<td id="BM_BH_5HJTK4IBC000000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BH_5HJTK4IBC000000000000000000000">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</a></td>
<td class="bmpageno" id="BMP_BH_5HJTK4IBC000000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BI_ICE3R1IO3400000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BI_ICE3R1IO3400000000000000000000">A.&#160; &#160; &#160; Offer Statistics</a></td>
<td class="bmpageno" id="BMP_BI_ICE3R1IO3400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
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<tr style="height: 17px;">
<td id="BM_BJ_AXID818J8W00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BJ_AXID818J8W00000000000000000000">B.&#160; &#160; &#160; Method and Expected Timetable</a></td>
<td class="bmpageno" id="BMP_BJ_AXID818J8W00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BK_LNZYHW4PZK00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BK_LNZYHW4PZK00000000000000000000">ITEM 3. KEY INFORMATION</a></td>
<td class="bmpageno" id="BMP_BK_LNZYHW4PZK00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
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<tr style="height: 17px;">
<td id="BM_BL_W4PFP8R4SG00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BL_W4PFP8R4SG00000000000000000000">A.&#160; &#160; &#160; [Reserved]</a></td>
<td class="bmpageno" id="BMP_BL_W4PFP8R4SG00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BM_SJFNBSFDQ800000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BM_SJFNBSFDQ800000000000000000000">B.&#160; &#160; &#160; Capitalization and Indebtedness</a></td>
<td class="bmpageno" id="BMP_BM_SJFNBSFDQ800000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BN_Z48X3EDD3K00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BN_Z48X3EDD3K00000000000000000000">C.&#160; &#160; &#160; Reasons for the Offer and Use of Proceeds</a></td>
<td class="bmpageno" id="BMP_BN_Z48X3EDD3K00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BO_O6KQS1NVB400000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BO_O6KQS1NVB400000000000000000000">D.&#160; &#160; &#160; Risk Factors</a></td>
<td class="bmpageno" id="BMP_BO_O6KQS1NVB400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">8</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BAA_KPNMJI4YHC00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BAA_KPNMJI4YHC00000000000000000000">ITEM 4. INFORMATION ON THE COMPANY</a></td>
<td class="bmpageno" id="BMP_BAA_KPNMJI4YHC00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">45</td>
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<tr style="height: 17px;">
<td id="BM_BA1_QKUZ4FNAGW00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BA1_QKUZ4FNAGW00000000000000000000">A.&#160; &#160; &#160; History and Development of the Company</a></td>
<td class="bmpageno" id="BMP_BA1_QKUZ4FNAGW00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">45</td>
</tr>
<tr style="height: 17px;">
<td id="BM_Ba2_K8K6PPJMLC00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#Ba2_K8K6PPJMLC00000000000000000000">B.&#160; &#160; &#160; Business Overview</a></td>
<td class="bmpageno" id="BMP_Ba2_K8K6PPJMLC00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">50</td>
</tr>
<tr style="height: 17px;">
<td id="BM_Ba4_9S84IHBWHS00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#Ba4_9S84IHBWHS00000000000000000000">C.&#160; &#160; &#160; Organizational Structure</a></td>
<td class="bmpageno" id="BMP_Ba4_9S84IHBWHS00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">91</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BA5_R65XCUG8Z400000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BA5_R65XCUG8Z400000000000000000000">D.&#160; &#160; &#160; Property, Plant and Equipment</a></td>
<td class="bmpageno" id="BMP_BA5_R65XCUG8Z400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">92</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BA5_UE1DCSI7V400000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BA5_UE1DCSI7V400000000000000000000">ITEM 4A. UNRESOLVED STAFF COMMENTS</a></td>
<td class="bmpageno" id="BMP_BA5_UE1DCSI7V400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">93</td>
</tr>
<tr style="height: 17px;">
<td id="BM_Ba6_N88YER1MR400000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#Ba6_N88YER1MR400000000000000000000">ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></td>
<td class="bmpageno" id="BMP_Ba6_N88YER1MR400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">93</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BA7_SBIFM6FQW000000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BA7_SBIFM6FQW000000000000000000000">A.&#160; &#160; &#160; Operating Results</a></td>
<td class="bmpageno" id="BMP_BA7_SBIFM6FQW000000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">93</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BA9_SOWW5CVRRK00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BA9_SOWW5CVRRK00000000000000000000">B.&#160; &#160; &#160; Liquidity and Capital Resources</a></td>
<td class="bmpageno" id="BMP_BA9_SOWW5CVRRK00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">107</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BA10_3IQ9BHCZ6O00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BA10_3IQ9BHCZ6O00000000000000000000">C.&#160; &#160; &#160; Research and Development, Patents and Licenses, Etc.</a></td>
<td class="bmpageno" id="BMP_BA10_3IQ9BHCZ6O00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">110</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BItem_5_-Trend_Information_T28V74AQKG00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BItem_5_-Trend_Information_T28V74AQKG00000000000000000000">D.&#160; &#160; &#160; Trend Information</a></td>
<td class="bmpageno" id="BMP_BItem_5_-Trend_Information_T28V74AQKG00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">110</td>
</tr>
<tr style="height: 17px;">
<td id="BM_Bitem_5_Critical_Accounting_Estimates_Z28TUKRLDS00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#Bitem_5_Critical_Accounting_Estimates_Z28TUKRLDS00000000000000000000">E.&#160; &#160; &#160; Critical Accounting Estimates</a></td>
<td class="bmpageno" id="BMP_Bitem_5_Critical_Accounting_Estimates_Z28TUKRLDS00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">111</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_6.__PHJE46447K00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_6.__PHJE46447K00000000000000000000">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></td>
<td class="bmpageno" id="BMP_BITEM_6.__PHJE46447K00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">112</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BDirectors_and_Senior_Management_X58LSDJJFK00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BDirectors_and_Senior_Management_X58LSDJJFK00000000000000000000">A.&#160; &#160; &#160; Directors and Senior Management</a></td>
<td class="bmpageno" id="BMP_BDirectors_and_Senior_Management_X58LSDJJFK00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">112</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BCompensation_HKDDMHVGCW00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BCompensation_HKDDMHVGCW00000000000000000000">B.&#160; &#160; &#160; Compensation</a></td>
<td class="bmpageno" id="BMP_BCompensation_HKDDMHVGCW00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">114</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BBoard_Practices_MTNUAYJFKG00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BBoard_Practices_MTNUAYJFKG00000000000000000000">C.&#160; &#160; &#160; Board Practices</a></td>
<td class="bmpageno" id="BMP_BBoard_Practices_MTNUAYJFKG00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">116</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BEmployees_O0HVXEXJ3400000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BEmployees_O0HVXEXJ3400000000000000000000">D.&#160; &#160; &#160; Employees</a></td>
<td class="bmpageno" id="BMP_BEmployees_O0HVXEXJ3400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">118</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BShare_Ownership_9YFD1EFTTC00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BShare_Ownership_9YFD1EFTTC00000000000000000000">E.&#160; &#160; &#160; Share Ownership</a></td>
<td class="bmpageno" id="BMP_BShare_Ownership_9YFD1EFTTC00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">119</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BItem_6_F_BJW0B7MWDS00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BItem_6_F_BJW0B7MWDS00000000000000000000">F.&#160; &#160; &#160; &#160;Disclosure of a registrant&#8217;s action to recover erroneously awarded compensation</a></td>
<td class="bmpageno" id="BMP_BItem_6_F_BJW0B7MWDS00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">119</td>
</tr>
<tr style="height: 17px;">
<td id="BM_Bitem_7_RM29Q22CHC00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#Bitem_7_RM29Q22CHC00000000000000000000">ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></td>
<td class="bmpageno" id="BMP_Bitem_7_RM29Q22CHC00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">120</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BMajor_Shareholders_489E575KAO00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BMajor_Shareholders_489E575KAO00000000000000000000">A.&#160; &#160; &#160; Major Shareholders</a></td>
<td class="bmpageno" id="BMP_BMajor_Shareholders_489E575KAO00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">120</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BRelated_Party_Transactions_TUBOVDKC0000000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BRelated_Party_Transactions_TUBOVDKC0000000000000000000000">B.&#160; &#160; &#160; Related Party Transactions</a></td>
<td class="bmpageno" id="BMP_BRelated_Party_Transactions_TUBOVDKC0000000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">121</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BInterests_of_Experts_and_Counsel_FF3W31SMQO00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BInterests_of_Experts_and_Counsel_FF3W31SMQO00000000000000000000">C.&#160; &#160; &#160; Interests of Experts and Counsel</a></td>
<td class="bmpageno" id="BMP_BInterests_of_Experts_and_Counsel_FF3W31SMQO00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">124</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_8._FINANCIAL_INFORMATION_GK4ODFAX6800000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_8._FINANCIAL_INFORMATION_GK4ODFAX6800000000000000000000">ITEM 8. FINANCIAL INFORMATION</a></td>
<td class="bmpageno" id="BMP_BITEM_8._FINANCIAL_INFORMATION_GK4ODFAX6800000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">124</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BConsolidated_Statements_and_Other_FI_0TV0CAG0WG00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BConsolidated_Statements_and_Other_FI_0TV0CAG0WG00000000000000000000">A.&#160; &#160; &#160; Consolidated Statements and Other Financial Information</a></td>
<td class="bmpageno" id="BMP_BConsolidated_Statements_and_Other_FI_0TV0CAG0WG00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">124</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BSignificant_Changes_J6IZRRH2V400000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BSignificant_Changes_J6IZRRH2V400000000000000000000">B.&#160; &#160; &#160; Significant Changes</a></td>
<td class="bmpageno" id="BMP_BSignificant_Changes_J6IZRRH2V400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">125</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_9._THE_OFFER_AND_LISTING_69M1HFGS7400000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_9._THE_OFFER_AND_LISTING_69M1HFGS7400000000000000000000">ITEM 9. THE OFFER AND LISTING</a></td>
<td class="bmpageno" id="BMP_BITEM_9._THE_OFFER_AND_LISTING_69M1HFGS7400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">125</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BOffering_and_Listing_Details_G2TL2QNGF400000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BOffering_and_Listing_Details_G2TL2QNGF400000000000000000000">A.&#160; &#160; &#160; Offering and Listing Details</a></td>
<td class="bmpageno" id="BMP_BOffering_and_Listing_Details_G2TL2QNGF400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">125</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BPlan_of_Distribution_4MCZWWVOA800000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BPlan_of_Distribution_4MCZWWVOA800000000000000000000">B.&#160; &#160; &#160; Plan of Distribution</a></td>
<td class="bmpageno" id="BMP_BPlan_of_Distribution_4MCZWWVOA800000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">125</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BMarkets_SANKTHZL8W00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BMarkets_SANKTHZL8W00000000000000000000">C.&#160; &#160; &#160; Markets</a></td>
<td class="bmpageno" id="BMP_BMarkets_SANKTHZL8W00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">126</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BSelling_Shareholders_CBH7QLM88W00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BSelling_Shareholders_CBH7QLM88W00000000000000000000">D.&#160; &#160; &#160; Selling Shareholders</a></td>
<td class="bmpageno" id="BMP_BSelling_Shareholders_CBH7QLM88W00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">126</td>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno">i</span></td>
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<td id="BM_BDilution_KAO9ZJM3BK00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BDilution_KAO9ZJM3BK00000000000000000000">E.&#160; &#160; &#160; Dilution</a></td>
<td class="bmpageno" id="BMP_BDilution_KAO9ZJM3BK00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">126</td>
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<tr style="height: 17px;">
<td id="BM_BExpenses_of_the_Issue_IN9L8TCOCG00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BExpenses_of_the_Issue_IN9L8TCOCG00000000000000000000">F.&#160; &#160; &#160; Expenses of the Issue</a></td>
<td class="bmpageno" id="BMP_BExpenses_of_the_Issue_IN9L8TCOCG00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">126</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_10._ADDITIONAL_INFORMATION_YAW3HJGXK000000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_10._ADDITIONAL_INFORMATION_YAW3HJGXK000000000000000000000">ITEM 10. ADDITIONAL INFORMATION</a></td>
<td class="bmpageno" id="BMP_BITEM_10._ADDITIONAL_INFORMATION_YAW3HJGXK000000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">126</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BShare_Capital_YNO0PGTP7K00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BShare_Capital_YNO0PGTP7K00000000000000000000">A.&#160; &#160; &#160; Share Capital</a></td>
<td class="bmpageno" id="BMP_BShare_Capital_YNO0PGTP7K00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">126</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BMemorandum_and_Articles_of_Association_FZSG8S10IO00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BMemorandum_and_Articles_of_Association_FZSG8S10IO00000000000000000000">B.&#160; &#160; &#160; Memorandum and Articles of Association</a></td>
<td class="bmpageno" id="BMP_BMemorandum_and_Articles_of_Association_FZSG8S10IO00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">126</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BMaterial_Contracts_UV6AJ5EB5S00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BMaterial_Contracts_UV6AJ5EB5S00000000000000000000">C.&#160; &#160; &#160; Material Contracts</a></td>
<td class="bmpageno" id="BMP_BMaterial_Contracts_UV6AJ5EB5S00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">135</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BExchange_Controls_VPOVZVGY4G00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BExchange_Controls_VPOVZVGY4G00000000000000000000">D.&#160; &#160; &#160; Exchange Controls</a></td>
<td class="bmpageno" id="BMP_BExchange_Controls_VPOVZVGY4G00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">135</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BTaxation_ZMNIGJBK9C00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BTaxation_ZMNIGJBK9C00000000000000000000">E.&#160; &#160; &#160; Taxation</a></td>
<td class="bmpageno" id="BMP_BTaxation_ZMNIGJBK9C00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">135</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BDividends_and_Paying_Agents_MPS19T5G4G00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BDividends_and_Paying_Agents_MPS19T5G4G00000000000000000000">F.&#160; &#160; &#160; Dividends and Paying Agents</a></td>
<td class="bmpageno" id="BMP_BDividends_and_Paying_Agents_MPS19T5G4G00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">138</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BStatement_by_Experts_VW89J73M4G00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BStatement_by_Experts_VW89J73M4G00000000000000000000">G.&#160; &#160; &#160;Statement by Experts</a></td>
<td class="bmpageno" id="BMP_BStatement_by_Experts_VW89J73M4G00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">138</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BDocuments_on_Display_AUXDAPSRJK00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BDocuments_on_Display_AUXDAPSRJK00000000000000000000">H.&#160; &#160; &#160;Documents on Display</a></td>
<td class="bmpageno" id="BMP_BDocuments_on_Display_AUXDAPSRJK00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">138</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BSubsidiary_Information_JUFLB2LSG000000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BSubsidiary_Information_JUFLB2LSG000000000000000000000">I.&#160; &#160; &#160; &#160;Subsidiary Information</a></td>
<td class="bmpageno" id="BMP_BSubsidiary_Information_JUFLB2LSG000000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">138</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BAnnual_Report_to_Security_Holders_NN9I1D6NKW00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BAnnual_Report_to_Security_Holders_NN9I1D6NKW00000000000000000000">J.&#160; &#160; &#160; Annual Report to Security Holders</a></td>
<td class="bmpageno" id="BMP_BAnnual_Report_to_Security_Holders_NN9I1D6NKW00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">138</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_11.__WN6SNWYK8000000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_11.__WN6SNWYK8000000000000000000000">ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></td>
<td class="bmpageno" id="BMP_BITEM_11.__WN6SNWYK8000000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">138</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_12_B0OD1W8A4W00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_12_B0OD1W8A4W00000000000000000000">ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></td>
<td class="bmpageno" id="BMP_BITEM_12_B0OD1W8A4W00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">139</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BDebt_Securities_UOP4OG2DO000000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BDebt_Securities_UOP4OG2DO000000000000000000000">A.&#160; &#160; &#160; Debt Securities</a></td>
<td class="bmpageno" id="BMP_BDebt_Securities_UOP4OG2DO000000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">139</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BWarrants_and_Rights_9TYOC1NOYO00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BWarrants_and_Rights_9TYOC1NOYO00000000000000000000">B.&#160; &#160; &#160; Warrants and Rights</a></td>
<td class="bmpageno" id="BMP_BWarrants_and_Rights_9TYOC1NOYO00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">139</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BOther_Securities_QZHHIATCI800000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BOther_Securities_QZHHIATCI800000000000000000000">C.&#160; &#160; &#160; Other Securities</a></td>
<td class="bmpageno" id="BMP_BOther_Securities_QZHHIATCI800000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">139</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BAmerican_Depositary_Shares_ZJ44NFE1DC00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BAmerican_Depositary_Shares_ZJ44NFE1DC00000000000000000000">D.&#160; &#160; &#160; American Depositary Shares</a></td>
<td class="bmpageno" id="BMP_BAmerican_Depositary_Shares_ZJ44NFE1DC00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">139</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BAAA_ZTAOATH2XS00000000000000000000" style="width: 84.9494%; height: 17px; text-align: center;"><a href="#BAAA_ZTAOATH2XS00000000000000000000">PART II</a></td>
<td class="bmpageno" id="BMP_BAAA_ZTAOATH2XS00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">140</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_13.__QAQ8IEAAWG00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_13.__QAQ8IEAAWG00000000000000000000">ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></td>
<td class="bmpageno" id="BMP_BITEM_13.__QAQ8IEAAWG00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">140</td>
</tr>
<tr style="height: 10px;">
<td id="BM_BITEM_14._WFM0E4LSU800000000000000000000" style="width: 84.9494%; height: 10px;"><a href="#BITEM_14._WFM0E4LSU800000000000000000000">ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></td>
<td class="bmpageno" id="BMP_BITEM_14._WFM0E4LSU800000000000000000000" style="width: 8.68312%; height: 10px; text-align: right;">140</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BMaterial_Modifications_to_Instruments_NGPPYG3RI800000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BMaterial_Modifications_to_Instruments_NGPPYG3RI800000000000000000000">A.&#160; &#160; &#160; Material Modifications to Instruments</a></td>
<td class="bmpageno" id="BMP_BMaterial_Modifications_to_Instruments_NGPPYG3RI800000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">140</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BMaterial_Modifications_to_Rights_OT86D502OG00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BMaterial_Modifications_to_Rights_OT86D502OG00000000000000000000">B.&#160; &#160; &#160; Material Modifications to Rights</a></td>
<td class="bmpageno" id="BMP_BMaterial_Modifications_to_Rights_OT86D502OG00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">140</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BWithdrawal_or_Substitution_of_Assets_HKM22TJ9ZK00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BWithdrawal_or_Substitution_of_Assets_HKM22TJ9ZK00000000000000000000">C.&#160; &#160; &#160; Withdrawal or Substitution of Assets</a></td>
<td class="bmpageno" id="BMP_BWithdrawal_or_Substitution_of_Assets_HKM22TJ9ZK00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">140</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BChange_in_Trustees_or_Paying_Agents_HZPMZFMD0000000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BChange_in_Trustees_or_Paying_Agents_HZPMZFMD0000000000000000000000">D.&#160; &#160; &#160; Change in Trustees or Paying Agents</a></td>
<td class="bmpageno" id="BMP_BChange_in_Trustees_or_Paying_Agents_HZPMZFMD0000000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">140</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BUse_of_Proceeds_ZEKE194HU800000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BUse_of_Proceeds_ZEKE194HU800000000000000000000">E.&#160; &#160; &#160; Use of Proceeds</a></td>
<td class="bmpageno" id="BMP_BUse_of_Proceeds_ZEKE194HU800000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">140</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_15_RFK8PXX01C00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_15_RFK8PXX01C00000000000000000000">ITEM 15. CONTROLS AND PROCEDURES</a></td>
<td class="bmpageno" id="BMP_BITEM_15_RFK8PXX01C00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">140</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BDisclosure_Controls_and_Procedures_329GBA6IW000000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#BDisclosure_Controls_and_Procedures_329GBA6IW000000000000000000000">A.&#160; &#160; &#160; Disclosure Controls and Procedures</a></td>
<td class="bmpageno" id="BMP_BDisclosure_Controls_and_Procedures_329GBA6IW000000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">140</td>
</tr>
<tr style="height: 17px;">
<td id="BM_B15_b_3C1XV05MJ400000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#B15_b_3C1XV05MJ400000000000000000000">B.&#160; &#160; &#160; Management&#8217;s Annual Report on Internal Control over Financial Reporting</a></td>
<td class="bmpageno" id="BMP_B15_b_3C1XV05MJ400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">141</td>
</tr>
<tr style="height: 17px;">
<td id="BM_B15c_UIQJMUBPZK00000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#B15c_UIQJMUBPZK00000000000000000000">C.&#160; &#160; &#160; Attestation Report of the Registered Public Accounting Firm</a></td>
<td class="bmpageno" id="BMP_B15c_UIQJMUBPZK00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">141</td>
</tr>
<tr style="height: 17px;">
<td id="BM_B15D_5RK42BTZN400000000000000000000" style="width: 84.9494%; height: 17px; padding: 0px 0px 0px 27px;"><a href="#B15D_5RK42BTZN400000000000000000000">D.&#160; &#160; &#160; Changes in Internal Control over Financial Reporting</a></td>
<td class="bmpageno" id="BMP_B15D_5RK42BTZN400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">141</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_16._RESERVED_N6JTQF30Q800000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_16._RESERVED_N6JTQF30Q800000000000000000000">ITEM 16. RESERVED</a></td>
<td class="bmpageno" id="BMP_BITEM_16._RESERVED_N6JTQF30Q800000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">141</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_16A._U2XQHQ1HA800000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_16A._U2XQHQ1HA800000000000000000000">ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</a></td>
<td class="bmpageno" id="BMP_BITEM_16A._U2XQHQ1HA800000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">141</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_16B._CODE_OF_ETHICS_LRHUHTGA4G00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_16B._CODE_OF_ETHICS_LRHUHTGA4G00000000000000000000">ITEM 16B. CODE OF ETHICS</a></td>
<td class="bmpageno" id="BMP_BITEM_16B._CODE_OF_ETHICS_LRHUHTGA4G00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">141</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_16C._SBOHUPXPW000000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_16C._SBOHUPXPW000000000000000000000">ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></td>
<td class="bmpageno" id="BMP_BITEM_16C._SBOHUPXPW000000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">141</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_16D_60OIRDEXRK00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_16D_60OIRDEXRK00000000000000000000">ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></td>
<td class="bmpageno" id="BMP_BITEM_16D_60OIRDEXRK00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">142</td>
</tr>
<tr style="height: 21px;">
<td id="BM_BITEM_16E._1RPGLZNS5S00000000000000000000" style="width: 84.9494%; height: 21px;"><a href="#BITEM_16E._1RPGLZNS5S00000000000000000000">ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></td>
<td class="bmpageno" id="BMP_BITEM_16E._1RPGLZNS5S00000000000000000000" style="width: 8.68312%; height: 21px; text-align: right;">142</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_16F._Q6YHY71UWW00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_16F._Q6YHY71UWW00000000000000000000">ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></td>
<td class="bmpageno" id="BMP_BITEM_16F._Q6YHY71UWW00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">143</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_16G_29YB7LMQJK00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_16G_29YB7LMQJK00000000000000000000">ITEM 16G. CORPORATE GOVERNANCE</a></td>
<td class="bmpageno" id="BMP_BITEM_16G_29YB7LMQJK00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">143</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_16H_51NXPBAQE800000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_16H_51NXPBAQE800000000000000000000">ITEM 16H. MINE SAFETY DISCLOSURE</a></td>
<td class="bmpageno" id="BMP_BITEM_16H_51NXPBAQE800000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">149</td>
</tr>
<tr style="height: 13px;">
<td id="BM_BITEM_16I._WN4C6VJ75S00000000000000000000" style="width: 84.9494%; height: 13px;"><a href="#BITEM_16I._WN4C6VJ75S00000000000000000000">ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</a></td>
<td class="bmpageno" id="BMP_BITEM_16I._WN4C6VJ75S00000000000000000000" style="width: 8.68312%; height: 13px; text-align: right;">149</td>
</tr>
<tr style="height: 17px;">
<td id="BM_Babc_PFJ3XDKH8G00000000000000000000" style="width: 84.9494%; height: 17px; text-align: center;"><a href="#Babc_PFJ3XDKH8G00000000000000000000">PART III</a></td>
<td class="bmpageno" id="BMP_Babc_PFJ3XDKH8G00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">150</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_17_93YCIDQ6F400000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_17_93YCIDQ6F400000000000000000000">ITEM 17. FINANCIAL STATEMENTS</a></td>
<td class="bmpageno" id="BMP_BITEM_17_93YCIDQ6F400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">150</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_18_CN01YKSFLS00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_18_CN01YKSFLS00000000000000000000">ITEM 18. FINANCIAL STATEMENTS</a></td>
<td class="bmpageno" id="BMP_BITEM_18_CN01YKSFLS00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">150</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BITEM_19.__FFE5VWSEB400000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BITEM_19.__FFE5VWSEB400000000000000000000">ITEM 19. EXHIBITS</a></td>
<td class="bmpageno" id="BMP_BITEM_19.__FFE5VWSEB400000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">150</td>
</tr>
<tr style="height: 17px;">
<td id="BM_BINDEX_TO_CONSOLIDATED_FINANCIAL_STATEMENTS_O0IM2XGK9C00000000000000000000" style="width: 84.9494%; height: 17px;"><a href="#BINDEX_TO_CONSOLIDATED_FINANCIAL_STATEMENTS_O0IM2XGK9C00000000000000000000">INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</a></td>
<td class="bmpageno" id="BMP_BINDEX_TO_CONSOLIDATED_FINANCIAL_STATEMENTS_O0IM2XGK9C00000000000000000000" style="width: 8.68312%; height: 17px; text-align: right;">F-1</td>
</tr>
</tbody>
</table>
<p style="margin: 0pt;"><br/></p>
</div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno">ii</span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div>
</div><div id="Dgalf3ndlz0syro36fcsbt" style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="margin: 20pt 0pt 10pt; break-after: avoid; text-align: center; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BA_GX7Q2YPTO000000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Presentation of Financial and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Other</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Information</span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Unless otherwise indicated or the context otherwise requires, all references in this annual report to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ours</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or similar terms refer to Vasta Platform Limited, together with its subsidiaries</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The term </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> refers to the Federative Republic of Brazil and the phrase </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian government</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> refers to the federal government of Brazil. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Central Bank</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> refers to the Brazilian Central Bank (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Banco Central do Brasil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">). References in the annual report to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">reais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> refer to the Brazilian real, the official currency of Brazil and references to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. dollar</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. dollars</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">US$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> refer to U.S. dollars, the official currency of the United States.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">All references to the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Companies </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> are to the Cayman Islands</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Companies </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As Revised</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) as the same may be amended from time to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">time, unless</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the context otherwise requires.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">All references to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">IFRS</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> are to International Financial Reporting Standards, as issued by the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">International Accounting Standards Board, or the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">IASB.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial Statements</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta was incorporated on October 16, 2019, as a Cayman Islands exempted company with limited liability duly registered with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the Registrar of Companies</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the Cayman Islands. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We maintain our books and records in Brazilian reais, the presentation currency for our financial statements and also the functional currency of our operations in Brazil. We prepare our annual consolidated financial statements in accordance with IFRS, as issued by the IASB. Unless otherwise noted, our financial information presented herein is stated in Brazilian reais, our reporting currency. </span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 28.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The financial information contained in this annual report is derived from our audited consolidated financial statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and for the years ended December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1 and 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">All references herein to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the audited consolidated </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial statements</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are to the financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">statements</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> described above as the case may be, included elsewhere in this annual report.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">O</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ur fiscal year end on December</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31. References in this annual report to a fiscal year, such as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fiscal year </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> relate to our fiscal year ended on December</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31 of that calendar year.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Corporate Events</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our Incorporation and Corporate Reorganization</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are a Cayman Islands exempted company incorporated with limited liability on October 16, 2019 for purposes of undertaking our initial public offering</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, or IPO,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and, at the time, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we were </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fully owned by Cogna </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educa&#231;&#227;o S.A</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On October 11, 2018, Saber, a subsidiary of Cogna (formerly known as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Kroton</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacional</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> S.A.), our parent company, and a Brazilian publicly-listed company in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Novo Mercado</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> segment of B3 S.A. &#8211; Brasil, Bolsa, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Balc&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, or B3, with no controlling shareholder, acquired control over Somos Educa&#231;&#227;o S.A., or Somos Educa&#231;&#227;o, and together with its subsidiaries, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos Group</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for R$6.3 billion, which we refer to herein as the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Acquisition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Following the Acquisition, Cogna began managing Somos Group</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s K-12 curriculum businesses and since October 2019 Cogna has adopted the Vasta brand for its B2B K-12 business, representing the combination of the K-12 curriculum businesses held by the Predecessors. Upon the Acquisition, the Somos Group, along with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, came under the indirect common control of Cogna (and with the completion of the corporate reorganization (as defined below), came und</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">er the direct control of Vasta.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In this annual report, we refer to the reorganization of our K-12 B2B business and the structuring of related subsidiaries (including the Contribution (as defined below)) under Vasta as the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">corporate reorganization</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">At the time of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> incorporation, Cogna indirectly held a 100% ownership interest in the Somos Group and, together with its </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">wholly owned</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> subsidiary, EDE, a 100% ownership interest in Saber (7.44% held directly, with the other 92.56% held indirectly). Saber directly and indirectly held a 100% ownership interest in Somos Educa&#231;&#227;o, which in turn held the Somos Group</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s K-12 curriculum business. Also, Saber held the K-12 business operated as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. In addition, before the implementation of the corporate reorganization, Somos Group carried out activities or owned assets or liabilities that were </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not within the scope of Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s business. Such activities, assets or liabilities were segregated from Somos Group into Cogna prior to the consummation of our initial public offering, through corporate and contractual arrangements which included spin-offs, incorporations, capital reductions, purchase and sale of assets and assignment of liabilities, as well as capitalization of debts among the entities of the Somos Group, Saber, Cogna, EDE and other subsidiaries of Cogna. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On December 17, 2019, following a capital increase approved at Saber</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s general shareholders meeting, Cogna increased its equity interest in Saber upon the capitalization into Saber of indebtedness due by Saber to it, in the amount of R$5.5 billion. As of December 17, 2019, Cogna directly held a 63.87% ownership interest in Saber and continued to hold the remaining 36.13% ownership interest indirectly, for a 100.0% direct and indirect ownership interest. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On December 31, 2019, following the spin-off of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> K-12 business from Saber and the merger of the related assets and liabilities into Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A., or Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Cogna became the direct owner of a 100% ownership interest in Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. As of December 31, 2019, Cogna directly held a 62% ownership interest in Saber and continued to hold the remaining 38% ownership interest indirectly.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Prior to the consummation of our initial public offering, Cogna entered into a contribution agreement with us, by which 100% of the shares issued by Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> held by Cogna was contributed into Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s share capital, or the Contribution. The Contribution was accounted for at historical book value, in return for new Class B common shares that were issued by Vasta in a one-to-58 exchange for the shares of Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> contributed to us. After the Contribution, Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> became wholly owned by Vasta, which, in its turn, continued to be fully controlled by Cogna.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Until the Contribution of Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> shares to us, we had not commenced operations and had only nominal assets and liabilities and no material contingent liabilities or commitments. Following the Contribution, Saber continued to own and operate, directly or through other subsidiaries, certain K-12 businesses as a subsidiary of Cogna, including the sales of textbooks under the PNLD</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Programa</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Nacional do Livro e do Material </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Did&#225;tico</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which were separate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> from Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s business.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">After accounting for the new Class A common shares that were issued and sold by us in our initial public offering, we had a total of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">83,011,585 common shares issued and outstanding immediately following our initial public </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ffering,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">64,436,093 of these shares were Class B common shares beneficially owned by Cogna</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(which held 97.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% of the combined voting power of our outstanding Class A and Class B common shares), and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,575,492</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of these shares were Class A common shares beneficially owned by investors purchasing in our initial public offering (which held 2.8% of the combined voting power of our outstanding Class A and Class B common shares).</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Initial Public Offering</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On July 31, 2020, we carried out our initial public offering, consisting of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,575,492</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Class A common shares issued and sold by us. The public offering price was US$19.00 per Class A common share. We received net proceeds of US$333.5 million, after deducting R$19.4 million in underwriting discounts and commissions.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Share Repurchase Program</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On August 13, 2021, our board of Directors approved our first share repurchase program, or the Repurchase Program. Under the Repurchase Program, we are entitled to repurchase up to 1,000,000 Class A common shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period that began on August 17, 2021, continuing until the earlier of the completion of the repurchase or February 17, 2022, depending upon market conditions.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> concluded the Repurchase Program on December 10, 2021, using </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> existing funds to finance the repurchase, and on December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> had a balance of R$23</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">9</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or 1,000,000 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Class A common </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">treasury</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Acquisition</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> Editora De </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Gouges</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Editora Eleva S.A</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">.).</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On February 22, 2021, our wholly owned subsidiary, Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, entered into a sale and purchase agreement to acquire, subject to certain conditions precedent, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Eleva S.A., or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Eleva, a K-12 education platform provider, from Eleva Educa&#231;&#227;o S.A., or Eleva Educa&#231;&#227;o. As consideration for such acquisition, we will pay a purchase price amounting to R$611.5 million, subject to certain price adjustments, in installments over a 5-year period (each installment adjusted by the positive variation of the CDI index). The consummation of the acquisition of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Eleva was completed </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> October 29, 2021.</span></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Acquisition of Phidelis</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On January 14, 2022, we acquired the companies Phidelis </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Tecnologia</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Desenvolvimento</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda. and MVP </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Consultoria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> e </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda. (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Phidelis</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), when the control over the entity was transferred upon completion of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conditions</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> precedent established on the share purchase agreement.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We will pay a total purchase price in the amount of R$22.0 million, comprised of (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) R$8.9 million in cash, paid on the acquisition date, (ii) R$7.6 million to be paid </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in annual installments over the course of two years</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and (iii) a variable R$5.5 million, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the achievement of performance</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">linked to net revenue of the years 2023 and 2024</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to be paid in three </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> installments </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">between 2023 and 2026</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Both fixed and variable payment to be </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adjusted by the variation of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Extended National Consumer Price Index (&#8220;IPCA&#8221;)</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the period</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; line-height: inherit;">Phidelis is a platform of academic and financial management for K-12 schools, providing (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; line-height: inherit;">) software licensing and development, and (ii) messaging, retention, enrollment and default management for schools and students. In addition to aggregating a digital solution and bringing in new clients, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; line-height: inherit;">Phidelis</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; line-height: inherit;"> team will support the development of Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; line-height: inherit;">s digital services platform. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For more information on other acquisitions, see </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 4. Information on the Company&#8212;A. History and Development of the Company&#8212;Recent Developments</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Investment in Educbank</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On July 19, 2022, we acquired a minority interest in Educbank </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gest&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pagamentos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacionais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> S.A., or Educbank. Our investment, through our subsidiary Somos, totaled </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">87</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.7</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, for a 4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5%</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interest</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in Educbank, to be paid in</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">four </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash installments according to the growth of students served by Educbank. We will have the right to appoint two members (out of six) to the board of directors of Educbank. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educbank is the first financial ecosystem dedicated to K-12 schools, intended to expand access to quality education in Brazil, through services</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> management and financial support to educational institutions by providing payment guaranty to school tuitions. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe t</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">his investment will enable us to capture value potential in the following years, by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">entering the market for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">K-12 tuitions payment means, which has a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total Payment Volume (&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TPV</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of over R$70 billion per year. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educbank</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> services complement our digital services platform, which provides access to data, management tools and now working capital management, releasing time for school partners to focus on delivering education.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial Information in U.S. Dollars</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Solely for the convenience of the reader, we have translated some of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> amounts included in this annual report from </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Reais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> into U.S. dollars. You should not construe these translations as representations by us that the amounts actually represent these U.S. dollar amounts or could be converted into U.S. dollars at the rates indicated. Unless otherwise indicated, we have translated real amounts into U.S. dollars using a rate of R$5.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">218</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to US$1.00, the commercial selling rate for U.S. dollars </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2022</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as reported by the Brazilian Central Bank. See </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 5. Operating and Financial Review and Prospects</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A. Operating Result</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Exchange Rates</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for more detailed information regarding translation of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Reais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> into U.S. dollars and for historical exchange rates for the Brazilian </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Special Note Regarding Non-GAAP Financial Measures</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Adjusted EBITDA, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Adjusted Net (Loss) Profit, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Free Cash Flow and Adjusted Cash Conversion Ratio</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This annual report presents our Adjusted EBITDA, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted Net (Loss) Profit, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Free Cash Flow and Adjusted Cash Conversion Ratio information for the convenience of investors. Adjusted EBITDA, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted Net (Loss) Profit, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Free Cash Flow and Adjusted Cash Conversion Ratio are the key performance indicators used by us to measure financial operating performance. Our management believes that these Non-GAAP financial measures provide useful information to investors and shareholders. We also use these measures internally to establish budgets and operational goals to manage and monitor our business, evaluate our underlying historical performance and business strategies and to report our results to the board of directors.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We calculate Adjusted EBITDA as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Loss for the year </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">plus/minus: </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(a) income tax and social contribution</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (b) net finance result</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (c) depreciation and amortization</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) share-based compensation expenses, mainly due to the grant of additional shares to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> employees in connection with the change of control of Somos to Cogna (for further information refer to note 2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to the audited </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">onsolidated </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">financial statements); <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">(e) Bonus IPO, which refers to bonus paid to certain executives and employees based on restricted share units and (f)</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;expenses with contractual termination of employees due to organizational restructuring</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We understand that such adjustments are relevant and should be considered when calculating </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our Adjusted EBITDA, which is a practical measure to assess our operational performance that allows us to compare it with other companies that operate in the same segment.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We calculate Adjusted Net (Loss) Profit as the Loss for the year as presented in our Statement of Profit or Loss and Other Comprehensive Income adjusted by the same Adjusted EBITDA items, further added by (a) Amortization of intangible assets from Business Combination; (b) reversal of tax contingencies</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">incurred prior to the ac</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">quisi</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tion</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Anglo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">; and (c) tax effect of 34% generated by the aforementioned adjustments</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We calculate Free Cash Flow as the net cash flows from operating activities as presented in the statement of cash flows of our financial statements less cash flows required for: (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) acquisition of property and equipment; (ii) addition to intangible assets; and (iii) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payment for lease liabilities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. We consider Free Cash Flow to be a liquidity measure, therefore, we adjust our Free Cash Flow metric with amounts that directly impacted the cash flows in the period in addition to the operating activities. The Free Cash Flow measure provides useful information to management and investors about the amount of cash generated by our operations, deducting for investments in property and equipment to maintain and grow our business.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We calculate Adjusted Cash Conversion Ratio as the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Free Cash Flow</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> divided by Adjusted EBITDA for the relevant period.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We understand that, although Adjusted EBITDA, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted Net (Loss) Profit, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Free Cash Flow and Adjusted Cash Conversion Ratio are used by investors and securities analysts in their evaluation of companies, these measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations as reported under IFRS. Additionally, our calculations of Adjusted EBITDA, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted Net (Loss) Profit, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Free Cash Flow and Adjusted Cash Conversion Ratio may be different from the calculation used by other companies, including our competitors in the education services industry, and therefore, our measures may not be comparable to those of other companies.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For a reconciliation of our non-GAAP financial measures, see </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 5. Operating and Financial Review and Prospects&#8212;A. Operating Result&#8212;Reconciliations for Non-GAAP Financial Measures</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Special Note Regarding ACV Bookings</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> presents our ACV Bookings for the convenience of investors. This operating metric is not prepared in accordance with IFRS. ACV Bookings is a non</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accounting managerial metric and represents our partner schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> commitment to pay for our solutions offerings. We believe it is a meaningful indicator of demand for our solutions. In particular, we believe ACV Bookings is a helpful metric because it is designed to show amounts that we expect to be recognized as revenue from subscription services for the 12</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">month period between October 1 of one fiscal year through September 30 of the following fiscal year. We generally deliver our educational materials to our schools for their convenience in the last calendar quarter of each year, so that our schools can prepare their classes in advance prior to the start of the following school year in January. As a result, our results of operations for the last quarter of a given fiscal year contain revenue relating to the following school year relating to the content that has been delivered prior to the start of the new fiscal year. Therefore, ACV Bookings conveys information that has predictive value for subsequent months, and which may not be as clearly conveyed or understood by simply analyzing our revenue in our statements of income, especially in view of our recent growth.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We define ACV Bookings as the revenue we would expect to recognize from a partner school in each school year, based on the number of students who have contracted our services, or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">enrolled students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> that will access our content at such partner school in such school year. We calculate ACV Bookings by multiplying the number of enrolled students at each school with the average ticket per student per year; the related number of enrolled students and average ticket per student per year are each calculated in accordance with the terms of each contract with the related school. Although our contracts with our schools are typically for 4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year terms, we record one year of revenue under such contracts as ACV Bookings. For example, if a school enters into a 4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year contract with us to provide one of our Core &amp; EdTech platform solutions (such as learning systems or PAR) to 100 students for a contractual fee of US$100 per student per year, we record US$10,000 as ACV Bookings, not US$40,000. ACV Bookings are calculated based on the sum of actual contracts signed during the sales period and assumes the historical rates of returned goods from customers for the preceding 24-month period. Since the actual rates of returned goods from sales during the period may be different from the historical average rates and the actual volume of merchandise ordered by our customers may be different from the contracted amount, the actual revenue recognized during each period of a sales cycle may be different from the ACV Bookings </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for the respective sales cycle</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our reported ACV Bookings are subject to risks associated with, among other things, economic </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conditions</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and the markets in which we operate, including risks that our contracts may be canceled or adjusted</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Market Share and Other Information</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> contains data related to economic conditions in the market in which we operate. The information contained in this </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> concerning economic conditions is based on publicly available information from third-party sources that we believe to be reasonable. Market data and certain industry forecast data used in this </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> were obtained from internal reports and studies, where appropriate, as well as estimates, market research, publicly available information (including information available from the United States Securities and Exchange Commission website) and industry publications. We obtained the information included in this </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> relating to the industry in which we operate, as well as the estimates concerning market shares, through internal research, public information and publications on the industry prepared by official public sources, such as the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian Central Bank</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the Brazilian Institute of Geography and Statistics (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Instituto </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Brasileiro</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Geografia e </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Estat&#237;stica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or IBGE, the Brazilian Ministry of Education (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Minist&#233;rio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> da Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or MEC, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">An&#237;sio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Teixeira National Institute of Educational Studies and Research (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Instituto Nacional de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Estudos</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> e </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Pesquisas</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Educacionais</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">An&#237;sio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Teixeira</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or INEP, the School Census (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Censo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Escolar</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), the NCES, and the Brazilian Economic Institute of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Funda&#231;&#227;o</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Get&#250;lio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Vargas (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Instituto </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Brasileiro</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Economia da </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Funda&#231;&#227;o</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Get&#250;lio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Vargas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or FGV/IBRE as well as private sources, such as the report by Oliver Wyman that was commissioned by us.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Industry publications, governmental </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">publications</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and other market sources, including those referred to above, generally state that the information they include has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Except as disclosed in this </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, none of the publications, reports or other published industry sources referred to in this </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> were commissioned by us or prepared at our request. Except as disclosed in this </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we have not sought or obtained the consent of any of these sources to include such market data in this </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Rounding</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have made rounding adjustments to some of the figures included in this </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>5</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0px; break-after: avoid; text-align: center; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br/></span></p>
<div style="margin: 0px; break-after: avoid; text-align: center; line-height: 1.2; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BB_1DPB4DBBM800000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Forward-Looking Statements</span></a></div>
<p style="margin: 0px; break-after: avoid; text-align: center; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This annual report on Form 20-F contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this annual report can be identified by the use of forward-looking words such as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">anticipate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">believe</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">could</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expect</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">should</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">plan</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intend</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is designed to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">predict</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">continue</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">estimate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">potential</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or the negative of these words, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">among others.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Forward-looking statements appear in a number of places in this annual report and include, but are not limited to, statements regarding our intent, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">belief</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or current expectations. Forward-looking statements are based on our management</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section entitled </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Risk Factors</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in this annual report. These risks and uncertainties include factors relating to:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">further downgrade of Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s credit </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rating;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">social and political instability, including allegations of corruption against political parties, civil servants and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">others;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inflation, appreciation and depreciation of the real against the U.S. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dollar;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">general economic, financial, political, demographic and business conditions in Brazil, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including the impact of the current international economic environment</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) as well as any other countries we may serve in the future and their impact on our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the political climate leading up to and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political climate following the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">outcome of the 2022 presidential elections in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our ability to implement our business strategy and expand our portfolio of products and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our limited operating history in new business segments on which we have not been focused in the past, such as providing our services to schools in the public sector, including with respect to different rules and regulations that may apply to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our ability to adapt to technological changes in the educational </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sector;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the availability of government authorizations on terms and conditions and within periods acceptable to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our ability to continue attracting and retaining new partner schools and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">students;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our ability to maintain the academic quality of our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">programs;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the availability of qualified personnel and the ability to retain such </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">personnel;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes in the financial condition of the students enrolling in our programs in general and in the competitive conditions in the education </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">industry;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our capitalization and level of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">indebtedness;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">negative impact of health crises, epidemics or pandemics, such as the COVID-19 pandemic</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and government measures taken in response </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">thereto</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the interests of our controlling </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shareholder;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes in government regulations applicable to the education industry in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil;</span></li>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interventionism</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> education industry programs, that affect the economic or tax regime, the collection of tuition fees or the regulatory framework applicable to educational </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">institutions;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cancellations of contracts within the solutions we characterize as subscription arrangements or limitations on our ability to increase the rates we charge for the services we characterize as subscription </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">arrangements;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our ability to compete and conduct our business in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our ability to anticipate changes in the business, changes in regulation or the materialization of existing and potential new </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">risks;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competitors;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes in consumer demands and preferences and technological advances, and our ability to innovate to respond to such </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes in labor, distribution and other operating </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">costs;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our compliance with, and changes to, government laws, regulations and tax matters that currently apply to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the effectiveness of our risk management policies and procedures, including our internal control over financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reporting;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other factors that may affect our financial condition, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">liquidity</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">risk factors discussed under </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 3. Key Information&#8212;D. Risk Factors</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></li>
</ul>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>7</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div style="margin: 20pt 0pt 10pt; break-after: avoid; text-align: center; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BC_583GUJ6FGG00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">PART I</span></a></div>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BD_0LDSE69ZCG00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></a></div>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">A.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BE_F7A231XYRK00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Directors and Senior Management</span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">B.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BF_YOC1S3F0KW00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Advisers</span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">C.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BG_1SY8E6UM0W00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Auditors</span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BH_5HJTK4IBC000000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</span></a></div>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">A.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BI_ICE3R1IO3400000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Offer Statistics</span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">B.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BJ_AXID818J8W00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Method and Expected Timetable</span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BK_LNZYHW4PZK00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ITEM 3. KEY INFORMATION</span></a></div>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">A.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BL_W4PFP8R4SG00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">[Reserved]</span></a></div>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">B.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BM_SJFNBSFDQ800000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Capitalization and Indebtedness</span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">C.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160;</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BN_Z48X3EDD3K00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Reasons for the Offer and Use of Proceeds</span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">D.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BO_O6KQS1NVB400000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risk Factors</span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Summary of Risk Factors</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This section is intended to be a summary of more detailed discussions contained elsewhere in this annual report. The risks described below are not the only ones we face. Our business, results of operations or financial condition could be harmed if any of these risks materializes and, as a result, the trading price of our Class A common shares could decline.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Summary of Risks Factors Relating to Our Business and Industry</span></p>
<ul style="padding: 0;">
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">We face significant competition and, if we fail to compete efficiently, we may lose market share and our profitability may be adversely affected</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Our existing competitors and potential new competitors may offer similar or better educational solutions or substitutes in comparison to those we offer</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and they may have access to more resources, be more prestigious or enjoy a better reputation in the academic community or may charge lower prices, all of which could </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> affect our business and results of operations.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">We depend significantly on IT systems, and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> we</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> are subject to risks related to technological change.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> IT systems are essential to our operations and growth as our content is available through an integrated online Content &amp; EdTech </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">P</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">latform and we depend on the uninterrupted function of our online platform to deliver our products and services. Any failure to upgrade our technology, features, content, software systems, security infrastructure, network infrastructure, or other infrastructure associated with our platform could harm our business.</span></li>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>8</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<ul style="padding: 0;">
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">We may be subject to penalties under Anti-Corruption Laws</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. We have in the past engaged in, and continue to maintain, relationships with a number of public entities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Any conduct by our employees or agents with public </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">officials in any manner that fails to comply with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> code of conduct, the anti-corruption manual, the Brazilian Anti-Corruption Law, the Federal Administrative Procedural Law, the Administrative Improbity Law and the FCPA could lead to government investigations, judicial and/or administrative proceedings and sanctions that would have an adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Our operations and results may be negatively impacted by health crises, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">epidemics</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> or pandemics.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Public health outbreaks, epidemics or pandemics, such as the COVID-19 pandemic, could materially adversely impact our business depending on several continuously evolving factors that are difficult to predict and, in many instances, are beyond our control, including, but not limited to, the negative economic impact of the pandemic on general economic activity, the actions taken by governments, businesses and individuals in response to the pandemic, the recovery of economies and demand for our products following the end of the pandemic and our ability to keep our costs consistent with changes in demand for our products and services.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">We have a significant amount of debt and may incur additional debt in the future.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may be required to use a substantial portion of our cash flows to pay the principal and interest on our indebtedness. These payments could reduce the funds available for working capital, capital expenditures and other corporate purposes and could limit our ability to obtain additional financing for working capital or making capital expenditures for expansion plans and other investments, which may in turn limit our ability to implement our business strategy and may adversely affect us.</span></li>
</ul>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Summary of Risks Relating to Brazil</span></p>
<ul style="padding: 0;">
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">The Brazilian federal government has exercised, and continues to exercise, significant influence over the Brazilian economy, which may negatively affect our business and financial performance</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Future governmental policy and regulations may adversely affect our operations and profitability. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moreover, Brazil elected a new president in October 2022, for a four-year term starting in 2023. The president of Brazil has the power to determine policies and issue governmental acts related to the conduct of the Brazilian economy and, consequently, affects the operations and financial performance of companies, including ours. We cannot predict which policies the newly elected president will adopt, much less whether such policies or changes in current policies may have an adverse effect on us or on the Brazilian economy.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">The ongoing economic uncertainty and political instability in Brazil, including as a result of ongoing corruption investigations, may harm us and the price of our Class A common shares</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> The recent economic and political instability in Brazil caused by a slowdown in GDP growth, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">uncertainty as to whether the Brazilian government will enact the necessary economic reforms to improve Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s deteriorating fiscal accounts and economy, has led to a decline in market confidence in the Brazilian economy and a government crisis. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Furthermore, since the results of the presidential election have been announced and as of the date of this annual report, certain groups formed by supporters of the defeated candidate (the former president of Brazil, who sought reelection) have been organizing public demonstrations and protests against the electronic ballot boxes and the existence of an alleged conspiracy against their candidate. Any potential threat to the democratic system or the counting of ballots may result in deterioration of the political environment in Brazil, which could have a material adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations, as well as on the price of our securities.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Exchange rate instability may have adverse effects on the Brazilian economy, our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">business</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> and the trading price of our Class A common shares</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Due to inflationary pressures and adjustments to economic policy, the Brazilian currency has historically experienced volatility against the U.S. dollar and other foreign currencies.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Such policies and any reactions to them may harm us by curtailing access to foreign financial markets and prompting further government intervention. A devaluation of the real relative to the U.S. dollar may also, as in the context of the current economic slowdown, decrease consumer spending, increase deflationary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pressures</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and reduce economic growth.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Inflation and certain measures by the Brazilian government to curb inflation could have an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">adverse</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> effect on our business and the price of our Class A common shares</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 2022, inflationary pressures escalated in Brazil, including as a result of the ongoing war between Ukraine and Russia, supply chain issues, the continued COVID-19 pandemic (particularly in China) and increases in energy prices. The significant increase in the cost of living led the Brazilian government to introduce tax cuts on selected items, which helped ease pressures in Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inflation, policies adopted to curb inflationary pressures and uncertainties regarding possible future governmental intervention have contributed to economic uncertainty and heightened volatility in the Brazilian capital markets, which may adversely affect us.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></li>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>9</span></span></td>
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<p style="margin: 10pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Summary of Risk Factors Relating to Our Class A Common Shares</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 5.1pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Our parent company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">, Cogna,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> owns </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">100</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">% of our outstanding Class B common shares, which represent </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">97.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">3</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">% of the voting power of our issued share capital and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">7</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">% of our total equity ownership</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Accordingly, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> controls all matters requiring shareholder approval, limiting our ability to influence corporate matters. Moreover, so long as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> continues to beneficially own a sufficient number of Class B common shares, even if </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> beneficially owns significantly less than 50% of our outstanding share capital, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will be able to effectively control our decisions.</span></li>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Our status as a controlled company and a foreign private issuer exempts us from certain of the corporate governance standards of the Nasdaq, limiting the protections afforded to investors</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Under the Nasdaq rules, a controlled company is exempt from certain Nasdaq corporate governance requirements. In addition, a foreign private issuer may elect to comply with the practice of its home country and not to comply with certain Nasdaq corporate governance requirements. Although we have similar practices, they do not entirely conform to the Nasdaq requirements as we make use of the aforementioned </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exceptions</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which investors will not have the same protections provided to shareholders of companies that are subject to all Nasdaq corporate governance requirements.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Our dual class capital structure means our shares will not be included in certain indices, and this could affect the market price of our Class A shares</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. In 2017, FTSE Russell, S&amp;P Dow Jones and MSCI announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices to exclude companies with multiple classes of shares of common stock from being added to such indices. We cannot assure investors that other stock indices will not take a similar approach to FTSE Russell, S&amp;P Dow Jones and MSCI in the future. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Exclusion from indices could make our Class A common shares less attractive to investors and, as a result, the market price of our Class A common shares could be adversely affected.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Our shareholders may face difficulties in protecting their interests because we are a Cayman Islands exempted company. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The rights of our shareholders and the fiduciary responsibilities of our directors under the laws of the Cayman Islands are not as clearly defined as under statutes or judicial precedent in existence in jurisdictions in the United States. Therefore, you may have more difficulty protecting your interests than would shareholders of a corporation incorporated in a jurisdiction in the United States, due to the comparatively less formal nature of Cayman Islands law in this area. Accordingly, certain civil liabilities and judgments obtained against us in the United States by our shareholders may not be enforceable against us.</span></li>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Certain Factors Relating to Our Business and Industry </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We face significant competition, the possibility of new competitors and potential substitutes for every product or service we offer and in each geographic region in which we operate. If we fail to compete efficiently, we may lose market share and our profitability may be adversely affected.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We compete with other educational platforms and suppliers of educational content. Our existing competitors and potential new competitors may offer similar or better educational solutions or substitutes in comparison to those we offer. In addition, existing and potential competitors may have access to more resources, be more prestigious or enjoy a better reputation in the academic community or may charge lower prices. To compete effectively we may be required to reduce the prices of our educational products and solutions, increase our operating expenses or look for new market opportunities to retain and/or attract new customers. As a result, our revenue and profitability may decrease. We cannot guarantee that we will be able to compete successfully with our current or future competitors. In addition, we have observed a trend of increasing consolidation in certain segments of the primary and secondary education markets in Brazil. If this trend intensifies (as has occurred in the higher education market in Brazil) we may face increasing competition in the markets in which we operate. If we are unable to maintain our competitive position or otherwise respond to competitive pressures effectively, we may lose our market share, our profits may decrease, and we may be adversely affected.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>10</span></span></td>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may not be able to update, improve or offer the content and products of our Core &amp; EdTech Platform and Digital Platform efficiently, at an acceptable price and within the necessary timeframes.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our Core &amp; EdTech platform is intended to offer a complete package of educational solutions to address core curriculum requirements as well as complementary curricula such as English instruction and socio-emotional content, preparing students for entry into the most prestigious universities in Brazil and abroad, and offering a complete solution for personal and academic development. Our Digital Platform also offers our partner schools a suite of back</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">office services. In order to differentiate ourselves from our competitors, we must constantly update our portfolio of products, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and solutions, including through the adoption of new technologies. We may not be able to adapt and update our products and services or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">develop new solutions quickly enough to provide our customers, their </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and our students the solutions required by changing demands in the markets in which we operate. If we are unable to respond adequately to these demands due to financial restrictions, technological changes or other factors, our capacity to attract and retain customers and students may be adversely affected, damaging our reputation and our business.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We depend significantly on IT systems and are subject to risks related to technological change. Any failure to maintain and support customer facing services, systems, and platforms, including addressing quality issues and executing timely release of new products and enhancements, could negatively impact our revenue and reputatio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">n</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">IT systems are essential to our operations and growth as our content is available through an integrated online Content &amp; EdTech </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">P</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">latform and we depend on the uninterrupted function of our online platform to deliver our products and services. Our IT systems and tools may become obsolete or inadequate for delivering our Content &amp; EdTech </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">P</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">latform, whether due to rapidly evolving network protocols or new developments in network hardware, or we may face difficulty in staying abreast of and adapting to technological changes in the education sector.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We use complex proprietary IT systems and products, which </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares with us, to support our business activities, including customer-facing systems, back-office </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">processing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and infrastructure. We also contract with datacenter service providers to host certain aspects of our platform and content.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Our operations depend, in part, on the ability of our providers to protect their facilities against damage or interruption caused by natural disasters, power cuts, telecommunications breakdowns, criminal acts and similar events. Peak traffic, natural disasters, acts of terrorism, vandalism or sabotage, facility shutdowns on short notice, or other unforeseen problems relating to our service providers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> facilities, could result in prolonged interruptions in the availability of our platform, which could lead to customer dissatisfaction, damaging our reputation and our business.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, a failure to upgrade our technology, features, content, software systems, security infrastructure, network infrastructure, or other infrastructure associated with our platform could harm our business. Adverse consequences could include unanticipated disruptions, slower response times, bugs, degradation in levels of customer support, impaired quality of users</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> experiences of our educational platform and delays in reporting accurate financial information.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, we face risks associated with unauthorized access to our systems, including by hackers and due to failures of our electronic security measures. These unauthorized entries into our systems can result in the theft of proprietary or sensitive information or cause interruptions in the operation of our systems. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">During the year</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> ended December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we detected certain attempts to breach the security of our IT systems, all of which were unsuccessful.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Moreover, we continuously monitor potential vulnerabilities in our IT and data systems and strive to improve security. Current unfinished initiatives in this regard include: (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) a disaster recovery system for our data centers; (ii) implementation of the Secure Development program; and (iii) a continuous monitoring program</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for our Secure Ambient program.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moreover, as a result of the COVID-19 pandemic, we have increased the number of employees working remotely and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> we </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">continue to allow remote work even after the pandemic. This will require us to continue relying on remote-access information technology systems, which increases the risk of unavailability of our systems and infrastructure, disruption of telecommunications services, widespread system failures, and exposes us to increased vulnerability to cyberattacks could adversely affect our ability to conduct our business may be adversely impacted. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, we may be forced to incur considerable expenses to protect our systems from electronic security breaches and to mitigate our exposure to technological problems and interruptions. The theft of data from our customers may subject us to significant fines and penalties, adversely affecting our results of operations and damaging our reputation. </span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>11</span></span></td>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our revenue depends on sales of educational content, products and services to our customers, and any setback in customer relations could cause us significant harm.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The success of our business depends on maintaining good customer relationship</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, developing new </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relationships</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and expanding our customer network, which includes private K-12 schools, their students and parents, among others. Any deterioration in customer relations, including due to early cancellation or non-renewal of agreements with our customers, could damage our reputation, adversely affect our ability to grow and significantly harm our business.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our agreements with partner schools provide for fines and penalties in the event of early termination. However, there can be no assurance that such partner schools will pay such fines in the event of early termination and our customers may seek relief in court proceedings to contest the term of such agreements or the payment of such fines. We could also be forced to seek legal remedies in the event of early termination of our agreements in order to enforce the payment of such fines, though there can be no assurance that we would be successful in connection with any such legal proceedings, and we could incur significant costs attempting to enforce our rights. Such costs, considered in addition to the lost revenue from terminated contracts, could have an adverse effect on our results of operations. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We employ a customer support team to provide educational assistance and training for students and educators at our partner schools to help them maximize the results they obtain from using our Content &amp; EdTech </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">P</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">latform. Our customer support team must carry out frequent site visits in an effort to build positive relationships and strengthen our ties with our partner schools. In addition, our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> e-commerce has its own customer service structure, which serves mostly families but is also integrated with the schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> relationship centers. If we do not provide our customers with efficient and effective support, maintain appropriate customer satisfaction </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">levels</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or hire personnel in number sufficient to address our customers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> needs, our ability to operate and expand our business could be adversely affected. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our Content &amp; EdTech Platform and Digital Platform are technologically complex, and potential defects in our platforms or in updates to our platforms can be difficult or even impossible to fix. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our Content &amp; EdTech Platform and Digital Platform are technically complex products, and, when first introduced to customers or when upgraded through new versions, may contain software or hardware defects that are difficult to be detected and corrected. The existence of defects and delays in correcting them can have adverse effects, such as, cancellation of contracts, delays in the receipt of payment, poor functioning of our platforms and their content, failure to acquire new customers, or misuse of our platforms by third parties. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We test new versions and upgrades to our Content &amp; EdTech Platform and Digital Platform, but we cannot assure that all defects related to platform updates can be identified before, or even after a new version of our platforms are made available. The correction of defects can be time-consuming, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expensive</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and difficult. Errors and security breaches of our products could expose us to product liability claims and damage our reputation, which could have an adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our growth may have a negative effect on the successful expansion of our business, on our people management, and on the increase in complexity of our software and platforms.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are currently experiencing a period of expansion and are facing a number of expansion related issues, such as the acquisition and retention of experienced and talented personnel, cash flow management, corporate </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">culture</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and internal controls, among others. These issues and the significant amount of time spent on addressing them may result in the diversion of our management</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s attention from other business issues and opportunities. In addition, we believe that our corporate culture and values are critical to our success, and we have invested a significant amount of time and resources building them. If we fail to preserve our corporate culture and values, our ability to recruit, retain and develop personnel and to effectively implement our strategic plans may be harmed.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We must constantly update our software and platforms, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">enhance</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and improve our billing and transaction and other business systems, and add and train new software designers and engineers, as well as other personnel to help us with the increased use of our platforms and the new solutions and features we regularly introduce. This process is time intensive and expensive and may lead to higher costs in the future. Furthermore, we may need to enter into relationships with various strategic partners, such as online service providers and other third parties necessary to our business. The increased complexity of managing multiple commercial relationships could lead to execution problems that can affect current and future revenue, and operating margins.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We cannot assure you that our current and planned platforms, systems, products, procedures and controls, personnel and third-party relationships will be adequate to support our future operations. In addition, our current expansion has placed a significant strain on management and on our operational and financial resources, and this strain is expected to continue. Our failure to manage growth effectively could harm our business, results of operations and financial condition.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our business depends on the success of our brands and our ability to attract and retain customers could be adversely affected due to events or conditions that damage our reputation or the image of our brands.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that market awareness of our brands has contributed significantly to the success of our business. Maintaining and enhancing our brands is crucial to our efforts to maintain and grow our customer network. We also depend significantly on the efforts of our sales force and our marketing channels, including online advertising, marketing research tools, social </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">media</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and word of mouth. Failure to maintain and enhance our brand recognition could have a material adverse effect on our business, operating </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and financial condition. We have devoted significant resources to our brand promotion efforts and to training our sales team in recent years, but we cannot assure you that these efforts will be successful. Our ability to attract new customers and retain our existing customers depends on our investments in our brands, on our marketing efforts and the success of our sales team, and the perceived value of our services in comparison with our competitors. If customers fail to distinguish our brands and the content we offer from our competitors, this may lead to decreased sales and revenue, lower </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">margins</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or a decline in the market share of our brands. If our marketing initiatives are unsuccessful or become less effective, if we are unable to further enhance our brand recognition, if we incur excessive marketing and promotion expenses, or if our brand image is negatively impacted by any negative publicity, or if our customers misuse our brands in a way that results in a poor general perception of our brands, our business and results of operations could be materially and adversely affected.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our business is subject to seasonal fluctuations</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, which may cause our operating results to vary from quarter</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">quarter and adversely impact our working capital and liquidity throughout the year, adversely affecting our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our main deliveries of printed and digital materials to our 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 we provide in the fourth quarter are used by our customers in the following school year and, therefore, our fourth quarter results reflect the growth in the number of our students from one school year to the next, leading to higher revenue in general in our fourth quarter compared with the preceding quarters in each year. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Consequently, in aggregate, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">seasonality </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our revenues generally produces higher revenues in the first and fourth quarters of our fiscal year. In addition, we generally bill our 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</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A significant part of our expenses is also seasonal. Due to the nature of our business cycle, we need 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 our 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.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Accordingly, due to the timing of sales and delivery of our educational products, services and content, and the timing of university entrance exams, we expect that our revenue and operating results will continue to exhibit quarterly fluctuations. These seasonal fluctuations could result in volatility and adversely affect our liquidity and cash flows. As our business grows, these seasonal fluctuations may become more pronounced. As a result, we believe that sequential quarterly comparisons of our financial results may not provide an accurate assessment of our financial situation.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, our cash flows are affected by our customer conversion rate, which is measured from the moment of first contact with a customer or when a customer enters our target list (that is, when our commercial team identifies contracts nearing termination or when customers raise complaints or dissatisfaction with their service level) until formalizing an agreement, which generally takes three to four months. As part of our sales efforts, we incur</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">significant </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expenditures</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, including </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expenses</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> related to revi</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sion of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> credit terms</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and collaterals</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> with main customers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, commercial efforts</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to maintain frequent and meaningful interactions with certain target customers, including through meetings dedicated to evaluating and testing our platform, promotional events for our target customers, distribution of product samples, guided tours of our business units, and exhibitions at industry fairs. These costs also generate quarterly fluctuations in our cash flows, which could result in annual volatility and have an adverse effect on our liquidity. As our business grows, or if our business were to stop growing or we lost customers, these fluctuations could become more pronounced.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our working capital needs have increased and may well continue to increase as our business expands. If we do not increase our cash flow generation or gain access to additional capital, either through credit lines or other sources of capital, which may not be available on satisfactory terms or in adequate amounts, our cash and cash equivalents may decrease, which will have a negative impact on our liquidity and capital resources. In addition, if we do not have sufficient working capital, we may not be able to pursue our growth strategy, respond to competitive pressures or fund key strategic initiatives, which could harm our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We could be subject to risks related to inventory management.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are exposed to significant inventory management risks, which could adversely affect our operating results</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">due to</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the continued effects of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">events such as the Russia-Ukraine war and persistence of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">COVID</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pandemic </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on global supply chains and inflation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such as</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">: </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rapid changes in product cycles</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">; (2) changes in consumer tastes as a result growth in online learning; (3)</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes in consumer demand and consumption patterns</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">; (4) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">seasonality caused by new school closures as a response to potential virus outbreaks; </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) launch of new products delayed as a result of school closures</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> We may not forecast seasonality and product and consumer trends in a manner to accurately manage our inventory needs, and demand for products could change significantly</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">between the time we build our stock of inventory and the time we deliver our products. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, when we start selling new products, we may not be able to establish favorable relationships with new suppliers, develop the right products or accurately forecast demand. The acquisition of certain types of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inventories</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> can be time-consuming and may require significant prepayments, which may not be refundable. Finally, we have a broad selection and high volume of inventory of certain </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">products,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and we may not be able to sell sufficient quantities of these products</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, leading to obsolescence losses</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Our failure to adequately manage our inventory for any of the reasons mentioned above could adversely affect business and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; break-inside: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">While our businesses are managed and financed independently from our parent company, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Cogna, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">we are party to a cost-sharing agreement for certain administrative expenses, and an increase in the amounts we pay to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> might be disproportional to the benefits we receive and could affect our performance. In addition, we share certain logistics-related expenses with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, and the reimbursement to us by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> for such shared expenses may not be sufficient to meet our actual costs.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are party to a cost-sharing agreement with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for certain administrative expenses, such as those related to corporate, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">legal</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and accounting activities, which we refer to as overhead expenses. Under this cost-sharing agreement, we are required to pay our proportional share of overhead expenses based on our revenue as a share of the Cogna group</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s aggregate revenue. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> may incur increased overhead expenses in the course of its operations that cannot be allocated directly in a unique operation within the Cogna group and may not be directly related to our operations, whether due to increased acquisition activities, as part of corporate restructurings, or for operations generally, which would result in an increase in the overhead expenses we would be required to pay under the cost sharing agreement, and a corresponding increase in our general and administrative expenses, without corresponding benefits to our operations, which could have an adverse effect on our results of operations.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moreover, we share certain logistics-related expenses with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and there may be cases in the future in which the reimbursement of such shared expenses that may be paid to us by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> may not be sufficient to cover expenses actually </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">incurred by us in respect of logistics services benefitting </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which would cause us to bear a disproportionate share of such expenses, thereby having an adverse effect on our business and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Misuse of our brands or other actions carried out by other companies controlled by our parent company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, Cogna,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> may damage our business and our reputation due to certain of our brands being shared with other businesses controlled by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Several of our brands are shared between us, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and other companies that are controlled by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which operate in different markets from ours (such as postsecondary education and the operation of certain other K-12 curriculum business separate from ours), and the misuse of these shared brands or actions taken by such companies could negatively affect our reputation, which could have an adverse effect on our business and results of operations. In November and December 2019, we entered into certain brand sharing agreements with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, but these agreements may not assure uninterrupted and conflict-free use of our brands. If we lose the right to use these brands or become subject to restrictions in the use of our brands, our business and results of operations could be adversely affected. Some of the brands we will use in our business are owned by subsidiaries of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, for which we </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">granted a license to use pursuant to certain agreements. Nevertheless, such agreements may not ensure uninterrupted use of these brands and do not guarantee that we will not be subject to future conflict related to the use of these brands. Any conflict that arises out of the use of our brands could adversely affect our business and results of operations. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Failure to protect or enforce our intellectual property and other proprietary rights could adversely affect our business and financial condition and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We rely and expect to continue to rely on a combination of trademark, copyright, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">patent</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and trade secret protection laws, as well as confidentiality, intellectual property license and assignment agreements with our employees, consultants and third parties with whom we have relationships to protect our intellectual property and proprietary rights. As of the date of this </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we did not have issued patents or patent applications pending in or outside Brazil. We are party to approximately </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">000</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> agreements with third party authors with respect to educational content. We own approximately </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">525</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> trademark registrations, including the trademarks and logos of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Atica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Scipione</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Atual</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistema Anglo de Ensino</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">P</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">AR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Plataforma </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacional</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistema Maxi de Ensino</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">English Stars</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Rede </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Crist&#227;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MindMakers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> among others. We also have approximately </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">40 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pending trademark applications in Brazil and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">four </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the United States for trademarks </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and unregistered trademarks that we use to promote our brands. We also have the right to use trademark registrations for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (owned by a subsidiary of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Saraiva</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (owned by Saraiva </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gest&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Marcas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> S.A., a company jointly owned by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and third parties who are not controlled by us nor by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">). As of the date of this </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we owned approximately</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 130</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">registered domain names in Brazil. From time to time, we expect to file additional copyright, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trademark</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and domain names applications in Brazil and abroad. Nevertheless, these applications may not be approved or otherwise provide the full protection we seek. The dismissal of any of our trademark applications may impact our business. Third parties may challenge any copyrights, trademarks and other intellectual property and proprietary rights owned or held by us. Third parties may knowingly or unknowingly infringe, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">misappropriate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or otherwise violate our copyrights, trademarks and other proprietary rights and we may not be able to prevent infringement, misappropriation or other violation without substantial expense to us.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Furthermore, we cannot guarantee that:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our intellectual property and proprietary rights will provide competitive advantages to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our competitors or others will not design projects based on our intellectual property or proprietary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rights;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our ability to assert our intellectual property or proprietary rights against potential competitors or to settle current or future disputes will not be limited by our agreements with third </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parties;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our intellectual property and proprietary rights will be enforced in jurisdictions where competition may be intense or where legal protection may be </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">weak;</span></li>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>15</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any of the patents, trademarks, copyrights, trade secrets or other intellectual property or proprietary rights that we presently employ in our business will not lapse or be invalidated, circumvented, challenged or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">abandoned;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we will not lose the ability to assert our intellectual property or proprietary rights or to license our intellectual property or proprietary rights to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">others;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the texts and illustrations by third parties contained in the literary works that we sell have all been licensed and approved for use by us; or</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we will not be adversely affected in case </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is subject to any liabilities related to literary works used in their other business and that are also used by us. </span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If we pursue litigation to assert our intellectual property or proprietary rights, an adverse decision in any of these legal actions could limit our ability to assert our intellectual property or proprietary rights, limit the value of our intellectual property or proprietary rights or otherwise negatively impact our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations. If the protection of our intellectual property and proprietary rights is inadequate to prevent use or misappropriation by third parties, the value of our brands and other intangible assets may be diminished, competitors may be able to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">more effectively mimic our service and methods of operations, the perception of our business and service</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to customers and potential customers may become confused in the marketplace and our ability to attract and retain customers may be adversely affected.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may in the future be subject to intellectual property claims, which are costly to defend and could harm our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and operating results.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Because of the large number of authors that participate in our publications, from time to time, third parties may allege in the future that we or our business infringe, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">misappropriate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or otherwise violate their intellectual property or proprietary rights, including with respect to our publications. We cannot guarantee that we are party to enforceable agreements with all the counterparties that have purportedly assigned copyrights or other intellectual property rights to us, in which case we could be subject to legal proceedings and the payment of significant fines for unauthorized use of intellectual property. In addition, many companies, including various </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">non-practicing entities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">patent trolls</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> are devoting significant resources to developing or acquiring patents that could potentially affect many aspects of our business. There are numerous patents that broadly claim means and methods of conducting business on the Internet. We have not exhaustively searched patents related to our technology. In addition, the publishing industry has been, and we expect in the future will continue to be, the target of counterfeiting and piracy. We may implement measures in an effort to protect against these potential liabilities that could require us to spend substantial resources. Any costs incurred as a result of liability or asserted liability relating to sales of unauthorized or counterfeit educational materials could harm our business, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reputation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and financial condition.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Third parties may initiate litigation against us without warning. Others may send us letters or other communications that make allegations without initiating litigation. We may elect not to respond to the communication if we believe it is without merit or we may attempt to resolve disputes out of court by electing to pay royalties or other fees for licenses or out-of-court settlements in unforeseeable amounts. If we are forced to defend ourselves against intellectual property claims, whether they are with or without merit or are determined in our favor, we may face costly litigation, diversion of technical and management personnel, inability to use our current website or inability to market our service or merchandise our products. As a result of a dispute, we may have to develop non infringing technology, including partially or fully revise any publication that infringes intellectual property rights, enter into licensing agreements, adjust our merchandising or marketing </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">activities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or take other actions to resolve the claims. These actions, if required, may be unavailable on terms acceptable to us or may be costly or unavailable. If we are unable to obtain sufficient rights or develop non infringing intellectual property or otherwise alter our business practices, as appropriate, on a timely basis, our reputation or our brands, our business and our competitive position may be </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adversely </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">affected</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and we may be subject to an injunction or be required to pay or incur substantial damages and/or fees and/or royalties.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Most of our services are provided using proprietary software and our software is mainly developed by our employees, who do not specifically assign to us their copyrights over the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">software</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and we are unable to assure that we have adequate agreements with all of our employees to provide for the assignment of software rights. While applicable law establishes that employers shall have full title over rights relating to software developed by their employees, we could be subject to lawsuits by former employees claiming ownership of such software. As a result, we may be required to obtain licenses of such software, incurring costs relating to payments of royalties and/or damages and we may be forced to cease the use of such software. If we are unable to use certain of our proprietary software as a result of any of the foregoing or otherwise, this could have a material adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>16</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, we use open</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">source software in connection with certain of our products and services. Companies that incorporate open</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">source software into their products have, from time to time, faced claims challenging the ownership of open</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">source software and/or compliance with open</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">source license terms. As a result, we could be subject to suits by parties claiming ownership of what we believe to be open</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">source software or noncompliance with open</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">source licensing terms. Some open</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">source software licenses require users who distribute or use open</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">source software as part of their software to publicly disclose all or part of the source code to such software and/or make available any derivative works of the open</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">source code on unfavorable terms or at no cost. Any requirement to disclose our proprietary source code or pay damages for breach of contract could have a material adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The quality of the teaching content we deliver to our customers depends to a significant degree on the quality of our publishers and of the content we purchase. Any issues related to obtaining this content or regarding the quality of this content may have an adverse effect on our business.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The educational content and materials we provide are a combination of content developed by our in-house production team and content purchased from certain independent authors and publishers with whom we have contractual relationships. However, we may not be able to maintain our contractual relationships with independent authors or publishers if, for instance, (1) such authors leave us to join our competitors; (2) they no longer accept our contractual conditions, particularly those in relation to copyright; or (3) they choose to publish their content independently. If we are not able to replace such authors or publishers or if we are unable to renew the agreements that we currently have with them on terms that are favorable to us, our business could be adversely affected. In addition, delays in the delivery of content from authors may have an impact on our annual content creation schedule.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A lack of publishers, qualified employees, independent authors or satisfactory purchased content, or any decrease in the quality of the content produced or purchased, whether actual or perceived, or any significant increase in the cost of hiring or retaining qualified personnel or of acquiring content from independent authors or publishers, would have a material adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, our content production process requires significant coordination between different teams, as well as qualified personnel with appropriate training in order to ensure that we maintain the quality of our educational content and that we are able to successfully implement additional functions and technology delivery. We may not be able to retain, recruit or train qualified employees or obtain educational content that meets our standards, which could have an adverse effect on our business and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">If our partner schools are unable to maintain educational quality, we may be adversely affected.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our partner schools and their students are regularly assessed and classified under the terms of applicable educational laws and regulations. If the schools, programs or students from our partner schools receive lower scores from year to year on any of their assessments, including on the Index for Development in Primary and Secondary Education (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#205;ndice</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Desenvolvimento</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> da Educa&#231;&#227;o </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">B&#225;sica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or IDEB, and on the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">National High School Exam (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Exame</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Nacional do Ensino </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">M&#233;dio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ENEM</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or if there is any drop in the acceptance rates of the students from our partner schools into prestigious universities, we may be negatively affected by perceptions of a decline in the educational quality of our Content &amp; EdTech </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">P</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">latform, which could adversely affect our reputation and, as a result, our operating results and financial condition.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We intend to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">expand our operations to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">public</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">school</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">segment </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, which may not be successful and which will expose us to additional risks</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Starting in the first half</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of 2023, we </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">plan to begin offering</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> our products and services to clients in the public sector, in addition to our existing private</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">school client base. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that our broad portfolio of core content solutions, digital platform and complimentary services will allow us to access a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> market in need of the solutions we have developed over the years. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Accordingly, we have taken certain steps to (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">create what we believe to be an attractive portfolio of products and services</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, focused on state secretariats for education; (ii) allocate </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">managerial and financial resources</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for this new business initiative</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">; and (iii) implement </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certain</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> business-generating and marketing strategies</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for the public sector</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">However, w</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">e have a limited operating history for the new business </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> segment</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as it has not been </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an area of focus</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of our business historically</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Different rules and regulations may apply to the contracts we may enter into with federal, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">state</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or municipal public schools, which could expose us to risks that we are not ordinarily used to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, including with respect to the education strategy adopted at different levels of government and any applicable special purchase regimes, payment retention rights of governmental counterparties and restrictions </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the participation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in public </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">bidding processes</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, we may not develop or continue to grow as expected</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we may not generate </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a sufficient level of revenues in line with our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">casts</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> operating a new business </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> may </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">distract our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">management</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> from our core business </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which could have an adverse effect </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> our financial condition and results of operations.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>17</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For more information</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> on our plans to expand our business into the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> sector</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, see &#8220;Item 4. Information on the Company&#8212;A. History and Development of the Company&#8212;Recent Developments&#8212;New Business </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Unit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">A significant increase in late payment and/or default in the payment of amounts due to us by our customers and a significant increase in attrition rates of students among our customers may adversely affect our revenue and cash flow. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our customers may face financial difficulties and, in certain cases, insolvency or bankruptcy</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. A decrease in our customers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> revenues (due to a decline in enrollment as a result of a decrease in disposable income of families enrolled at our partner schools) could have an adverse effect on the ability of our existing and prospective customers to pay our tuition fees and/or trigger an increase in attrition rates. A significant increase in late payment or default by our customers could have a material adverse effect on our revenue and cash flow, thereby affecting our ability to meet our obligations. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, our impairment losses on trade receivables balance was </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69.5</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">million</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> from R$46.5</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, 2021, our impairment losses on trade receivables balance was R$46.5 million, an increase of R$14.4 million from R$32.1 million on December 31, 2020. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our impairment losses on trade receivables as of December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">20</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">represented</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 5.5%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4.9%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3.2% of our net revenue from sales and services as of each period-end, respectively. An increase in the rate of impairment losses, or other defaults by our customers, could have an adverse effect on our business and financial condition.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, any increase in the student attrition rates among our customers could have an adverse effect on our operating results. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ny significant changes in our projected student attrition rate and/or in failure to re-enroll students may affect our partner schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> enrollment figures, as well as their ability to recruit and enroll new students, could have a material adverse effect on our projected revenue and operating results.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, part of our revenue has come from the sale of education solutions to municipal governments within several states of Brazil, and such public entities may delay payments or even default in payment. Any such payment delay or default would result in further delays in our receipt of payment, as we would be required to seek a special judicial order (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">precat&#243;rios</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) under Brazilian law to enforce our rights to receive payment. This special judicial order is a formalization of a payment due by the Brazilian Public Treasury issued as a consequence of a final or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">un</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">appealable</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> judicial decision. Furthermore, enforcement for the collection of debts due by the Public Treasury are not processed by the attachment of assets owned by the public entities, but by the issuance of a payment order for the inclusion of the debt in the public budget, further delaying the timing of any payment. Late payments or defaults by such public entities could have a material adverse effect on our revenue and cash flow.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">If our growth rate decelerates significantly, our future prospects and financial results would be adversely affected, preventing us from achieving profitability.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that our growth depends on a number of factors, including, but not limited to, our ability to:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase the number of users of our products and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">continue to introduce our products and services to new </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provide high quality support to students and partner schools using our products and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expand our business and increase our market </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">share;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compete with the products, services, offers, prices and incentives offered by our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competitors;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">develop new products, services, offerings and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technologies;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">identify and acquire or invest in businesses, products, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offerings</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or technologies that we believe may be able to complement or expand our platform; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase the positive perception of our brands.</span></li>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>18</span></span></td>
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<p style="margin: 0px; text-indent: 0px;"><span><span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may not be successful in achieving the above objectives. Any slowdown in the demand from students, partner schools or customers for our products and services caused by changes in customer preferences, failure to maintain our brands, inability to expand our portfolio of products or services, changes in the Brazilian or global economy, taxes, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">competition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or other factors may lead to a decrease in revenue or growth and our financial results and future prospects could be negatively affected. We expect that we will continue to incur significant expenses as a result of our efforts to continue growing, and if we cannot increase our revenue at a faster rate than the increase in our expenses, we will not be able to achieve profitability.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may be subject to penalties under Law 12</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">846/2013 or the Brazilian Anti-Corruption Law, the Federal Administrative Procedural Law, the Administrative Improbity </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Law</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and the U.S. Foreign Corrupt Practices Act, the FCPA, if our employees engage in any conduct prohibited by these laws</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have in the past engaged in, and continue to maintain, relationships with a number of public entities, both through contracts and public tenders, including under the PNLD</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in which Vasta no longer participates, as this operation is now carried out through another subsidiary of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, through the provision of services and the sale of products, solutions and educational content to public entities (including in connection with the sale of educational content to public entities </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for the purpose of obtaining licenses and permits required for our operations (such as operating permits, fire inspections and education sector regulatory licenses, among others). </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moreover</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we intend to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expand our business into the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> segment in Brazil and, as a result, we expect to become regular participants in public tenders and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">contracts, which could cause increased public scrutiny relating to compliance with bidding processes regulations, such as the bidding law (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Lei de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Licita&#231;&#245;es</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the Federal Administrative Procedural Law (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Lei de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Processo</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Administrativo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Federal</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), and anti-corruption laws in Brazil and other applicable jurisdictions.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We train our employees to comply with the rules set forth in the code of conduct and anti-corruption manual of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which set out policies and rules for proper dealings with public officials for purposes of our compliance with the Brazilian Anti-Corruption Law, the Federal Administrative Procedural Law, the Administrative Improbity Law and the FCPA. However, there can be no assurance that all of our employees and agents acting on our behalf who may have contact with public officials will fully comply with our policies, or that our policies will be fully effective in preventing non-compliance with applicable law, which could lead to our failure to comply with the Brazilian Anti-Corruption Law, the Federal Administrative Procedural Law, the Administrative Improbity Law or the FCPA. Any conduct by our employees or agents with public officials in any manner that fails to comply with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> code of conduct, the anti-corruption manual, the Brazilian Anti-Corruption Law, the Federal Administrative Procedural Law, the Administrative Improbity Law and the FCPA could lead to government investigations, judicial and/or administrative proceedings, fines, penalties, loss of regulatory licenses, disgorgement of profits, loss of tax benefits and damage to our reputation and image, any of which would have an adverse effect on our business, financial condition and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Certain students enrolled at our partner schools may not generate meaningful revenue because of the reutilization of printed teaching materials.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In recent years, we have seen a growing increase in the reuse of printed teaching materials by families who use the same printed material for more than one child, even though we update these materials annually, which has an adverse effect on our revenue. We call this phenomenon </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sales drop</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reuse</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Because the reuse of materials results from family behavior combined with the list of materials adopted by our partner schools, we are unable to control or mitigate the sales drop effect. We cannot predict any future sales drop or its potential impact on our revenue and operating results.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The Saraiva brand is owned by Saraiva </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Gest&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Marcas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> S.A., a company that is jointly owned by our parent company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, Cogna,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and third parties that are not part of the Cogna group. Any conflict with these parties could have a negative effect on our business.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have the right to use the Saraiva brand until December 28, 2040 for some of Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s textbooks and literary works, in the context of our publishing operations. The Saraiva brand accounted for</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 36%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">25</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">26%</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the net revenue from sales and services of our textbook revenues in 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, respectively. In terms of net revenue from sales and services, the Saraiva brand accounted </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 8.2%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6%</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in 2021 and 6% in 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Saraiva </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gest&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Marcas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> S.A. is jointly owned by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and third parties who are not controlled by us or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. These parties may have interests that conflict with ours, which might lead to disputes that could adversely affect our ability to use the Saraiva brand. We cannot assure that these parties</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> interests will align with ours or that our interests would prevail in any dispute regarding the use of the Saraiva brand. This potential conflict of interest could adversely affect the reputation or performance of the Saraiva brand, or our ability to use the Saraiva brand, which could have an adverse effect on our results of operations. In addition, the third party who jointly owns Saraiva </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gest&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Marcas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> S.A., is currently subject to a bankruptcy proceeding in Brazilian courts. We cannot guarantee that there will not be any impact on the Saraiva brand in the course of this proceeding or if this party were subject to liquidation.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>19</span></span></td>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Changes in our or our customers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> current regulatory environment could have an adverse effect on us.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Currently, although we are subject to the requirements of the National Common Curriculum Base (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Base Nacional </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Comum</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Curricular</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or BNCC, we are not directly regulated by the Brazilian Ministry of Education (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Minist&#233;rio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> da Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or MEC, nor are we subject to any governmental regulations imposed by the National Education Council </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Conselho</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Nacional de Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or CNE, or by the Board of Primary and Secondary Education (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Conselho</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Educa&#231;&#227;o </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">B&#225;sica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or CEB. We are also subject to certain regulations related to bidding processes in connection with the sale of educational content to public entities, such as the bidding law (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Lei de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Licita&#231;&#245;es</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the Federal Administrative Procedural Law (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Lei de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Processo</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Administrativo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Federal</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">). In addition, we are subject to bidding regulations enacted by SESI, in connection with the sale of educational content to the SESI. If we or our customers become subject to new laws and regulations, we may incur additional costs in order to comply with the new legislation and this may have an adverse impact on our business. In addition, if we are required to comply with additional laws and regulations, there is a risk that we may not do so fully or satisfactorily, and this could result in possible legal or administrative proceedings against us, which could have a material adverse effect on our reputation, our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We use third party service providers in our logistics services to ship all of our collections of printed teaching materials and a failure by our service providers to perform efficiently would have an adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our delivery of printed books and other educational content to schools is a seasonal activity, with a cycle that usually begins with the creation and review of content from April to July, the purchase of printing services from August to October, and physical delivery of printed books from November to January. We have expanded our operations rapidly since we first began our activities. As our size increases, so does the size and complexity of our logistics operation.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We generally require a high volume of deliveries in November and December, which requires a significant degree of inventory, supply management and management of our relationship and coordination with printers. Our customers place key value on the timely delivery of printed materials. Consequently, failure to comply with deadlines, inadequate logistics planning, disruption at distribution centers, poor inventory management, and the failure to meet customer expectations, launch new products, or respond to rapidly changing customer preferences, could have an adverse effect on our reputation, increase returns of our materials or cause inventory losses and adversely affect our business, results of operations and financial condition. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Virtually our entire inventory of our printed teaching materials is stored in rented warehouse facilities operated by us and delivered by third party carriers that undertake the distribution of all physical teaching materials. If our logistics service providers do not fulfill their obligations to deliver teaching materials to our customers in a timely manner, or if a significant number of deliveries are incomplete or contain assembly errors, our business, operating </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and operations could be adversely affected. In addition, natural disasters, fires, power outages, work stoppages or other unexpected catastrophic events, particularly during the period between August and October, when we expect to receive most of the instructional materials for the school year and we have not yet delivered these materials to our customers, could significantly disrupt our ability to deliver our products and operate our business. If we were to lose a significant portion of our inventory, or if our warehouse facilities or distribution centers suffer any significant damage, we could fail to meet our delivery obligations and our business, financial condition and results of operation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s would be adversely affected. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We have a significant amount of debt and may incur additional debt in the future. Our payment obligations under our debt may limit our available resources and the terms of debt instruments may limit our flexibility in operating our business.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we had total outstanding bonds and financing of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">842.9</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million compared to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">831.2 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">million as of December 31, 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, compris</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ing</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">private debentures issued by Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to Saber and Cogna (as creditors) bearing interest at an average annual rate of CDI plus </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and CDI plus 2.4%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, with semi-annual coupon payments and a bullet repayment at maturity in August </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">September </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">; and (ii) debentures issued by Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to third</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parties bearing interest at an average annual rate of CDI plus 2.3%, with semi-annual coupon payments and a bullet repayment at maturity in August 2024</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. See </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 5. Operating </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nd Financial Review </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nd Prospects&#8212;B. Liquidity and Capital Resources&#8212;Indebtedness</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Most of our indebtedness is linked to the CDI. Changes in Brazilian macroeconomic conditions can adversely affect the CDI. Fluctuations in the inflation rate and rate indices can increase the cost of our indebtedness that is linked to the CDI and may have a material adverse effect on our financial position and result of operations. Subject to the limitations under the terms of our existing debt, we may incur additional debt, secure existing or future debt or refinance our debt. In particular, we may need to incur additional debt to fund our activities, and the terms of this financing may not be attractive for us.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may be required to use a substantial portion of our cash flows to pay the principal and interest on our indebtedness. These payments will reduce the funds available for working capital, capital expenditures and other corporate purposes and will limit our ability to obtain additional financing for working capital or making capital expenditures for expansion plans and other investments, which may in turn limit our ability to implement our business strategy. Our significant debt may also increase our vulnerability to downturns in our business, in our industry or in the economy as a whole and may limit our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">flexibility in terms of planning or reacting to changes in our business and in the industry and could prevent us from taking advantage of business opportunities as they arise. We cannot guarantee that our business will generate sufficient cash flow from operations or that future financing will be available in sufficient amounts or on favorable terms to enable us to make timely and necessary payments under the terms of our indebtedness or to fund our activities. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, if we were to default on any of our debt, we could be required to make immediate repayment, other debt facilities may be cross-defaulted or accelerated, and we may be unable to refinance our debt on favorable terms at all, which would have a material adverse effect on our financial position. See </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 5. Operating </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nd Financial Review </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nd Prospects</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">B. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Liquidity and Capital Resources&#8212;Indebtedness</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for a summary of the conditions that could result in an acceleration of our indebtedness.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our ability to utilize certain tax credits may be limited.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, 2022, we had accumulated tax losses carryforwards of R$422.2 million which are available as offsetting credits against future taxable profits compared to R$307.3 million as of December 31, 2021. Our ability to use these accumulated tax losses as offsetting credits depends on our future taxable income, which could have a material adverse effect on our operating results. The Company's historical tax losses is driven mainly by the tax amortization of goodwill and the amortization of intangibles generated by the business combination originated in 2018. In accordance with Brazilian tax regulation, tax losses carryforwards have a limitation for use to a 30% of taxable profit generated in the year and does not expire. According with the Company&#180;s estimate, the realization of deferred tax asset is expected to start in 2026, after the end of amortization of goodwill for tax purposes and intangibles generated by business combination originated in 2018, and is expected to be utilized over an extended period of time. The Company&#8217;s income tax and social contribution loss carryforwards are primarily the result of tax amortization of goodwill and the amortization of certain intangibles recognized related to the business combination in 2018. In accordance with Brazilian tax regulation, tax loss carryforwards have a limitation for use of 30% of taxable profit generated in each year and do not expire. The tax benefit is expected to be realized over an estimated 6 year period beginning in 2026. See &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Critical Accounting Estimates&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">PAR, or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Partnership</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Parceria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">), is part of our business model, and is focused on long-term agreements through the use of textbooks rather than learning systems. If we are not able to implement this product successfully, our business would be materially adversely affected.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">PAR, which is focused on long-term agreements using textbooks, is a product designed to bring the same level of profitability and loyalty </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as our learning systems. In 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, revenues from PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> contracts accounted for</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 11.3%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">16.6</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.6%,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> respectively, of our total ACV Bookings (subscription business). In order for us to increase PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s profitability in line with that of our learning systems, we must increase the number of contracts for textbook sales with schools and families by providing a product offering that is economically attractive to schools and families, seeking to reduce or eliminate the reuse of printed teaching materials. At present, around </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">88</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% of PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> contracts remain as adhesion contracts, in which sales are not made directly to partner schools and families, which means the schools and families purchase printed teaching materials through a number of channels, including distributors, bookstores and third-party e-commerce, as well as reuse materials in many cases. In case we are not able to establish a specific stock keeping unit and, therefore, not able to guarantee that our PAR-related materials are exclusively sold directly from our partner schools or from us, we may be exposed to partial revenue loss as a result of the reuse of printed materials sold in previous cycles (secondary market). Currently, our estimated revenue from PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> contracts already </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">considers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the average market reuse of printed materials, which assumes students can buy the material through other channels and the historical reuse of printed materials. An increase in the sales of reused printed materials may intensify the negative impacts on our revenues. We estimate that an inability to maintain exclusive control over PAR-related materials represents foregone revenue of approximately </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$0.50 for every R$1.00 in PAR-related products expected to be sold, based on the contribution we estimate from Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s publishing operations. Effectively, new sales are reduced due to the reuse of books such that, for each 100 students that adopt PAR-related material, 5</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> students purchase a new book</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">50</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> students reuse old material</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. This effect has had, and is expected to continue to have, an adverse effect on our revenue and results of operations. We account for this effect in our estimates and forecasts for PAR-related revenues.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our results may be negatively affected by the return rates on our textbooks.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">To increase the availability of our textbooks for purchase by schools and students, our textbook sales (both through PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and as spot sales) are carried out through numerous channels, such as bookstores, schools, large retailers, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">distributors</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and e-commerce sellers. Each of these distribution channels has a unique return policy, which can result in returns ranging from 10% to 50% of the total purchased amount during a given sales cycle. Our textbook sales are concentrated during the period from November to March. From April to June, the sales channels can return any unsold inventory to us. We are unable to assure that future return rates will be consistent with historical return rates. An increase in the volume of returns in excess of our expectations could have an adverse effect on our results of operation and financial condition.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may not be successful in implementing our cross-selling and up-selling strategy with our current base of partner schools.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Part of our growth strategy consists of increasing the number of segments in which we operate in our partner schools, for example by expanding our services and educational solutions for elementary school and kindergarten to schools that only purchase our solutions for high school (up-sell). We also seek to expand the uptake by our partner schools of our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">supplementary courses, such as English language instruction or solutions for socio-emotional instruction (cross-sell). If we are unable to effectively sell these additional course offerings to our existing partner schools, for instance because of other competitors already entrenched with the school, we may not be able to grow our business at our projected rates, which could have an adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may be unable to convert spot market book sales into long-term contracts, either through the adoption of our learning systems or PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> solutions, which could have an adverse effect on our future growth.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Traditionally, certain schools with which we have done business choose to buy only selected books from us in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">spot book market</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> These schools do not have long term contracts with us, and we are unable to predict how their spot purchases will impact our revenue. Part of our growth strategy is based on converting spot book market sales into long-term contracts by having the relevant school adopt one of our learning systems or PAR. If we are unable to convert spot market sales into long-term contracts, we may not meet our growth targets, which could have an adverse effect on our prospects, our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">revenue</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and cash flow.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Part of our strategy is based on entering new markets and implementing new businesses, including solutions through our Digital Platform. We may not be successful in exploiting these opportunities, which may have an adverse effect on our business.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Many of the markets where we plan to operate, such as academic and financial ERP and student acquisition solutions, are new to us and our organizational skills in these markets have not yet been tested. In addition, we may have incorrectly estimated the total size of new markets or our ability to penetrate such markets or engage in new businesses, such as increased offering of solutions through our Digital Platform. In addition, we may face competition from existing participants or new entrants in the market in which our Digital Platform operates, including in the digital school office, digital marketing and family relations services, and our competitors may have greater resources than we do or may offer more attractive products or services. If we are unsuccessful in entering new markets or in implementing new businesses, we may incur costs that we are unable to recoup and our image and reputation may be adversely affected, which could have an adverse effect on our results of operation and financial position.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may not be able to expand our complementary education portfolio in line with our business strategy.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We currently have educational solutions for English instruction and the teaching of socio-emotional skills, which can be offered during normal school hours or after school. We plan to develop and/or acquire new services and products to expand our portfolio of these complementary education solution. We may not be able to develop products and solutions in an effective way, they may not be accepted by our customers and by the market, or we may not develop the internal capabilities to produce such products and services. Additionally, we may not be able to acquire companies operating such new services and businesses on favorable terms, or we may incur risks of integrating acquired assets. If we are unable to expand our complementary education solution due to any of the foregoing factors, our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations could be adversely affected. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Price increases and changing business conditions for the purchase of paper, a global commodity, may have a significant impact on us due to our reliance on a high volume of printed materials.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Paper prices and postage rates are difficult to predict and control. Paper is a commodity</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and its price may be influenced by fluctuations in exchange rates and commodity prices and may be subject to significant volatility. Our third-party printing service providers may adjust their rates to account for any changes in paper prices, and although historically we have been able to obtain favorable pricing as a result of volume discounts, particularly after our significant recent growth, there is no assurance that we will continue to obtain favorable prices in the future. We cannot predict with certainty the magnitude of future price changes for paper, postage and printing and publishing in general, and we may not be able to pass these increases on to our customers, which may have an adverse effect on our business and results of operations, given the importance of paper suppliers to our business. Additionally, we could be materially affected as a result of any contractual or legal issue with our paper suppliers or any delay in the delivery of our printed books and other educational content to partner schools, which could cause schools to delay payments due to us, or lead schools to terminate their contract with us, which would have an adverse effect on our business and results of operations.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">There is no assurance that our partner schools will honor their contractual obligations, or that the number of students actually enrolled at partner schools corresponds to the number of students reported by the schools. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We generally enter into agreements with the schools that subscribe to our content and services, however, partner schools may try to avoid their obligations under their agreements with us, even with an effective contract in place, and we may be </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">subject to additional costs and expenses in an effort to enforce our rights, which would have an adverse effect on our business and financial condition. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, when partner schools enter into agreements with us, they report to us the number of students enrolled at their school who will use our products and services. However, we cannot assure you that the number of students reported by a specific partner school in a specific segment is the actual number of students enrolled, as we do not audit this number, and our expected revenue may be adversely affected by inaccurate reporting, which could have a material adverse effect on us, our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reputation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operation.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The printing market is heavily concentrated, and increases in rates, changes in business conditions, or any disruptions to the service of our third-party printing service providers could significantly affect us.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our production of printed learning materials is outsourced to printers with whom we have contracts. We are subject to delays in the graphic production of our material, errors in production or even the bankruptcy of our partner printing companies, which could cause damage to our image with our customers and to our operating results.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, increases in the rates of the third-party printing service providers that produce our printed educational materials could have a negative impact on our results if we are unable to fully pass on these cost increases to our customers. Finally, the printing market is a heavily concentrated one, which may reduce our bargaining power and result in less favorable rates, with an adverse effect on our business.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We depend on our subsidiaries</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> financial results, and we may be adversely affected if the performance of our subsidiaries is not positive or if Brazil imposes legal restrictions on, or imposes taxes on, the distribution of dividends by subsidiaries.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are a pure holding company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and our activities are carried out by our subsidiaries. Our material assets are our direct and indirect equity interests in our subsidiaries. We are, therefore, dependent upon payments, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dividends</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and distributions from our subsidiaries for funds to pay our holding company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s operating and other expenses, to comply with our financial obligations and to potentially pay future cash dividends or distributions, if any, to holders of our Class A common shares. The amount of any dividends or distributions which may be paid to us from time to time will depend on many factors including, for example, such subsidiaries</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> results of operations and financial condition; limits on dividends under applicable law; their constitutional documents; documents governing any indebtedness; applicability of tax treaties; and other factors which may be outside our control. Furthermore, exchange rate fluctuation will affect the U.S. dollar value of any distributions our subsidiaries (which are mostly located in Brazil) make with respect to our equity interests in those subsidiaries. See </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;Risks Relating to Brazil&#8212;Exchange rate instability may have adverse effects on the Brazilian economy, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and the</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> trading</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> price of our Class A common shares</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The ongoing economic uncertainty and political instability in Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, including as a result of ongoing corruption investigations,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> may harm us and the price of our Class A common shares</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> There is no guarantee that the cash flow and profits of our controlled companies will be sufficient for us to comply with our financial obligations and pay dividends or interest on shareholders</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> equity to our shareholders, or that the Brazilian federal government will not impose legal restrictions on, or impose taxes on, the distribution of dividends by our subsidiaries.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Any change in the tax treatment of our business or the loss or reduction in tax benefits on the sale of books (including digital books and e-readers) could materially adversely affect us.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We benefit from tax Law No. 10,865/04, as amended by Law No. 11,033/04, which provide that our tax rate on the sale of books is zero in respect of contributions to the social integration program tax (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Programa</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Integra&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Social</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, or PIS) and the social contributions on revenue tax (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Contribui&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> para o </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Financiamento</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> da </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Seguridade</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Social</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, or COFINS). The sale of books is also exempt by the Brazilian constitution from Brazilian municipal taxes, Brazilian services tax (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Imposto</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Sobre</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Servi&#231;os</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, or ISS) and from the Brazilian tax on the circulation of goods, interstate and intercity transportation and communication services (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Imposto</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">sobre</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Opera&#231;&#245;es</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">relativas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> &#224; </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Circula&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Mercadorias</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> e </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">sobre</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Presta&#231;&#245;es</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Services de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Transporte</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Interestadual</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> e Intermunicipal e de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Comunica&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, or ICMS). If the Brazilian federal or state governments or any Brazilian municipality or tax authority decides to change or review the tax treatment of our activities or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cancel</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reduce </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the tax benefits applicable to the sale of our products (including digital books and e-readers) and/or challenge such treatment, and we are unable to pass any corresponding cost increase onto our customers, our results of operations could be materially adversely affected. Tax exemptions available to physical books have been extended to digital books based on a decision by the Brazilian Supreme Court issued on March 8, 2017. However, there is no assurance that the Brazilian Supreme Court will not change its position in the future in regard to the taxation of digital books, which could have a material adverse effect on our business and results of operations.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>23</span></span></td>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may pursue strategic acquisitions or investments. The failure of an acquisition or investment to be completed or to produce the anticipated results, or the inability to fully integrate an acquired company, could harm our business.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may from time to time, as opportunities arise or economic conditions permit, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acquire</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or invest in complementary companies or businesses as part of our strategy to expand our operations, including through acquisitions or investments that may be material in size and/or of strategic relevance. The success of an acquisition or investment will depend on our ability to make accurate assumptions regarding the valuation, operations, growth potential, integration and other factors related to that business. We cannot assure you that our acquisitions or investments will produce the results that we expect at the time we enter into</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or complete a given transaction. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any acquisition or investment involves a series of risks and challenges that could adversely affect our business, including due to a failure of such acquisition to contribute to our commercial strategy or improve our image. We may be unable to generate the expected returns and synergies on our investments. In addition, the amortization of acquired intangible assets could decrease our net profit and potential dividends. We may face challenges in integrating acquired companies, which may result in the diversion of our capital and our management</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s attention from other business issues and opportunities. We may be unable to create and implement uniform and effective controls, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">procedures</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and policies, and we may incur increased costs for integrating systems, people, distribution methods or operating procedures. We may also be unable to integrate technologies of acquired businesses or retain key customers, executives and staff of the businesses acquired. In particular, we may face challenges in integrating staff working across different geographies and that may be accustomed to different corporate cultures, which would result in strained relations among existing and new personnel. We could also face challenges in negotiating favorable collective bargaining agreements with unions due to differences in the negotiating procedures used in different regions. Finally, we may pursue acquisitions where we acquire a majority stake in such acquisition, but with significant minority investors, or we may become minority investors in certain operations, wherein our ability to effectively control and manage the business may be limited. If we are unable to manage growth through acquisitions, our business and financial condition could be materially adversely affected.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may also require approval from Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s Administrative Council for Economic Defense (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Conselho</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Administrativo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Defesa</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Econ&#244;mica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or CADE, or other regulatory authorities, in order to conduct certain acquisitions or investments for education companies exceeding</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or equivalent to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> annual gross revenue of R$75 million. CADE may not approve our future acquisitions or may condition approval of our acquisitions on our disposal of certain operations of our targeted acquisitions or could impose other restrictions on the operations and business of the target. Failure to obtain approval from CADE or other regulatory authorities for future acquisitions, or any conditional approvals of future acquisitions, may result in expenses that could adversely affect our results of operations and financial condition.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, in connection with any acquisition, we may face liabilities for contingencies related to, among others, (1) legal and/or administrative proceedings of the acquired company, including civil, regulatory, labor, tax, social security, environmental and intellectual property proceedings, and (2) financial, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reputational</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and technical problems including those related to accounting practices, disclosures in financial statements and internal controls, as well as other regulatory issues</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> These contingencies may not have been identified prior to the acquisition and may not be sufficiently indemnifiable under the terms of the relevant acquisition agreement, which could have an adverse effect on our business and financial condition. Even if contingencies are indemnifiable under the relevant acquisition agreement, the agreed levels of indemnity may not be sufficient to cover actual contingencies as they materialize. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may not be able to effectively implement our sales, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">marketing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and advertising programs to attract and retain new customers.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In order to maintain and increase our revenue and margins, we need to continue to retain and attract new customers by means of the sales, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">marketing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and advertising campaigns. A number of factors could adversely impact our ability to successfully implement our marketing campaigns, such as an inability of our sales team to effectively interact with potential clients, or potential clients do not find our products and services sufficient to meet their needs. If we are unable to successfully market our educational products and solutions, whether due to defects in our marketing tools and/or failure to adjust our strategy in order to meet the needs of current and potential customers, our ability to retain and attract new customers may be undermined, which would adversely affect our business and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">If we are unable to retain or replace our key personnel or are unable to attract, retain and develop other qualified employees, our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">situation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and operating results may be adversely affected.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Part of our future success depends on the ability and efforts of a number of our key employees who have significant experience in our operations. Many of our key employees have been working for us over an extended period or have been specifically recruited by us on account of their experience and expertise in the sector. The loss of key personnel, including </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">senior executives, members of the executive board, board members, key </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">officers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and managers, among others, and our inability to hire professionals with the same level of experience could have a material adverse effect on our business, financial condition and results of operations.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>24</span></span></td>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, in order to successfully compete and increase the number of customers, we need to attract, recruit, retain and develop talented employees generally, who can provide the required expertise across the entire spectrum of our needs for high quality products, services and educational content, including for sales and marketing. A number of our key employees have significant experience in our operations, and we must develop adequate succession plans to maintain continuity amidst the natural uncertainties of the labor force. The market for skilled staff is competitive, and we may not be successful in recruiting or retaining staff or we may not be able to effectively replace key employees who leave. We must also continue to hire additional staff to execute our strategic plans. Our efforts to retain and develop personnel may also result in significant additional expenses that could adversely affect our business and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We cannot guarantee that qualified employees will remain in our employment or that we will be able to attract and retain qualified personnel in the future. In particular, we may not be able to achieve the anticipated revenue growth by expanding our sales and marketing teams if we are not able to attract, develop and retain qualified sales and marketing personnel in the future. Any failure to retain or hire key personnel could have a material adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our management team</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">s interests may be focused on the short-term market price of our Class A common shares, which may not coincide with investors</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> interests.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our directors and executive officers, among others, may own shares in the company or be beneficiaries of our share-based compensation plans. We </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">approved a restricted share unit plan in connection with our initial public offering</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The maximum number shares that can be issued to beneficiaries under </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our restricted share unit plan</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> may not exceed 3.0% of our share capital at any time.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Due to the issue of Class A common shares to members of our management team, a significant portion of these members</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> compensation will be closely tied to our operating results and, more specifically, to the trading price of our Class A common shares, which may lead these individuals to run our business and manage our activities with an emphasis on generating short-term profits. As a result of these factors, our management team</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s interests may not coincide with the interests of our other shareholders who have long-term investment objectives. Additionally, we cannot assure that </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and our management team</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s interest will be aligned, or which party</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s interest will prevail.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moreover, our shareholders may experience dilution in their stakes in our capital stock and in the value of their investments if further shares are issued to honor share-based incentive plans for our management and employees.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In the case of further grants of stock options or restricted shares, our shareholders will be subject to further dilution. For additional information about our share option plan or restricted share plan, see </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 6. Directors, Senior Management </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nd Employees&#8212;B.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Compensation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;Share Incentive Plan</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Failure to prevent or detect a malicious cyber-attack on our systems and databases could result in a misappropriation of confidential information or access to highly sensitive information.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cyber-attacks are becoming more sophisticated and pervasive. Across our business we hold large volumes of personally identifiable information including that of employees, partner schools, students, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parents</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and legal guardians. Individuals may try to gain unauthorized access to our data in order to misappropriate such information for potentially fraudulent purposes, and our security measures may fail to prevent such unauthorized access. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">During the year ended</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we detected certain attempts to breach the security of our IT systems, all of which were unsuccessful.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Moreover, we continuously monitor potential vulnerabilities in our IT and data systems and strive to improve security. Current unfinished initiatives in this regard include: (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) a disaster recovery system for our data centers; (ii) implementation of the Secure Development program; and (iii) a continuous monitoring program for our Secure Ambient program.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our board of directors, assisted by our Audit and Risk Committee, as part of its regular review of our risk management practices, performs periodic reviews of cyber-security threats and related controls, including reviews of periodic penetration tests performed by independent third parties. However, we cannot assure that these reviews will successfully prevent against all cyber-attacks. A breach could result in a devastating impact on our reputation, with significant adverse effects on customer confidence and loyalty that could adversely affect our financial condition and the student experience. In addition, if we were unable to prove that our systems are properly designed to detect an intrusion, we could be subject to severe penalties under applicable laws and loss of existing or future business.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Failure to comply with data privacy regulations could result in reputational damage to our brands and adversely affect our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The nature of our business exposes us to risks related to possible shortcomings in data protection. Any perceived or actual unauthorized disclosure of personally identifiable information, whether through breach of our network by an unauthorized party, employee theft, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">misuse</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or error or otherwise, could harm our reputation, impair our ability to attract and retain our customers, or subject us to claims or litigation arising from damages suffered by individuals. </span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are subject to the General Personal Data Protection Law (Lei </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Geral</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Prote&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Dados) (as amended), or the LGPD.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result of any failure to comply with the LGPD or occurrence of cybersecurity incidents, we may be subject to the following penalties: (1) legal notices and the required adoption of corrective measures, (2) fines of up to 2.0% of our company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s or our group</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s revenue up to a limit of R$50.0 million per infraction, (3) disclosure of the violation after its occurrence is duly verified and confirmed, and (4) blocking and erasing the personal data involved in the violation.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Failure to comply with the rules for the protection of personally identifiable information, including the LGPD, could potentially lead to legal proceedings or could result in penalties, significant remediation costs, reputational damage, the cancellation of existing contracts and difficulty in competing for future business. In addition, we could incur significant costs in complying with relevant laws and regulations regarding the unauthorized disclosure of personal information, which may be affected by any changes to data privacy legislation at both the federal and state levels.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Material weaknesses in our internal control over financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">reporting have been identified, and if we fail to establish and maintain proper and effective internal controls over financial reporting, our results of operations and our ability to operate our business may be harmed.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">While part of our business has been operated in the past as part of publicly traded companies in Brazil (Cogna and Somos),</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our accounting personnel and other resources </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> not structured in a manner consistent with the requirements applicable to a public company listed in the United States. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In connection with the audit of the consolidated financial statements for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, our external auditors obtained an understanding of the internal controls relevant to their audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of our internal controls in accordance with the provisions of t</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">he Sarbanes-Oxley Act of 2002. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">During this process, material weaknesses in our internal controls over financial reporting as of December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, were identified, which were communicated</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to management. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A material weakness is a deficiency, or combination of controls deficiencies, in internal controls over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or detected on a timely basis</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Material weakness have been identified related to the Company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s control environment, risk assessment, information and communication, and monitoring activities resulting in material weaknesses related to the ineffective design, implementation, and operation of (1) general information technology controls (GITCs) in the areas of user access, program change-management and computational operation over information technology systems and operational supporting systems that support the Company&#8217;s financial reporting processes, as well as the completeness and accuracy of reports used by the Company, which resulted in business process controls that are dependent on the affected GITCs also being considered ineffective because they could have been adversely impacted; and (2) failure of management review controls related to reconciliations, the consolidation, the financial statements, including applicability of required disclosures and the review and approval of journal entries.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are adopting several measures that will improve our internal control over financial reporting, including increasing the depth and experience within our accounting and finance team, designing and implementing improved processes and internal controls. However, we cannot assure you that our efforts will be effective or prevent any future material weakness or significant deficiency in our internal control over financial reporting. For management&#180;s remediation efforts related to identified material weakness see &#8220;Item 15. Controls and Procedures&#8212;B. Management&#180;s annual report on internal control over financial reporting&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span style="font-size: 10pt; line-height: inherit;">After our initial public offering, we became subject to the Sarbanes&#8209;Oxley Act, which requires, among other things, that we establish and maintain effective internal controls over financial reporting and disclosure controls and procedures. Under the current rules of the SEC, we are required to perform system and process evaluation and testing of our internal controls over financial reporting to allow management to assess the effectiveness of our internal controls over financial reporting as well as our disclosure controls and procedures starting on December 31, 2021. Further testing in 2022 has revealed additional deficiencies in our internal controls that are deemed to be material weaknesses or significant deficiencies and may render our internal controls over financial reporting ineffective.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span style="font-size: 10pt; line-height: inherit;">We expect to incur additional accounting and auditing expenses and to spend significant management time in complying with these requirements. If we are not able to comply with these requirements in a timely manner, or if we or our management identifies additional material weaknesses or significant deficiencies in our internal controls over financial reporting or in our disclosure controls and procedures, the market price of our Class&#160;A common shares may decline and we may be subject to investigations or sanctions by the SEC, the Financial Industry Regulatory Authority,&#160;Inc., or FINRA, or other regulatory authorities.</span> </span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, these new obligations will also require substantial attention from our senior management and could divert their attention away from the day</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">day management of our business. These cost increases and the diversion of management</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s attention could materially and adversely affect our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and operating results.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may lose bargaining power with our customers if they organize themselves into negotiating blocs, which could have an adverse effect on our business.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Although the education market in Brazil is extremely fragmented, which reduces the bargaining power of individual schools, groups of schools could organize as blocs or syndicates in an attempt to negotiate lower prices for our services or greater benefits, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">products</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and services at the same price. If our schools organized as blocs in an attempt to negotiate lower prices, we would be required to devote additional resources to contract negotiations and could face additional challenges</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in providing cross-selling or up-selling opportunities to these schools. We could be forced to offer lower prices in connection with any such negotiations or provide bundled services at a discount in an effort to maintain and expand our market share. If we lose bargaining power with our customers, we cannot guarantee that we will be able to sell our products and services at profitable prices, which would adversely affect our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Certain of our revenue depends on intermediaries such as large retailers and other distribution channels, and financial difficulties or poor service by these providers could adversely affect our revenue, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">reputation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We rely on certain intermediaries, such as large retailers and other distribution channels, to make our educational content and products and services available to parents and students. Consequently, a portion of our revenue depends on the level of service offered by these providers, which could depend on their financial and operational health, and their ability to provide adequate service to end consumers. If any of these </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intermediaries</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> face solvency problems or are unable to provide services or fail to honor their financial commitments to us, our revenue, reputation and results of operations could be adversely affected.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We cannot assure that we have enforceable written contracts in place with all of our suppliers and other third parties with which we conduct business. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have many suppliers and maintain business relations with a number of third parties. However, not all of our commercial relationships with third parties are formalized through written contracts. The absence of a written contract formalizing our commercial relationships could have an adverse effect on our business, as we may need the existence of written contracts to, among other things, substantiate our commercial relationship with the third party in court, defend ourselves against any litigation by the third party or enforce our rights against the third party in the event of a dispute. If we are subject to any conflicts with third parties with whom we do not maintain written contracts in force, our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations could be materially adversely affected.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may face restrictions and penalties under the Consumer Defense Code in the future. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil has a series of strict consumer defense laws, known as the Consumer Defense Code. These laws apply to every company in Brazil that provides products or services to Brazilian consumers. They include protection against misleading and specious advertising, protection against coercive or unfair commercial practices and protection in drafting and interpreting agreements, normally in the form of civil responsibilities and administrative penalties for violations. We may infringe or be accused of infringing the Consumer Defense Code, and incur penalties, and we may be unable to contest such penalties.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Penalties may be imposed by the branches of the Consumer Protection and Defense Foundation (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Programa</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Prote&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> e </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Defesa</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> do </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Consumidor</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or PROCON, or by the National Consumer Department (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Secretaria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Nacional do </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Consumidor</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or SENACON. Companies can reach agreements for complaints submitted by consumers to PROCON branches by paying an indemnity directly to the consumers or through a mechanism that allows them to adjust their conduct, called a Conduct </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjustment Agreement (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Termo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Ajuste</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Co</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">n</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">duta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or TAC. Any indemnities or TACs could adversely affect our reputation and financial situation.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The public prosecutor</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s office and public defenders in Brazil can also initiate investigations of alleged violations of consumer rights and demand that companies sign a TAC. Companies that fail to comply with TACs face potential enforcement procedures and other penalties such as fines, as provided for in each TAC. The public prosecutor</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s office and public defenders in Brazil can also file public civil proceedings against companies that violate consumer rights or the rules of competition, to ensure strict compliance with the consumer defense laws and indemnities for any damage to consumers. In certain cases, we may also face investigations and/or sanctions by CADE, in the event that our commercial practices are accused of affecting competition in the markets where we operate or the consumers in these markets.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Other methods of entry of students into universities, other than university entrance exams or ENEM, could put our preparatory course business at risk.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our preparatory courses are focused on preparing students to enter universities by means of specific entrance exams or through ENEM and are powerful lead-generation tools for our go-to-market strategy. These preparatory courses are specifically tailored in an effort to help students achieve success in entrance exams that are focused on specific criteria and aptitudes and are administered according to known methodologies. If universities were to change their admissions criteria to focus primarily on grades achieved in secondary school, demand for our preparatory courses could decline. Likewise, if universities used new or alternative entrance exams based on different content or testing methodologies, our existing preparatory courses may not be adequate in preparing students for any such new alternative entrance exams or alternative testing methodologies, and we may not be successful in adapting our existing courses</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (either in-person or long distance classes)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> at the pace needed to respond to such changes in exams or testing methodologies, or at all, which could impact the reputation of our preparatory courses and lead to a decrease in enrollment in our courses. We could also face challenges in adapting our courses in a cost-efficient manner, which could have an adverse impact on our business and results of operations. Any change in admissions practices for which we are unable to successfully adapt our current preparatory courses could cause a decline in enrollment in our courses, force us to lower our prices and/or result in increased costs, and would have a material adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We are susceptible to the illegal or improper use of our Content &amp; EdTech and Digital Platforms, which could expose us to liability and damage our business. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our Content &amp; EdTech and Digital Platforms are susceptible to unauthorized use, software license violations, copyright violations and unauthorized copying and distribution (whether by students, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or others), theft, employee fraud and other similar infractions and violations. Such occurrences can harm our business and consequently negatively affect our operating results. We could be required to expend significant resources to police against and combat improper use of our Content &amp; EdTech and Digital Platforms, and still may be unsuccessful in preventing against such occurrences or identifying those responsible for any such misuse. Any failure to adequately protect against any such illegal or improper use of our platforms could expose us to liability or reputational harm and could have a material adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
<p style="text-align: justify; margin: 0cm 0cm 10pt 9.35pt; break-after: avoid; font-size: 10pt; font-family: 'Times New Roman', serif; font-weight: bold; font-style: italic;"><span>Our operations and results may be negatively impacted by health crises, epidemics or pandemics. </span></p>
<p style="margin: 0cm 0cm 10pt; text-indent: 18pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span>Public health outbreaks, epidemics or pandemics, could materially adversely impact our business. For example, the COVID-19 pandemic adversely affected our business, results of operations and financial condition, particularly in 2021 and 2020. School closures in Brazil impacted the number of schools and students that used our products, and the aggregate effect of other restrictive measures in Brazil resulted in a decrease in production of our learning materials, a temporary closure of our distribution centers (and reduced operations once reopened), and the cessation of operation of certain transportation companies for undetermined periods. The unemployment levels in Brazil increased during the COVID-19 pandemic, resulting in a decrease in incomes which affected enrollment levels at our client schools. As a result, COVID-19 and the measures taken to address the pandemic, had an adverse effect on our business and results of operations. The potential impact of any future health outbreak, epidemic or pandemic, and the measures that may be taken to control such outbreak, cannot be predicted and are beyond our control and it is possible that any such future outbreak could have an adverse effect on our business and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Climate change can create transition risks, physical risks and other risks that could adversely affect us.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Climate risk is as a transversal risk that can be an aggravating factor for the types of traditional risks that we</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">manage in the ordinary course of business, including without limitation the risks described in this </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Risk Factors</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">section. Based on the classifications used by Task</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">orce on Climate-Related Financial Disclosures, we consider that</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">there are two primary sources of climate change related financial risks: physical and transition.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Physical risks resulting from climate change can be event-driven (acute) or long-term shifts (chronic) in climate</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">patterns:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 3pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Acute physical risks include increased severity of extreme weather events, such as drought, hurricanes,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">floods;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 3pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Chronic physical risks include changes in precipitation patterns and extreme variability in weather</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">patterns, rising mean temperatures, chronic </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">heat waves or rising sea </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">levels;</span></li>
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<p style="margin: 0pt 0pt 8pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Transition risks refer to actions brought on to address mitigation and adaptation requirements related to</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">climate change, and they can fall into various categories such as market, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technology</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and market changes:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 3pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Market risk may manifest through shifts in supply and demand for certain commodities, products, and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">services, as climate-related risks and opportunities are increasingly </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">considered</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 3pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Technology risk arises from improvements or innovations to support the transition to a lower-carbon,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">energy efficient economic system that can have a significant impact on companies to the extent that</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">new technology displaces old systems and disrupts some parts of the existing economic system.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Policy actions generally fall into two categories&#8212;those that attempt to constrain actions that</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">contribute to the adverse effects of climate change and those that seek to promote adaptation to</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">climate change. The risk associated with</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and the financial impact of policy changes depend on the</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nature and timing of the policy change.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our partner schools </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may be adv</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ely affected by increased regulatory requirements </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">going forward as a result of the increasing importance of</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">environmental matters</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which may indirectly affect our business</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. This and other changes in regulations in Brazil and international markets may expose us to</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increased compliance costs, limit our ability to pursue certain business opportunities and provide certain products</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and services, each of which could adversely affect our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conditi</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Unfavorable decisions in our legal or administrative proceedings may adversely affect us.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are, and may be in the future, party to legal and administrative proceedings arising from the ordinary course of our business or from nonrecurring corporate, tax or regulatory events, involving our suppliers, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and faculty members, as well as from competition and tax authorities, especially with respect to civil, tax and labor claims. For instance, Somos Educa&#231;&#227;o, which used to operate our K-12 business under the Anglo brand, is currently party to an administrative proceeding with the sellers of the Anglo business due to a dispute with the sellers regarding indemnities for certain contractual contingencies, for which we have classified the risk of losses as probable, possible and remote, in the amount of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0.6</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million that we understand to be their responsibility, and which are disputed by the sellers. However, we cannot assure that our position will prevail, and we could be subject to an adverse outcome in this proceeding, that, considered in the aggregate with other proceedings both known and unknown to us, could have an adverse effect on our financial condition and results of operations. We cannot guarantee that the results of these proceedings will be favorable to us or that we have made sufficient provisions for liabilities that may arise as a result of these or other proceedings. Adverse decisions in material legal proceedings may adversely affect our results of operations, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">reputation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and the price of our Class A common shares. See </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 8. Financial Information&#8212;A. Consolidated </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tatements and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">O</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ther </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">F</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inancial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">I</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nformation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;Legal Proceedings</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may not be sufficiently protected by our parent company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, Cogna,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> against potential liabilities arising from past business practices related to Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> that could materialize in the future.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In connection with our corporate reorganization, on December 5, 2019, our subsidiary Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> entered into an indemnification agreement with Cogna whereby the latter agreed to indemnify us for cash outflows related to contingencies that may arise due to events occurring prior to the corporate reorganization held by Cogna Group, for up to R$1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">80.4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, including for contingencies or lawsuits that may materialize after January 1, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> so long as the events for which such contingency arises occurred prior to January 1, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. However, this indemnity agreement does not prevent our assets being subject to certain legal restrictions, such as the freezing of our bank accounts, which could require additional reimbursements or further legal action to release our assets, and we cannot guarantee that the indemnifying party will take such actions on a timely basis, or at all, which could have an adverse effect on our business and financial condition.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We outsource certain labor, which may create an obligation on our part to pay certain labor and social security obligations. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We outsource certain labor, primarily for cleaning services, building renovations and surveillance, and contract with third party companies who provide the employees for these services. Because we benefit from the services provided by these outsourced workers, we may become liable under Brazilian law to pay certain labor and social security obligations for the benefit of these workers if the service provider companies providing such outsourced labor fail to comply with their labor and social security obligations on behalf of these workers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may also be fined by the relevant authorities. We may not have any recourse against the employers of these workers if they fail to meet their labor and social security obligations. We are unable to predict the potential size of any such liability. Any requirement to pay the labor and social obligations related to outsourced workers could have a material adverse effect on our financial condition and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We currently sell products and services to government agencies, which subjects us to certain penalties if we do not satisfactorily fulfill our agreements with government agencies or if the agreements are terminated early and we may be </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">subject to liability for prior sales to government agencies in connection with activities undertaken in the past by our affiliates or subsidiaries of our parent company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">W</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">e may be held responsible in the future for past business operations that we no longer undertake, such as the sale of teaching material to the federal government under the PNLD. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We no longer do business under the PNLD,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> but we may be subject to certain liabilities, including in connection with applicable anti-corruption laws, for past dealings. While </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> agreed to indemnify us against certain contingent liabilities, including certain past dealings with government agencies, as part of our corporate reorganization, there can be no assurance that the indemnification agreement with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will fully protect us against potential legal proceedings or government actions, which could have an adverse effect on our business, our reputation, our financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We have recorded provisions for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">tax, civil and labor losses </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for past business practices and acquired businesses that could materialize in the future, which could have an adverse effect on our business and financial condition.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, in connection with our past business practices and acquired businesses, we have recorded provisions for tax, civil and labor losses on our statement of financial position in an amount of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">651.2 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">million primarily related to litigation assumed in connection with acquired businesses, including Somos-Anglo, A&amp;R </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Com&#233;rcio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> e </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Servi&#231;os</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inform&#225;tica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pluri</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacional</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MindMakers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, among others</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. While the sellers of such businesses provided contractual indemnities against eventual contingent liabilities associated with these businesses, depending on the eventual outcome of potential claims or proceedings related to these contingencies, the contractual indemnities offered by the sellers, and the amounts we have recorded as provisions on our statement of financial position, may not be sufficient to cover the financial liabilities that we may face in connection with such contingencies, which could have a material adverse effect on our business and financial condition. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, on December 5, 2019, our subsidiary Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> entered into an indemnification agreement with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Cogna, whereby the latter agreed to indemnify us for cash outflows related to contingencies that may arise due to events occurring prior to the corporate reorganization process that </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">was</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> held by Cogna Group, for up to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">million. However, depending on the final results of eventual legal proceedings and the volume of contingencies up</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to the date of this annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, such indemnity</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> may not be sufficient to cover all of our losses, which would have an adverse effect on our financial condition and results of operations.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">W</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">e cannot assure that our position will prevail, and we could be subject to an adverse outcome in this proceeding, that, considered in the aggregate with other proceedings both known and unknown to us, could have an adverse effect on our financial condition and results of operations. We cannot guarantee that the results of these proceedings will be favorable to us or that the indemnity granted to us by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> would be sufficient to cover liabilities that may arise as a result of these or other proceedings. If losses that arise in the future exceed the indemnity granted by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, our business and results of operations will be negatively affected.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may be held responsible for events that occur on the premises of our customers or at the sites where we offer our preparatory courses, which could adversely affect our business.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We could be held responsible for actions made by students, staff or third parties on the premises of our partner schools or at the sites where we offer our preparatory courses. In the event of accidents, injuries, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">harassment</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or other illegal acts or if anyone is harmed on the premises of our partner schools or at the sites where we offer our preparatory courses, we could be involved in legal proceedings claiming that we are directly or indirectly responsible for the relevant harm, whether due to allegations of negligence or lack of adequate supervision. If we are unsuccessful in defending ourselves against any such proceedings, an adverse decision against us could have a material adverse effect on our business and reputation, and on our financial condition and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We could be adversely affected if we are unable to renegotiate collective labor agreements with the unions representing our staff, or by strikes or other union action. In addition, we may be adversely affected by negotiations made by the unions that represent our employees if such negotiations are not in line with our business plan and financial condition and we may not be able to pass on our cost increases by means of adjusting the contractual rates we charge our customers, which may affect our operating results.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Salaries and payroll charges account for a significant component of our total expenses </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(which are allocated to the cost of goods sold and services, general and administrative, and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">commercial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expenses lines on the</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> consolidated statement of profit or loss</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">).</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Salaries and payroll charges </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for the year ended December 31, 2022 were </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">281.9</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, representing </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">23.8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% of the total expenses of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,183.7 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">million. F</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year ended December 31, 2021</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, salaries and payroll charges</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> were R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">274.6</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">27.0%, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our total expenses of R</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,018.7 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">million. For the year ended 2020, salaries and payroll charges were </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$279.5 million, or 28.8%, of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> total expenses of R$970.3 million. Our employees are represented by unions with a strong presence in the K-12 education sector and are covered by collective bargaining agreements or similar arrangements that determine how many hours they work, their minimum compensation and salary adjustments (which are generally linked to inflation), vacation time and additional benefits, among other terms. These agreements are renegotiated annually and may be </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">modified to our disadvantage in the course of these negotiations. We might also be adversely affected if we are unable to establish and maintain cooperative relations with the unions representing our staff, or we might face strikes, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stoppages</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or other labor disturbances by our employees.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our negotiations with the unions that represent our employees are not always in line with our business plan and such unions may not always consider our current financial condition in when they take certain negotiating positions. Consequently, these unions may pursue terms and conditions under collective bargaining agreements that may be beneficial to our employees but would adversely affect us.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, we might not be able to pass on cost increases due to the renegotiation of collective bargaining agreements to the fees we charge our customers, and this could have a material adverse effect on our business.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our educational content might not meet all the requirements of the National Common Curriculum Base, and this could adversely affect our revenue from the sale of educational products and content.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The National Education Plan (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Plano Nacional de Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) passed pursuant to Law No. 13,005/2014 created a National Common Curriculum Base (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Base Nacional </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Comum</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Curricular</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> or BNCC</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">). The BNCC is a series of guidelines defining a curriculum that specifies the key abilities and knowledge that must be taught as part of primary and secondary education in Brazil, and each institution has discretion to design or adapt its curriculum and teaching projects in line with the BNCC guidelines. The standards set by the BNCC may influence the decisions taken by teaching professionals in private schools. If we are unable to successfully incorporate all the BNCC standards into our educational products and content, our sales of teaching products and solutions could be adversely affected, which could have a material adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may be adversely affected by legal proceedings involving our parent company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, Cogna,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> or members of its management.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is party to legal proceedings that could subject it to financial liability. If </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> fails to pay fines or penalties assessed in any such proceedings when due, its equity interest in subsidiaries, including us, could be seized in satisfaction of such obligations. Any condemnation of other companies controlled by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> could also adversely affect the price of our shares. Moreover, management of our operations could be adversely affected if any member of management of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is subjected to imprisonment or restriction on liberty pursuant to any court order, which could have an adverse effect on our business, results of operations and financial condition.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may not have sufficient insurance to protect ourselves against substantial losses.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have insurance policies to provide coverage against certain potential risks, such as property damage and personal injury, as well as D&amp;O insurance for our management team. However, we cannot guarantee that our insurance coverage will always be available or will be sufficient to cover possible claims for these risks. In addition, there are certain types of risk that might not be covered by our policies, such as war, acts of nature, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">force majeure</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or interruption of certain activities. Moreover, we might be obliged to pay fines and other penalties in the event of delays in product delivery, and such penalties are not covered by our insurance policies. Additionally, we may not be able to renew our current insurance policies under the same terms or at all. Risks not covered by our insurance policies or the inability to renew policies on favorable terms or at all could adversely affect our business and financial condition. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">If we are not able to obtain, renew or register our lease agreements on favorable terms, our results of operations may be adversely affected.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">According to Brazilian law, a lessee has the right to renew existing leases for subsequent terms equal to the original term of the lease. In order for a lessee to enforce this right, the following criteria must be met (1) the non-residential lease agreement must have a fixed term equal to or greater than five consecutive years, or, in the event there is more than one agreement or amendments thereto regarding the same real estate, the aggregate term in all such agreement and amendments must be greater than five consecutive years, (2) the lessee must have been using the property for the same purpose for a minimum period of three years and (3) the lessee must claim the right of renewal at the most one year and at least six months prior to the end of the term of the lease agreement.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The lease agreements for a few some of our facilities are for periods of less than five years, and therefore are not entitled to renewal rights, and so the lessor might refuse to renew when the lease expires. In addition, a few of our leases have indeterminate terms and are subject to termination at any time by the lessor so long as the lessor provides notice to the lessee at least 30 days from the date the lessor wants the lessee to vacate the property. If we are forced to close any of our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">educational facilities or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">must</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> find other properties due to the termination of a lease agreement and our inability to renew the lease, our business and results of operations may be adversely affected.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The lease agreements for some of the properties we use are not registered with the corresponding property registry. Registering and obtaining a certificate of registration for our lease agreements with the appropriate registries may take longer than expected or may not be successfully completed due to obstacles that are unknown to us and are outside of our control. Registering the lease agreements and obtaining the appropriate certificate of registration is important, especially should the property be transferred to a third party, because the third party who acquires the property will be bound by the lease agreement, provided it was (1) entered into for a specified term, (2) has a duration clause and (3) is registered in and approved by the competent real estate registry office. Should a duly registered leased property be put up for sale, the lessee will have a right of first refusal However, if the lease agreement is not registered, the lessee may not contest an infringement of its right of first refusal. If we do not have a right of first refusal our business may be adversely affected.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We are currently in the process of obtaining or renewing local licenses and permits, including licenses from the fire department, for some of the real estate we use and the businesses we operate. Failure to obtain renewals of these licenses and permits on a timely manner may result in penalties, including closures of some of our educational facilities, which could adversely affect us.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The use of all of our buildings is subject to the successful acquisition of an occupancy permit (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Habite</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">-se</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or equivalent certificate, issued by the municipality where the property is located, certifying that the building has no deficiencies. In addition, nonresidential properties are required to have a use and operations license and/or permit, issued by the competent municipality, and a fire department inspection certificate and other licenses and registrations necessary for their regular use.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are currently in the process of obtaining or renewing these licenses for some of the properties we use and the businesses we operate. The absence of such licenses may result in penalties ranging from fines to forced demolition of the areas that were not built</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in compliance with applicable codes</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or, in the worst scenario, closure of the educational facility lacking the licenses and permits. Failure to register with municipal, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">state</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or federal bodies may damage us because we shall not be able to collect charges from our customers due to our inability to issue proper tax receipts. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any penalties imposed, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">including </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the forced closure of any of our units, may result in a material adverse effect on our business. Moreover, in the event of any accident at our educational facilities, the lack of such licenses may result in civil and criminal liability, as well as cause the cancellation of eventual insurance policies for the respective facility and may damage our reputation.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Any liquidation proceedings involving a company of our group may be conducted on a consolidated basis.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In the event of liquidation proceedings involving a company of the Cogna group, Brazilian courts may consider our assets and liabilities to be unified within the scope of such liquidation proceedings as if they belonged to a single company on a consolidated basis (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Teoria da </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Consolida&#231;&#227;o</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Substancial</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), allocating our parent net investments to pay creditors of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or other companies in our group. If this happens, the value of our shares may be adversely affected.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Certain Factors Relating to Brazil </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The Brazilian federal government has exercised, and continues to exercise, significant influence over the Brazilian economy. This involvement as well as Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">s political, regulatory, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">legal</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and economic conditions could harm us and the price of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Political and economic conditions directly affect our business and can result in a material adverse effect on our operations and financial condition. Macroeconomic policies imposed by the government can have significant impacts on Brazilian companies, including ourselves, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Rumo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moove</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and Compass, as well as market conditions and securities prices in Brazil.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian economy has been characterized by frequent and occasionally extensive intervention by the Brazilian government and unstable economic cycles. The Brazilian government has often changed monetary, taxation, credit, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tariff</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and other policies to influence the course of Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s economy. The Brazilian government</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s actions to control inflation have at times involved setting wage and price controls, blocking access to bank accounts, imposing exchange </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">controls</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and limiting imports into Brazil.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In recent years, there has been significant political turmoil in connection with the impeachment of Dilma Rousseff, the former president (who was removed from office in August 2016), and ongoing investigations of her successor, Michel Temer (who left office in January 2019), as part of the ongoing </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Lava </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Jato</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> investigations. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The potential outcome of these </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investigations is uncertain, but they have already had an adverse impact on the image and reputation of the implicated companies, and on the general market perception of the Brazilian economy. In March 2021, a Brazilian Federal Supreme Court ruling issued by Justice Edson </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Fachin</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> annulled the decisions that had convicted former President Luiz Inacio Lula da Silva. As a result of this ruling, President Luiz Inacio Lula da Silva</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> recovered his political rights, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ran for office in the 2022 pr</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">esidential elections in Brazil and got elected for a third four-year term starting January 1, 2023</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Since the results of the presidential election were announced, certain groups formed by extreme supporters of the defeated candidate have been organizing public demonstrations and protests against the electronic ballot boxes and the existence of an alleged conspiracy against their candidate. On January 8, 2023, thousands of supporters of former President Jair Bols</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">onaro invaded Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s Congress, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">presidential offices, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and supreme </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">court, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">among other government buildings in Bras&#237;lia, Federal District. Any potential threat to the democratic system or ballot counting may result in the deterioration of the political environment and, consequently, affect the confidence of in</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">vestors and the general public.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">performance</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and prospects, as well as the market prices of our shares, may be adversely affected by, among others, the following factors:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth or downturn of the Brazilian </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economy;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interest rates and monetary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policies;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exchange rates and currency </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fluctuations;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inflation;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">liquidity of the domestic capital and lending </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">markets;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">import and export </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">controls;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">exchange controls and restrictions on remittances abroad and payments of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dividends;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">modifications to laws and regulations according to political, social and economic </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interests;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fiscal policy and changes in tax laws</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and related interpretations by tax </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">authorities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">economic, political and social instability, including general strikes and mass </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">demonstrations;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the regulatory framework governing the educational </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">industry;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">labor and social security </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulations;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">energy and water shortages and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rationing;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">commodity prices including prices of paper and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ink;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public health, including as a result of epidemics and pandemics, such as the COVID-19 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pandemic;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">changes in demographics, in particular declining birth rates, which will result in a decrease in the number of enrolled students in primary and secondary education in the future; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">other political, diplomatic, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">social</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and economic developments in or affecting Brazil; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government incentive to invest in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public school </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as we intent to grow </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">through a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Business</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Government (&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">B2G</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> business model</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Uncertainty over whether the Brazilian federal government will implement reforms or changes in policy or regulation affecting these or other factors in the future may affect economic performance and contribute to economic uncertainty in Brazil, which may have an adverse effect on our activities and consequently our operating results and may also adversely affect the trading price of our Class A common shares. Recent economic and political instability has led to a negative perception of the Brazilian economy and higher volatility in the Brazilian securities markets, which also may adversely affect us and our Class A common shares. See </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 5. Operating </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nd Financial Review </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nd Prospects</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;Brazilian Macroeconomic Environment</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The ongoing economic uncertainty and political instability in Brazil, including as a result of ongoing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> corruption</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> investigations, may harm us and the price of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s political environment has historically influenced, and continues to influence, the performance of the country</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s economy. Political crises have affected and continue to affect the confidence of investors and the general public, which have historically resulted in economic deceleration and heightened volatility in the securities offered by companies with significant operations in Brazil.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The recent economic instability in Brazil have contributed to a decline in market confidence in the Brazilian economy. Various ongoing investigations into allegations of money laundering and corruption being conducted by the Office of the Brazilian Federal Prosecutor, including the largest of such investigations, known as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Opera&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Lava </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Jato</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> have negatively impacted the Brazilian economy and political environment. The potential outcome of these investigations is uncertain, but they have already had an adverse impact on the image and reputation of the implicated companies, and on the general market perception of the Brazilian economy. We cannot predict whether the ongoing investigations will result in further political and economic instability, or if new allegations against government officials and/or executives of private companies will arise in the future. A number of senior politicians, including current and former members of Congress and the Executive Branch, and high-ranking executive officers of major corporations and state-owned companies in Brazil were arrested, convicted of various charges relating to corruption, entered into plea agreements with federal prosecutors and/or have resigned or been removed from their positions as a result of these Lava </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Jato</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> investigations. These individuals are alleged to have accepted bribes by means of kickbacks on contracts granted by the government to several infrastructure, oil and gas and construction companies. The profits of these kickbacks allegedly financed the political campaigns of political parties, for which funds were unaccounted or not publicly disclosed. These funds were also allegedly directed toward the personal enrichment of certain individuals. The effects of Lava </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Jato</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> as well as other ongoing corruption-related investigations resulted in an adverse impact on the image and reputation of the companies that have been implicated as well as on the general market perception of the Brazilian economy, political </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">environment</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and capital markets. We have no control over, and cannot predict, whether such investigations or allegations will lead to further political and economic instability or whether new allegations against government officials will arise in the future. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">he Brazilian federal government </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">propose</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the general terms of fiscal reform to stimulate the economy and reduce the forecasted budget deficit for</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and following years, but it is uncertain whether the Brazilian government will be able to gather the required support in the Brazilian Congress to pass additional specific reforms. We cannot predict which policies the Brazilian federal government may adopt or change or the effect that any such policies might have on our business and on the Brazilian economy. In addition, the Brazilian government </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">continues to incur</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> significant levels of debt to finance measures to combat the COVID-19 pandemic </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and its effects on unemployment, healthcare, school evasion and other areas, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which is expected to increase the Brazilian budget deficit. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Furthermore, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil elected a new president in October 2022, for a four-year term starting in 2023. The president of Brazil has the power to determine policies and issue governmental acts related to the conduct of the Brazilian economy and, consequently, affects the operations and financial performance of companies, including ours. We cannot predict which policies the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian government </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will adopt, much less whether such policies or changes in current policies may have an adverse effect on us or on the Brazilian economy. The uncertainties regarding the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s ability to implement its agenda, can contribute to economic instability</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase the volatility of the Brazilian securities market. In addition, since the results of the presidential election have been announced and as of the date of this annual report, certain groups formed by supporters of the defeated candidate (the former president of Brazil, who sought reelection) have been organizing public demonstrations and protests against the electronic ballot boxes and the existence of an alleged conspiracy against their candidate.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any potential threat to the democratic system or the counting of ballots may result in deterioration of the political environment in Brazil, which could have a material adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations, as well as on the price of our securities.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any such new policies or changes to current policies, including measures to combat </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">future waves of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the COVID-19 pandemic, may have a material adverse impact on our business, results of operations, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and prospects.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> In addition, a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ny of the above factors may create additional political uncertainty, which could harm the Brazilian economy and, consequently, our business and the price of our Class A common shares.</span></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Inflation and certain measures by the Brazilian government to curb inflation have historically harmed the Brazilian economy and Brazilian capital markets, and high levels of inflation in the future would harm our business and the price of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In the past, Brazil has experienced extremely high rates of inflation. Inflation and some of the measures taken by the Brazilian government in an attempt to curb inflation have had significant negative effects on the Brazilian economy generally. Inflation, policies adopted to curb inflationary pressures and uncertainties regarding possible future governmental intervention have contributed to economic uncertainty and heightened volatility in the Brazilian capital markets.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">According to the National Consumer Price Index (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#205;ndice</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Nacional de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Pre&#231;os</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">ao</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Consumidor</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Amplo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or IPCA, which is published by the Brazilian Institute for Geography and Statistics (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Instituto </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Brasileiro</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Geografia e </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Estat&#237;stica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or IBGE, Brazilian inflation rates were </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5.8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%, 10.1% and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4.5</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for the years ended December 31, 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, respectively. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 2022, inflationary pressures escalated in Brazil, including as a result of the ongoing war between Ukraine and Russia, supply chain issues, the continued COVID-19 pandemic (particularly in China) and increases in energy prices. The significant increase in the cost of living led the Brazilian government to introduce tax cuts on selected items, which helped ease pressures in Brazil and led the IPCA for the year ended December 31, 2022 to end at a lower level than 2021, although still significantly higher than the 3.5% targeted level for 2022, as set by the Brazilian Central Bank pursuant to the applicable law. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil may experience high levels of inflation in the future and inflationary pressures may lead to the Brazilian government</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s intervening in the economy and introducing policies that could harm our business and the price of our Class A common shares. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">One of the tools used by the Brazilian government to control inflation levels is its monetary policy, specifically in regard to the official Brazilian interest rate. An increase in the interest rate restricts the availability of credit and reduces economic growth, and vice versa. During recent years there has been significant volatility in the official Brazilian interest rate, which ranged from 14</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.25%, on December 31, 2015, to 2.00% on December 31, 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, as established by the Monetary Policy Committee (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Comit&#234;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Pol&#237;tica </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Monet&#225;ria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> do Banco Central do Brasil), </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">or COPOM. Beginning in March 2021, COPOM began increasing Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s official interest rate, reaching </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">13.75% as of December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. As of the date of this annual report, Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s official interest rate was </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">13</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.75</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Any change in interest rate, in particular any volatile swings, can adversely affect our growth, indebtedness and financial condition.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Exchange rate instability may have adverse effects on the Brazilian economy, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">business</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">trading </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">price of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian currency has been historically volatile and has been devalued frequently over the past three decades. Throughout this period, the Brazilian government has implemented various economic plans and used various exchange rate policies, including sudden devaluations, periodic mini</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">devaluations (during which the frequency of adjustments has ranged from daily to monthly), exchange controls, dual exchange rate markets and a floating exchange rate system. Although long-term depreciation of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is generally linked to the rate of inflation in Brazil, depreciation of the real occurring over shorter periods of time has resulted in significant variations in the exchange rate between the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the U.S. dollar and other currencies. In 2014, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> depreciated by 11.8% against the U.S. dollar, while in 2015 it further depreciated by 32%. The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">/U.S. dollar exchange rate reported by the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian Central Bank</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was R$3.259 per US$1.00 on December 31, 2016, an appreciation of 16.5% against the rate of R$3.905 per US$1.00 reported on December 31, 2015. In 2017, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> depreciated by 1.5%, with the exchange rate reaching R$3.308 per US$1.00 on December 31, 2017. In 2018, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> depreciated an additional 17.1%, to R$3.875 per US$1.00 on December 31, 2018. The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">/U.S. dollar exchange rate reported by the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian Central Bank</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was R$4.031 per US$1.00 on December 31, 2019, which reflected a 4.0% depreciation of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> against the U.S. dollar for the year. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">/U.S. dollar exchange rate reported by the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian Central Bank</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was R</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$5.580</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> per US$1.00 on December 31, 2020, which reflected a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">28.9</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% depreciation of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> against the U.S. dollar for the year. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">D</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ue to the COVID-19 and the economic and political instability, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> depreciated 47.2% against the U.S. dollar since December 31, 2019 and reached R$5.937 per US$1.00 as of May 14, 2020, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">its lowest level since the introduction of the currency in 1994.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">/U.S. dollar exchange rate reported by the Central Bank was R$5.581 per U.S.$1.00 on December 31, 2021, which reflected a 7.4% depreciation in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against the U.S. dollar during 2021. The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">/U.S. dollar exchange rate reported by the Central Bank was R$5.218 per U.S.$1.00 on December 31, 2022, which reflected a 6.5% appreciation in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">against the U.S. dollar during 2022.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> There can be no assurance that the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will not </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">appreciate or further</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> depreciate against the U.S. dollar or other currencies in the future.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A devaluation of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relative to the U.S. dollar could create inflationary pressures in Brazil and cause the Brazilian government to, among other measures, increase interest rates. Any depreciation of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> may generally restrict access to the international capital markets. It would also reduce the U.S. dollar value of our results of operations. Restrictive macroeconomic policies could reduce the stability of the Brazilian economy and harm our results of operations and profitability. In addition, domestic and international reactions to restrictive economic policies could have a negative impact on the Brazilian economy. These policies and any reactions to them may harm us by curtailing access to foreign financial markets and prompting further government intervention. A devaluation of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> relative to the U.S. dollar may also, as in the context of the current economic slowdown, decrease consumer spending, increase deflationary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pressures</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and reduce economic growth.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On the other hand, an appreciation of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> relative to the U.S. dollar and other foreign currencies may deteriorate the Brazilian foreign exchange current accounts. Depending on the circumstances, either devaluation or appreciation of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> relative to the U.S. dollar and other foreign currencies could restrict the growth of the Brazilian economy, as well as affecting our business, results of operations and profitability.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Infrastructure and workforce deficiency in Brazil may impact economic growth and have a material adverse effect on us.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our performance depends on the overall health and growth of the Brazilian economy. Brazilian GDP growth has fluctuated over the past few years, with contractions of 3.5% and 3.3% in 2015 and 2016, respectiv</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ely, followed by growth of 1.3%, 1.8% and 1.2% </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2017, 2018</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2019</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian GDP contracted 3.3% in the year ended December 31, 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> grew </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5.0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year ended December 31, 2021</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian GDP </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">grew</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2.9</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% in the year ended December 31, 2022. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Growth is limited by</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> COVID</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lasting </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">effects</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in relevant economy sectors</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> such as services and industry</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> which have been highly impacted by the lack of government effective measures in health and economy</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in general</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, such as the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lack of consistent social </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">contributio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ns</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> from the Brazilian government</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. All of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">factors</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> are </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aggravated </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> infrastructure, including potential energy shortages and deficient transportation, logistics and telecommunication sectors, general strikes, the lack of a qualified labor force, and the lack of private and public investments in these areas, which limit productivity and efficiency. Any of these factors could lead to labor market volatility and generally impact income, purchasing power and consumption levels, which could limit growth and ultimately have a material adverse effect on us.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Developments and the perception of risks in other countries, including other emerging markets, the United States and Europe, may harm the Brazilian economy and the price of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The market for securities offered by companies with significant operations in Brazil is influenced by economic and market conditions in Brazil and, to varying degrees, market conditions in other Latin American and emerging markets, as well as the United States, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Europe</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and other countries. To the extent the conditions of the global markets or economy deteriorate, the business of companies with significant operations in Brazil may be harmed. The weakness in the global economy has been marked by, among other adverse factors, lower levels of consumer and corporate confidence, decreased business investment and consumer spending, increased unemployment, reduced income and asset values in many areas, reduction of China</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s growth rate, currency volatility and limited availability of credit and access to capital. Developments or economic conditions in other countries may significantly affect the availability of credit to companies with significant operations in Brazil and result in considerable outflows of funds from Brazil, decreasing the amount of foreign investments in Brazil.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Since 2017, there has been an increase in volatility in Brazilian markets due to, among other factors, uncertainties about how monetary policy adjustments in the United States would affect the international financial markets, the increasing risk aversion to emerging market countries, uncertainties regarding Latin American, particularly Brazilian macroeconomic and political conditions, and, beginning in 2020, the impact of the COVID-19 pandemic. These uncertainties adversely affected us and the market value of our securities. There have also been concerns over conflicts, unrest and terrorist threats in the Middle East, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Europe</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and Africa, which have resulted in volatility in oil and other markets. The United States and Russia have been at odds over </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eastern Europe</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and particularly with respect to the ongoing conflict in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Ukraine. An escalation of the tensions between the United States and Russia could adversely affect the global economy. The United States and China have recently been involved in disputes regarding Taiwan, rights to navigation in the South China Sea, alleged human rights abuses in China, as well as in a controversy over trade barriers in China that threatened a trade war between the countries. Sustained tension between the United States and China over these and other matters could significantly undermine the stability of the global economy. It is unclear whether these challenges and uncertainties will be contained or resolved, and what effects they may have on the global political and economic conditions in the long term.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Crises and political instability in other emerging countries, the United States, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Europe</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or other countries could decrease investor demand for securities offered by companies with significant operations in Brazil, such as our Class A common shares. Investor sentiment in one country may cause capital markets in other countries to fluctuate, affecting the value of our Class A common shares, even if indirectly. The economic, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">political</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and social instability in the United States, the trade war between the United States and China, crises in Europe and other countries, the consequences of United Kingdom</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s exit from the European Union, and global tensions, as well as economic or political crises in Latin America or other emerging markets, including as a result of the COVID-19 pandemic, can significantly affect the perception of the risks inherent in investment in Brazil. In addition, growing economic uncertainty and news of a potentially recessive economy in the United States may also create uncertainty in the Brazilian economy. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moreover, new variants of the virus have emerged against which existing vaccines and acquired immunity may not be effective. Restrictions will likely remain in place, suppressing activity, if the contagion does not subside.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These developments, as well as potential crises and forms of political instability arising therefrom or any other as of yet unforeseen development, may harm our business and the price of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The ongoing war between Ukraine and Russia may have a material adverse effect on our business financia</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">l</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> condition and results of operation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The ongoing war between Russia and Ukraine has provoked strong reactions from the United States, the UK, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EU</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and various other countries around the wor</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">l</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">d, including from the members of the North Atlantic Treaty Organization, or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">NATO</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Following Russia</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s invasion of Ukraine beginning </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> February 21, 2022, the United States, the UK, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EU</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and other countries announced broad economic sanctions against Russia, including financial measures such as freezing Russia</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s central bank assets and limiting its ability to access its U.S. dollar reserves. The United States, the EU and the UK have also banned people and businesses from dealing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> with the Russian central bank, its finance </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ministry</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and its wealth fund. Selected Russian banks </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> also be</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">en</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> removed from the Swift mess</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ging system, which enables the smooth transfer of money across borders. Other sanctions by the UK include major Russian bank</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> being excluded from the UK financial system, stopping them from accessing sterling and clearing paym</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">en</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ts, major Russian companies and the state being stopped from raising finance or borrowing money on the UK markets, and the establishment of limits on deposits Russians can make at UK banks. The United States, the EU and the UK adopted personal measures, such as sanctions on individuals with close ties to Mr</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Putin, and placed visa restrictions on sever</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">al oligarchs, as well as their family members and close associates, and freezing of assets. While the precise effect of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the ongoing war and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">these sanctions on the Russian and global economies remains uncertain, they have already resulted in significant volatility in financial markets, depreciation of the Russ</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an ruble and the Ukrainian hryvnia against </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U.S. dollar and other major currencies, as well as in an increase in energy and commodity prices globally. Should the conflict continue to escalate, markets may face continued volatility as well as economic and security consequences, including, but no</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">t</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> limited to, supply shortages of different kinds and further increases in prices of commodities, including piped gas, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">oil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and agricultural goods, among other</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Given that Russia and Ukraine are among the largest grain exporters in the world, impacts on financial markets, in</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lation, interest rates, unemployment and other matters could affect the global economy that </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has not entirely recovered</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> from the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">disruption to global supply chains caused by</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the COVID-19 pandemic. Other potential consequences include, but are not limited to, growth in the number of popular uprisings in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">region,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> increased political discontent, especially in the regions most affected by the conflict or economic sanctions, increase in cyberterrorism activities and attacks, exodus to regions close to the areas of conflict and increase in the number of refugees fleeing across Europe, amon</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">g</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> other unforeseen social and humanitarian effects.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">While as of the date of this annual report there have not been any material impact</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> from the above-mention</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ed matter</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in our consolidated financial statements, consequences arising from the conflict, or any other unforeseen development</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, could adversely impact our business and the price of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Any further downgrading of Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">s credit rating could reduce the trading price of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may be harmed by investors</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> perceptions of risks related to Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s sovereign debt credit rating. Rating agencies regularly evaluate Brazil and its sovereign ratings, which are based on a number of factors including macroeconomic trends, fiscal and budgetary conditions, indebtedness metrics and the perspective of changes in any of these factors.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The rating agencies began to review Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s sovereign credit rating in September 2015. Subsequently, the three major rating agencies downgraded Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s investment-grade status: </span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Standard &amp; Poor</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s initially downgraded Brazil</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s credit rating from BBB-negative to BB-positive and subsequently downgraded it again from BB-positive to BB, maintaining its negative outlook, citing a worse credit situation since the first downgrade. On January 11, 2018, Standard &amp; Poor</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s further downgraded Brazil</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s credit rating from BB to BB-stable, which was reaffirmed on </span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">November 30</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 2021. </span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In December 2015</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Moody</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s placed Brazil</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s Baa3</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> issue and bond ratings under review for downgrade and subsequently downgraded the issue and bond ratings to below investment grade, at Ba2 with a negative outlook, citing the prospect of a further deterioration in Brazil</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s debt indicators, </span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">considering</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the low growth environment and the challenging political scenario. On May 25, 2021, Moody</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s maintained Brazil</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s credit rating at Ba2-stable.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Fitch downgraded Brazil</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s sovereign credit rating to BB-positive with a negative outlook, citing the rapid expansion of the country</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s budget deficit and the worse-than-expected recession. In February 2018, Fitch downgraded Brazil</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s sovereign credit rating again to BB-negative, citing, among other factors, fiscal deficits, the increasing burden of public debt and an inability to implement reforms that would structurally improve Brazil</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s public finances. On </span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">December 14</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 2021, Fitch reaffirmed Brazil</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s credit rating at BB-negative. </span></li>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>37</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s sovereign credit rating is currently rated below investment grade by the three credit rating agencies. Consequently, the prices of securities offered by companies with significant operations in Brazil have been negatively affected. A prolongation or worsening of the current Brazilian recession and continued political uncertainty, among other </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">factors, could lead to further ratings downgrades. Any further downgrade of Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s sovereign credit ratings could heighten investors</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> perception of risk and, as a result, cause the trading price of our Class A common shares to decline.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Certain Factors Relating to Our Class A Common Shares </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our parent compan</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">y, Cogna,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> own</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> 100% of our outstanding Class B common shares, which represent 97.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">3</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">% of the voting power of our issued share capital and 7</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">% of our total equity ownership, will c</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ontinue to c</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ontrol all matters requiring shareholder approval. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> ownership and voting power limits your ability to influence corporate matters.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> control</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> our company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, owning</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% of our issued share capital</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> through its beneficial ownership of all of our outstanding Class B common shares, and consequently, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">97.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% of the combined voting power of our issued share capital. Our Class B common shares are entitled to 10 votes per share and our Class A common shares, which are </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">publicly traded</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, are entitled to one vote per share. Our Class B common shares are convertible into an equivalent number of Class A common shares and generally convert into Class A common shares upon transfer, subject to limited exceptions. As a result, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will control the outcome of all decisions at our shareholders</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> meetings and will be able to elect a majority of the members of our board of directors. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will also be able to direct our actions in areas such as business strategy, financing, distributions, acquisitions and dispositions of assets or businesses. For example, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> may cause us to make acquisitions that increase the amount of our indebtedness or outstanding Class A common shares, sell revenue generating assets or inhibit change of control transactions that benefit other shareholders. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> decisions on these matters may be contrary to your expectations or preferences, and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> may take actions that could be contrary to your interests. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will be able to prevent any other shareholders, including you, from blocking these actions. For further information regarding shareholdings in our company, see </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 7. Major Shareholders a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nd Related Party Transactions&#8212;A. Major Shareholders</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">So long as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> continue to beneficially own a sufficient number of Class B common shares, even if </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> beneficially owns significantly less than 50% of our outstanding share capital, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will be able to effectively control our decisions. If </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> sells or transfers any of its Class B common shares, such shares will generally convert automatically into Class A common shares, subject to limited exceptions, such as transfers to affiliates, to trustees for the holder or its affiliates and certain transfers to U.S. tax exempt organizations. The fact that any Class B common shares convert into Class A common shares if </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> sells or transfers them means that </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will in many situations continue to control a majority of the combined voting power of our outstanding share capital, due to the voting rights of any Class B common shares that it retains. However, if our Class B common shares at any time represent less than 10% of the total number of shares in the capital of the company outstanding, the Class B common shares then outstanding will automatically convert into Class A common shares. For a description of the dual class structure, see </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 10. Additional Information&#8212;B. Memorandum and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rticles of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ssociation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our status as a controlled company and a foreign private issuer exempts us from certain of the corporate governance standards of the Nasdaq, limiting the protections afforded to investors.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">controlled company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">foreign private issuer</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> within the meaning of the Nasdaq corporate governance standards. Under the Nasdaq rules, a controlled company is exempt from certain Nasdaq corporate governance requirements. In addition, a foreign private issuer may elect to comply with the practice of its home country and not to comply with certain Nasdaq corporate governance requirements, including the requirements that (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) a majority of the board of directors consists of independent directors, (ii) a nominating and corporate governance committee be established that is composed entirely of independent directors and has a written charter addressing the committee</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s purpose and responsibilities, (iii) a compensation committee be established that is composed entirely of independent directors and has a written charter addressing the committee</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s purpose and responsibilities, and (iv) an annual performance evaluation of the nominating and corporate governance and compensation committees be undertaken. Although we have similar practices, they do not entirely conform to the Nasdaq requirements; therefore, we currently use these exemptions and intend to continue using them. Accordingly, you will not have the same protections provided to shareholders of companies that are subject to all Nasdaq corporate governance requirements.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our Articles of Association contain anti-takeover provisions that may discourage a third party from acquiring us and adversely affect the rights of holders of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our Articles of Association contain certain provisions that could limit the ability of others to acquire our control, including a provision that grants authority to our board of directors to establish and issue from time to time one or more series of preferred shares without action by our shareholders and to determine, with respect to any series of preferred shares, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">terms</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and rights of that series. These provisions could have the effect of depriving our shareholders of the opportunity to sell their shares at a premium over the prevailing market price by discouraging third parties from seeking to obtain our control in a tender offer or similar transactions.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The price of our Class A common shares may be subject to changes in the price of the shares of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> Cogna,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> our parent company.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is a public company and listed in Brazil on the B3. Accordingly, investors may choose to value our Class A common shares considering the business group as a whole, and not just our business on its own. Consequently, any change in the price of the shares of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, whether due to factors such as business decisions, the macroeconomic situation in Brazil, the publication of financial results, or otherwise, may negatively affect its market value and, therefore, have an adverse effect on the price of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">If securities or industry analysts do not publish reports, or publish inaccurate or unfavorable reports about our business, the price of our Class A common shares and our trading volume could decline.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The trading market for our Class A common shares will depend in part on the research and reports that securities or industry analysts publish about us or our business. If no or too few securities or industry analysts </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provide</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> coverage of our company, the trading price for our Class A common shares would likely be negatively affected. If one or more of the analysts who cover us downgrade their target price for our Class A common shares or publish inaccurate or unfavorable reports about our business, the price of our Class A common shares would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our Class A common shares could decrease, which might cause the price of our Class A common shares and trading volume to decline.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may not pay any cash dividends in the foreseeable future.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may retain our future earnings, if any, for the foreseeable future, to fund the operation of our business and future growth. As a result, capital appreciation in the price of our Class A common shares, if any, will be your only source of gain on an investment in our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our dual class capital structure means our shares will not be included in certain indices, and this could affect the market price of our Class A shares.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 2017, FTSE Russell, S&amp;P Dow Jones and MSCI announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices to exclude companies with multiple classes of shares of common stock from being added to such indices. FTSE Russell announced plans to require new constituents of its indices to have at least five percent of their voting rights in the hands of public stockholders, whereas S&amp;P Dow Jones announced that companies with multiple share classes, such as ours, will not be eligible for inclusion in the S&amp;P 500, S&amp;P </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MidCap</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">400</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and S&amp;P SmallCap 600, which together make up the S&amp;P Composite 1500. MSCI also opened public consultations on their treatment of no vote and multi class structures and has temporarily barred new multi class listings from its ACWI Investable Market Index and U.S. Investable Market 2500 Index. We cannot assure you that other stock indices will not take a similar approach to FTSE Russell, S&amp;P Dow Jones and MSCI in the future. Under the announced policies, our dual class capital structure would make us ineligible for inclusion in any of these indices and, as a result, mutual funds, exchange traded funds and other investment vehicles that attempt to passively track these indices will not invest in our stock. Exclusion from indices could make our Class A common shares less attractive to investors and, as a result, the market price of our Class A common shares could be adversely affected.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The dual class structure of our common stock has the effect of concentrating voting control with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">; this will limit or preclude your ability to influence corporate matters.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Each Class A common share entitle</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> its holder to one vote per share, and each Class B common share entitle</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> its holder to ten votes per share, so long as the total number of the issued and outstanding Class B common shares is at least 10% of the total number of shares outstanding. Due to the ten to one voting ratio between our Class B and Class A common shares, the beneficial owner of our Class B common shares collectively will continue to control the voting power of our common shares and therefore be able to control all matters submitted to our shareholders.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, our Articles of Association provide that at any time when there are Class A common shares in issue, additional Class B common shares may only be issued pursuant to (1) a share split, subdivision of shares or similar transaction or where a dividend or other distribution is paid by the issue of shares or rights to acquire shares or following capitalization of profits, (2) a merger, consolidation, or other business combination involving the issuance of Class B common shares as full or partial consideration, or (3) an issuance of Class A common shares, whereby holders of the Class B common shares are entitled to purchase a number of Class B common shares that would allow them to maintain their proportional ownership interests in Vasta (following an offer by us to each holder of Class B common shares to issue to such </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">holder, upon the same economic terms and at the same price, such number of Class B common shares as would ensure such holder may maintain a proportional ownership interest in Vasta pursuant to our Articles of Association).</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Future transfers by holders of Class B common shares will generally result in those shares converting to Class A common shares, subject to limited exceptions, such as certain transfers effected to permitted transferees or for estate planning or charitable purposes. The conversion of Class B common shares to Class A common shares will have the effect, over time, of increasing the relative voting power of those holders of Class B common shares who retain their shares in the long term.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This concentrated control will limit or preclude your ability to influence corporate matters for the foreseeable future. For a description of our dual class structure, see </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 10. Additional Information&#8212;B. Memorandum and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rticles of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ssociation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;Voting Rights</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
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<p style="margin: 0px; text-indent: 0px;"><br/></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We are a Cayman Islands exempted company with limited liability. The rights of our shareholders, including with respect to fiduciary duties and corporate opportunities, may be different from the rights of shareholders governed by the laws of U.S. jurisdictions.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are a Cayman Islands exempted company with limited liability. Our corporate affairs are governed by our Articles of Association and by the laws of the Cayman Islands. The rights of shareholders and the responsibilities of members of our board of directors may be different from the rights of shareholders and responsibilities of directors in companies governed by the laws of U.S. jurisdictions. In particular, as a matter of Cayman Islands law, directors of a Cayman Islands company owe fiduciary duties to the company and separately a duty of care, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">diligence</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and skill to the company. Under Cayman Islands law, directors and officers owe the following fiduciary duties: (1) duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole; (2) duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; (3) directors should not properly fetter the exercise of future discretion; (4) duty to exercise powers fairly as between different sections of shareholders; (5) duty to exercise independent judgment; and (6) duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests. Our Articles of Association have varied this last obligation by providing that a director must disclose the nature and extent of his or her interest in any contract or arrangement, and following such disclosure and subject to any separate requirement under applicable law or the listing rules of the Nasdaq, and unless disqualified by the chairman of the relevant meeting, such director may vote in respect of any transaction or arrangement in which he or she is interested and may be counted in the quorum at the meeting. Conversely, under Delaware corporate law, a director has a fiduciary duty to the corporation and its stockholders and the director</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s duties prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. For more information, see </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 16G. Corporate </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">G</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">overnance&#8212;Principal Differences between Cayman Islands and U.S. Corporate Law</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may need to raise additional capital in the future by issuing securities, use our Class A common shares as acquisition consideration, or may enter into corporate transactions with an effect similar to a merger, which may dilute your interest in our share capital, change the nature of our business, and/or affect the trading price of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may need to raise additional funds to grow our business, including through acquisitions, and implement our growth strategy going forward by engaging in public or private issuances of common shares or securities convertible into, or exchangeable for, our common shares, which may dilute your interest in our share capital or result in a decrease in the market price of our common shares. Any fundraising through the issuance of shares or securities convertible into or exchangeable for shares, the use of our Class A common shares as acquisition consideration, or the participation in corporate transactions with an effect similar to a merger, may dilute your interest in our capital stock, change the nature of our business from the business that you originally invested in (including as a result of merger or acquisition transactions), and/or result in a decrease in the market price of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">As a foreign private issuer and an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">emerging growth company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> (as defined in the JOBS Act), we have different disclosure and other requirements from U.S. domestic registrants and non-emerging growth companies. We may take advantage of exemptions from certain corporate governance regulations of the Nasdaq, and this may result in less protection for the holders of our Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a foreign private issuer and emerging growth company, we may be subject to different disclosure and other requirements than domestic U.S. registrants and non-emerging growth companies. For example, as a foreign private issuer, in the United States, we are not subject to the same disclosure requirements as a domestic U.S. registrant under the Exchange Act, including the requirements to prepare and issue quarterly reports on Form 10</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Q or to file current reports on Form 8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">K upon the occurrence of specified significant events, the proxy rules applicable to domestic U.S. registrants under Section 14 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the Exchange Act or the insider reporting and short swing profit rules applicable to domestic U.S. registrants under Section 16 of the Exchange Act. In addition, we intend to rely on exemptions from certain U.S. rules which will permit us to follow Cayman Islands legal requirements rather than certain of the requirements that are applicable to U.S. domestic registrants. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We follow Cayman Islands laws and regulations that are applicable to Cayman Islands companies. However, Cayman Islands laws and regulations applicable to Cayman Islands companies do not contain any provisions comparable to the U.S. proxy rules, the U.S. rules relating to the filing of reports on Form 10-Q or 8-K or the U.S. rules relating to liability for insiders who profit from trades made in a short period of time, as referred to above.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Furthermore, foreign private issuers are required to file their annual report on Form 20 F within 120 days after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">K within 75 days after the end of each fiscal year. Foreign private issuers are also exempt from Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information, although we </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> subject to Cayman Islands laws and regulations having substantially the same effect as Regulation Fair Disclosure. As a result of the above, even though we are required to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">furnish</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> reports on Form 6</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">K disclosing the limited information which we have made or are required to make public pursuant to Cayman Islands law, or are required to distribute to shareholders generally, and that is material to us, you may not receive information of the same type or amount that is required to be disclosed to shareholders of a U.S. company.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, according to Section 303A of the Section 5605 of the Nasdaq equity rules listed companies are required, among other things, to have a majority of independent board members, and to have independent director oversight of executive compensation, nomination of directors and corporate governance matters. As a foreign private issuer, however, we are permitted to, and we</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> do</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, follow home country practice in lieu of the above requirements. For more information, see the section </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 16G. Corporate governance&#8212;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Principal Differences between Cayman Islands and U.S. Corporate Law</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The JOBS Act contains provisions that, among other things, relax certain reporting requirements for emerging growth companies. Under this act, as an emerging growth company, we </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> not subject to the same disclosure and financial reporting requirements as non-emerging growth companies. For example, as an emerging growth company we are permitted to, and intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Also, we </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">do</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> not have to comply with future audit rules promulgated by the U.S. Public Company Accounting Oversight Board, or PCAOB (unless the SEC determines otherwise), and our auditors will not need to attest to our internal controls under Section 404(b) of the Sarbanes Oxley Act. We may follow these reporting exemptions until we are no longer an emerging growth company. As a result, our shareholders may not have access to certain information that they deem important. We will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our initial public</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> offering, (b) in which we have total annual revenue of at least US$1.07 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Class A common shares that is held by non-affiliates exceeds US$700.0 million as of the prior June 30, and (2) the date on which we have issued more than US$1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> billion in non-convertible debt during the prior three year period. Accordingly, the information about us available to you will not be the same as, and may be more limited than, the information available to shareholders of a non-emerging growth company. We could be an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">emerging growth company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for up to five years, although circumstances could cause us to lose that status earlier, including if the market value of our Class A common shares held by non-affiliates exceeds US$700 million as of any June 30 (the end of our second fiscal quarter) before that time, in which case we would no longer be an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">emerging growth company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> as of the following December 31 (our fiscal year end). We cannot predict if investors will find our Class A common shares less attractive because we may rely on these exemptions. If some investors find our Class A common shares less attractive as a result, there may be a less active trading market for our Class A common shares and the price of our Class A common shares may be more volatile. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may lose our foreign private issuer status which would then require us to comply with the Exchange Act</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">s domestic reporting regime and cause us to incur significant legal, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">accounting</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and other expenses.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In order to maintain our current status as a foreign private issuer, either (a) more than 50% of our Class A common shares must be either directly or indirectly owned of record by nonresidents of the United States or (b)(1) a majority of our executive officers or directors may not be U.S. citizens or residents, (2) more than 50% of our assets cannot be located in the United States and (3) our business must be administered principally outside the United States. If we lose this status, we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We may also be required to make changes in our corporate governance practices in accordance with various SEC and Nasdaq rules. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the costs we will incur as a foreign private issuer.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our shareholders may face difficulties in protecting their interests because we are a Cayman Islands exempted company. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our corporate affairs are governed by our Articles of Association, by the Companies </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As Revised</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) of the Cayman Islands and the common law of the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under the laws of the Cayman Islands are not as clearly defined as under statutes or judicial precedent in existence in jurisdictions in the United States. Therefore, you may have more difficulty protecting your interests than would shareholders of a corporation incorporated in a jurisdiction in the United States, due to the comparatively less formal nature of Cayman Islands law in this area.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">While Cayman Islands law allows a dissenting shareholder to express the shareholder</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s view that a court sanctioned reorganization of a Cayman Islands company would not provide fair value for the shareholder</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s shares, Cayman Islands statutory law does not specifically provide for shareholder appraisal rights in connection with a merger or consolidation of a company that takes place by way of a scheme of arrangement. This may make it more difficult for you to assess the value of any consideration you may receive in such a merger or consolidation or to require that the acquirer gives you additional consideration if you believe the consideration offered is insufficient. However, Cayman Islands statutory law provides a mechanism for a dissenting shareholder in a merger or consolidation that does not take place by way of a scheme of arrangement to apply to the Grand Court for a determination of the fair value of the dissenter</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s shares if it is not possible for the company and the dissenter to agree on a fair price within the time limits prescribed.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Shareholders of Cayman Islands exempted companies have no general rights under Cayman Islands law to inspect corporate records and accounts or to obtain copies of lists of shareholders. Our directors have discretion under our Articles of Association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Subject to limited exceptions, under Cayman Islands</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> law, a minority shareholder may not bring a derivative action against the board of directors. Class actions are not recognized in the Cayman Islands, but groups of shareholders with identical interests may bring representative proceedings, which are similar.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">United States civil liabilities and certain judgments obtained against us by our shareholders may not be enforceable.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In addition, the majority of our directors and officers are nationals and residents of countries other than the United States. A substantial portion of the assets of these persons is located outside of the United States. As a result, it may be difficult to effect service of process within the United States upon these persons. It may also be difficult to enforce in U.S. courts judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors who are not resident in the United States and the substantial majority of whose assets are located outside of the United States.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have been advised by our Cayman Islands legal counsel, Maples and Calder</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (Cayman) LLP</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, that the courts of the Cayman Islands are unlikely (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the securities laws of the United States or any State; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the securities laws of the United States or any State, to the extent that the liabilities imposed by those p</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rovisions are penal in nature</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provid</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ed certain conditions are met</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or&#160; obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be contrary to public policy). </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Judgments of Brazilian courts to enforce our obligations with respect to our Class A common shares may be payable only in reais. The exchange rate in force at the time may not offer non-Brazilian investors full compensation for any claim arising from our obligations.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Most of our assets are located in Brazil. If proceedings are brought in the courts of Brazil seeking to enforce our obligations in respect of our Class A common shares, we may not be required to discharge our obligations in a currency other than the real. Under Brazilian exchange control laws, an obligation in Brazil to pay amounts denominated in a currency other than the real may only be satisfied in Brazilian currency at the exchange rate, as determined by the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazilian Central Bank</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, in effect on the date the judgment is obtained, and such amounts are then adjusted to reflect exchange rate variations through the effective payment date. The then prevailing exchange rate may not afford non-Brazilian investors with full compensation for any claim arising out of or related to our obligations under the Class A common shares.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our Class A common shares may not be a suitable investment for all investors, as investment in our Class A common shares presents risks and the possibility of financial losses.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The investment in our Class A common shares is subject to risks. Investors who wish to invest in our Class A common shares are thus subject to asset losses, including loss of the entire value of their investment, as well as other risks, including those related to our Class A common shares, us, the sector in which we operate, our shareholder structure and the general macroeconomic environment in Brazil, among other risks.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Each potential investor in our Class A common shares must therefore determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have sufficient knowledge and experience to make a meaningful evaluation of our Class A common shares, the merits and risks of investing in our Class A common shares and the information contained in this </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investment in our Class A common shares and the impact our Class A common shares will have on its overall investment </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">portfolio;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have sufficient financial resources and liquidity to bear all of the risks of an investment in our Class A common </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shares;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">understand thoroughly the terms of our Class A common shares and be familiar with the behavior of any relevant indices and financial markets; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks.</span></li>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The Cayman Islands Economic Substance </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Act</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> may affect our operations.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Cayman Islands has recently enacted the International Tax Co-operation (Economic Substance) Act (As Revised), or the Cayman Economic Substance Act. We are required to comply with the Cayman Economic Substance </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Act</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. As we are a Cayman Islands company, compliance obligations include filing annual notifications for us, which need to state whether we are carrying out any relevant activities and, if so, whether we have satisfied economic substance tests to the extent required under the Cayman Economic Substance Act. As it is a relatively new regime, it is anticipated that the Cayman Economic Substance Act will evolve and be subject to further clarification and amendments. We may need to allocate additional resources to keep updated with these developments and may have to make changes to our operations in order to comply with all requirements under the Cayman Economic Substance Act. Failure to satisfy these requirements may subject us to penalties under the Cayman Economic Substance Act.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Cayman Islands Tax Information Authority shall impose a penalty of CI$10,000 (or US$12,500) on a relevant entity for failing to satisfy the economic substance test or CI$100,000 (or US$125,000) if it is not satisfied in the subsequent financial year after the initial notice of failure. Following failure after two consecutive years the Grand Court of the Cayman Islands may make an order requiring the relevant entity to take specified action to satisfy the economic substance test or ordering it that it is defunct or be struck off.</span></p>
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<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BAA_KPNMJI4YHC00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ITEM 4. INFORMATION ON THE COMPANY</span></a></div>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">A.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BA1_QKUZ4FNAGW00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">History and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Development </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Company</span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our History</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our business is the result of several value-added acquisitions and in-house development of solutions throughout the years, and we have a solid track record in the educational market that traces back to the beginning of the century. The solutions presented below were integrated one by one in a thorough process, resulting in what is now a one-stop-partner provider to schools with an unmatchable market offering. Based on our extensive knowledge of private schools given </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">history of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">own</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> operations, additions to Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s platform have enforced cross-knowledge and improvements to take our solutions to the next level. We set forth below the dates each product originally commenced.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><img src="imge53072a844cf48efbf5f.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></img></span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our roots, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">through Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> trace back to 1966 with the creation of the Grupo </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, a preparatory course for university admission exams. In the 1990s, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> developed the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> educational platform, a replicable teaching and management model, rolling out its educational strategy across Brazil. Starting in 2010, the Cogna group (formerly known as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Kroton</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) began to make significant investments in the postsecondary education segment, always ahead of transformational trends, starting with the acquisition of IUNI Educational S.A., an institution that offered undergraduate and postgraduate programs and that doubled the group</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s activities, providing national scale.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Two other relevant acquisitions were UNOPAR in 2011, which was the result of a digitalization effort and made the group the leader in the distance learning sector in Brazil, and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Anhanguera</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in 2014, which had both on-campus and distance learning courses and initiated the concept of scale as a value creation mechanism. Recognized as one of the largest and most successful education companies in the world, Cogna brings vast knowledge and industry track record to Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s operations, along with the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and Rede </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Crist&#227;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino learning systems.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s history is also based on the unification of several other renowned brands, and dates back to 1914, with the opening of a small, second-hand bookshop in S&#227;o Paulo with the brand Saraiva, one of the most traditional names in Brazil. In the same decade, Saraiva published its first book, therefore inaugurating the publishing phase of the company. Pioneer in publishing and bookselling markets, Saraiva acquired </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Atual</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in 1998, and began selling its products electronically through its website, one of the first e-commerce sites in the country.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 1970s marked an important landmark in another of our brands, Anglo, with the launch of its workbook, disrupting the delivery of educational content across the country. As a pioneer in the offering of learning systems, Anglo started by offering preparatory course materials and expanded from its already well-recognized high-quality standards in Exact Sciences to a complete content solution to partner schools. In the 2000s, Anglo already had several partner schools throughout the country associating the experience of founding educators to the next generation of educators and market standards. Anglo is one of the longest-standing educational brands in the country and is founded on encouraging the autonomy and empowerment of its students. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 1986, another educational platform that would comprise our portfolio, Sistema Maxi de Ensino, was born through the expertise of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Col&#233;gio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Maxi, a widely recognized school in Londrina, offering content to elementary and middle schools throughout the country. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our first Digital Platform solution, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, was founded in 1991. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is an e-commerce for the sale of teaching materials, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stationery</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and literature, among others.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 2004, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#201;tico</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> educational platform was founded, encompassing a repertoire of integrated solutions through digital and printed content for the complete development of students.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The combination of our individual brands started in 1999, when the Abril Group (the former name of Somos Educa&#231;&#227;o, which is now Vasta) acquired the publishing companies </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#193;tica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Scipione</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, well-established leaders in the Brazilian printed content market and pioneers in the creation of educational content. In 2010, Vasta acquired the Anglo educational platform and Anglo preparatory course for university admission exams, positioning us as the second largest player in Brazil.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">One year later, in 2011, we acquired the pH schools and courses, one of the most traditional brands in the state of Rio de Janeiro, which led to the creation of the pH educational platform in 2012. Sistema de Ensino pH leverages over 25 years of expertise from </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Curso</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> pH, offering structured and elaborated material to partner schools, as well as standardized after-school content to support educators, guide education practices and strengthen learning techniques. In this context, we were already the best positioned player to consolidate the K-12 education market, and other relevant acquisitions succeeded in the following years such as Maxi, in October 2011, making our Company the largest learning systems provider in Brazil.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 2012, we expanded our scope through </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">O </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">L&#237;der</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> em </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Mim</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> a pioneering initiative in Brazil designed to promote behavioral change in educators, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">children</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and teenagers through the development of socio-emotional skills, helping students take control of their own lives and be a part of social transformation. This program was developed by Franklin Covey Co., in the United States, based on the book </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The 7 Habits of Highly Effective People</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and adapted for Brazilian children from kindergarten age to ninth grade. O </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">L&#237;der</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> em </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Mim</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> focuses on using the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7 Habits</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> system and works on overcoming constrictive paradigms to help students and educators to see situations differently, change their behavior and achieve new and consistent results.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was the opening wedge into digital content offering, developed in 2013 and rolled out in February 2014, with continuous improvement ever since. Our solution is a practical, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">organized</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and innovative platform, which was conceived for mobile phone use and is also available online. Using </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, students can access content seen in the classroom, teaching materials, exercise lists, ENEM</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Exame</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Nacional do Ensino </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">M&#233;dio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> exams and Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s main university entrance exams, instructional videos, frequently asked questions, and can access tutors even during weekends and holidays. For </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">highly skilled</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> students, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> also offers tasks with a greater complexity in order to challenge and motivate them, helping develop their full potential. Schools and parents can also access performance reports that show the results of each student, demonstrating strengths, weaknesses, as well as benchmarks with other schools across Brazil. For educators, we developed the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Maestro platform in 2014, which allows educators to create their own activities and exercises and produce new content and exams, resulting in a personalization of teaching strategies. In 2015, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was recognized for the innovation it brings to the education market globally and won the Global Mobile Awards as the best mobile innovation for education and learning.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Saraiva was added to Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s core content portfolio in June 2015, including Saraiva</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s publishing operations and the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#201;tico</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> educational platform. This acquisition reinforced our commitment to be increasingly present in schools, through close ties with educators, students, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">families</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and school owners. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The PROFS core solution was created in 2016 as a continuous teacher training program. By developing skills and abilities, educators are able to improve teaching and learning processes while having the opportunity to get to know our platform, therefore increasing adoption of other products.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 2017, Somos acquired </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which contributes to the success of the PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> solution, as schools can choose to promote this e-commerce among parents and receive commission for material sold through the platform as opposed to buying and reselling with a markup. As well as selling teaching materials, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stationery</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and literature, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> functions as a distribution hub that </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">distributes </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">materials </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">produced by us, as well as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from other suppliers that are chosen by our partner schools, placing us as a one-stop-partner for schools.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a relevant addition to our existing core content solutions, PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was created in 2017 to engage schools through long-term contracts using digital and printed content based on textbooks. This model benefits educators, that are able to preserve their pedagogical preferences, but at the same time enables them to receive the same level of service and support that is provided through our educational platform. Full flexibility to choose from a variety of books increases loyalty and is a first step for a potential educational platform adoption, if desired by the schools.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 2018, we developed English Stars, an educational platform for English instruction, purchasing content from Macmillan, thereby complementing our complementary content portfolio. English Stars focuses not only on language instruction, but on English as a means of communication, exploring content that goes beyond vocabulary and grammar, such as science, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">humanities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and art.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In October 2018, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> announced the acquisition of Somos as an expansion of its K-12 business and B2B business model, integrating a high-quality full-service provider, with a comprehensive portfolio of solutions and brands serving all segments of the private K-12 education market, broadening our knowledge on core and complementary content solutions. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta is a result of the combination of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> strong operational and financial excellence track record and Somos, the most relevant K-12 player in the country. This new company and its brand helped ensure a new focus on K-12 education activities, as well as the construction of differentiated services and a unique offering as a one-stop partner to schools. Our aim is to disseminate values and goals in the K-12 education segment, including the delivery of high-quality education to children and teenagers through our well-renowned brands, resulting in a relevant presence in the premium market.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On January 7, 2020, we concluded the acquisition of the entire ownership interest of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pluri</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacional</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> A&amp;R </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Com&#233;rcio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> e </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Servi&#231;os</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inform&#225;tica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda., or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pluri</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, for R$26.0 million. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pluri</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is an entity based in the State of Pernambuco specialized in solutions such as consulting and technologies for education systems. This acquisition is in line with our strategy of focusing on the distribution of our operations to another region. The purchase agreement is subject to certain additional earn-outs, associated with achievements defined in the agreement, such as revenue and profit, that could in</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">crease the purchase price by an</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> additional R$1.7 million over the life of the earn-out period. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On February 13, 2020, we entered into a purchase agreement to purchase the entire ownership interest of Mind Makers </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacional</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda., or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MindMakers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, a company that offers computer programming and robotics courses and helps students develop skills relevant to their educational progress, such as coding and product development, as well as entrepreneurial and socio-emotional skills including teamwork, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">leadership</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and perseverance. The total purchase price was R$23.6 million, subject to certain adjustments related to future results, of which R$10.0 million was paid in cash upon signing the agreement, with half of the remaining amount paid in 2021 (R$3.1 million, as readjusted) and the other half of the remaining balance payable in 2022. During 2021, the operating result targets were not achieved which resulted in a reduction of the original agreed purchase price. The agreement is also subject to certain additional earn-outs, associated with targets tied to revenue and profit, that could increase the purchase price by an additional R$5.4 million over the life of the earn-out period, which is recorded at fair value. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On November 20, 2020, we concluded the acquisition of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Meritt</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, a cutting-edge Brazilian digital assessment platform. The purchase price was R$3.5 million, of which R$3.2 million was paid in cash and R$0.3 million is to be paid in installments that are currently outstanding and accrue interest based on the CDI rate. The agreement is also subject to certain earn-outs, that could increase the purchase price by an additional R$4.0 million over the life of the earn-out period. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Meritt</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> had 153 active clients as of December 31, 2020, an increase of 40% compared to 2019, and finished the year with R$1.5 million of revenues. In addition to aggregating a digital solution to the platform, bringing in new clients, and contributing with its experience in data analysis, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Meritt</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will also provide relevant cost synergies with the streamlining of tests and mock exams for the Vasta brands. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Meritt</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> experience and methodology will help Vasta make new strides in its investments in online and adaptive testing, gaining new ground in assessment customization, as well as allowing for results comparison between all students enrolled in the platform. This methodology will make it possible to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">more quickly identify each student</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s strengths and areas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for improvement, with the goal guaranteeing a continuous evolution of their academic results, both in traditional exams and selection processes.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On March 2, 2021, we acquired, through our wholly owned subsidiary, Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 100.0% of the outstanding shares and voting rights of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sociedade</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacional</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> da </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Lagoa</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda., or SEL for a purchase price of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">65.0 million. SEL provides technical and pedagogic services to education platforms, including maintenance of such platforms, development and improvement of contents and trainings to professionals. Founded in 1997, SEL as of the date of the acquisition served, direct or indirectly, 441 schools, 272 thousand K-12 students and approximately 503 thousand students in the secondary and continuing education segment. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On May 27, 2021, we acquired through our subsidiary, Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. (&#8220;Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;) the entity </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Reda&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Nota 1000, which provides essay review services as a service platform, through its proprietary software. The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Reda&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Nota 1000&#8217;s users may choose their essays reviewed under different approaches as follows: (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) solely by essay-review specialists (manual); (ii) on an automated basis by the company&#8217;s software, with a final review by a specialist (semi-automated); or (iii) exclusively on an automated basis by the company&#8217;s software. The consideration transferred was </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11.3 million, of which </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4.1 million was paid in cash and the remaining amount of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7.3 million will be paid in installments with final due date on December 24, 2026 (each installment adjusted by the positive variation of 100% of CDI index). In addition, we recognized a contingent consideration of R$2.6 million subject to certain post-closing price adjustments (achievement of financial targets such as maintenance of contracts, net </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">revenue</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and average global cost, in addition to non-financial targets such as platform engagement, satisfaction of the customer in the service provided and adequate level of information security, for the years 2022 and 2023.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On August 1, 2021 we acquired through our subsidiary, Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. (&#8220;Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;) the entity EMME, which provides educational marketing solutions for schools, through license of its &#8220;software as a service</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> The consideration transferred was R$15.3 million of which R$3.1 million was paid in cash and the remaining amount of R$12.2 million will be paid in installments with final due date on August 16, 2026 (each installment adjusted by the positive variation of inflation- &#8220;IPCA&#8221; &#8211; Extended National Consumer Price Index).</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On February 22, 2021, our wholly owned subsidiary, Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, entered into a sale and purchase agreement to acquire, subject to certain conditions precedent, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Eleva S.A., or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Eleva, a K-12 education platform provider, from Eleva Educa&#231;&#227;o S.A., or Eleva Educa&#231;&#227;o. As consideration for such acquisition, we will pay a purchase price amounting to R$611.5 million, subject to certain price adjustments, in installments over a 5-year period (each installment adjusted by the positive variation of the CDI index).</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, Saber, an affiliate of Cogna, agreed to sell, subject to certain conditions precedent (including, but not limited to, the satisfaction of all conditions precedent for closing of the acquisition of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Eleva), up to all of its K-12 schools to Eleva. Following the acquisition of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Eleva, Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and Eleva Educa&#231;&#227;o entered into a commercial agreement setting forth the main terms that will guide a long-term partnership with Eleva Educa&#231;&#227;o, including the sales of learning systems materials to approximately 90% of the students </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the schools currently owned by Eleva Educa&#231;&#227;o, as well as any greenfield or newly-acquired schools with the same business profile and all schools that are acquired from Saber, during a 10-year period. The commercial agreement also provides for a commercial discount amounting to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6.6</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million per year, valid for the first </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> years after the execution of the commercial agreement.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The consummation of the acquisition of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Eleva was completed on October 29, 2021. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On January 14, 2022, we acquired the companies Phidelis </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Tecnologia</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Desenvolvimento</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda. and MVP </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Consultoria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> e </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda. (&#8220;Phidelis&#8221;), when the control over the entity was transferred upon completion of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">conditions</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> precedent established on the share purchase agreement</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> We will pay a total purchase price in the amount of R$21.9 million, comprised of (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) R$8.9 million in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, paid on the acquisition date, (ii) R$7.6 million to be paid in annual installments over the course of two years, and (iii) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a variable R$5.5 million, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the achievement of performance</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">linked to net revenue of the years 2023 and 2024</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to be paid in three </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">annual</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> installments between 2023 and 2026</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and adjusted by the positive variation of the IPCA index in the period. Phidelis is a complete platform of academic and financial management for K-12 schools, providing (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) software licensing and development, and (ii) messaging, retention, enrollment and default management for schools and students. In addition to aggregating a digital solution and bringing in new clients, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Phidelis&#8217;s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> team will support the development of Vasta&#8217;s digital services platform.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On July 19, 2022, we acquired a minority interest in Educbank </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gest&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pagamentos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacionais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> S.A., or Educbank. Our investment, through our subsidiary Somos, totaled </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">87.7 million, for a 45% interest in Educbank, to be paid in four cash installments according to the growth </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in number of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">students served by Educbank. We will have the right to appoint two members (out of six) to the board of directors of Educbank. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educbank is the first financial ecosystem dedicated to K-12 schools, focused on improving access to high-quality education in Brazil, through internal management service and which provides financial support to educational institutions by providing payment guaranty to school tuitions. We believe this investment will enable us to capture value potential in the following years, by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">entering the market for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">K-12 tuitions payment, which has a TPV of over R$70 billion per year. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educbank&#8217;s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> services complement our digital services platform, which provides access to data, management tools and now working capital management, releasing time for school partners to focus on delivering education.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our Pre-IPO Corporate Reorganization</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Prior to our initial public offering we undertook a corporate reorganization as described under </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Presentation of Financial and Other Information&#8212;Corporate Events</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Share Repurchase Program</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On August 13, 2021, our board of Directors approved our first share repurchase program, or the Repurchase Program. Under the Repurchase Program, we </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> entitled to repurchase up to 1,000,000 Class A common shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period that began on August 17, 2021, continuing until the earlier of the completion of the repurchase or February 17, 2022, depending upon market conditions. . We concluded the Repurchase Program on December 10, 2021, using our existing funds to finance the repurchase, and on December 31, 2022 and 2021, we had a balance of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">23.9 million or 1,000,000 Class A common shares in treasury.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Recent </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Developments</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">New business </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">unit</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Starting in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">first half</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of 2023, we </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">plan to begin offering</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our products and services to clients in the public sector, in addition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to our existing private</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> client base.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">digital platform and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">broad portfolio of core content solutions and complimentary services will allow us to access a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> market in need of the solutions we have developed over the years. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> objective in pursuing this expansion is to grow</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> our net revenue</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> financial results </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">improve our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">margin.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Although we </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">maintained </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">continuous engagement with certain </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public entities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we intend to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">augment</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> our participation </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with public sector education services </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and become an active player in this segment. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Accordingly, we have taken certain steps to (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) 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; and (iii) implement certain business-generating and marketing strategies for the public sector.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For information on the risks associated with operating a new business </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">unit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Certain Factors Relating to Our Business and Industry&#8212;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We intend to expand our operations to the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> segment in Brazil, which may not be successful and which will expose us to additional risks</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result of our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increasing </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">engagement with the public sector, we</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> expect</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to become regular participants in public tenders and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">government </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">contracts</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which could cause public scrutiny relating to compliance with bidding processes </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regulations </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">such as the bidding law (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Lei de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Licita&#231;&#245;es</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and the Federal Administrative Procedural Law (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Lei de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Processo</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Administrativo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Federal</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">). Moreover, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any conduct by our employees or agents with public officials in any manner that fails to comply with our company&#8217;s code of conduct, the anti-corruption manual, the Brazilian Anti-Corruption Law, the Federal Administrative Procedural Law, the Administrative Improbity Law and the FCPA could lead to government investigations, judicial and/or administrative proceedings and sanctions that would have an adverse effect on our business, financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and results of operations. See &#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 3. Key Information&#8212;D. Risk Factors&#8212;Certain Factors Relating to Our Business and Industry&#8212;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We may be subject to penalties under Law 12,846/2013 or the Brazilian Anti-Corruption Law, the Federal Administrative Procedural Law, the Administrative Improbity </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Law</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and the U.S. Foreign Corrupt Practices Act, the FCPA, if our employees engage in any conduct prohibited by these laws&#8221; and &#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 3. Key Information&#8212;D. Risk Factors&#8212;Certain Factors Relating to Our Business and Industry&#8212;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Changes in our or our customers&#8217; current regulatory environment could have an adverse effect on us</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Corporate Information</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our principal executive offices are located at Av. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Paulista, 901, 5th </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Floor</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Bela Vista, S&#227;o Paulo &#8211; SP, CEP 01310-100, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our telephone number at this address is +55-11-3133-7311. Our email address is ri@somoseducacao.com.br.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Investors should contact us for any inquiries through the address, telephone number and email listed above. Our principal website is http://www.vastaedu.com.br. The information contained in, or accessible through, our website is not incorporated into </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">this annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. You should not consider information contained on our website to be part of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">this annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or in deciding whether to invest in our Class A common shares.</span></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">B.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Ba2_K8K6PPJMLC00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Business </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Overview</span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Overview</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">one of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">leading</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> high-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> education </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compan</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ies</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in Brazil </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in market-share, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">powered by technology</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> providing end-to-end educational </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">printed </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and digital solutions that cater to all needs of private schools operating in the K-12 educational segment, ultimately benefiting all of our stakeholders, including </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">students, parents, educators, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">administrators</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and private school owners</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We intend to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expand our business to provide products and services to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> segment in Brazil </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">beginning in the first half</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of 2023. For more information, see </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;&#8212;A. History and Development of the Company&#8212;Recent Developments&#8212;New Business </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Unit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have built a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">PaaS </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with two main modules. Our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Content </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&amp; EdTech Platform combines a multi-brand and tech-enabled array of high-quality core and complementary education solutions with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">printed and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">digital content through long-term contracts with partner schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We characterize revenue associated with these arrangements as subscription revenue given the renewable and predictable nature of the revenue associated with these contracts. Our emerging </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Digital Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will unify our partner schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> entire administrative ecosystem, enabling them to aggregate multiple learning strategies, helping them to focus on education, and promoting client and revenue growth to allow them to become more profitable institutions. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our integrated platform is designed to cater to the needs and preferences of every school.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> We provide a full suite of products, embedded in an ecosystem, that fulfills most of the school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s needs. This differs from single solution products, which can include hidden expenses and inefficiencies for schools. We are committed to constantly evolving our product and service offerings to provide the most complete end-to-end ecosystem for private K-12 schools, students and parents, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">educators</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and administrators, while maintaining the uniqueness of each school.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">experience,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> high-quality education system and life-long learning solutions have helped us establish market-leading brands that are well-known both locally and nationally. This expertise has enabled continuous growth within the private K-12 market through long-term relationships and we believe it will be translated into a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 4.4 times</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">LTV/CAC ratio for the solutions that we characterize as subscription </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">arrangements</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">based on </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sales cycle (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from October 1, 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to September 30, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">). </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This is an important metric as it compares the estimated LTV (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">measured as a function of the gross margin we expect to derive from the additional ACV Bookings related to the contracts with our customers, divided by WACC, plus the customer churn rate, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which is the expected turnover rate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), divided by the CAC (which consists of sales and marketing costs for the revenue for the solutions we characterize as subscription arrangements). We consider only subscription arrangements in our calculation of our LTV/CAC ratio because such arrangements have recurring, generally predictable revenue, while the revenue that is not based on subscription arrangements may be non-recurring and less predictable in nature. We believe the LTV/CAC ratio is an important metric for measuring how our sales efforts and costs related to acquiring subscription-based customers will provide value to us over time.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, our network of B2B customers consisted of</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,274</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> partner schools, compared to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4,508</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4,167 schools as of December 31, 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, representing annual growth rates </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 16.9%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">8.2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, respectively</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we had</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 1,589</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> thousand enrolled students compared </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,335</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> thousand as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,311</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> tho</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">usand as of December 31, 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, representing annual growth rates of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 19.0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1.8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%, respectively.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> We have structured </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our business as a PaaS, in which we have built complete and integrated platforms of K-12 products and services capable of promoting digital transformation in schools. The solutions we characterize as subscription arrangements</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are all those based on long-term partnerships with partner schools. These are service contracts in place for the offering of our learning systems or PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (contained in our core content segment) and solutions for English instruction</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">socio-emotional skills (contained in our complementary education solutions segment)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, among others</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We characterize these solutions as subscription arrangements</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">because they provide for recurring revenue and business stability, since they consist of long-term contracts with schools (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">three</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-year term on average)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, whereby schools pay an agreed price per student per year in order to access our solutions (whereby we recognize revenue when the customers gain control to the content ava</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ilable through our solutions). </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This business model, supported by technology, allows for fast growth, and given the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">asset-light</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> nature of our business, we also benefit from favorable operating leverage and positive cash conversion.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our revenue derived from the solutions we characterize as subscription arrangements</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is driven by the number of enrolled students in each partner school that adopts our solutions. The net revenue from sales and services for the solutions we characterize as subscription arrangements</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">represented</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 88.7</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">total net revenue from sales and services in the year ended December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">84.8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the total net revenue from sales and services in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2021</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">76.2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% of the total net revenue from sales and services in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Revenue from solutions other than the ones we characterize as subscription arrangements</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">includes stand-alone textbook sales, university admission preparatory exam courses and sales from our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> business, an e-commerce for the sale of educational content (textbooks, school materials, stationery, among others) directly to schools, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parents</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and students. Net revenue from sales and services deriving from these solutions represented</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 11.3</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% of the total net revenue of our sales and services for the year ended December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">15.2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of the total net revenue </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> sales and services</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the yea</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">r ended December 31, 2021</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">23.8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% of the total net revenue from sales and services of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have been operating at a net loss over the last </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">three </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">years, primarily due to higher financial costs, as explained in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 5. Operating and Financial Review and Prospects</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> section.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Following the Somos acquisition, we implemented several strategic initiatives to increase our profitability, which are reflected in the</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 20.4%</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">CAGR </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase in our ACV Bookings f</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rom</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Our strategic initiatives include (1) a new go-to-market approach, leveraged by the restructuring of our commercial team, a higher number of commercial consultants, a new incentive plan which has aligned sales performance in terms of profitability with the Sales department compensation, and the creation of a product expert </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">r</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ole; (2) the launch of new collections, increased investments in educational content and the establishment of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, our online platform; and (3) streamlining and reducing administrative costs and overheads. However, there can be no assurance that such strategic initiatives will be successful and that we will not record a loss in the near future.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Mission </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our mission is to help private K-12 schools to be better and more profitable, supporting their digital transformation. Our goal is based on the premise that every solution and service offered through our multi-brand, technology-enabled platform has been designed to empower every stakeholder (students, parents, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">educators</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and administrators of private schools) to reach their full potential in their own way. We believe we are uniquely positioned to help schools in Brazil undergo the process of digital transformation and bring their education skill</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">set to the 21st century.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We promote the unified use of technology in K-12 education in a manner that generates a simple, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">seamless</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and transparent experience for schools, offering 360-degree views of student performance with enhanced data and actionable insight for educators, increased collaboration among support staff and significant improvement in production, efficiency and quality for schools.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We provide the following solutions for the empowerment of our stakeholders:</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">For </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Students</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our pedagogical approach and educational solutions are designed to equip students with abilities that go beyond learning core and complementary knowledge. We encourage them to think critically and creatively, solve complex problems, make evidence-based decisions, and work collaboratively at their own individualized pace. We believe that providing these educational experiences in a way that is engaging, retainable and proven through research and academic performance leads to a high-quality environment that empowers students to contribute more effectively </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the classroom today and in the workplace and society in the future.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">For </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Parents</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Parents are primary decision-makers in the academic cycle, and we seek to improve their engagement and involvement, while also increasing student accountability. Through our solutions, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parents can </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">access real-time student performance data and have a direct communication channel with educators. We also optimize parents</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> time and ease safety concerns by addressing all of their children</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s developmental needs, including core education and complementary activities such as languages and socio-emotional skills. These benefits are all delivered in the same place &#8211; the school &#8211; which is the most trusted environment parents see for their children.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">For </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Educators</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Discovering the pedagogical approach best suited to an individual student can be challenging</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Understanding how to target learning, how to overcome disabilities and how to engage with each student effectively through the development of various cognitive processes is our core focus. We strive to provide immediate access to student data, which generates insight and analytics on student progress in order to target growth areas and develop teaching plans aimed at delivering personalized learning.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">For </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Private </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">School Owners </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Administrators </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Leveraging </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> substantial experience in operating schools, we believe we have gained a differentiated, in-depth understanding of school needs which go beyond best-in-class educational resources to encompass a variety of school management solutions. These include customer relationship management systems, marketplaces for the sale of educational content, digital student acquisition processes and financial and educational management tools. Currently, we offer our Livro F&#225;cil e-commerce for the sale of educational content, but we are working on expanding our offering in this market as we believe a fully</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">integrated platform like we are developing will allow private school owners and administrators to maximize time, access a broader set of information more intelligently, develop new action plans, promote </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">leadership</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and motivate their teams. As a result, this will allow private school owners to better manage their schools, focusing on improving educational content, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">solutions</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and services, while enhancing the school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s reputation and growing revenue. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">For Public School Administrators</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fully integrated platform will allow public school administrators to maximize time, access a broader set of information more intelligently, develop new action plans</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for improved education outcomes</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, promote leadership and motivate their teams. Our solutions for this segment will be divided into three </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">main offerings</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> which will include the following</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> features</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">: (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Core Content: diagnostic evaluation, pedagogical advisory services, and print and digital content; (ii) Opportunity: provision of unified materials aimed at learning recovery, essential skills prioritization (such as Portuguese and mathematics) and preparation for the Basic Education Evaluation System (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Sistema de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Avalia&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> da Educa&#231;&#227;o </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">B&#225;sica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">SAEB; and (iii) Complementary Solutions: solutions focused on computational thinking, social and emotional intelligence, physical education, foreign languages and financial education</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that the provision of our product and service</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will allow </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> school </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">administrators </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to better manage their schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and prepare their students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, focusing on improving educational content, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">solutions</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and services, while enhancing the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">measurable results of education outcomes</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">For </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Society</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our main responsibility to society is to help every student succeed. However, as part of our social responsibility initiatives, we also seek to make education available to all segments of society and we share many of the best practices in education that we acquire through our experience in the private K-12 with public schools and teachers in Brazil for free.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that our reputation, excellent track record in education, brand awareness, personalization, flexibility, customer service, academic outcomes and innovation are attributes valued by all of our stakeholders. We believe we are the only player in the market to integrate a wide array of content formats from different brands in a unified, technology-powered platform that provides students with tutoring support and allows for the continuous tracking of their academic performance during the whole education cycle. Since 1959, publishers in our K-12 business have received 102 awards in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Jabuti</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Prize, which is widely recognized as the most prestigious literary honor in Brazil. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">353 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our partner schools were ranked in the</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> top three in their respective municipalities in the Brazilian National High School Exam (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Exame</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Nacional do Ensino </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">M&#233;dio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or ENEM</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the main national standardized test for university entrance in Brazil, which reinforces the reputation of the effectiveness of our platform.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Although the science underlying education and learning processes is still in its early stages, we aim at adopting a neuroscience-first approach in evolving our understanding of what directly impacts teaching and learning, which includes acquiring new knowledge and nurturing attention, concentration, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">memory</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and motivation. We have been investing intensively in research through our Learning Science Lab and partnering with highly</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regarded data scientists and progressive tech-driven institutions to continuously strengthen our value proposition. As an example, we have partnered with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">BrainCo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (a company specializing in neurofeedback solutions) and the Brazilian National Scientists for Education network (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Rede Nacional de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Ci&#234;ncia</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> para Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">CpE</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, to promote our continuous evolution.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Context</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian education sector is extremely fragmented. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Government investments in primary and secondary education are low, which results in a substantial quality difference between public and private schools as measured by success on the ENEM exam. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The ENEM exam is extremely important for students&#8217; future opportunities as it is used as a standardized exam for entry to high-quality postsecondary education in Brazil and seen as a public seal of quality. In this scenario, the private K-12 education market generates high aggregate value for parents who want their children to have greater opportunities to enter a high-quality university. We offer high-quality educational services for those customers, with brands known for their academic excellence and a solid track record in academic exams, with our students gaining access to Brazil&#8217;s most renowned universities, as well as top ranked universities in the United States such as Stanford, Harvard, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Yale</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and Columbia.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Once ENEM reports students&#8217; results, each student can enroll in the Unified Selection System (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Sistema de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Sele&#231;&#227;o</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Unificada</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or &#8220;SISU</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and apply through their platform to public universities, who accept incoming students based on students&#8217; rankings. Since January 2022, we had over 13,000 students from our partner schools approved, or 14% of our total high school senior students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Through our differentiated B2B</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">B2B2C solutions, we deliver a better learning experience, engaging students in the classroom and offering a unique platform for continuous learning experience after school. Partner schools can choose among our broad portfolio of core content solutions, opting between traditional learning systems or PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">text</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">book-based content solution</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. This enlarges our addressable market and positions us as a one-stop partner for all private K-12 schools across the country by offering a full stack of solutions through well-known brands with reputation for high quality. Regardless of partner school preferences and necessities, we are able to offer solutions in line with their requirements and reach all types of schools, including through stand-alone textbook sales and recurring content sales through adoption of our learning systems. The chart below shows a summary of product and service consumption preferences among private K-12 schools, highlighting our ability to penetrate the entire market as a consequence of our complete suite of product offerings, including our PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and printed content solutions.</span></p>
<p style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Methodological Option in the Private Schools </span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">)</span></p>
<p style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2;"><img src="img006e4f679c154465abca.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></img><br/></p>
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<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Source: Vasta&#8217;s internal database (&#8220;Lista de </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">ado&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#8221;), covering around 85% of Brazilian students in </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">the </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">private market.</span></p>
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<p style="margin: 10pt 0pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition to core content, our differentiated service offering comes from a combination of various digital and non-digital complementary content, including solutions for language instruction and socio-emotional skills, as well as school management and business solutions. Our platform seeks to offer and deliver content and services to our partner schools, including the engagement and maintenance of the students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> performance through our Digital Platform (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Maestro), and the identification of learning gaps and promotion of content improvement, teacher training (advisory and PROFS) and reinforcement for students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> adaptive teaching. We believe that schools that adopt our platform are able to increase academic quality and enhance their operating and financial performance through ancillary services that either are currently available at our platform, such as our e-commerce</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">academic and financial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ERP</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and student acquisition solutions, including online enrollment platform, digital marketing and scholarship marketplace.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result of adopting our systems, we believe that partner schools are able to improve the learning and academic quality for their students, which leads to an improvement in the partner schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> reputation. In addition, the better reputation helps them to attract more students, in addition to improving their operational and financial results - stimulating the virtuous cycle based on the Content &amp; EdTech solutions and Digital services we provide. Our business model is supported by full alignment in the adoption of our solution by all of our partner schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> participants in our K-12 business: parents receive the benefit of a high-quality education and actionable data regarding the performance of their children; students enjoy a digital, enhanced, engaging and complete learning experience, with supplementary tools and content that goes beyond the core curriculum; educators can optimize their time, use data reports to address each student</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s unique needs and personalize their educational content and administrators benefit from improvements in test grades, which in turn increases their reputation and lead to higher student intake, while saving time and money using our school management solutions.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Competitive Strengths</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">True </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Partner </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Choice </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Private </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">K-12 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Schools </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in Brazil</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe tradition, reputation, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">experience</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and innovation are imperative for success in K-12 education. We have been present in the lives of Brazilian students over the last five decades though </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna, our parent company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we served</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 6,892</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> schools in the K-12 private market, with almost</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">million enrolled students. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe we are best positioned to cover all of our total addressable market as we cater to each private K-12 school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s unique profile and preferences. We believe our track record in Brazil is unique, as demonstrated by the following:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">One of our leading brands, Anglo, developed and implemented one of the first education subscription </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">arrangement</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">models in Brazil in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1970s;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe we have one of the largest and most recognized portfolios of K-12 brands in the country, addressing a broad spectrum of private </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">schools;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We developed and implemented the first socio-emotional curricula in Brazil in 2012, and in 2013 launched the first Brazilian educational platform with online tutoring for one-on-one personalized </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">learning;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe we have one of the largest groups of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">educators</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, authors and tutors entirely dedicated to K-12 in Brazil and one of the largest databases of K-12 educational content in Brazilian </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Portuguese;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We were the first company to offer a multi-branded educational platform in Brazil and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the first</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> company to provide an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">educational platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> based on textbooks (PAR) and supported by Livro F&#225;cil, our e-commerce for the sale of educational content for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">schools;</span></li>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>54</span></span></td>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe we are at the forefront in integrating different content formats (text, video, audio, images, quizzes, among others) in a unified platform which can be accessed through a single login and provides access to content from different brands, a complete academic community and academic performance trackers and indicators.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are pioneering the incorporation of neuroscience elements into our educational platform and emphasizing science in learning and promoting student success through personalized, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">retainable</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and engaging learning; and </span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We cater to the entire school ecosystem. Using our extensive knowledge of private schools in Brazil, we focus on delivering all necessary Content &amp; EdTech digital solutions for our customers to support high quality core and complementary content education delivery, capture efficiency gains, cut unnecessary costs and ultimately increase productivity in the front office, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">classroom</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and the home.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">By becoming the schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> partner of choice through our end-to-end offering of core and complementary content and the ramp-up of the solutions we will offer through our Digital Platform, we expect to continue to significantly increase our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">total addressable market (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TAM</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> while increasing school retention, as the school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s switching costs from an integrated service provider like us become much higher when compared to simply switching from a content supplier. The following chart shows the size and potential growth in TAM from 2018 to 2030 for Core Content and Complementary Solutions, comprising our Content &amp; EdTech Platform (areas shaded in gray) and for school administrative and management solutions, which will be served by our Digital Platform (area shaded in pink).</span></p>
<p style="margin: 10pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Private K-12 TAM</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">billion</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">22</span></p>
<p style="margin: 10pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><img src="img6557e6de34324768be14.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></img><br/></p>
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<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Source: Oliver Wyman</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> 2018 adjusted by inflation</span></p>
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<p style="margin: 10pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Strong </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Combination </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Content </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Technology Teams Dedicated </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Enhancing Our Value Proposition </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We value intellectual agility and structure ourselves in small multidisciplinary groups that are focused on building product functionality. We believe we have the most resourceful division of business intelligence and analytics in content adoption in the Brazilian K-12 market. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our digital team consists of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 94</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> product, technology, digital </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and content specialists. Our product and technology specialists are organized in</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 12</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> teams, each being responsible for end-to-end implementation of projects aimed at accomplishing long-term goals.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our content production is deeply linked to technology, allowing us to update content in a more dynamic way using student and teacher feedback, which is continuously monitored through our platform powered by technology. To improve student engagement, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we are </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> education provider </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">overlay</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> content production with what students consume on social media (interactive video, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">podcasts</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and quizzes), with a view to aesthetic and artistic quality through a simple and modern language that captures the conceptual rigor essential for educational content. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our partner schools benefit from the unique combination of our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> products (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> ID, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Maestro and Tutoring, Bookshelf, Assessments, among others</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), a single platform that enables the delivery of a richer learning experience to both educators and students in an integrated and uniformed matter and combines in our content solutions in a 100% digital interface. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our data science team employs a science in learning approach by leveraging our streaming data pipeline, allowing for rapid evolution of our solutions and services. Our data analytics educational team is focused on (1) tracking user behavior and creating dashboards to improve student and teacher engagement with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and its many features; (2) allowing educators to take advantage of engagement and learning dashboards to improve student participation in the learning experience both inside and outside the classroom; (3) providing seamless integration of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> platform with external products; and (4) gathering feedback and improving content generation in real time.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We also have a forward-leaning approach to applying neuroscience in education. We have been developing the Learning Science Lab, by partnering with highly regarded scientists in Brazil through Rede Nacional de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Ci&#234;ncia</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> para Educa&#231;&#227;o and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">BrainCo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, a startup born out of the Harvard Innovation Lab, to develop neuroscience technology products, and collaborate with scientists from the MIT Media Lab to test the effectiveness of their technology and develop new applications for brainwave technology. We are exclusive distributors of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">BrainCo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> technologies in Brazil, including for:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Use of a 100% digital delivery system, integrated into </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Maestro, allowing educators to address specific content through tailored best-in-class teaching tools in a fully engaging </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">format</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, ensuring the students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> integration into the four-dimensional education </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">framework</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Headbands that measure brain activity through an algorithm developed at NASA which translates brain wave readings into data on states of attention, so educators can track individual students or entire classrooms through a single dashboard. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 2021</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> w</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">e tested the headbands at</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">12</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> schools and with around </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">377</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> students.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> In 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> we ex</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">panded</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the program to 1.2 thousand students.</span></li>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Robust </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Salesforce</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Business Intelligence Team </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Customer</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">-centric </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Mindset </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Lead</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Differentiated Go</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">-to-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Market Strategy</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our relentless focus on understanding our customers has led us to assemble a robust salesforce and client support team. Our team is comprised of 145 educational specialists (which include (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) hunters, responsible for prospecting new clients</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and (ii) farmers, responsible for up-selling and cross-selling) and 171 customer support experts</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, who cover all Brazilian states through a differentiated go-to-market strategy where we target customers through multiple channels including online advertising, marketing research tools, on-site visits, social media, among others. Our sales force is fully integrated and is capable of selling our entire portfolio of products and services, allowing for agile, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intelligent</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and efficient actions, placing the needs of the schools at the center of their actions. Our processes are optimized by data coming from our Business Intelligence and Inside Sales teams. We also have what we believe to be the largest business intelligence database and business intelligence team in the market. Our business intelligence team collects data from over 17,500 schools every year in order to have a comprehensive view of the total private K-12 market and to determine exactly what kind of products and services our salesforce should offer to each and every school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our sales strategy allows educational specialists and customer support experts to establish themselves as trusted advisors for our partner schools and nurture relationships in order to keep on adding value through higher revenue streams, penetration, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">retention</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and awareness.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We seek to motivate our salesforce through financially aligned incentives based on metrics tracking revenue and revenue retention rate, cross-selling </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capacity</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and average length of contracts, and provide ongoing training, shadowing opportunities and sales conferences. Our direct sales channel outreach and preparatory courses awareness contribute to the powerful lead-generation engine that continuously reinforces our go-to-market strategy. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Strong </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Academic Outcomes </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Recognition </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The established tradition of our brands in the education sector, some of which have been developed over a period of more than 100 years, and our pioneering efforts in rolling out one of the first education subscription arrangement</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">models in Brazil have contributed to our reputation for excellence. We believe our complete educational platform powered by technology and supported by well-renowned and long-standing brands offers a unique range of options to students, which translated into strong brand awareness and recognition levels, as demonstrated by the following points:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Anglo is the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">top-of-mind</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> brand among learning systems considering premium </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> choices and, alongside pH, is among the top four most preferred brands among school administrators and educators according to Hello </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Research;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">90% of premium schools know </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> according to Hello Research; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Publishers in our K-12 business have been honored with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">102</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Jabuti</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> prizes since 1959, a widely recognized award as the most prestigious literary honor in Brazil.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Since quality perception is key for parents, our combination of a pedagogical system and digital platform delivery is supported by the following metrics: </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (most recent data available)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we had 35</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> partner schools ranked among the top three schools in their respective municipalities based on their scores in ENEM, of which 17</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">9</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> partner schools were ranked as the best school in their municipality</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Finally, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> satisfaction of our customers (including students, parents, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">educators</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and administrators of private schools operating in the K-12 educational segment) and their positive experience with our platform is evidenced by our high net promoter score, or NPS, among core </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">learning systems</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and digital learning brands.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of November 25, 2022, we scored 62 and 44 out of 100 possible points for Anglo and pH </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">learning systems</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, respectively, in a survey carried out by us with our partner schools, and 41 out of 100 possible points for our digital learning platform (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), in a survey carried out by us with school coordinators</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was the digital platform with the higher traffic share in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">private sector: </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">30</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">15</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> percentage points above the second player. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> has supported our partner schools and their students with digital tools and contents and helped to deepen the learning process and assessments throughout the hybrid education.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In order to enrich the experience of our clients, Vasta also created in the end </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2021 a Customer Experience (CX) unit, comp</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rising</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> pre-sales, onboarding, post-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sales</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and customer-relationship fronts and tracking the whole journey of our clients. The main purpose</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of the CX unit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is to provide clients </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">excellent and agile responses to meet their needs, accordingly to their spectrum of products and services.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Nature </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our Business Model </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Business model backed by solid fundamentals</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">: we employ an asset-light business model centered on innovative and personalized content and user experience and focus on creating and maintaining long-standing relationships with partner schools. We are powered by technology and high scale, which allows for consistent high revenue growth. The solutions we characterize as subscription arrangements, encompassing our traditional learning systems, PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and complementary content solutions, reinforce business stability, with recurring revenue and favorable operating leverage. Net revenue from sales and services derived from the solutions we characterize as subscription arrangements</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">represented</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 88.7%</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of total net revenue from sales and services in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year ended December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">84.8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">total net revenue from sales and services</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">76.2% of our</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> total net revenue from sales and service&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">End-to-end solutions provide meaningful unit economic gains</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">: as we continue to strengthen our portfolio of full</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">service solutions, our potential to deepen relationships with schools increases through cross-sell and up-sell opportunities, generally at low incremental costs to us and to schools. We believe this leads to lifetime value at low customer acquisition cost (insofar as our up-sell and cross</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sell efforts are successful) while simultaneously increasing customer switching costs.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Self-reinforcing network effects of our virtuous cycle</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">: we have created and have been nurturing an education cycle that entails scale, science in learning, high-quality and retainable learning, differentiated academic outcomes and recognition. Our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company is based on information, using a robust team of business intelligence and analytics and source of big data with respect to the K-12 Brazilian industry, which is the start of a virtuous cycle for our partner schools. We help start the cycle by providing important data and key tools for schools to engage their students in a way that is meaningful for each student, providing enhancing learning opportunities, which we believe leads to better academic results and enhanced therefore improves schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> reputations, which attracts more students to more schools. The cycle is reinforced as more students lead to more big data, which is the start of the cycle we continue to provide the data needed to continue to engage our partner schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> students.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><img src="img6cf0766a878546a780e0.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></img></span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Experienced and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Focused Management</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, with an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Innovation Mindset</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our senior management is recognized in the industry for its experience, reputation, working knowledge and close relationship with our partner schools, and strong track record in terms of the educational business and innovation. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We share the same operational culture as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and our senior management team has over 100 years of combined experience dedicated to education. As one of the largest education groups in the world, we believe </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> brings expertise in school operations, a long track record of carrying out mergers and acquisitions and integrating new businesses and technologies, a history of constant evolution and high total shareholder return, effective and transparent communication with shareholders and the market in general, with high levels of corporate governance and a strong drive for innovation.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In recent years, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> has successfully completed 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;acquisitions, incorporating </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5.2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> billion</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in net revenue from sales and services (considering the first year of acquired companies</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> figures). Particularly, in October 2018, it completed the acquisition of Somos Educa&#231;&#227;o, making a strong move into the K-12 segment in Brazil. Somos Educa&#231;&#227;o also has a unique M&amp;A track record in the Brazilian K-12 industry, completing </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> acquisitions since </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2018</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, in addition to an unerring tradition in the education sector.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In connection with our acquisitions in recent years, we </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ha</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ve</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> been successful in delivering improvements in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> go-to-market strategy, extracting synergies from payroll and procurement, completing the integration process in a timely manner, among other accomplishments, and continues, along with us, to execute our vision of being the partner of choice for K-12 private schools in Brazil.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Mission-driven </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Culture </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our mission is to help private K-12 schools to be better and more profitable, supporting their digital transformation. This mission drives all of our decisions. Our main goals are to continue evolving as the trusted knowledge partner for our customers, enabling them to reach their full potential and achieve groundbreaking milestones in learning.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>58</span></span></td>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Growth Strategy</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Increase </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Shift </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">towards </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Solutions We Characterize </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Subscription Arrangements </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">within </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our Current Customer Base </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We will continue focusing on increasing the percentage of our partner schools (and related stakeholders) adopting the solutions we characterize as subscription arrangements</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">instead of purchasing content without a long-term contract. We believe there is a significant potential to increase the number of total students enrolled in solutions we characterize as subscription arrangements</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to 2.4 million total students as of December 31, 2022, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1.6</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million as of December 31, 2021, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">by converting our current base of partner schools adopting core content without a long-term contract into clients of solutions we characterize as subscription arrangements, without considering any up-selling or cross-selling opportunities.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">22</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we sold products (including textbooks without subscription) to approximately</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 2.4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million students from private schools, of which</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 1.6</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million were from schools that had a contractual relationship with us, or</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 66%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of potential students from schools that use our products. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">To </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">December 31, 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">December 31, 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to D</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ecember 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">December 31, 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we successfully convert</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 11.1%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7.6%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3.5%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to learning systems) and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7.5</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6.4% to PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and 1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.1% to learning systems), respectively, of schools without a long-term contract to long-term subscription arrangements.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that platforms as a service are a natural consequence of private K-12 education trends and the fact that we deliver our content through the most complete and diversified models and price points will help us expand our current customer base within the solutions we characterize as subscription arrangements. In the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year ended December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, net revenue from sales and services derived from solutions we characterize as subscription arrangements</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">represented</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 88.7%</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our total net revenue from sales and services, an increase in total contribution in total net revenue from sales and services when compared to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">84.8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">76.2</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% of our total net revenue from sales and services of Vasta and the Predecessors in the year </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ended December 31, 2021 and 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, respectively</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Increase </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Penetration </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our Current Services </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Existing Capacity </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our Current Partner School Base</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We utilize a land-and-expand strategy with our partner schools, beginning with core education and gradually increasing the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">number</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of services offered to each partner school from our portfolio of complementary solutions and digital solutions. We focus on deepening relationships with our partner schools by leveraging our salesforce expertise to up-sell and cross-sell other products and services within our wide portfolio of current offers and future product and service developments and acquisitions. Our ultimate goal is to replace our partner schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> collection of scattered educational vendors with our integrated platform of educational and digital solutions.</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, only </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our student base used both our core and socio-emotional solutions; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, only </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of our student base used both our core and languages solutions.</span></li>
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<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><img src="img5c2029661d014634a465.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></img></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>59</span></span></td>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe there is significant potential to increase the total number of students enrolled in our solutions, considering our current base of partner schools and the fact that one student can be enrolled in more than one solution at the same time. As of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">December</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we had</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 2.0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million enrollments in our solutions</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (1.6</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million in core content and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">0.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">million in complementary solutions), considering each student at each solution as an enrollment. Through cross-selling and up-selling across both our Content &amp; EdTech Platform and Digital Platform, we believe we are able to capture up to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 6.0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million new enrollments, totaling a potential of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 8.0</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million students enrolled in our ecosystem (including core content, socioemotional content, languages, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">STEAM</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and other academic content). </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Grow </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our Base </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Partner Schools</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sales force</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will continue to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pursu</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> greater market share in regions where we have strong brand awareness and price attractiveness, which has helped us establish a presence in</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 36% </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of private K-12 students in Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">12.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of the TAM for core education </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">estimated for 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. We intend to reinvest a portion of our operational leverage in profitable marketing activities that are aligned with our objective to continue increasing our base of partner schools through our superior value offering and extensive and integrated offering of products and services.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intend to expand our reach </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">partner schools </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to schools </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the public sector. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that our</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> digital platform and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> broad portfolio of core content solutions and complimentary services will allow us to access a public-</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">school market in need of the solutions</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> that</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> we have developed over the years. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our objective in pursuing this expansion is to grow our net revenue from sales and service and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EBITDA and improve our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EBITDA margin.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Accordingly, we have taken certain steps to (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) 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; and (iii) implement certain business-generating and marketing strategies for the public sector.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Increase the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Quantity </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Products </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Services We Offer </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe there is significant room to expand our value proposition to our partner schools and their stakeholders by adding new complementary education solution and digital platform to our ecosystem and therefore, also significantly increasing our TAM potential. For instance, STEAM and academics are becoming </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">must-have</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> skills given increasing competition in the labor market. In addition, schools have been increasingly adopting management systems so they can focus on what they do best: educating. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe we can expand our current product offering, enhance our content and technology </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">platforms</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and improve students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> learning, educators</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> teaching and schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> management experience by either developing innovative digital content in-house, engaging in strategic partnerships or carrying out mergers and acquisitions of companies and/or products that will contribute additional content or technologies to our portfolio. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2021 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">commercial cycle, we launched </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Store</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> an extension of our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> platform that offers 13 complementary digital solutions in partnership with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EdTechs</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> from all over the world. Through </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> store, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and their users (students and teachers) have a free trial experimentation phase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">after </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">schools </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decide </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which solution to adopt based on </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">engagement rate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In October</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2021, we entered in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business-to-business-to-consumer (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">B2B2C</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> segment with the launch of: </span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 45.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MeuProf</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, an application that connects students enrolled at our partner schools with affiliated professors for private tutoring, and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 45.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adapta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, in partnership with Seneca, a UK-based company, for the offering of adaptive learning sessions as a prep</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">aratory</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> tool</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The technology embedded in these products w</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> primarily developed in-house. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Since </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we acquired SEL, EMME and Phidelis</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in addition to a minor</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">y interest in Educba</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">n</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">k</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, together with Livro</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">F&#225;cil,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will form the base of our digital services </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">strategy</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, in particular with respect to the delivery of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">administrative </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">digital solutions. With the expansion of our scope and product and service offerings through our platform, our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">total addressable market (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TAM</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> could increase even further.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Addressable Market and Opportunity for Growth</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">According to a 2018 report by Oliver Wyman (as adjusted by inflation until December 31, 2022) that was commissioned by us, the TAM for our Content &amp; EdTech Platform and Digital Platform for private schools in Brazil was R$25.3 billion (or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$31.6 billion, as adjusted by inflation) segregated between: (1)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$6.0 billion for core content (or R$7.9 billion, as adjusted by inflation); (2) R$6.4 billion for complementary education solutions (or R$8.4 billion, as adjusted by inflation); and (3)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$12.9 billion (or R$15.3 billion, as adjusted by inflation) for digital platform. Oliver Wyman expects that our TAM will more than double by 2030, reaching R$54.0 billion, segregated between: (1) R$13.4 billion for core content; (2)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$14.0 billion for complementary education solutions; and (3)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$26.6 billion for digital platform. As of 2022, we estimate we captured approximately 12.3% of the TAM for core content and 1.7% of the TAM for complementary education solutions (which is included in our Content &amp; EdTech Platform segment) and 0.4% of the TAM for our Digital Platform segment, which we believe represents significant growth opportunity</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">With 47.4 million students enrolled in private and public schools in 2022 according to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Censo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Escolar</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 2022, Brazil&#8217;s K-12 education segment is significantly larger</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> when</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> compared to other </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">players around the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">world; Brazil&#8217;s K-12 students account for 23% of the total population, while in the United States, students enrolled in private and public schools account for 16% of the total population (considering an estimate of 53.9 million students attending school in fall 2019), according to NCES. The Brazilian private K-12 market is also large and, despite being larger than the U.S. market, there is a strong potential to increase the penetration of private K-12 education in Brazil when compared to China, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Indonesia</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and India, for instance, as presented in the graph below. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Private K-12 education is very valued by Brazilian families given the quality gap between private and public K-12 schools, as discussed in more detail in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Industry</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Overview</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><img src="img2cd061fc75924e0e9de7.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></img></span></p>
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<p style="margin: 0pt 0pt 4pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Source: BMI, </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">INEP</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> and UNESCO </span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe our opportunities to capture market growth will continue to expand as we incorporate new solutions into our existing platform. For example, we are currently working on expanding our complementary content offerings to include STEAM-based (Science, Technology, Engineering, Arts and Mathematics) and other academic curriculum, as well as increasing our offerings within our Digital Platform, including academic and financial ERP and student acquisition solutions, such as online enrollment platform, digital </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">marketing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and scholarship marketplace. We expect these complementary and digital solutions to become increasingly relevant in the K-12 segment as the current 21st century environment requires new skills from individuals, and schools have increased their rate of adoption of management systems to focus on improving education delivery to students.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Private K-<span>12</span> Industry Market Trends</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that our addressable market is characterized by the following trends:</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Digital </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Transformation </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">is </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Reshaping Private </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">K-<span>12</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Industry</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Technology has enabled improvements in core content, complementary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">education</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and digital platform solutions. The internet and digital technology are changing the way people learn. Educational opportunities are no longer confined to the classroom as a result of technology</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s potential to transform every person into a life-long learner. Technology has revolutionized learning beyond the simple digitalization of traditional textbooks through means such as gamification, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">immersion</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and virtual reality tools. Technology has re-conceptualized the learning experience, making it adaptive and highly personalized. Moreover, technology improvements have supported the development of management systems for schools to manage their costs and expenses and increase their efficiency and profitability, allowing them to focus primarily on educational activities. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Limited </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Internal Management </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Administrative Solutions </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Schools</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Schools have been looking for new educational and management solutions to enhance school management. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">According to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Censo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Escolar </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">there</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> were approximately </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>41,011</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> private schools in Brazil as of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which are mainly small-scale units dedicating significant working hours to administrative activities, such as intake, retention, financial management and communication with parents, for which they are currently interacting with multiple and unintegrated providers. This can create inefficiencies that divert a school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s focus from its core educational activities. We believe there is strong demand for an integrated platform like ours that consolidate multiple school management services, as it would lead to more actionable data reports, optimization of administrators</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> time allocation and increased efficiency in schools.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Need for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Modernized Content Distribution Models</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There are <span>two</span> main facets to this trend: (<span>1</span>) the learners</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> perspective; and (<span>2</span>) the perspective of other stakeholders relying on traditional content (parents, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and educators).</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe the modern student is easily distracted, yet hungry to learn and demanding in relation to the type of content and the manner of its delivery. At the same time, most Brazilian schools and families are on the verge of discovering the benefits in the classroom from the combined use of science and technology in education. This data-driven approach can aid in delivering superior and more responsive learning outcomes through products based on personalization and adaptive learning. As a result, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">immersion</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and gamification tools, among others, are potential means of addressing modern students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> needs and engaging them more effectively, yielding better academic outcomes.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Many schools, educators and parents continue to rely solely on traditional textbooks for the teaching experience and as more modern learning approaches are not yet widespread throughout Brazil. An educational experience focused solely on textbook usage may prove too rigid for the <span>21</span>st century student who demands real-time assessment and feedback; therefore, expanded integration with other learning tools is required. We believe we can lead the imminent transition of the underlying learning methods in Brazilian education, by offering assertive content in multiple formats alongside more effective high-impact learning techniques, with support from our constantly evolving neuro-pedagogical and science in learning approaches. Furthermore, integrated technological solutions customarily allow parents and educators to engage and track more closely student development.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">New </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Student Skill Set </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Importance </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Socio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Emotional Solutions</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The increased labor market competitiveness and social demands in the <span>21</span>st century require a new skill set from individuals. The insertion of new learning fields into old curricula, with focus on softer skills such as creativity </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">collaboration</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, has been leading a movement towards a broader learning experience. Schools in the forefront of this movement teach socio-emotional learning and collaboration skills, foster individual participation, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">autonomy</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and critical thinking, and include new areas of broad student development such as STEAM-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">based </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">curriculum (Science, Technology, Engineering, Arts and Mathematics) and language instruction. We are uniquely positioned to capture this market as we already have </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a full portfolio of solutions that </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can be offered in the safety and comfort of the school environment, and plan to add even more solutions to our integrated platform.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Business Model</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our model is based primarily on solutions we characterize as subscription arrangements, aligned with our belief that platforms as a service are a natural consequence of private K-<span>12</span> education as they deliver complete and diversified models with long-term contracts, with terms </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>three</span> years in general, and high retention rates with very low churn. This model reinforces our stability, recurring revenue, asset-light profile and scalability, high operating </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">leverage</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and limited capex requirements. We believe Vasta delivers a hard-to-replicate business model, with a winning proposition for stakeholders.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe our business model is comprehensive, differentiated and focused on the needs of our customers, offering operational efficiency and profitability. We are an educational platform powered by technology, and our centralized, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intelligent</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and standardized management processes enable a <span>360</span>-degree view of student performance and school capabilities, generating efficiency and quality for the school system. All of our back-office support activities are easily scalable and efficiently shared among all our corporate structure. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is known for its focus on growth and student success, constant </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">evolution, leadership, efficiency, innovation, proficiency in the integration of acquisitions and for the quality of its management.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have a national presence with strong brands and proven academic results that attest to our differentiated quality. Our leading brands include Anglo, pH, PAR, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Maxi, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#201;tico</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and English Stars, among others. Our portfolio of solutions encompasses various price ranges, so that we can offer viable solutions to all schools, with focus on quality, effectiveness, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">efficiency</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and profitability.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our mission is to help private K-<span>12</span> schools to be better and more profitable, supporting their digital transformation. In this context, we have decided to serve the private school segment through both B<span>2</span>B<span>2</span>C and B<span>2</span>B business models. Through our Content &amp; EdTech Platform, a multi-brand, tech-enabled platform, with the flexibility and quality required to satisfy customer needs through printed and digital format and made available through a model we characterize as subscription arrangements or direct sales to students or parents, serving as an entry point for subsequent conversion into a model we characterize as subscription arrangements. Through our Digital Platform, we currently offer our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> e-commerce, but plan to expand our portfolio to cater to all other school needs aside from education, aiming at increasing efficiency and quality</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">More</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we intend to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expand our business into</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> segment in Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Our mission in this segment </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">will be </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assist public schools and administrators to be more efficient, support digital transformation and provide high-quality content conducive </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> high performance. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We plan</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to serve the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">public school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> segment through</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> a</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Business</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Government (&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">B<span>2</span>G</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> business model</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our technology-based approach is capable of accelerated growth and delivering innovative and personalized content and user experience. This allows us to greatly amplify the number of students served through each new contract, in turn providing, through Big Data, a better understanding of the students to our data analytics team and educators, as well as the means to identify their individual needs, compare results, create more engaging academic activities, keep the educators and managers updated on developments and stay connected with families. We use educational science to identify the learning needs of each student, both cognitively and emotionally, providing a full array of resources for their academic and personal development.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As schools are our key customers, we also aim to serve all their other needs aside from academics. These include a number of internal functions key to a school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s operation, such as academic and financial ERP and student acquisition solutions, including online enrollment platform, digital </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">marketing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and scholarship marketplace.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our company is based on information, and we have a robust team of market-business intelligence and data analytics educational professionals, helping us leverage the vast amount of data we produce, which is the start of a virtuous cycle for our partner schools. We learn with our students and offer them continuously improving educational solutions, helping them to expand their learning and improve their own and their school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s academic results. This consequently improves the reputation of the schools and our brands. The reputation we have achieved allows us to reach more partner schools and students, providing returns throughout the cycle for all parties involved. In addition, we plan to develop multiple other products to complement our Digital Platform in the near term, enhancing the support offered to back-office activities of schools and enabling them to focus on their main core activity, therefore making the wheels of our virtuous cycle turn in such a way that benefits schools and students alike.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">K-<span>12</span> Platform</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our fully integrated K-<span>12</span> platform aims at providing end-to-end educational and digital solutions to private K-<span>12</span> schools. In order to be a <span>one</span>-stop-partner to schools, we aim to cater to the entire school ecosystem, not just best-in-class educational content and resources, but also offering solutions that meets schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> other needs through a complete assortment of solutions through our Digital Platform that help schools enhance performance, grow enrollment, and increase profitability.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our platform comprises educational solutions to be used by partner schools and their stakeholders and digital services and solutions to cater to the non-educational and administrative processes of each school, through our Content &amp; EdTech Platform and our Digital Platform, as illustrated by the following image:</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: center; line-height: 1.2;"><img src="img1fcc372c64664d0aaa0e.jpg" alt="Graphics"></img></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, total net revenue from sales and services from our Content &amp; EdTech Platform and our Digital Platform accounted for</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>91.3</span>%</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>8.7</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">respectively, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">total </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">net revenue from sales and services</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> compared to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>89.8</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>10.2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%, respectively, of total net revenue from sales and services in <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>91.1</span>% and <span>8.9</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%, respectively, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">f total</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">net revenue</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> from sales and services in <span>2020</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Consequently, our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fully integrated</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> platform grants access to all educational content available through our tech-enabled platform, made available primarily through a model we characterize as subscription </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">arrangements</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> We provide end-to-end solutions and digital platform with a comprehensive and interactive approach that enhances students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> participation and performance, as well as capturing data for our data analytics educational team and business i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ntelligence department,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> generating a virtuous cycle with greater content for every additional Student. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Content &amp; EdTech Platform</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our Content &amp; EdTech </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">P</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">latform offers schools a large set of high</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">quality </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">printed and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">digital educational content and tech-enabled support solutions. Leveraging on our in-depth understanding of private K-<span>12</span> education, we have developed a methodological approach that ensures student success through personalized, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">retainable</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and engaging learning tools that fit the modern student</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s demand both in terms of content-quality and adaptive-learning.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that the quality of the education we provide is fundamental. Our platform was conceived and developed based on solid educational methods, expertise from decades of educational content solutions, and a long history of favorable academic results. We offer a portfolio that is highly capable of providing high-quality education preparing our students for entry into the prestigious universities in Brazil and abroad. We maintain a very considerable database of educational content, allowing us to operate in primary education, middle </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and high school, as well as in a preparatory course for admission into the best universities in Brazil and internationally.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition to our focus on quality, our offers are designed to help schools to provide holistic education for students. The increased competitiveness of the labor market and changes observed in the <span>21</span>st century have created new demands from individuals. The insertion of new learning fields in the old school curricula, with a focus on softer skills such as creativity and collaboration, has been leading a movement towards a broader learning experience. Schools in the forefront of this movement teach socio-emotional learning and collaboration skills, foster individual </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">participation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and include new areas of broad student development such as STEAM and language instruction.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our technological educational platform offers partner schools all the products and services that they need to be successful, including</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> printed and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">digital content, teacher training, evaluations, adaptive learning, academic intelligence, continuous assessment, academic management tools, as well as solutions for complementary education, such as language instruction, development of socio-emotional abilities and academic programs. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our core education and digital learning solutions are supported by value-added services to enhance student and teacher learning experiences, enabling dynamism and all-time interactive responsiveness. Our students can access materials at any time and on any electronic device, complete </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assignments</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and activities directly on our apps, watch video lessons to review content and check their performance to correct mistakes. We also created an online studying community where students feel comfortable to ask questions directly to our tutors using the app, who are available even on weekends and holidays, and learn from other questions asked by students and posted in the community. Parents are also able to use our apps to analyze the number of exercises completed by their children, check their scores by subject and monitor overall achievement rates, therefore closely following and assisting in the full development of their children. Our content can be delivered either in printed or digital format, and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">through a new </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">all included</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> category</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, named Learning Book, which combines hardware (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Chromebook</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) and digital content plus the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> platform, in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a service</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> format.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In the context of our Content &amp; EdTech Platform, we are positioned as a <span>one</span>-stop-partner powered by technology for Brazilian private K-<span>12</span> schools. Our partner schools are spread across the entire country and, given our complete array of solutions that meet different types of needs, we allow schools to choose from different academic methodologies and price ranges to better fit teachers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parents</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> preferences. We offer a variety of core education content and solutions with average annual tuition rates ranging from R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>430</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for Maxi to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>861</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Anglo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, catering to a wide range of customers, as further detailed below.</span></p>
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<p style="margin: 0pt 0pt 4pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-size: 10pt;"><span style="font-family: 'Times New Roman'; line-height: inherit;">(<span>1</span>)</span><span style="font-family: 'Times New Roman'; line-height: inherit;">&#160;&#160;</span><span style="font-family: 'Times New Roman'; line-height: inherit;">Based on adoption list. Considers PAR</span><span style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; line-height: inherit;">s net revenue and actual student base (adoptions which effectively converted into new sales).</span></span></p>
<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-size: 10pt;"><span style="font-family: 'Times New Roman'; line-height: inherit;">(<span>2</span>)</span><span style="font-family: 'Times New Roman'; line-height: inherit;">&#160; </span><span style="font-family: 'Times New Roman'; line-height: inherit;">&#201;tico</span><span style="font-family: 'Times New Roman'; line-height: inherit;"> price, excluding sales to </span><span style="font-family: 'Times New Roman'; line-height: inherit;">Pluri</span><span style="font-family: 'Times New Roman'; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our base of partner schools is highly diversified, which reduces our dependence on any single customer or concentration of large customers. This factor provides our business model with a resilience and predictability factor as an unlikely churn of a large client would not have a disruptive impact in our business model.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Products and Services</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Core Solutions</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our core content solutions are usually the first decision made by our clients to establish a partnership with us. To offer the best for our partner schools, we provide a complete and integrated portfolio of educational core solutions that cover all segments related to private K-<span>12</span> education, either as bundled offers or as standalone products. Our bundles include, in particular, content solutions in different methodologies (traditional learning systems, PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and textbooks), digital learning services and continuous teacher training.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Traditional Learning systems, PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> and Textbooks </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our offerings consist of collections of teaching material for all cycles and segments within K-<span>12</span> education. These collections include digital and printed textbooks from multiple brands on all subjects for students, teacher handbooks, exercise books, books for the study of multidisciplinary subjects and student evaluations. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We market our educational solutions through long-term agreements we characterize as subscription arrangements, which allow us to have highly predictable and resilient revenue. Partner schools may choose between <span>one</span> of our traditional learning systems (Anglo, pH, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Rede </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Crist&#227;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Educa&#231;&#227;o, Maxi</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#201;tico</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Fibonacci and Mackenzie</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) or PAR, our textbook-based solution. Our diversified portfolio with multiple brands enables us to reach a large addressable market. Each of our learning systems has its own method, so schools can select the <span>one</span> that best fits their pedagogical project:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Anglo: with a &#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Class given, class studied</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221; approach, Anglo always provides access to homework combined with the content taught in class. Anglo is our most relevant brand, with more than <span>323</span> thousand students and over <span>884</span> schools spread across <span>26</span> Brazilian states, with a high concentration in the state of S&#227;o Paulo. Additionally, approximately <span>40</span>% of the schools served by Anglo have been in our client base for over <span>15</span> years.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pH: with an in-depth conceptual content approach, pH is <span>one</span> of the most traditional brands in Rio de Janeiro, with a student base of approximately <span>100</span> thousand spread across more than <span>366</span> schools. pH is present in <span>23</span> Brazilian states.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">: focused on developing educators, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">leaderships</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and students. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is available in <span>26</span> Brazilian states, with more than <span>132</span> thousand students in over <span>563</span> schools, almost <span>two</span> thirds of which are concentrated in the states of Minas Gerais, S&#227;o Paulo, Rio de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Janeiro</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and Bahia. </span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Rede </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Crist&#227;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Educa&#231;&#227;o: based on </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217; content and personalized for religious schools, Rede </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Crist&#227;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Educa&#231;&#227;o is present in <span>20</span> Brazilian states with over <span>23</span> thousand students, concentrated in the states of Rio de Janeiro, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pernambuco</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and Minas Gerais.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#201;tico</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">: has a contextualized and interdisciplinary approach and reaches approximately <span>116</span> thousand students in approximately <span>589</span> schools, including </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pluri</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> schools that adopt </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#201;tico</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Maxi: has the pedagogical purpose of contributing to students&#8217; holistic development, with an affectional-based pedagogy methodology. Maxi reaches over <span>190</span> thousand students in <span>924</span> schools distributed all over the country (<span>27</span> states).</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">SESI: SESI (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Servi&#231;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> Social da </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Ind&#250;stria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) owns a large network of schools in Brazil that adopts a core content exclusively developed for SESI to address its schools&#8217; needs. Vasta provides digital platform and assessment tests to <span>142</span> SESI schools spread across <span>23</span> states, totaling approximately <span>80</span> thousand students.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Eleva: Eleva </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">was built on <span>three</span> pillars: academic excellence, socio-emotional skills, and citizenship, with the objective of developing students&#8217; abilities at their own pace. Eleva is present in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>25</span> Brazilian states in over <span>531</span> schools with over <span>160</span> thousand students.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Mackenzie: Mackenzie is based on the worldview of Christianity and on integrated learning. It also has interactive and meaningful learning and creative methodologies that improve individual and collective learning. Mackenzie is present in <span>23</span> Brazilian states, serving <span>360</span> schools with nearly <span>70</span> thousand students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In the case of PAR, schools select their preferred books and materials, offered by our brands </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Saraiva, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#193;tica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Atual</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Scipione</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, through a long-term agreement allowing educators to follow their own specific teaching methods. In this context, educators can select from a diverse portfolio of content, mastering the classes as they judge best and therefore enhancing our delivery. With this approach, we accommodate all schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> choices, which is a unique approach in the educational solutions market, as other players tend to focus on either learning systems or textbooks, and no other player has a solution similar to our multi-brand, book-based solution. We currently serve around</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>390</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">thousand students and approximately</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>950</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">schools, spread across</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>27</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">states. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, through our publishing business, we also engage in the sale of stand-alone textbooks to schools. More than an important revenue stream, this serves as an entry level for potentially increasing the penetration of recurring partnerships. We believe schools that adopt a specific textbook from our collection of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over <span>10,000</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> titles are more likely to switch to a model we characterize as subscription arrangements, such as PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or a traditional educational platform, given the already established relationship. Ultimately, stand-alone textbook sales increase our opportunities to up-sell and cross-sell in schools, especially in schools where stakeholders are initially reluctant to adopt a structured content solution. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our core content solutions we characterize as subscription arrangements (PAR and traditional learning systems) also provide for ongoing training for educators and the provision of services to partner schools, including, but not limited to, consulting services regarding school management and the organization of events for educators, parents, students and principals of partner schools, as well as a proprietary and differentiated evaluation system for partner schools and their students, available digitally and in print. All these features are provided to our clients who contract our learning systems at no additional cost beyond the contract price for the relevant learning system.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our evaluation system includes a data-driven pedagogical offering which focuses on practice tests for standardized exams such as ENEM to our partner schools. These tests have a fundamental role in providing data, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">diagnosing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and guiding action plans that could change or reinforce our and the schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> pedagogical practices. In order to transform this data into important insights, we have a specific department called our Learning Evaluating Area, whose only responsibility is creating, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">correcting</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and providing feedback to our partner schools. The goal of these evaluations is to understand the cognition level and abilities of the students as well as to orient the pedagogical plan on multiple segments.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> In <span>2021</span>, we launched our new platform of online assessment integrated </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">with</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, driven by the acquisition of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Meritt</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (November 2020), enhancing a key </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">feature of our platform and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which increases the adherence </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to our solutions. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, w</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">e delivered </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">more than </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>3.6</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million assessment tests</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, further developing </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our capacity to use big data to drive our innovation and solutions development.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Furthermore, we also offer a continuous education program for educators, teaching coordinators, educational counselors, principals, psychologists, administrative agents, and the administrative support staff. Together with face-to-face training, usually during conferences, seminars and congresses, online learning programs are offered, linked to our parent company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In this annual report, we describe certain early-stage product offerings, and there is no material revenue effect on our revenues for such early-stage products as described in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">this annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Digital Learning</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our digital learning solution, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, is a tech-enabled platform that assists our partner schools in their digital transformation process and offers our learning systems and PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> partner schools all the support they need in a fully integrated platform. It provides a comprehensive digital learning experience and allows for tailor-made adjustments for each school. Available on the web and as iOS and Android apps, all the features can be accessed anytime and anywhere.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is a practical, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">organized</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and innovative platform offering a complete range of content and services to students, including content seen in the classroom, teaching materials, exercise lists, ENEM exams and tests from Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s main university entrance exams, videos to help in the resolution of tasks, online tutoring and a database of questions and answers from other students. For every class taught, there is associated homework, providing students with a better understanding of the content. For highly</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">skilled students, we also offer tasks with greater complexity in order to challenge and motivate them, helping them to develop their full potential. The solution is highly responsive and makes use of artificial intelligence and machine learning algorithms.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For parents and guardians, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> provides summarized reports with individual performance and serves as a communication channel with the school. The report shows the results of the student, indicating strengths and weaknesses, and comparing benchmarks against other schools across Brazil.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For educators and directors, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> generates individual and comparison performance reports, assisting them to address specific difficulties each student is facing, as well as when challenges impact the entire classroom.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Maestro is the solution offered to educators and coordinators within the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> platform. The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Maestro platform develops and sustains digital solutions that help educators in planning and conducting classes, offering resources, data and content that facilitate and support teaching for a specific educational platform. It allows for the creation of individualized content and data generation and evaluation reports to support in-class enhancements. The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Maestro is also linked to the educators</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> handbook for each brand in our portfolio and contains training regarding our content and solutions.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Continuous Teacher Training</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">PROFS is a teacher training program that is designed to improve work in the classroom by means of mentoring so that educators reflect on their methods and are always striving for excellent performance. As the only online training program for educators that provides certification, this solution is also offered in bundled solutions through <span>one</span> of our traditional learning systems or through PAR.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Complementary Education Solutions</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We offer a complete and integrated portfolio of complementary education solutions we characterize as subscription arrangements that cover a number of segments related to K-<span>12</span> education, supporting schools to provide a holistic education to their students.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Socio-Emotional</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">O </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">L&#237;der</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> em </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Mim</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, a program with content, methodology, teaching material and training to develop leadership, values and <span>21</span>st century skills. This program is targeted toward students in kindergarten through ninth grade and allows the structuring of the socio-emotional curriculum in partner schools. It has over </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>14</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>7</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">thousand</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> students spread across </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>25</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> states, with a higher concentration in S&#227;o Paulo.</span></li>
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<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Languages</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">English Stars, an English educational platform designed to develop fluency in the English language with high penetration in schools, exploring content that goes beyond vocabulary and grammar, such as science, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">humanities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and art, which can be offered both during school and during extracurricular hours.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EduAll</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, a new bilingual program, built to enhance our current solution (English Stars) with a hybrid learning experience with games, digital books, online assessments and digital readers, combined with what we understand to be a renowned quality of teachers and students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> books produced by Macmillan, which agreed to a partnership with us in <span>2021</span>, to develop this unique, exclusive solution for the Brazilian market that combines the reputation of this recognized brand with our experience in the learning system market. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EduAll</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> also allows us to increase presence in a market that we believe will be transitioning towards an increasing number of English hours in school curriculum. Because </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EduAll</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is a very flexible program, schools can choose the standard <span>three</span>-hour per week program plus add building blocks to complete up to a <span>10</span> hour per week program. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The program commence</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">d its </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">distribution in the <span>2022</span> commercial cycle, with first sales delivered in the <span>2023</span> cycle (October 2022 to September 2023)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></li>
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<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Academic</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Ol&#237;mpico</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s platform of preparatory content for scientific competitions. It offers full support to students, parents and educators engaged in the most prestigious competitions, generating visibility and value to schools as a differentiated service.</span></li>
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<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">STEAM</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MindMakers</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">uses children</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s curiosity and energy as fuel to create rational minds with powerful computational thinking skills. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MindMakers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is designed to teach students how to develop leadership, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">collaboration</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and persistence through multidisciplinary problem-solving exercises.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MindMakers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was acquired by Vasta in <span>2020</span> and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> included in our go-to-market strategy </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in <span>2021</span>, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">serving</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>341</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> schools and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>95</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> thousand students in <span>2022</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Matific</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, in partnership with the international online learning company </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Matific</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we provide engaging and entertaining mathematics instruction based on a strong pedagogical background and presented through playful interactions. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Matific</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> provides interactive learning environments and adaptable worksheets that go beyond traditional classroom instruction to help develop students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> ability to apply their growing math proficiency in real-life situations. The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Matific</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> program allows students to progress at their own pace through a unique sequence of interactive activities that help students develop math proficiency and critical thinking in schools. We offer </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Matific</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> as complementary content in addition to including it as part of the regular curriculum of certain of our learning systems, such as Anglo and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pH.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Store. In the <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> commercial cycle, we launched </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Store as a B<span>2</span>B model</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. It is a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">n extension of our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, offering</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>13</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> complementary digital solutions in partnership with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EdTechs</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> from all over the world. Through </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> store, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and their users (students and teachers) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">can </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have a free trial, experimentation phase&#160; after</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> which</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> schools </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decide </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which solution to adopt based on </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">engagement rate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. These digital solutions are not </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">proprietary,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> thus we operate in a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">shared-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">revenue model, through exclusivity agreements.</span></li>
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<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">B<span>2</span>B<span>2</span>C Products</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In October 2021, we entered the business-to-business-to-consumer (B<span>2</span>B<span>2</span>C) segment, with the launch of <span>two</span> tutoring products through our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> platform. These products are offered exclusively to s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tudents enrolled in our partner</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, through a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technology </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">base</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> developed </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fully </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">house. </span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MeuProf</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, an application that connects students enrolled at our partner schools with affiliated professors for private tutoring, and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adapta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, in partnership with Seneca, a UK-based company, for the offering of adaptive learning sessions as a preparatory tool</span></li>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Operation</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">After partner schools choose a solution, we begin the training processes for school managers and educators, so they get acquainted with all the facilities that our learning systems and digital learning solutions have to offer. We then initiate our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relationship with the families and the students, including communication regarding the chosen solution and commercialization of our products and services. Our statistically standardized evaluation systems, digital learning environment and management and qualification tools, among others, are available to all customers.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Production and distribution of the material supplied to partner schools is carried out in the following stages: </span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Development of the matrix of skills and the competencies, and the content linked to each </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">skill;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In-depth study of essays trends, newest literary works and contextualized news updates for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">children;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Creation and editorial production, including digital content, which is carried out exclusively within </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Third-party printing, proprietary storage and third-party transportation of printed </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">content;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Release of passwords and e-training so that all students and educators can access our learning </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">platforms;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Release of the evaluations according to the academic calendar; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Development and communication of all access, engagement and learning reports. </span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">While we do not handle certain of these steps directly, we have the technological expertise to monitor all processes, which is essential for the control of the production stages and for maintaining our standards in terms of quality and competitiveness.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our authors are educators whose copyright can be acquired permanently or licensed by edition. In the case of licensing, the copyright payment is calculated as a percentage of net sales revenue. We currently have approximately </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>3,100</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> authors working under our various brands. We have exclusive publication and distribution of content written by such authors, and as a result, we have a robust base of educational content.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We outsource the printing of our books, using</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>47</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> printers and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>six</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> product handlers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, some of which have served us for several decades. Private market books are printed based on sales estimates and stored in our own warehouse. Our products are distributed through </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> distribution center</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in S&#227;o Jos&#233; dos Campos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and Pernambuco. Transportation of printed material is also outsourced. The transportation stage is integrated with the distribution center, and we use a number of reputable transport companies that receive specific training for the transportation of our products. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, the distribution process of teaching materials is highly complex and involves a supply chain with Sustainable Farm Certification, or SFC. Accordingly, we have a corporate department devoted entirely to managing the entire production chain, using forecasting methodology to predict sales </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volumes</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and managing printing and transportation, centralizing the essential activities and outsourcing secondary activities.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Digital Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Services</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our Digital Platform caters to school needs beyond education, with an aim towards increasing quality of service and efficiency, while reducing school churn and increasing new enrollments and family satisfaction. This comprehensive platform unifies the entire school administrative ecosystem and avoids piece-meal products, reducing inefficiencies and enabling schools to focus on education. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Currently, we offer solutions regarding the sale of products and services to families, catering to hundreds of partner schools through our education e-commerce platform, Livro F&#225;cil. We plan to add various other solutions to our Digital Platform such as academic and financial ERP and student acquisition solutions, including online enrollment platform, digital </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">marketing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and scholarship marketplace, either by developing such solutions in-house or through partnerships or merger and acquisition opportunities.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Customers</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our e-commerce customers are schools, which have chosen these services in their respective agreements, and families, that have acquired their products and services directly from Livro F&#225;cil. This service helps eliminate printed material logistic issues for schools and facilitates the process for acquiring and receiving printed materials for parents, as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is available through smartphones or computers, eliminating the need to dislocate to physical stores and retailers.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Products and Services</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is an e-commerce for the sale of educational content for schools including </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">teaching materials, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stationery</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and literature, among others. It also </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">functions as a distribution hub for materials from other suppliers that are chosen by our partner schools, reinforcing our <span>one</span>-stop-partner positioning. It operates across the entire Brazilian territory through an integrated logistics structure with our other solutions.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">After entering into the agreement for the chosen educational solution, the school decides whether the educational materials purchased by families should be delivered to the school or directly to the students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> home. Livro F&#225;cil sends vouchers to families to make purchases through the e-commerce and, after the purchase, the products are sent to the chosen destination by our logistics partners. After the families receive the material, Livro F&#225;cil pays the contractual commission to the schools.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">By using </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, schools can focus on their core activity and not worry about having a retail business and its implications, such as sales, stock management, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payment</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and receivable accounts. Other additional activities that schools are spared when adopting an e-commerce solution are usage of a physical space in the school for the retail activity and the heavy tax bureaucracy associated with reselling goods.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Geographical Presence</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Through our asset-light and scalable business model, we believe we have <span>one</span> of the largest school chains in the country, based on our review of publicly available data for private school chains in Brazil. As of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we had</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>5,274</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> partner schools with</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span>,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>589</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> thousand students, presen</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ce</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in all <span>27</span> Brazilian states</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, with a large concentration in high income states S&#227;o Paulo (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>30</span>%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of our students) and Rio de Janeiro (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% of our students), </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> growth potential in all other regions. We believe our national network is fundamental for us to succeed in our growth strategy.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Culture</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> believe that our corporate culture creates value for our partner schools and related stakeholders (including students and parents), employees and investors, as well as competitive advantages for our business. We encourage the following values to be actively cultivated by all of our employees and executives at every level:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> We are leaders who inspire, and we form amazing teams with a huge sense of belonging. We share ideas and know how to listen, accept opinions, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">praise</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and criticize constructively.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We strive for excellence. We are passionate about what we do, we seek high levels of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">performance</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and we recognize the merit of each contribution.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">constantly searching for disruptive ideas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. We love to break boundaries, test new ideas and never shoot down any initiative on takeoff. </span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are autonomous and supportive. We are a collective hands-on team who take the initiative and support each other to go further and further.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are part and parcel of a safe, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">respectful</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and transparent environment, where everyone can be their best version and exercise their full potential. Our culture and innovative mindset are the basis of what drives us to deliver the best and most complete offering to our partner schools and stakeholders, who count on us every day to support <span>one</span> of the most important pillars of our society: the next generation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s education. Our vision is to be the principal driving force of the reinvention of education for the <span>21</span>st century student.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Technology</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Technology has enabled improvements in educational platforms and tools, changing the way people learn. By opening up a new global market opportunity no longer confined to the classroom and representing more than just digitalization of traditional textbooks, technology has brought gamification, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">immersion</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and virtual tools into the classroom, re-conceptualizing the learning experience to <span>one</span> that is adaptive and highly personalized.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Throughout the years, we have been able to adapt ourselves, be part of and promote the digital transformation observed in the educational market by adjusting our products and offering concept, as well as our strategy and approach using a high-quality and scalable value proposition, which also allows for tailored-made and differentiated tools.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our product-based technological system, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, makes our interaction with students increasingly friendly and intuitive and is able to support all our different brands and their specific pedagogical approaches in an integrated and bespoken manner. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is a powerful source of data as every user interaction on our platforms generates multiple data points. Once they are processed and aggregated, reports become available to our final users (educators, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parents</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and students) and to our digital content production team.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, all of our solutions are based on complex proprietary IT systems and products, and we contract with datacenter service providers to host certain aspects of our platform and content. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2022</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we had service agreements with <span>three</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> data center service providers, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>one</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> on leased premises in S&#227;o Paulo and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>two</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> on cloud for the provision of data services located globally.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">With in-house development of solutions, we are able to foster constant improvement of the platform and deployment of new products, as well as continuous reduction of the time between identifying a need for adjustment in processes and/or systems and its effective implementation. Our technology and digital transformation team uses best market practices for managing IT services and Scaled Agile Framework, or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">SAFe</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, for supporting the current systems and delivering new solutions. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our employees are organized in autonomous small multidisciplinary teams called squads. Squads are cross-functional, self-organizing teams that aim at tackling a specific business objective ultimately improving productivity and overall delivery. This way of working provides greater agility to solve problems, launch new functionalities, promote continuous improvement and greater testing and integration, which in turn reduces flaws and mistakes. Product, technology, digital </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operations</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and content specialists work together on an end-to-end responsibility in a client-focused approach. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We define our squads</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> priorities based on the feedback of our engagement teams, who are in direct and constant contact with school administrators, and our support teams, who access our final customers (educators, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">coordinators</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and students) to identify complains and improvement suggestions.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">SAFe</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> speeds up the prioritization and allocation of resources processes and helps develop systems that are fully aligned with our business strategy. For complex projects, we use bimodal management: parts of the project are executed with agile methodology and others by the waterfall methodology. Progress is reported periodically to management using structured panels and indicators. The greater part of the systems development work is carried out by in-house employees with expert knowledge of the technologies applied and of our business processes, and, on occasion, by third-party specialists.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our information is stored in physical data centers and in the professional cloud computing of international specialist companies that comply with the main international standards and contribute to the highly</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">scalable nature of our technology. In order to ensure that the solutions produced by the teams reach the production environments with the best possible quality and speed, we started to implement development lines with tools and processes for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">DevSecOps</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, where quality, functionality, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">safety</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and performance tests will be carried out.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Educational Systems</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Within our products, aiming at delivering a fully integrated solution for schools, our partner schools use </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> proprietary platform to support their digital learning experience in our ecosystem. Through multiple interfaces, such as web-based and through an app on the iOS and Android platforms, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> offers our stakeholders a complete range of content and services that support our core education solutions. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> had more than </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1,700</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> thousand registered student users by the end of <span>2022</span>, which allowed teachers to send </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>870</span> million exercise </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">materials and activities to their group of students. As of the date of this report, more than </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>280</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> thousand students have demonstrated interest in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall&#8217;s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> online tutoring services (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MeuProf</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) since the launch in October 2021</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Initially, we provide </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> users with a profile access management, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> ID, consisting of a unique identification system which allows tracking of user academic profiles over time. Moreover, we can integrate schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> systems and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> ID to simplify the onboarding process and information update. All the academic structures, like grades, classes, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">units</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and groups, can be synchronized, enabling the same identity to be used for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> access. Data could also be integrated from </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to the school system to compose the final grades and cross performance reports.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Through the use of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we are able to assemble and analyze data and develop powerful insights for educators, coordinators, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parents</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and students, ensuring constant enhancements in the learning process. Lastly, our digital solution supports the construction and correction of assessments, delivering the results to students and school staff in a more agile and user-friendly manner.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">To deliver better a digital learning experience for our customers, we believe that having only a wide variety of digital content is not enough, so we produce instructional digital content inspired by what students spontaneously consume on social media (videos, interactive content, infographics, quizzes, podcasts, GIFs, etc.), paying special attention to aesthetic and artistic quality, with a simple and modern language, but without losing conceptual rigor which is essential for instructional content. As we are creating our own digital content, which is innovative and specific, we choose to develop internally the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Studio, a virtual and fully cloud-based environment that allow us to innovate in the creation of educational content for students and educators, exploring interactivity and the potential of digital resources in line with the learning objectives of each of our learning systems and PAR. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our digital platforms experienced significant growth both in user base and volume of usage when the schools closed in Brazil due to the COVID-<span>19</span> pandemic. This was the result of a structured plan to support our partner schools in implementing fully digital operations. As part of this effort, we implemented new features in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, such as online assessment, virtual science labs, and live digital classes, through a mix of agile internal development and integration with solutions from companies such as Google and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">CloudLabs</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was transformed from a complementary solution to a comprehensive digital platform for complete pedagogical implementation by our partner schools. Consequently, growth in usage has far outpaced the growth in new users. We now have significantly more users of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> platform as compared to the period prior to the school closures prompted by the COVID-<span>19</span> pandemic, and even more significant has been much more regular use of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> than ever before. At the date of this annual report, according to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Censo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Escolar, <span>1</span> in <span>4</span> students above the age of <span>11</span> years-old enrolled in private Brazilian K-<span>12</span> schools uses </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> as its digital learning platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> We also offered a trial version to prospective clients as part of our commercial efforts for the year, and this trial version is converting approximately <span>four</span> times more schools into subscription contracts than our regular go-to-market strategy.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The rate of adoption was particularly notable for K-<span>12</span> teachers, who generally lag behind their students when it comes to adopting new technologies. With limited alternatives, teachers embraced </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> as a learning platform, which significantly accelerated the digitalization of the K-<span>12</span> teacher-student pedagogical relationship.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">To support the expansion in users and usage of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we were required to significantly increase </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> performance, using the support of Amazon Web Services, our principal cloud services provider for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following graphics illustrate certain key metrics related to the expansion of the usage of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in connection with school closures as a result of the COVID-<span>19</span> pandemic. According to data from </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">SimilarWeb</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we have</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>30</span>%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">K-<span>12</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">traffic share compared to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>15</span>%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for our main competitor.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Visits</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> over </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Time </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(<span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">)</span></p>
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<p style="margin: 0pt 0pt 4pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Source: </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Company and </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">SimilarWeb</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">. Considers the period between </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Jan</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">uary</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> <span>1</span>, <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">December </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">31, 202</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have a data analytics educational area that uses all data captured by our products in several different pipelines to develop improvements to our platform. Key developments include: (<span>1</span>) engagement: we track the user experience and usage in the ordinary course and create dashboards for our engagement team, who in turn contact the schools and users directly in order to create a better user experience; (<span>2</span>) data products for final users: we deliver data in a dashboard format for educators and educators; (<span>3</span>) feedback for content generation: we use the data channel to create a feedback loop between students and educators that drive content updates.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The chart below illustrates our spot in this new hybrid learning environment: </span></p>
<p style="margin: 0pt 0pt 10pt; text-align: center; line-height: 1.2;"><img src="img548ce436583e416ea7c6.jpg" alt="Graphics"></img></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Innovation</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Innovation is imperative for success in K-<span>12</span> education both in the creation of educational content for students and educators, as well as in the distribution of such content. We believe the modern student is easily frustrated by traditional learning methods and old-fashioned content delivery. Innovation therefore plays a pivotal role in delivering superior learning outcomes: products based on personalization &amp; adaptive learning, immersion tools and gamification have greater potential to engage students.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our video classes are very dynamic and scalable, and allow for great user interactivity, with students navigating through different scenarios according to their responses to each question. In order to create an unparalleled adaptive learning platform, our content production is very granular, and broken into content regarding information on each specific topic and on the skills and competences required to complete the assignment. We take great care in combining the theoretical content of each topic with engaging features and a unique user experience.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are also pioneering the incorporation of neuroscience elements into our educational platform, developing a neuro-pedagogical approach. Neuroscience offers promising insight on scientific knowledge and tools that must be applied to education. We invest intensively in research though our Learning Science Lab, partnering with highly</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">regarded data scientists and forward-leaning tech-driven institutions through the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">CpE</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Ci&#234;ncia</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> pela Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - the Brazilian National Scientists for Education network)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In that context, we have partnered with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">BrainCo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, a startup incubated in the Harvard Innovation Lab that develops cognitive training technology products in collaboration with scientists from the MIT Media Lab. Specifically, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">BrainCo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> has created a headband that detects and quantifies student attention levels in the classroom using electroencephalography sensors. For that solution, NASA has enabled the creation of an algorithm that transforms brain waves into a measurement of student concentration. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Since <span>2020</span>, w</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">e </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tested headbands with <span>12</span> schools and more than </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span> thousand </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">students. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have also established a partnership with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">CpE</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, bringing together over </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>175</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> scientists in the first hub dedicated to bringing scientific evidence to guide pedagogical innovations in Brazil.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Analytics </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Since </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2018</span>, the analytics area</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> has</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> captured millions of granular data records in different behavioral dimensions. This data was organized and made available for the development of education models so that the operational areas could improve their processes intelligently and effectively. We also carried out initiatives to help intensify our culture of analytics and data-based decision making. A modern data lake cloud was established as a repository for massive amounts of data. By means of this platform, we can provide more sophisticated analyses to a number of our business areas.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Marketing and Sales</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our differentiated go-to-market strategy is based on a robust salesforce and a client-centric approach, with continuous focus on understanding our customers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> needs and delivering fully</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">integrated solutions. With the support of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>171</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">customer support </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">experts, we target customers through multiple channels including online advertising, marketing research tools, on-site visits, social media, among others. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">All of our marketing and sales processes are carried out internally and involve the coordination of several departments and various professional profiles. We work closely with Business Consultants, responsible for the commercial relationship with partner schools, together with Pedagogical Advisors and Product Specialists. Our sales force is fully integrated and is capable of selling our entire portfolio of products and services, allowing for agile, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intelligent</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and efficient actions, placing the needs of the schools at the center of their actions.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our processes are optimized by data coming from our Business Intelligence and Inside Sales teams. Our Business Intelligence team carries out a market census that covers around <span>90</span>% of the total number of students in the private K-<span>12</span> network in Brazil. This census helps us to define our approach when contacting a school, by knowing beforehand which solutions we should aim to target in our sales process.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On another hand, our inside sales team provides that, whenever a potential client demonstrates interest in <span>one</span> of our solutions, an automatic lead is generated, and our inside sales team is able to access existing interactions within our CRM system. Depending on the level of interest demonstrated, our on-site sales team reaches out to the school and performs the sale with a more targeted approach, enabling scalability and low cost of acquisition of new clients.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Each of our Business Consultants is responsible for serving a specific region in Brazil, and they are responsible for engaging with school leaders and identify which educational solution is best suited for each school, within our portfolio of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">core and complementary content solutions. After that, Pedagogical Advisors discuss with the academic department of each school what is the most appropriate methodology and what academic resources best fit their purposes. Following this, Product Specialists go through the necessary training for educators, to provide for an improved teaching and learning experience. Product Specialists are also responsible for answering any questions regarding the extracurricular products we offer, including language instruction, development of socio-emotional skills and academic programs.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The main stages of the marketing and sales process include:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Carrying out a market census in the over</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>17,500</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> private schools targeted by the commercial team (around</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>80</span>%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of the total number of students in the private K-<span>12</span> network in Brazil), which occurs between January and February. This census helps to define our approach when contacting a school by knowing beforehand which solutions we should aim to target in our sales </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">process;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Definition of the action plan and of the commercial portfolios by the marketing and commercial intelligence areas in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">January;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Establishment of the variable compensation for the commercial and specialist teams, to ensure these are aligned with our objectives, which also happens in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">January;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Creation of marketing and communication materials for the commercial campaign, such as catalogs and product samples, during </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">January;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Training of sales teams and product specialists in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">January;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Development and control of the commercial process from February to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">December;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Invoicing, in January to December; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Awards and payment of variable compensation for commercial and specialist teams, measured in June of the following year (after preliminary remuneration which occur every <span>four</span> months during the commercial cycle).</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the most part, our customers sign long-term contracts with us, with terms generally ranging from <span>three</span> to <span>five</span> years. Sales are made on an annual basis to partner schools in an integrated manner, meaning that schools pay a single amount per student and have access to all the products and solutions we offer. Products are usually delivered bimonthly to schools and payment plans may vary from <span>30</span> to <span>60</span> days after delivery. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The prices are directly charged from the partner schools or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">families, if</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the partner school selected our Livro F&#225;cil e-commerce platform. Pricing considers the production costs and the costs related to our support services, which varies according to the profile of each school and its portfolio choices.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A significant lead generator for our Anglo brand is the operation of preparatory courses for university entrance exams, that, given the quality and reputation of the brand, we constantly advertise with a list of alumni that passed the entry exams into the top universities in country.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Specifically in the case of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, our e-commerce platform is marketed by the integrated sales force as an additional service that might be hired by the schools in connection with the adoption of our Content Solutions. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is, therefore, a lead generator of cross-sell revenue that, by generating a commission to schools, can be used to sustain and help pay the adoption of an educational platform or PAR </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Platform </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">solution.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Customer Service and Support</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Aiming at delivering the best after-sales support in order to increase customers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> loyalty and recurring revenue opportunities, a Pedagogical Advisor is assigned for each school once the contract is signed. The Pedagogical Advisor will regularly visit the school (usually <span>four</span> times a year) and will also accompany the school at all local and national events. On average, each Pedagogical Advisor coordinates</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>32</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">schools, and in addition to personal interactions, they are also available for weekly or spontaneous calls. Schools also have access to our relationship center and may, at any time, request more information about their products, services, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">invoices</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or others. In addition, Livro F&#225;cil has its own customer service structure, serving mostly families, while also being integrated with the schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> relationship center.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Authors who receive copyright are also under contractual responsibility to answer the various </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">questions </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that the educators using our products may have and take part in marketing, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">engagement</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and capitation events for the partner schools. Our large team of authors means educators will always have someone available to assist them in their work.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, to improve the use of our digital learning solution, we also deliver support focused on </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> users. Our Engagement team is responsible for assisting our users and creating a better use experience. We segmented our team in <span>two</span> areas, <span>one</span> is responsible for supporting our partner schools by tracking and analyzing the user experience and maintaining close contact with schools to provide a better use of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> ecosystem. Another <span>one</span> is responsible for assisting students, answering questions through the online support module that is available on our digital learning platform. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result of our high-quality customer-focused approach, our clients have a very positive experience, as evidenced by our high NPS score among core education and digital learning brands. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of November 25, 2022, we scored <span>62</span> and <span>44</span> out of <span>100</span> possible points for Anglo and pH </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">learning systems,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">respectively, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as rated by our partner schools, and <span>41</span> out of <span>100</span> possible points for our digital learning platform (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), as rated by school coordinators.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Competition</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We compete with publishers, textbook providers, online learning solutions and all other players offering services to private K-<span>12</span> schools. For partner schools, reputation and content and platform quality are key differentiators. We believe that we are the only <span>one</span>-stop-partner in the private school marketplace able to cater to schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> entire ecosystem by providing a comprehensive set of solutions for schools in terms of core content and complementary content and digital solutions. Unlike other providers in the market, we are able to cater to a wide range of school needs, from core content to complementary content and, through our Digital Platform, a growing set of administrative and managerial tools for schools, which we expect will only continue to expand as we expand our core and complementary solutions and grow the product offerings of our Digital Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Services</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our large proprietary technology content and support systems improve our intellectual agility and responsiveness both in the development and also enhancement of our solutions. Also, among our main competitive strengths sits the fact that we have a robust salesforce and client-centric mindset with a self-reinforcing network under a mostly model we characterize as subscription arrangements.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Within our Content &amp; EdTech Platform, we compete with traditional publishers, textbook </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">suppliers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and other providers of educational curriculum solutions. There is no concentration of market power in the markets in which we operate except the publishing market, which is highly concentrated among a few players including us. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are <span>one</span> of the <span>three</span> largest players</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in the educational publishing market in Brazil, with a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>30</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% market share of the textbook market in the private sector, according</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our internal</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> market intelligence </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">data</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (annually</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> collected and consolidated based on the textbook syllabus adopted by the schools we have </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a relationship</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> with</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The learning systems market is highly fragmented, with a large number of players, but only a few of them have nationwide presence or the know-how for the sale of teaching materials and educational methodology as we have. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Through PAR, we are able to target a range of schools that do not want to adopt traditional learning systems, increasing opportunities for up-sell and cross-sell in schools which only purchase stand-alone textbooks. We </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were the first</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> player offering this type of solution.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the Digital Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Services</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, retailers selling textbooks and stationery, physical bookstores and e-commerce platforms are competitors or alternatives to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Educational solutions are usually commercialized directly between us and the school or by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, but, in specific cases, stand-alone products might be available in the distribution channels mentioned above.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Seasonality</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our revenue is primarily derived from the sales of our educational solutions and digital platform to partner schools. Each of these activities has its own seasonality, as specified below.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Content &amp; EdTech Platform</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our main deliveries of printed materials and digital materials to our 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 we provide in the fourth quarter are used by our customers in the following school year and, therefore, our fourth quarter </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results reflect the growth in the number of our students from <span>one</span> school year to the next, leading to higher revenue in general in our fourth quarter compared with the preceding quarters in each year. Consequently, in aggregate, the seasonality of our revenue generally produces higher revenue in the first and fourth quarters of our fiscal year. In addition, we generally bill our 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.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A significant part of our expenses is also seasonal. Due to the nature of our business cycle, we need 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 our 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.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Digital Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> Services</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Purchases through our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> e-commerce platform are 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.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">INDUSTRY OVERVIEW</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Introduction to the Brazilian Educational System</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The general education system in Brazil consists of K-<span>12</span> and postsecondary education. K-<span>12</span> comprises preschool, lower secondary, upper secondary and high school education levels, totaling <span>14</span> years of education, while postsecondary education consists of undergraduate and graduate degrees, totaling <span>3</span> to <span>8</span> years of education, a period substantially shorter than the K-<span>12</span> cycle. In addition to the general education system, Brazil also provides special education for people with disabilities, professional </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">education</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and education program for young adults (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Educa&#231;&#227;o de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Jovens</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> e </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Adultos</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or EJA, who were unable to access or complete K-<span>12</span> education at the appropriate age.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In <span>2022</span>, <span>47.4</span> million students were enrolled in private and public K-<span>12</span> schools in Brazil. Brazil&#8217;s K-<span>12</span> students represent <span>23</span>% of the total population, while in the United States this percentage falls below <span>17</span>% (considering an estimate of <span>56.6</span> million students attending school in fall <span>2019</span>), according to the NCES.&#8217; The chart below sets forth the total number of students enrolled per stage of the education cycle, as well as the duration and age. Also in <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, <span>9.0</span> million students were enrolled in private schools in Brazil, which makes Brazil the fourth largest market for private schools in the world, after India, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">China</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and Indonesia</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 10pt 0pt; break-after: avoid; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Educational Cycle in Brazil</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in millions, except age and years, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">)</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Market Fundamentals of the Private K-<span>12</span> Segment in Brazil</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The Importance of K-<span>12</span> Education</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">K-<span>12</span> education is compulsory in Brazil, and is provided by both private and public schools, with the majority of students enrolled in public schools. Under Brazilian law, guardians are required to enroll children at the age of <span>six</span> in a primary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">education facility and the Brazilian Government is required to provide students with public access to primary and secondary education. Despite having access to public K-<span>12</span> education, families seek to enroll their children in private schools to secure higher quality education. There is a significant difference in student performance for public versus private K-<span>12</span> education, as measured by performance on standardized exams such as the ENEM.</span></p>
<p style="margin: 0pt 0pt 4pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">The ENEM is extremely important for students</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> future opportunities as it is required for access to high-quality postsecondary education in Brazil. It is the standardized national test for university admission in Brazil. </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">In <span>2021</span>, <span>87</span>%</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> of ENEM applicants were either enrolled in their final year of high school or had already concluded high school. </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Of the <span>100</span> highest ranked schools for performance on the ENEM in </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"><span>2019</span></span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"><span>90</span> </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">are private.</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> The superior performance of private school students on the ENEM when compared to public school students is an important factor for families when deciding whether to invest in private K-<span>12</span> education for their children.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The poor quality of public K-<span>12</span> education is a result of the allocation of scarce Government investments in the segment. Although Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s investment in education in terms of GDP is high when compared to other countries, the majority of funding is directed to postsecondary education, which is evident when comparing public spending per K-<span>12</span> student to those in postsecondary education. The Brazilian Government invests <span>three</span> times more per public student in postsecondary education than per public student in K-<span>12</span> education. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Priority in Household Spending</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Families believe education is an effective investment to ensure that their children will be able to access high quality postsecondary education institutions and increase their future earning potential. Brazil has <span>one</span> of the widest differences between relative earnings of <span>25</span>- and <span>64</span>-year-old adults</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. T</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">he average wage of an employee that has completed some form of postsecondary education is <span>2.7</span> times higher than an employee with only secondary education, a wider wage gap when compared to other OECD countries</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Source: OECD</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Resilience of the Private School Segment </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result of the positive economic growth in Brazil&#8217;s economy in the early <span>2000</span>s, real wages have increased and thousands of families were able to rise to the middle class, which in turn has increased the shift to private schooling due to increased disposable income. According to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Tendencias</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Consultoria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the Brazilian middle class increased by <span>44.7</span> million people from <span>2003</span> (<span>2003</span> data by FGV) to <span>2022</span>, corresponding to <span>45</span>% of the population compared to <span>37</span>% in <span>2003</span>. Additionally, according to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Tendencias</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Consultoria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, social classes A and B corresponded to <span>16</span>% of total population in <span>2022</span>, an increase of <span>7</span>% when compared to the <span>9</span>% obtained in <span>2003</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The chart below sets forth growth in private school enrollments compared to reductions in overall K-<span>12</span> enrollments, demonstrating the migration of students from the public to the private system in Brazil. This trend was partly reversed in <span>2020</span> and <span>2021</span>, which we attribute to the effects of the COVID-<span>19</span> pandemic in the disposable income of Brazilian families. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe, however, that this interruption is transitory and that enrollments at private K-<span>12</span> schools will outgrow that of enrollments at public K-<span>12</span> schools once the effects of the COVID-<span>19</span> pandemic </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> terminated. </span></p>
<p style="margin: 10pt 0pt; break-after: avoid; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Number of Enrollments</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in thousands, except percentages</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">)</span></p>
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<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Source: </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">MEC/INEP</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Private school enrollments have gained share over the past decade and remain stable despite the Brazilian economic crisis in recent years, demonstrating the resilience of the sector. Therefore, with the resumption of economic growth, this segment is expected to have room for growth in coming years and well-positioned players will have the opportunity to capture these gains.</span></p>
<p style="margin: 10pt 0pt; break-after: avoid; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Number of Enrollments in Brazilian Private K-<span>12</span> Education</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in %</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">)</span></p>
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<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Source: </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">INEP, IBGE</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Despite the migration of students from public to private schools over the last years, when comparing Brazil to other countries in the world, there is still significant runway for increased </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">penetration, since</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> private school penetration in Brazil is lower than in other developing markets.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Complementary Content and Full-time Education</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">With recent changes in society and the job market presenting a more competitive scenario and preference for individuals with a holistic education, highlighting the importance of a diverse set of competencies aside from the core and technical curricula, schools have begun to demand more complementary content. Parents have been looking for complementary activities to enroll their children in order to provide them with a complete education and learning experience. These activities </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">include language courses, tutoring, STEAM-based curriculum (Science, Technology, Engineering, Arts and Mathematics) and <span>21</span>st century skills, such as critical thinking, which provide an important addition to student development and formation and are usually provided outside of regular school hours, either at school or at third party provider locations. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition to being sources of knowledge enhancement, complementary content can generate additional revenue to schools. Also, the ability to provide these services in the school is a trend that promotes more convenience for families. Demographic changes such as the entry of women into the labor market and the long working hours led parents to find in schools an integrated center for solutions, offering full time education with complementary content. Therefore, the demand for this kind of solution has been growing in recent years. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The number of students enrolled in full-time education in high school increased from 8.9<span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%<span>&#160;in&#160;</span></span><span style="border-left: none; border-right: none;">2018</span> to 13.7% in&#160;<span style="border-left: none; border-right: none;">2022,</span>&#160;according to INEP.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Education, Technology and Digitalization</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In light of the current developments in technology in recent years and the need to constantly improve the quality of K-<span>12</span> education, digitalization is playing a critical role in schools in terms of personalizing learning, supporting </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">educators</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and increasing school productivity. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Looking at more mature markets, for example the United States and the United Kingdom, digital solutions are already moving towards an integrated offering at some schools, creating personalized learning paths and practices in order to differentiate learning among children in the classroom. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil exhibits favorable prospects for adoption of technological education solutions, considering it is the fourth largest country in terms of internet users in the world, according to a study by the United Nations Conference on Trade and Development, or UNCTAD</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The K-<span>12</span> segment has been moving towards increased digitalization</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In <span>2020</span>, the first hybrid ENEM edition took place, and the exam was administered live and in digital format. According to the MEC, the migration to digital assessments will occur gradually until <span>2026</span>, when the ENEM will be assessed entirely in digital format.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 2pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In order to bring the most value to students and educators, providers of educational content have been incorporating higher quality technology, pedagogical solutions, teacher development programs and other value-added services.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Professionalization of Schools</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There are </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1,011</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> private schools in Brazil, of which approximately </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>9</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>0</span>% have less than <span>500</span> students.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> These small-scale units dedicate significant working hours to administrative activities, such as intake, retention, financial management and communication with parents. This can be an inefficient use of resources that diverts the school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s focus away from its core educational activities and also represents lots of hidden costs to the school.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Due to this challenging scenario, the digitalization progress can be an important tool of professionalization in schools. The value of digitalization is extensive, covering solutions ranging from curriculum products to back-office tools focused on efficiency. These result in productivity gains for schools and allow them to save time and costs through systems that help them reduce their back-office size and that provide integration with other systems, reducing the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">number</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of manual entries. Another key tool for more effective school management is big data intelligence, which creates actionable insights to aid in business tasks such as forecasting, student recruitment, drop-out alerts, among others.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This movement to make back-office processes more efficient has led providers to begin migrating towards <span>one</span>-stop-shop solutions, primarily as a result of the lack of integration between providers, which complicates data analysis and visualization, leads to duplicative manual entry across multiple systems and generates errors and mismatched information, introducing risk. Moreover, logging into and navigating through different system is time consuming and adds complexity.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Therefore, schools have taken some measures to become more efficient. Such measures include</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">:</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>1</span>) increasing purchases from a single vendor and centralizing data and data visualization; (<span>2</span>) the use of CRM (enrollment management) as a recruiting tool; (<span>3</span>) migration towards cloud computing for quick and easy updates; and (<span>4</span>) reduction of customized offerings, which create issues when providers carry out software updates, and are generally more expensive.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Products and Services Addressing Schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Needs</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Addressing the Needs of a Highly Fragmented and Heterogeneous Market </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian market presents a large number of schools with different scales and focusing on very diverse profiles. Currently there is no meaningful consolidation in the Brazilian private K-<span>12</span> segment, with <span>41,011</span> private schools in Brazil, of which approximately <span>90</span>% have less than <span>500</span> students. In addition to being highly fragmented, the Brazilian private school market is also heterogeneous, with schools following a wide variety of pedagogical approaches and teaching methods</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 10pt 0pt 0pt; break-after: avoid; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Numbe</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">r of Students per School</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(in %)</span></p>
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<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Source: INEP </span></p>
<p style="margin: 10pt 0pt; break-after: avoid; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">A</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">verage Monthly Tuition </span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(in R$)</span></p>
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<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Source: Based on Vasta</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">s </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"><span>2021</span> </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">internal survey</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">These schools lack the time, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capacity</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and resources to develop their own content and pedagogical solutions and often require complementary education solutions to provide holistic education to students. In addition to content and pedagogical solutions, these schools also need tools and technology to help with school administration, so they can focus on their primary activity</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> which is education, as well as reduce costs and improve efficiency levels.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Core Content Solutions</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Core content solutions encompass educational content for schools and students, digital learning environment and continued learning and development for educators.</span></p>
<p style="margin: 0pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Schools and educators are the primary decision makers when determining which option to be used in terms of: (<span>1</span>) content (textbooks, learning systems or hybrid options); (<span>2</span>) format and functionalities (digital and print, among others); (<span>3</span>) brand or provider; and (<span>4</span>) the channel that will be adopted for sales to parents (whether directly through the school, through e-commerce, or by other means).</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Core content comprises the mandatory K-<span>12</span> curriculum and schools have adopted <span>three</span> different options to deliver content to students based on their pedagogical approach: (<span>1</span>) stand-alone textbooks, encompassing content which are purchased by parents at bookstores or other marketplaces and are usually adopted by schools that prefer to develop their own curricula, lesson plans and classroom activities to ensure flexibility in pedagogical curricula and in-depth learning for all grades; (<span>2</span>) learning systems, which comprise content in different formats across all grades for schools that are looking for structured content and associated services, such as lesson plans, pedagogical and marketing support, and other support services. These materials are adopted and purchased by schools from an education company and sold to parents with a mark-up by the schools; or (<span>3</span>) a hybrid approach, combining the use of textbooks and learning systems for schools seeking to use their own lesson plan and pedagogical approach for selected grades (adopting books) while adopting learning systems for the remaining grades.</span></p>
<p style="margin: 10pt 0pt 6pt; break-after: avoid; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Methodological Option in the Private Schools </span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">)</span></p>
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<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Source: Vasta</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">s internal database (</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Lista de </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">ado&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">), covering around <span>85</span>% of Brazilian students in private market.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Digital learning platforms encompass solutions and support for schools, educators, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parents</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and students. Schools and educators are able to tailor learning activities combining feedback provided by students, levels of classroom engagement and examination results. Parents can access real-time student performance metrics and work together with the school to help their children improve academic results. Students are provided with online digital content that may also be downloaded, together with tutoring support during and outside regular school hours.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe digital learning platforms represent a clear opportunity to deliver high-quality education at a lower cost to parents since it enables scale gains to education providers both inside and outside the classroom. Companies are investing in adaptive learning platforms to provide students with content tailored to their individual needs and <span>24</span>-hour connectivity. With the use of technology, education expands beyond the classroom, allowing students to access more engaging content in different forms and through various sources.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Resources for continued learning and development for educators, which enhance the learning experience for educators and their students, include a wide variety of areas, such as classroom teaching skills, student engagement methods, testing strategies and introduction of new technologies, among others.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">According to a report by Oliver Wyman from <span>2018</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adjusted by inflation </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">until December 31,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>2022</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> that was commissioned by us</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the services we provide through our core solutions have a total addressable market of R$<span>7.9</span> billion per year as of <span>2022</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe we are uniquely positioned in the sector, since we are able to offer all kinds of choices, regardless of the chosen methodology. Partner schools may choose between <span>one</span> of our traditional learning systems or PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s educational platform, our book-based content solution. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our core content solutions include content in different formats and a wide range of services such as digital learning, pedagogical support, continuous teacher training and others. Despite the fact that stand-alone textbooks are not part of our core strategy, they are important as a first step to start a relationship with a school, which can eventually subscribe to PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or <span>one</span> of our learning systems in the future. Therefore, through this range of services, we are able to fully serve the entire educational market.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Complementary Content Solutions</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There is a diverse set of complementary education solutions available for students that include language courses, tutoring, robotics, socio-emotional and other <span>21</span>st century skills that have gained relevance in the field of education over the last years. The rising demand was driven by the increasing parental focus on ensuring that their children are </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>21</span>st century ready</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for the employment market and acceptance into high quality postsecondary education institutions. The main criteria parents seek are socio-emotional health, global awareness, digital </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">skills</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and critical thinking.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In order to improve and educate better citizens, education in schools has been updated year after year. In this process, socio-emotional education has become an important vertical in which students learn to reflect and effectively apply necessary knowledge, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">attitudes</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and skills throughout school and future life.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Demand for complementary education has also been increasing, primarily driven by parents</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> long working hours and social changes such as the increase in participation of women in the workforce. Other aspects that support these structural changes are related to logistics (more limited mobility) and security challenges. In this way, schools have become integrated centers of solutions.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Complementary education is also becoming increasingly relevant for schools because: (<span>1</span>) they contribute to a holistic education to students; (<span>2</span>) they can increase student retention; and (<span>3</span>) they provide additional revenue streams to schools.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Digitalization is turning STEAM into an essential subject for future workforce preparation. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">According to Innovation and Science Australia, <span>92</span>% of future jobs will need digital skills. Since <span>1990</span>, there has been a <span>79</span>% increase in the number of jobs related to STEM, according to Pew Research Center. Consequently, countries are adopting STEAM subjects in the mandatory curricula. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">According to a report by Oliver Wyman from <span>2018</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(as adjusted by inflation until December 31, 2022)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> that was commissioned by us, the services we provide through our complementary solutions have a total addressable market of R$<span>8.4</span> billion per year as of <span>2022</span>.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our current platform offers language courses, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">socio-emotional </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">content</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and academic programs, and we are constantly looking to incorporate new solutions into our existing platform. We are currently working on expanding our complementary offerings to include STEAM. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">School Management Services</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The school management services market in Brazil is currently very fragmented, with schools adopting different operating systems to support all their needs including financial and academic ERP</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and student acquisition solutions, including online enrollment platform, digital </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">marketing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and scholarship marketplace</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. These services aim to increase school efficiency by leveraging back-office functions, allowing school management to be able to focus primarily on educational activities, increasing the quality of education.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This market is increasingly relevant as technology is further developed and as schools seek alternatives to manage their costs and increase their efficiency. The advancement of digitization can be an important tool of professionalization in schools. Looking at more mature markets, for example, United States, we can see that there is already a migration towards an integrated offering of digital services at some schools.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe our Digital Platform is built to cater to all other school needs or management services aside from education, offering unified management and increasing efficiency and quality of services</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Currently, we offer </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the largest education-related e-commerce in Brazil, selling educational content and stationery items, while also functioning as a hub for distributing materials from other suppliers that are chosen by our partner schools, reinforcing our <span>one</span>-stop-partner positioning</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. In addition, we are also developing a number of other solutions for our Digital Platform through a full stack of digital services, including </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">academic and financial ERP and student acquisition solutions, such as online enrollment platform, digital </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">marketing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and scholarship marketplace</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">According to a report by Oliver Wyman from <span>2018</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(as adjusted by inflation until December 31, 2022)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> that was commissioned by us, the services we provide through our Digital Platform have a total addressable market of R$<span>15.3</span> billion per year as of <span>2022</span>.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Platform as a Service: Total Private K-<span>12</span> Addressable Market</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">To address the challenges faced by the private K-<span>12</span> segment in Brazil and in light of market fundamentals, we believe we are well positioned to cater all school needs through our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">platform as a service</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> approach. The solutions available today are still fragmented, with different tools being offered by different providers, which end up generating some challenges for schools. The possibility of adopting an integrated provider will allow schools to generate significant gains in terms of cost reduction, time optimization and focus of school managers and educators and a seamless and user-friendly experience for families. In addition, they create significant barriers to new entrants. Moreover, the adoption of digital functionalities is still in an incipient stage and subject to major transformations. We are positioned to deliver key digital functionalities for education and school management through our integrated platform as a service approach, providing state-of-the-art end-to-end solutions. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe we have built <span>one</span> of the most complete and integrated platforms of K-<span>12</span> products and services capable of promoting the digital transformation in schools through our Content &amp; EdTech Platform and our Digital Platform. Our Content &amp; EdTech Platform is mainly focused on the core and complementary education with a multi-brand tech enabled platform that delivers high quality content according to each student profile, while our Digital Platform is designed to provide school management services through an integrated approach.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a result, we believe we are uniquely positioned to capture the full spectrum of products and services of the private K-<span>12</span> market in Brazil, amounting to a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">n</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> estimated total addressable market of R$<span>31.6</span> billion per year as of <span>2022</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 10pt 0pt 0pt; break-after: avoid; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Private K-<span>12</span> TAM</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">in R$ billion, <span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>22</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">)</span></p>
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<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Source: </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Oliver Wyman <span>2018</span> adjusted by inflation</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe we are well positioned to deliver key digital functionalities for education and school management through our integrated platform as a service approach, providing state-of-the-art end-to-end solutions.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">REGULATORY OVERVIEW</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian constitution establishes education as a right of all citizens, the provision of which is a duty of the state and the family. Accordingly, the government is required to provide all Brazilian citizens with access to free primary education that requires compulsory attendance. Private investment in education is permitted so long as entities providing regulated education services comply with the applicable rules and requirements.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian education system is organized as a cooperation regime among federal, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">state</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and municipal governments. The federal government is responsible for organizing and coordinating the federal education system in order to guarantee equal opportunity and quality of education throughout Brazil. Brazilian states and the Brazilian Federal District are required to focus on primary and secondary education (which are similar to the final years of elementary school, junior high and high school), while municipalities are responsible for providing preschool and primary education (which are similar to kindergarten and the first years of elementary school), and each is responsible for establishing and implementing the relevant rules and regulations for each educational stage the subject of its focus, including monitoring and evaluation, and the issuance of all relevant authorizations, recognitions and qualifications required for each such educational stage. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Law No. <span>9,394</span>/<span>1996</span>, or the National Education Guidelines Law (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Lei de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Diretrizes</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> e Bases da Educa&#231;&#227;o Nacional</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or LDB, establishes the guidelines for the provision of education services in Brazil and sets forth the federal government</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s duty to: (<span>1</span>) coordinate the national education system; (<span>2</span>) prepare the National Education Plan (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Plano Nacional de Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or PNE; (<span>3</span>) provide financial assistance to the states, the Federal District and municipalities; and (<span>4</span>) define, in cooperation with other federal entities, the responsibilities and guidelines for primary and secondary education.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, the federal government, through Law No. <span>13,005</span> of June 25, 2014, implemented the PNE, with a duration of <span>ten</span> years from the date of its publication. The National Education Plan established objectives for Brazilian education. For primary and secondary education, which encompasses kindergarten, elementary school and high school, the objectives are: (<span>1</span>) the universalization of preschool education, with a target to enroll at least <span>50</span>% of all children up to <span>three</span> years of age in schools by <span>2024</span>; (<span>2</span>) the universalization of primary education, with a target to enroll at least <span>95</span>% of children between the ages of <span>six</span> and <span>14</span> in schools by <span>2024</span>; (<span>3</span>) the universalization of secondary education, with a target to enroll at least <span>85</span>% of adolescents between the ages of <span>15</span> and <span>17</span> in schools by <span>2024</span>; (<span>4</span>) to ensure that all children learn the Brazilian Portuguese alphabet by the third year of primary education; (<span>5</span>) to make available full-time education in at least <span>50</span>% of public schools; (<span>6</span>) to improve the quality of primary education as evaluated by the IDEB; (<span>7</span>) to ensure that all students are literate by the time they are <span>15</span> years-old; (<span>8</span>) to make available to <span>25</span>% of primary and secondary education to young adults and adults; and (<span>9</span>) to increase enrollment in professional studies to <span>three</span> times the current enrollment rate. Accordingly, each of the federal, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">state</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and municipal governments was required to prepare a <span>ten</span>-year education plan and establish policies, guidelines and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">objectives applicable to the segment of the Brazilian education system over which it is responsible. In addition, these objectives act as guidelines for the private education sector.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Primary and Secondary Education</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Primary and secondary education in Brazil is equivalent to K-<span>12</span> education in the United States, and consists of preschool, elementary school, junior high and high school, which are regulated by the LDB, the National Education Plan and by directives established by the CNE.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The LDB regulates mandatory subjects, the minimum number of teaching hours and school days, the minimum classroom attendance and grade advancement. States, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">municipalities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and educational institutions can pass rules and regulations according to specific regional and local requirements, such as differences in curricula and calendar, grade advancement and issuance of academic documentation for primary and secondary education students.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The National Education Plan establishes <span>ten</span>-year targets for all the levels and stages of education, mandating that states and municipalities create and establish similar plans compatible with such national targets. It is incumbent upon the Primary and Secondary Education Secretariat (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Secretaria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Educa&#231;&#227;o </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">B&#225;sica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), or SEB, of the MEC, to monitor compliance with the PNE by states and municipalities. This supervision includes guidance and rules for evaluating the stages of primary and secondary education.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Under the federal constitution and the LDB, access to primary and secondary education is a right of all children from the ages of <span>four</span> to <span>seventeen</span>. Following amendments to Law No. <span>11,274</span> on February 6, 2006, the duration of primary and secondary education was extended from a period of <span>eight</span> years to a period of <span>nine</span> years. Among the purposes of primary education are: (<span>1</span>) development of the capacity to learn, including basic abilities in reading, writing and arithmetic; (<span>2</span>) comprehension of the natural and social environment, the political system, technology, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">arts</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and social values; (<span>3</span>) development of the capacity to acquire new knowledge and abilities and the formation of attitudes and values; and (<span>4</span>) strengthening family ties, social cohesion and mutual tolerance. Assessment of primary education is coordinated by the state legislation of each individual state, on a case-by-case basis.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Secondary education is designed to fulfill the government</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s duty to progressively complete the formation of the citizen, seeking universalization of scope and coverage. Secondary education is conducted for a period of not less than <span>three</span> years and seeks: (<span>1</span>) the consolidation and deepening of the knowledge acquired in primary education; (<span>2</span>) the basic preparation of the person being educated for work and to be able to adapt within the labor market or pursue further education; (<span>3</span>) the improvement of the student as a person, including ethical formation and the development of intellectual autonomy and critical thinking; and (<span>4</span>) the comprehension of the scientific and technological bases of the productive processes, relating theory to practice in each discipline. Assessment of secondary education is conducted on a national scale and coordinated by the MEC.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Regulatory Bodies</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The main regulatory bodies of the Brazilian education system are:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Ministry</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Education (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Minist&#233;rio da Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">);</span></li>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">An&#237;sio Teixeira </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">National</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Institute</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educational</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Studies</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Research</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Instituto Nacional de Estudos e Pesquisas Educacionais An&#237;sio Teixeira</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">);</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">National</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Education </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Council</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Conselho Nacional de</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">);</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Board of Primary and Secondary Education (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Conselho</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Educa&#231;&#227;o </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">B&#225;sica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">);</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Higher</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Education Board (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">C&#226;mara de Educa&#231;&#227;o Superior</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">);</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">State</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Municipal Secretaries (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Secretarias Estaduais de Educa&#231;&#227;o</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Secretarias Municipais de Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">respectively</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">); </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">State</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Municipal </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Councils</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Education (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Conselhos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Estaduais de Educa&#231;&#227;o</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Conselhos Municipais de Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">respectively</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">).</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The MEC is the federal government agency responsible for education in Brazil. It formulates and evaluates Brazilian national education policy, ensuring the quality of education and compliance with education regulations. The INEP is a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">collegiate federal entity responsible for evaluating educational institutions and student performance, as well as conducting research in order to provide a reliable database for public use.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The MEC is assisted by the CNE, which is the entity with decision-making and deliberative powers to ensure the improvement of national education. The CNE is comprised of the CEB, which is the collegiate responsible for the regulation of elementary and high school, and the CES, which is the collegiate responsible for the postsecondary education system. CEB and CES are each composed of <span>12</span> members appointed by the President of Brazil.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">States and municipalities are responsible for regulating preschool, elementary and high school education, respecting the macro directives from the CNE. State Secretaries of Education (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Secretarias</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Estaduais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) are assisted by the State Councils of Education (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Conselhos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Estaduais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) and are the main regulatory bodies for the for primary and secondary school education. The Municipal Secretaries of Education (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Secretarias</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Municipais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) are assisted by the Municipal Councils of Education (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Conselhos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Municipais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) and are the main regulatory bodies of preschool education.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The LDB grants power to states and municipalities to authorize, accredit and supervise primary and secondary education institutions. This is achieved through each governmental entity</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s respective Department of Education.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Regulations Applicable to Our Activities</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">There is not a specific regulation for the exercise of sale of educational content, either digital or printed content, as regarding the need to obtain government approval for the development of such activities. Therefore, we are not directly regulated by MEC or any other regulatory agency with regard to those activities.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">However, our Core &amp; EdTech </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">P</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">latform and related educational materials seek to comply with the LDB</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and the directives established by the BNCC. In addition, our school Anglo S&#227;o Paulo and partner schools are providers of primary and secondary education, regulated by the Municipal and State Secretaries of Education, under the supervision of MEC, and must comply with applicable regulations. Recently, the BNCC, was launched in Brazil and, therefore, we are required to incorporate all the BNCC standards into our educational products and content. The BNCC contemplates a set of guidelines that provides a curriculum itinerary specifying the core skills and knowledge that must be developed as part of primary and secondary education in Brazil and each school has the autonomy to elaborate or adapt their curricula and pedagogical projects according to such guidelines. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The BNCC guidelines were established following overall poor student performance levels achieved while the predecessor education guidelines were in effect. Several indicators suggest that the predecessor guidelines were failing in many ways, leading the MEC to initiate discussions relating to a new method based upon a comparison between Brazil and other countries</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> results, which formed the basis for developing the BNCC. Simply put, the LDB and the BNCC establish what subject matters shall be developed during each level of education (preschool, elementary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">school</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and high school).</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As provided by the LDB and the BNCC, preschool education should enable children to live in society, to play, to participate, to explore, to express themselves, and to know themselves. Primary education, in turn, shall offer the following subject matters: (<span>1</span>) Brazilian Portuguese; (<span>2</span>) Arts; (<span>3</span>) Mathematics; (<span>4</span>) Geography; (<span>5</span>) History; (<span>6</span>) Religious Studies; (<span>7</span>) English; (<span>8</span>) Science and (<span>9</span>) Physical Education. Also, according to the current BNCC, secondary education shall offer curriculum covering the following subjects (<span>1</span>) Brazilian Portuguese; (<span>2</span>) Arts; (<span>3</span>) Mathematics; (<span>4</span>) Geography; (<span>5</span>) History; (<span>6</span>) Physics; (<span>7</span>); Chemistry; (<span>8</span>) Biology; (<span>9</span>) English, (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>10</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) Physical Education, (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>11</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) Sociology; and (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>12</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) Philosophy. As our partner schools have autonomy to establish their pedagogical projects, there are no other guidelines relevant to the materials provided.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Relevant government agencies, such as the MEC and CNE, are still discussing amendments to the BNCC, which are also being debated by society at large in the public discourse. While following the BNCC is yet to be required of every school in the country, there are opportunities to provide core and complementary content solutions to improve and adapt to the new status quo in the Brazilian education market.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In terms of the sales of books and e-books, we benefit from the provisions of article <span>150</span>, item VI, paragraph </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of the Brazilian Federal Constitution, which establishes that the Federal Government, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">States</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and the Municipalities cannot levy taxes, such as the Tax on Industrialized Products (IPI) and Goods and Services Tax (ICMS) on the sale of books, newspapers, periodicals or the paper intended for the printing thereof. Although constitutional immunity applies to taxes, it does not apply to social contributions, such as the Social Integration Program (PIS) and the Contribution to Social Security Financing (COFINS). In the light of this, the Federal Government, by means of Law No. <span>11,033</span>, dated December 21, 2004, reduced the rates of PIS and COFINS tax on revenue resulting from the sale of books in Brazil to <span>zero</span>, effective December 2004. The aim </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of this reduction in the tax burden was to stimulate the production chain and marketing of books in Brazil. For the purpose of this reduction the definition of a book is as contained in Law No. <span>10,753</span>, dated October 30, 2003.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Furthermore, there is not a specific regulation for preparatory courses for university admission exams and for their textbook material. Therefore, we do not need to obtain governmental authorization to implement these activities and does not need to observe BNCC guidelines for the development of related textbooks.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In addition, the provision of services and sale of goods to municipalities and other public entities are subject to specific rules on public bidding procedures. Pursuant to Brazilian Federal Constitution, public authorities must initiate a public bidding procedure before hiring any services, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">purchases</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or sales. Such public biddings aim to provide the most advantageous conditions to public purchasers. These procedures are established by Federal Law No. <span>8,666</span>/<span>93</span> and cannot be overridden by state and local laws.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As general rule, public bidding procedures are mandatory and can only be exempted under certain specific circumstances (that is, only if considered unfeasible or if waived) in which cases, specific administrative procedure are required in connection with such exemptions. Failure to follow the procedures required for waiver or unfeasibility could subject the relevant public authorities and contracted parties to negative consequences, which include (<span>1</span>) annulment of the agreement; (<span>2</span>) prohibition to contract with the public authorities for a certain period of time; (<span>3</span>) mandatory reimbursement to the Public Treasury for any overcharge with respect to the relevant service or good; and (<span>4</span>) civil and administrative penalties for the losses and/or damages born by the public authorities.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, rules applicable to contracts with public authorities differ from those applicable to private agreements. Public authorities can unilaterally amend or terminate the agreements, and are also entitled to access all administrative, accounting, technical, economic, and financial information of the private entities contracting with them for purpose monitoring the relevant contract.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The provision of services and sale of goods to entities within the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">S System</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistema S</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> which includes SESI and SENAI) are subject to certain rules and principles that are similar to those applicable to public entities. However, entities within the S System are private entities that provide social services (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">parastatal</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> entities), are not part of the government nor included in its structure and, as a result, are not subject to the provisions set forth under Federal Law No. <span>8,666</span>/<span>93</span>. However, given that such parastatal entities are funded by the collection of specific federal taxes, they must observe the administrative principles on the execution of contracts. Consequently, SESI must observe its own rules of proceedings for tenders and contracts. Possible sanctions for default in contracts executed with parastatal entities include early termination, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fines</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and prohibition to contract that specific entity. In addition to that, SESI and the other parastatal entities are subject to the internal and external control from the Federal Controller General (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Controladoria </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Geral</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> da </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Uni&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) and the Federal Court of Auditors (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Tribunal de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Contas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> da </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Uni&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), respectively.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">C.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Ba4_9S84IHBWHS00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Organizational </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Structure</span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are a Cayman Islands exempted company incorporated with limited liability on </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">October 16, 2019</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for purposes of effectuating our initial public offering. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Prior to our initial public offering we undertook a corporate reorganization as described under </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Presentation of Financial and Other Information&#8212;Corporate Events</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On January 14, 2022, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> acquired the companies Phidelis </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Tecnologia</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Desenvolvimento</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Phidelis</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and MVP </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Consultoria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> e </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MVP</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">),</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> when the control over th</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ese entities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was transferred upon all conditions established on the share purchase agreement and the liquidation was completed.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Moreover, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">pursuant to o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ur corporate reorganization plan, the subsidiaries Mind Makers</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacional</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Mind Makers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Nota <span>1000</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Servi&#231;os</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacionais</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Ltda</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Reda&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Nota <span>1000</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Meritt</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Informa&#231;&#227;o</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacional</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda. (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Meritt</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, had their operat</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ional</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> activities, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">assets</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and liabilities, merged into Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the main company of the</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> group, on April 1, 2022. As a result, Mind Makers, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Reda&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Nota <span>10</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>00</span> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Me</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">t</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> ceased to exist as separate </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">legal </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">entities.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The diagram below depicts our organizational structure as of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the date of this annual report:</span></p>
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<p style="margin: 0pt 0pt 12pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(<span>1</span>)</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Other shareholders wh</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">ose</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> shares are in the free</span> <span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">float (including shares in treasury)</span><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For more details about our organizational structure please see </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Presentation of Financial and Other Information&#8212;Organizational Structure</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and refer to note</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1.2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#8211; Corporate restructuring and business combinations, note <span>5</span> &#8211; Business Combinations and note <span>29</span> &#8211; Subsequent events,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> our audited consolidated financial statements.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">D.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BA5_R65XCUG8Z400000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Property, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Plant </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equipment</span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Intellectual Property</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In order to maintain our intellectual property rights, including our rights in connection with our products and services, we rely on confidentiality agreements with employees and third parties and other types of statutory arrangements, in addition to a combination of laws, copyrights and software. In addition, we license technology from third parties and have licenses for all the software utilized in our activities.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We are party to approximately</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>3</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>000</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> agreements with third party authors with respect to educational content. We own approximately</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>525</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">trademark registrations, including the trademarks and logos of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Atica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Scipione</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Atual</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistema Anglo de Ensino</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">P</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">AR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Plataforma </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacional</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistema Maxi de Ensino</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">English Stars</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Rede </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Crist&#227;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MindMakers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> among others. We also have approximately <span>30</span> pending trademark applications in Brazil and <span>three</span> in the United States for trademarks </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and unregistered trademarks that we use to promote our brands. We also have the right to use trademark registrations for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pit&#225;goras</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (owned by a subsidiary of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Saraiva</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (owned by Saraiva </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gest&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Marcas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> S.A., a company jointly owned by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and third parties who are not controlled by us nor </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">). As of the date of this annual report, we owned approximately</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>130</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> registered domain names in Brazil</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our main trademarks already registered or in the process of registration in our name include the following: trademarks and logos of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos Science in Learning</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#201;tico</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Atica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistema Maxi de Ensino</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistema pH de Ensino</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Scipione</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistema Anglo de Ensino</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">PROFS</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">PAR Plataforma </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacional</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Biblioteca</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Atual</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">English Stars</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Rede </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Crist&#227;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">MindMakers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> among others.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Properties</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We occupy </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>14</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> properties for our operations. Our registered office and our central administrative unit (corporate office) is at Av. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Paulista, <span>901</span>, <span>5</span>th </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Floor</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Bela Vista, S&#227;o Paulo &#8211; SP, CEP <span>01310</span>-<span>100</span>, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Most of our units are located in properties leased from third parties, for which we have long-term lease agreements with fixed monthly rental rates. In a few instances, rental rates are tied to a percentage of revenue with a pre-established minimum value. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year ended December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">incurred expenses of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>18.3</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">million, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$<span>17.8</span> million and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$<span>14.3</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, respectively, on the rental of property and condominium charges</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">It is our belief that our current facilities are appropriate for our needs and that we will be able to renew our lease agreements and obtain additional space, if necessary, on commercially reasonable terms to meet future needs.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">have</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">equity</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">stakes</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>nine</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">companies</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">: Somos Sistemas, Col&#233;gio Anglo S&#227;o Paulo, Livro F&#225;cil, A&amp;R Com&#233;rcio e Servi&#231;os de Inform&#225;tica Ltda</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pluri</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Educacional), </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sociedade Educacional da Lagoa Ltda. (SEL), EMME &#8211; Produ&#231;&#245;es de Materiais em Multim&#237;dia (EMME), Editora de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gouges</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> MVP Consultoria e Sistemas Ltda. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, our subsidiary Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> has entered into commercial lease agreements with certain subsidiaries of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. For more information, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">see </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item <span>7</span>. Major Shareholders a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nd Related Party Transactions&#8212;B. Related party transactions</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;Lease and Sublease Agreements</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BA5_UE1DCSI7V400000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ITEM <span style="border-left: none; border-right: none;">4</span>A. UNRESOLVED STAFF COMMENTS</span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Ba6_N88YER1MR400000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ITEM <span style="border-left: none; border-right: none;">5</span>. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">The following discussion of our financial condition and results of operations should be read in conjunction with our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">audited c</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">onsolidated </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">f</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">inancial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">tatements and the notes thereto.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including those set forth in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Forward-Looking Statements</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Item <span>3</span>. Key Information&#8212;D. Risk </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">F</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">actors</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8221;.</span></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: upper-alpha;">
<li style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; margin: 0pt 0pt 10pt 14.72pt; padding-left: 3.28pt; page-break-after: avoid; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BA7_SBIFM6FQW000000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">R</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">esults</span></a></li>
</ol>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Key Business Metrics</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We review the following key metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. The key metrics presented below correspond, as applicable for comparison, to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year ended December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2020</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Enrolled Students</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The number of enrolled students is the primary operational metric our management reviews. It represents the total number of students at our partner schools served by our platform during a given school year. Although our primary customers are the partner schools we attract to our customer base, our revenues are determined by the number of enrolled students that access our content in these partner schools.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We typically have significant visibility of the number of students we will serve by the end of November, before the next school year starts. However, since we allow our partner schools to make small adjustments to their estimates to account for late admissions and dropouts, this number may fluctuate slightly through May, though it typically does not change from June to September.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following tables set forth the number of enrolled students at our partner schools as of the dates indicated.</span></p>
<table border="0" cellpadding="0" width="100%" style="height: 85px; border-collapse: collapse; width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"> <tbody>
<tr style="height: 10px; break-inside: avoid;">
<td style="height: 10px; padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: bottom; white-space: nowrap;"></td>
<td style="padding: 0in 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: bottom; white-space: nowrap; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="7"><span style="font-family: 'times new roman', times;">As of December 31,</span><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 15px; break-inside: avoid;">
<td style="height: 15px; padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times;">Number of enrolled students</span></td>
<td style="padding: 0in 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times;">2022</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times;">2021</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times;">2020</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 15px; break-inside: avoid;">
<td style="height: 15px; padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left;"></td>
<td style="padding: 0in 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px;" colspan="7"><span style="font-family: 'times new roman', times;">(in thousands)</span><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="height: 15px; padding: 0in 1px 0in 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; width: 64%; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times;">Total Vasta<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding: 0in 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; width: 10%; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times;">1,589</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; width: 10%; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times;">1,335</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; width: 10%; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times;">1,311</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; width: 1%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0in 1px 0in 9px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left;"><span style="font-family: 'times new roman', times;">Core content<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding: 0in 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><span style="font-family: 'times new roman', times;">1,589</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><span style="font-family: 'times new roman', times;">1,335</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><span style="font-family: 'times new roman', times;">1,311</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="height: 15px; padding: 0in 1px 0in 18px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times;">Complementary education solutions<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding: 0in 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times;">400</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times;">308</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times;">213</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: right; height: 15px; background-color: #bdd7ee;"><br/></td>
</tr>
</tbody>
</table>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ACV Bookings</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">This annual report</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> presents our ACV Bookings for the convenience of investors. This operating metric is not prepared in accordance with IFRS. ACV Bookings </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is a non</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accounting managerial metric and represents our partner schools</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> commitment to pay for our offerings. We believe it is a meaningful indicator of demand for our platform. In particular, we believe ACV Bookings is a helpful metric because it is designed to show amounts that we expect to be recognized as revenue from subscription services for the <span>twelve</span>-month period from October 1 of <span>one</span> fiscal year through September 30 of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">following fiscal year. We generally deliver our educational materials to schools in the last calendar quarter of each year, so that schools can prepare their classes in advance prior to the beginning of the school year in January. Consequently, as we recognize revenue when the customers obtain control over the materials, our results of operations for the last quarter of a given fiscal year contain revenues related to the content that will be used by schools on the following school year and that was delivered prior to the beginning of the new fiscal year. Therefore, ACV Bookings convey information that has predictive value for subsequent months, and which may not be as clearly conveyed or understood by simply analyzing our statement of profit or loss, especially in our current scenario of high growth.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>93</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We define ACV Bookings as the revenue we would expect to recognize from a partner school in each school year, based on the number of students who have contracted our services, or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">enrolled students</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> that will access our content at such partner school in such school year. We calculate ACV Bookings by multiplying the number of enrolled students at each school by the average ticket per student per year; the related number of enrolled students and average ticket per student per year are each calculated in accordance with the terms of each contract with each school. Although our contracts with our schools are typically for a <span>four</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year term, we record only <span>one</span> year of revenue when calculating ACV Bookings and disregard the other <span>three</span> years of revenue for the purposes of the calculation of ACV Bookings. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For example, if a school enters into a <span>four</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year contract to provide <span>one</span> of our Content &amp; EdTech Platform solutions (such as learning systems or PAR) to <span>100</span> students for a contractual fee of US$<span>100</span> per student per year, we record US$<span>10,000</span> as ACV Bookings, and not the total contract value of US$<span>40,000</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> March 23</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, <span>2023</span>, we announced </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(through a press release furnished on Form 6-K) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the result of ACV Bookings for the <span>2023</span> sales cycle (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from October 2022 to September 2023</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">), which reached </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1.2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> billion based on contracted amounts as of such date. This volume represents </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">growth</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% over the revenue from subscription arrangements registered in the <span>2022</span> sales cycle. The number of enrolled students for deriving results of ACV Bookings for the <span>2023</span> sales cycle is</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>1,557</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> thousand. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On February 10, 2022, we announced</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(through a press release furnished on Form 6-K)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the result of ACV Bookings for the <span>2022</span> sales cycle (from October 2021 to September 2022), which reached R$<span>1.0</span> billion based on contracted amounts as of such date. This volume represents growth of <span>35</span>% over the revenue from subscription arrangements registered in the <span>2021</span> sales cycle. The number of enrolled students </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">deriving results of ACV Bookings for the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2022</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sales cycle is <span>1,540</span> thousand.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">March</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>31</span>, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2021</span>, we announced </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(through a press release furnished on Form 6-K) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the result of ACV Bookings for the <span>2021</span> sales cycle (from October 2020 to September 2021), which reached R</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$<span>853</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">million based on contracted amounts as of such date. This volume represents growth of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>23</span>% </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">over the amount registered in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2020</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sales cycle.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> The number of enrolled students deriving results of ACV Bookings for the <span>2021</span> sales cycle is <span>1,500</span> thousand. On September 30, 2021, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> reached R$<span>740.7</span> million in ACV </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">B</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ookings </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">for the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2021</span> sales cycle, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>7</span>% </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> compared </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2020</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> sales cycle</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. The number of enrolled students and average ticket per student per year for deriving results of ACV Bookings for the <span>2021</span> sales cycle were <span>1,335</span> thousand and R</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$<span>554.80</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, respectively.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Both the ACV Bookings and the average ticket are calculated based on the sum of actual contracts signed during the sales period and assumes the historical rates of returned goods from customers for the preceding <span>24</span>-month period</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The ACV Bookings is calculated based on the sum of actual contracts signed during the sales period and assumes the historical rates of returned goods from customers for the preceding <span>24</span>-month period. Since the actual rates of returned goods from sales during the period may be different from the historical average rates and the actual volume of merchandise ordered by our customers may be different from the contracted amount, the actual revenue recognized during the period between October 2022 and September 2023 may be different from the ACV Bookings for the <span>2023</span> sales cycle. The COVID-<span>19</span> pandemic had an adverse effect on our ACV Bookings for the <span>2020</span> and <span>2021</span> sales cycles (from October 2019 to September 2020 and from October 2020 to September 2021, respectively), but the actual revenue derived from solutions we characterize as subscription arrangements, recognized in the year <span>2022</span>, and that we expect to be recognized in the year <span>2023</span>, have not and will not be adversely affected by effects such as declining enrollment at our partner schools as observed during the pandemic period, particularly in respect of childhood education. See &#8220;Item <span>3</span>. Key Information&#8212;D. Risk Factors&#8212;Certain Factors Relating to Our Business and Industry&#8212;Our operations and results may be negatively impacted by health crises, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">epidemics</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> or pandemics&#8221; and &#8220;&#8212;D. Trend Information</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
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<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">As of and For Year Ended December 31,</span></p>
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<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-size: 8pt;"><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span>2022</span></span><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">)</span></span></p>
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<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-size: 8pt;"><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(<span>2</span>)</span></span></p>
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<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-size: 8pt;"><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span>2021</span></span><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(<span>3</span>)</span></span></p>
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<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-size: 8pt;"><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span>2020</span></span><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(<span>4</span>)</span></span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">US$ (<span>1</span>)</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">R$ (except number of partner schools and enrolled students)</span></p>
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<p style="margin: 0pt 1.5pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-size: 10pt;"> Number of partner schools&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> n/a </span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1.01764%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1.01764%; height: 17px; background-color: #bdd7ee;"><br/></td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5,351</span> </span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1.01764%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 9.97286%; height: 17px; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4,508</span> </span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1.01764%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1.01764%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 9.97286%; height: 17px; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4,167</span> </span></p>
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<p style="margin: 0pt 1.5pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-size: 10pt;"> Number of enrolled students (in thousands)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> n/a </span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>1,589</span> </span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>1,335</span> </span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>1,311</span> </span></p>
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<p style="margin: 0pt 1.5pt 0pt 15.1pt; text-indent: -9.35pt;"><span style="font-size: 10pt;"> Core content&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> n/a </span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>1,589</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>1,335</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>1,311</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 52.9851%;">
<p style="margin: 0pt 1.5pt 0pt 15.1pt; text-indent: -9.35pt;"><span style="font-size: 10pt;"> Complementary education solutions&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> n/a </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>400</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>308</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>213</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 52.9851%; background-color: #bdd7ee;">
<p style="margin: 0pt 1.5pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-size: 10pt;"> Average ticket per student per year&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> US$<span>124</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> R$<span>644.4</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-size: 10pt;">&#160;R$<span>602.0</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> R$<span>546.1</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 52.9851%;">
<p style="margin: 0pt 1.5pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-size: 10pt;"> ACV Bookings (in millions)(<span>5</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> US$<span>192</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> R$<span>1,000</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;"> R$<span>853</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 9.97286%; text-align: right;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> R$<span>716</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; width: 1.01764%;"><br/></td>
</tr>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>94</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<td style="width: 17.7841%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 82.2159%;">&#160;</td>
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</table>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
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<td style="height: 34px; text-align: justify; vertical-align: top; width: 3%;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(<span>1</span>)</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;</span></span><br/></td>
<td style="height: 34px; text-align: justify; vertical-align: top; width: 97%;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">For convenience purposes only, amounts in&#160;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-style: italic; line-height: inherit;">reais</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;as of December 31, 202</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;have been translated to U.S. dollars u</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sing an exchange rate of R$<span>5.218</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;to US$<span>1.00</span>, the commercial selling rate for U.S. dollars as of December 31, 202</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;as reported by the Brazilian Central Bank. These translations&#160; &#160; &#160;should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. See&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8220;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8212;Exchange&#160;Rates</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8221;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;for further information about recent fluctuations in exchange rates.</span></span></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(<span>2</span>)</span></td>
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the <span>2022</span> school year (which we define for purposes of ACV Bookings as the period starting on October 1, 2021 and ending on September 30, 2022).</span></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(<span>3</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">)</span></span></td>
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">For the <span>2021</span> school year (which we define for purposes of ACV Bookings as the period starting&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;October 1, 2020 and ending&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;September 30, 2021).</span></span></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(<span>4</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">)</span></span></td>
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">For the <span>2020</span> school year (which we define for purposes of ACV Bookings as the period starting&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;October 1, 2019 and ending&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;September 30, 2020).</span></span></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(<span>5</span>)</span></td>
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">We define ACV Bookings as the revenue we would expect to recognize from a partner school in each school year, based on the number of students who have contracted our services, or&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8220;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">enrolled students</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8221;,</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;that will access our content at such partner school in such school year. ACV Bookings is a non</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8209;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">accounting managerial operating metric and is not prepared in accordance with IFRS. For more information about ACV Bookings, see&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8220;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Presentation of Financial and Other&#160;Information&#8212;Special&#160;Note Regarding ACV Bookings</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8221;.</span></span></td>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Share of Revenue of the Solutions we Characterize as Subscription Arrangements as a Percentage of Total Net Revenue From Sales and Services</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We measure the share of revenue of the solutions we characterize as subscription arrangements as a percentage of our total net revenue from sales and services by adding the combined revenue derived from learning systems or PAR</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (contained in our core content segment and which are reflected in our breakdown of net revenue from sales and services as sales of textbooks) and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">complementary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">solutions (contained in our complementary education solutions segment) and dividing such combined amount by the total net revenue from sales and services in a specific year. We believe that higher share of revenue of the solutions we characterize as subscription arrangements as a percentage of our total net revenue from sales and services reflects the loyalty of our partner schools to our platform, as these solutions are based on long-term contracts with higher lifetime value and retention rate. We are constantly monitoring and improving our percentage of total revenue from solutions we characterize as subscription arrangements in order to enhance our relationship with partner schools and improve the predictability of our revenue.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following table sets forth the share of revenue of the solutions we characterize as subscription arrangements as a percentage of our total net revenue from sales and services for the periods presented.</span></p>
<div id="t_ft_GZ159FT30W00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.6721%; height: 56px;" width="100%">
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 65.6276%;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<th colspan="7" style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 34.2084%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">For Year Ended December 31,</span></p>
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<tr style="height: 18px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 65.6276%;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 10.0902%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2022</span></span></p>
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 0.984413%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 0.984413%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 10.0902%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2021</span></span></p>
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 0.984413%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 0.984413%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 10.0902%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2020</span></span></p>
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</thead>
<tbody>
<tr style="height: 20px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 20px; width: 65.6276%; background-color: #bdd7ee;">
<p style="margin: 0pt 1.45pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Share of revenue of the solutions we characterize as subscription arrangements&#160;</span><span style="font-size: 10pt;"><span style="font-family: 'Times New Roman'; line-height: inherit;">as a percentage of our total net reven</span><span style="font-family: 'Times New Roman'; line-height: inherit;">ue from sales and services (<span>1</span>)</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 20px; width: 10.0902%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 10pt;"> <span>88.7</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 20px; width: 0.984413%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 20px; width: 0.984413%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 20px; width: 10.0902%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>84.8</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 20px; width: 0.984413%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 20px; width: 0.984413%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 20px; width: 10.0902%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>76.2</span>% </span></p>
</td>
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<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 17.7841%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 82.2159%;">&#160;</td>
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</tbody>
</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(</span><span>1</span><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Calculated by dividing the total net revenue from sales and services from solutions we characterize as subscription arrangements (such as learning systems, PAR&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Platform&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">and complementary solutions) to the net revenue from sales and services in a specific year.</span></span></td>
</tr>
</tbody>
</table>
<p style="margin: 0pt 0pt 4.5pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><br/></p>
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>95</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><br/></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Revenue Retention Rate for the Solutions </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Characterize as Subscription Arrangements</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We measure our revenue retention rate for the solutions we characterize as subscription arrangements based on the net revenue (which includes revenues from PAR, which are included in our breakdown of net revenues from sales and services as sales of textbooks) from sales and services generated by the partner schools that remained in our base in a specific year compared to the net revenue from sales and services generated by the total partner schools in our base in the previous year. In other words, the retention rate considers the revenue from schools that remained with us from <span>one</span> year to another, excluding the revenue from those schools that did not renew or cancelled their partnership with us. As a result, in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2022</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we report below the revenue retention rate based on the partner schools that remained in our customer base from <span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>02</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to <span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. For comparison purposes, we do not </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">consider</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> any growth in enrolled students in our partner schools, price increases, cross-sell or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">upsell opportunities. We believe this is an important indicator of the favorable relationships we have with our clients, which we believe translates into stable, recurring revenue streams.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following table sets forth our revenue retention rate for the solutions we characterize as subscription arrangements for the periods presented.</span></p>
<div id="t_ft_4MTG3P57MO00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th colspan="7" style="padding-left: 2.9pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">For Year Ended December 31,</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom;"><br/></th>
</tr>
<tr>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-size: 8pt;"><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span>022</span></span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2021</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2020</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom;"><br/></th>
</tr>
</thead>
<tbody>
<tr style="background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 65%; background-color: #bdd7ee;">
<p style="margin: 0pt 1.45pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-size: 10pt;"> Revenue retention rate(<span>1</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 10pt;"> <span>90.7</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>92.1</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>92.2</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1%; background-color: #bdd7ee;"><br/></td>
</tr>
</tbody>
</table>
</div>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 17.7841%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 82.2159%;">&#160;</td>
</tr>
</tbody>
</table>
<p style="margin: 0pt 0pt 4.5pt 23pt; text-indent: -23pt; line-height: 1.2;"><span style="font-size: 10pt;"><span style="font-family: 'Times New Roman'; line-height: inherit;">(<span>1</span>)</span><span style="font-family: 'Times New Roman'; line-height: inherit;">&#160; &#160;&#160;</span><span style="font-family: 'Times New Roman'; line-height: inherit;">Calculated by comparing the difference between the net revenue from sales and services generated by our existing partner schools in a specific year and that generated on the previous year. For comparison purposes, we do not </span><span style="font-family: 'Times New Roman'; line-height: inherit;">take into account</span><span style="font-family: 'Times New Roman'; line-height: inherit;"> any growth in enrolled students in our partner schools, price increases, cross-sell or upsell opportunities. </span></span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Reconciliations for Non</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8209;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">GAAP Financial Measures</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following tables set forth reconciliations of Adjusted EBITDA</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Loss for year</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted Net (Loss) Profit, Free Cash Flow and Adjusted Cash Conversion Ratio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for the years ended December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. For further information on why our management chooses to use these non-GAAP financial measures, and on the limits of using these non-GAAP financial measures, please see </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Presentation of Financial and Other Information&#8212;Special Note Regarding Non-GAAP Financial Measures&#8212;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Adjusted EBITDA, Adjusted Net (Loss) Profit, Free Cash Flow and Adjusted Cash Conversion Ratio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Reconciliation of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Loss for the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Year </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Adjusted EBITDA</span></p>
<div id="t_ft_K1V01EQEQO00000000000000000000b">
<table cellpadding="0" style="height: 191px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<thead>
<tr style="height: 19px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th colspan="10" style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">For the Year Ended December 31,</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 19px;"><br/></th>
</tr>
<tr style="height: 19px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2022</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 19px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 19px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2022</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2021</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2020</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px;"><br/></th>
</tr>
<tr style="height: 17px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">US$ millions(<span>1</span>)</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></th>
<th colspan="7" style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">R$ millions</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></th>
</tr>
</thead>
<tbody>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 53%; background-color: #bdd7ee;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-size: 10pt;"> Loss for the year&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 10%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> (<span>10.5</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 10%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> (<span>54.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>118.8</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%; text-align: left; background-color: #bdd7ee;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>45.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> (+) Income tax and social contribution&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> (<span>9.8</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> (<span>51.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>37.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>25.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> (+/-) Net finance result&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> <span>34.8</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> <span>181.8</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>84.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>98.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> (+) Depreciation and amortization&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> <span>51.5</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"> <span>268.7</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>211.2</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>174.1</span> </span></p>
</td>
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<p style="margin: 0pt;"><span style="font-size: 10pt;"> (+) Layoffs related to internal restructuring (<span>2</span>) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt;"><span style="font-size: 10pt;"> <span>0.6</span> </span></p>
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<p style="margin: 0pt;"><span style="font-size: 10pt;"> <span>3.3</span> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>15.7</span> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
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<p style="margin: 0pt;"><span style="font-size: 10pt;"> (+) Share-based compensation plan (<span>3</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt;"><span style="font-size: 10pt;"> <span>5.2</span> </span></p>
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<p style="margin: 0pt;"><span style="font-size: 10pt;"> <span>27.4</span> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>26.7</span> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>13.3</span> </span></p>
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<p style="margin: 0pt;"><span style="font-size: 10pt;"> (+) IPO Bonus (<span>4</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>50.6</span> </span></p>
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<p style="margin: 0pt; text-align: left;"><span style="font-size: 10pt;"> Adjusted EBITDA&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt;"><span style="font-size: 10pt;"> <span>71.9</span> </span></p>
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<p style="margin: 0pt;"><span style="font-size: 10pt;"> <span style="border-left: none; border-right: none;">375.5</span></span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>182.3</span> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>265.4</span> </span></p>
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<td style="width: 82.2159%;">&#160;</td>
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<td style="height: 34px; vertical-align: top; width: 3%;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(</span><span>1</span><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td>
<td style="height: 34px; vertical-align: top; width: 97%;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">For convenience purposes only, amounts in&#160;reais&#160;for the year ended December 31, 2022 have been translated to U.S. dollars&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">using an exchange rate of R$<span>5.218</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;to US$<span>1.00</span>, the commercial selling rate for U.S. dollars as of December 31, 202</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. See&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8220;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8212;Exchange&#160;Rates</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8221;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;for further information about recent fluctuations in exchange rates.</span></span></td>
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<td style="height: 17px; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; vertical-align: baseline; line-height: inherit;">(<span>2</span>)</span><span style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&#160;</span></span></td>
<td style="height: 17px; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Expenses incurred&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">exclusively&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">with layoffs related to internal restructuring processes</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;leading to a permanent headcount reduction</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</span></span></td>
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<td style="height: 17px; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(</span><span>3</span><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td>
<td style="height: 17px; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Share-based compensation expenses incurred in the years</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;ended December 31, 202</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">,&#160;<span>202</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>1</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;and&#160;<span>20</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>20</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</span></span></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>4</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">)</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;</span></span></td>
<td style="height: 17px; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Refers to restricted share units</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8217;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;expenses to be paid to certain employees and executives based on IPO performance (Bonus IPO).</span></span></td>
</tr>
</tbody>
</table>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<div>
<div id="t_ft_ALXV0TYEKG00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>96</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Reconciliation of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Loss for the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Year </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">to the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Adjusted Net (Loss) Profit</span></p>
<div id="t_ft_7SM9ALHBBK00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 189px; text-indent: 0px;" width="100%">
<thead>
<tr style="height: 18px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 52.9572%; height: 18px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th colspan="10" style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 46.0911%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">For the Year Ended December 31,</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 1.01971%; height: 18px;"><br/></th>
</tr>
<tr style="height: 18px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 52.9572%; height: 18px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 9.9932%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; line-height: inherit;"><span>2022</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 1.01971%; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 1.01971%; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 9.9932%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; line-height: inherit;"><span>2022</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1.01971%; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1.01971%; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 9.9932%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; line-height: inherit;"><span>2021</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1.01971%; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1.01971%; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 9.9932%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; line-height: inherit;"><span>2020</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1.01971%; height: 18px;"><br/></th>
</tr>
<tr style="height: 17px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 52.9572%; height: 17px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 9.9932%; height: 17px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">US$ million</span><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">(<span>1</span>)</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1.01971%; height: 17px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1.01971%; height: 17px;"><br/></th>
<th colspan="7" style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 34.0584%; height: 17px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; line-height: inherit;">R$ millions</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1.01971%; height: 17px;"><br/></th>
</tr>
</thead>
<tbody>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 52.9572%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Loss for the year&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>10.5</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; margin: 0px; text-indent: 0px; text-align: left; background-color: #bdd7ee;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>54,6</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; margin: 0px; text-indent: 0px; text-align: left; background-color: #bdd7ee;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>118.8</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; margin: 0px; text-indent: 0px; text-align: left; background-color: #bdd7ee;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>45.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 52.9572%; height: 17px;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (+) Layoff related to internal restructuring (<span>2</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>0.6</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>3.3</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>15.7</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 52.9572%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (+) Share-based compensation plan(<span>3</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.2</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>27.4</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>6.7</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>13.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 52.9572%; height: 17px;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt; text-align: left;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (+) IPO Bonus (<span>4</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>50.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 52.9572%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (+) Amortization of intangible assets from acquisitions (<span>5</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>29.8</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>155.5</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>122.5</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>113.0</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 52.9572%; height: 17px;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (-) Income tax contingencies reversal (<span>6</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>5.7</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; margin: 0px; text-indent: 0px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>29.7</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; margin: 0px; text-indent: 0px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 52.9572%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (-) Tax effects (<span>7</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>12.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; margin: 0px; text-indent: 0px; text-align: left; background-color: #bdd7ee;">)</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>63.3</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; margin: 0px; text-indent: 0px; text-align: left; background-color: #bdd7ee;">)</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>56.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; margin: 0px; text-indent: 0px; text-align: left; background-color: #bdd7ee;">)</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>60.2</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 52.9572%; height: 17px;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Adjusted Net (Loss) Profit&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>7.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>38.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>9.9</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; margin: 0px; text-indent: 0px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 9.9932%; height: 17px; text-align: right; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>71.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.01971%; height: 17px;"><br/></td>
</tr>
</tbody>
</table>
</div>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 17.7841%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 82.2159%;">&#160;</td>
</tr>
</tbody>
</table>
<table style="width: 100%; margin-left: 0.1px; height: 136px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 34px;">
<td style="height: 34px; text-align: justify; vertical-align: top; width: 3%;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(<span>1</span>)</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;</span></span></td>
<td style="height: 34px; text-align: justify; vertical-align: top; width: 97%;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">For convenience purposes only, amounts in&#160;reais&#160;for&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">the year ended December 31, 2022</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;have been translated to U.S. dollars u</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">sing an exchange rate of R$<span>5.218</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;to US$<span>1.00</span>, the commercial selling rate for U.S. dollars as of December 31, 202</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. See&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8220;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8212;Exchange&#160;Rates</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8221;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;for further information about recent fluctuations in exchange rates.</span></span></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(</span><span>2</span><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td>
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Expenses incurred exclusively with layoffs related to internal restructuring processes leading to a permanent headcount reduction</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</span></span></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(<span>3</span>)</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;</span></span></td>
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Share-based compensation expenses incurred in the years.</span></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>4</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">)</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;</span></span></td>
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Refers to restricted share units</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8217;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;expenses to be paid to certain employees and executives based on IPO performance (Bonus IPO).</span></span></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>5</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">)</span></span></td>
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Amortization of customer portfolio and trademarks that were added to our intangible assets following business combinations.</span></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>6</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">)</span></span></td>
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Reversal of tax contingencies&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">incurred prior to the acquisition</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;of&#160;Somos-Anglo,&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">impacting corporate tax and finance results</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</span></span></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>7</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">)</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;</span></span></td>
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top">
<p style="margin: 0pt 0pt 4pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Tax impact&#160;(<span>34</span>%) generated by the aforementioned adjustments.</span><br/></p>
</td>
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</tbody>
</table>
<p style="margin: 0pt 0pt 4pt 18pt; text-indent: -18pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">Reconciliation of Free Cash Flow to Net Cash Flows from (applied in) Operating Activities for the Year</span></span></p>
<div id="t_ft_DXSFPVM0EO00000000000000000000b">
<table cellpadding="0" style="height: 140px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<thead>
<tr style="height: 19px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th colspan="10" style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">For the Year Ended December 31,</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 19px;"><br/></th>
</tr>
<tr style="height: 19px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; width: 51.88%;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 11%;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2022</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 19px; width: 1.01971%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 19px; width: 1.01971%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.9932%;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2022</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; width: 1.01971%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; width: 1.01971%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.9932%;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-size: 8pt;"><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span>1</span></span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; width: 1.01971%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; width: 1.01971%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.9932%;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2020</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; width: 1.01971%;"><br/></th>
</tr>
<tr style="height: 17px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">US$ millions(<span>1</span>)</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></th>
<th colspan="7" style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">R$ millions</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></th>
</tr>
</thead>
<tbody>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">Net cash flows from (applied in) operating activities</span>&#160; &#160; &#160; &#160; &#160;</span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>33.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>172.9</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>21.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 17px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>215.5</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (-) Acquisition of property and equipment&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>11.7</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>61.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>20.9</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>1.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (-) Addition of intangible assets&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>17.0</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 17px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>88.7</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 17px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>55.9</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 17px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>42.8</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (-) Lease liabilities paid&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>5.2</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>27.0</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>22.0</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: left;">)</td>
<td style="padding: 0px; vertical-align: middle; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>12.8</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Free Cash Flow&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>0.8</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 17px; text-align: left;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>3.9</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 17px; text-align: left;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>120.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 17px; text-align: left;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>158.2</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><span style="font-weight: bold;">)</span></td>
</tr>
</tbody>
</table>
</div>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 17.7841%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 82.2159%;">&#160;</td>
</tr>
</tbody>
</table>
<table style="font-size: 10pt; width: 100%; margin-left: 0.1px; font-family: 'times new roman';">
<tbody>
<tr>
<td style="text-align: justify; vertical-align: top; width: 3%;" valign="top"><span style="font-size: 10pt;"><span style="text-align: start; text-indent: -24px; font-family: 'Times New Roman'; line-height: inherit;">(<span>1</span>)</span><span style="text-align: start; text-indent: -24px; font-family: 'Times New Roman'; line-height: inherit;">&#160;</span></span></td>
<td style="text-align: justify; vertical-align: top; width: 97%;" valign="top"><span style="font-size: 10pt;"><span style="text-align: start; text-indent: -24px; font-family: 'Times New Roman'; line-height: inherit;">For convenience purposes only, amounts in&#160;reais&#160;for the year ended December 31, 2022 have been translated to U.S. dollars using an exchange rate of R$<span>5.218</span>&#160;to US$<span>1.00</span>, the commercial selling rate for U.S. dollars as of December 31, 2022 as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. See&#160;</span><span style="text-align: start; text-indent: -24px; font-family: 'Times New Roman'; line-height: inherit;">&#8220;</span><span style="text-align: start; text-indent: -24px; font-family: 'Times New Roman'; line-height: inherit;">&#8212;Exchange&#160;Rates</span><span style="text-align: start; text-indent: -24px; font-family: 'Times New Roman'; line-height: inherit;">&#8221;</span><span style="text-align: start; text-indent: -24px; font-family: 'Times New Roman'; line-height: inherit;">&#160;for further information about recent fluctuations in exchange rates.</span></span></td>
</tr>
</tbody>
</table>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>97</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Calculation of Adjusted Cash Conversion Ratio for the Year </span></p>
<div id="t_ft_1254STKLCW00000000000000000000b">
<table cellpadding="0" style="height: 107px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 64.8538%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; width: 34.0584%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> For Year Ended December 31, </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; width: 1.01971%;"><br/></td>
</tr>
<tr style="height: 19px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; width: 64.8538%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 19px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 19px; width: 1.01971%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 19px; width: 1.01971%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <span>2021</span> </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; width: 1.01971%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; width: 1.01971%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <span>2020</span> </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; width: 1.01971%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.8538%;">
<p style="margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 34.0584%;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> R$ millions </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 1.01971%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.8538%; background-color: #bdd7ee;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Free Cash Flow&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 9.9932%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>3.8</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01971%; text-align: left; background-color: #bdd7ee;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01971%; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 9.9932%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>120.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01971%; text-align: left; background-color: #bdd7ee;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01971%; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 9.9932%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>158.2</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.8538%;">
<p style="margin: 0pt 8.65pt 0pt 17.3pt; text-indent: -8.65pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> ( / ) Adjusted EBITDA&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>375.5</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>182.3</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>265.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01971%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.8538%; background-color: #bdd7ee;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Adjusted Cash Conversion Ratio&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>1.0</span></span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01971%; text-align: left; background-color: #bdd7ee;"><span style="font-weight: bold;">)<span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></span></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>66.0</span></span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01971%; text-align: left; background-color: #bdd7ee;"><span style="font-weight: bold;">)<span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></span></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>59.5</span></span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01971%; background-color: #bdd7ee;"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Factors Affecting Our Results of Operations</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We believe that our results of operations and financial performance are and will continue to be driven by the following trends and factors, including </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">those </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">described under </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">D. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Trend Information</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Brazilian Macroeconomic Environment</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">All of our operations are located in Brazil. As a result, our revenues and profitability are affected by political, regulatory, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">legal</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and economic developments in Brazil and the effect that these factors have on the availability of credit, disposable income, employment rates and average wages in Brazil. Our operations, and the industry in general, may be affected by changes in economic conditions.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brazil is the largest economy in Latin America, as measured by gross domestic product, or GDP. The following table shows data for real GDP, inflation and interest rates in Brazil and the U.S. dollar/real exchange rate at the dates and for the periods indicated. </span></p>
<div id="t_ft_J1KUTDG94000000000000000000000b">
<table cellpadding="0" style="height: 189px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<thead>
<tr style="height: 18px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th colspan="7" style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">For the Year Ended December 31,</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
</tr>
<tr style="height: 18px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2022</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2021</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2020</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
</tr>
</thead>
<tbody>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 65%; background-color: #bdd7ee;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Real growth (contraction) in gross domestic product&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>2.9</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4.6</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>4.1</span>)% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Inflation (IGP-M)(<span>1</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.5</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>17.8</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>23.1</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Inflation (IPCA)(<span>2</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.8</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>10.1</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4.5</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Long-term interest rates&#8212;TJLP (average)(<span>3</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>6.8</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4.8</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4.5</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> CDI interest rate(<span>4</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>12.4</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4.5</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>2.7</span>% </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Period-end exchange rate&#8212;reais per US$<span>1.00</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> R$&#160; &#160;<span>5.218</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> R$&#160; <span>5.581</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> R$&#160; <span>5.197</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Average exchange rate&#8212;reais per US$<span>1.00</span>(<span>5</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> R$&#160; &#160;<span>5.165</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> R$&#160; <span>5.396</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> R$&#160; <span>5.284</span> </span></p>
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<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Appreciation (depreciation) of the real vs. US$ in the period(<span>6</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>6.5</span>% </span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>7.4</span>% </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>22.6</span>)% </span></p>
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<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Unemployment rate(<span>7</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>7.9</span>% </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>11.1</span>% </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>13.5</span>% </span></p>
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<td style="width: 82.2159%;">&#160;</td>
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<p style="margin: 0pt 0pt 5pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Source</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">: FGV, IBGE, Central Bank and B<span>3</span>.</span></p>
<p style="margin: 0pt 0pt 5pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(<span>1</span>)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inflation (IGP-M) is the general market price index measured by the FGV.</span></p>
<p style="margin: 0pt 0pt 5pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(<span>2</span>)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inflation (IPCA) is a broad consumer price index measured by the IBGE.</span></p>
<p style="margin: 0pt 0pt 5pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(<span>3</span>)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">TJLP is the Brazilian long-term interest rate (average of monthly rates for the period).</span></p>
<p style="margin: 0pt 0pt 5pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(<span>4</span>)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The CDI (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">certificado</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">dep&#243;sito</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">interbanc&#225;rio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) interest rate is an average of interbank overnight rates in Brazil, average during the corresponding period.</span></p>
<p style="margin: 0pt 0pt 5pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(<span>5</span>)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Average of the exchange rate on each business day of the year.</span></p>
<p style="margin: 0pt 0pt 5pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(<span>6</span>)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Comparing the US$ closing selling exchange rate as reported by the Central Bank at the end of the period</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s last day with the day immediately prior to the first day of the period discussed.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(<span>7</span>)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Average unemployment rate for year as measured by the IBGE.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>98</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In <span>2022</span>, inflationary pressures escalated in Brazil, including as a result of the ongoing war between Ukraine and Russia, supply chain issues, the continued COVID-<span>19</span> pandemic (particularly in China) and increases in energy prices. The significant increase in the cost of living led the Brazilian government to introduce tax cuts on selected items, which helped ease pressures in Brazil and led the IPCA for the year ended December 31, 2022 to end at </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>5.8</span>%, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a lower level than <span>2021</span>, although still significantly higher than the <span>3.5</span>% targeted level for <span>2022</span>, as set by the Brazilian Central Bank pursuant to the applicable law. Inflation directly affects our current operating costs and expenses, adjusted by reference to indexes that reflect the inflation rate such as the IGP-M or IPCA, primarily due to annual adjustments to salaries, which are generally linked to inflation and account for a significant part of our total costs. See </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item <span>3</span>. Key Information&#8212;D. Risk Factors&#8212;We could be adversely affected if we are unable to renegotiate collective labor agreements with the unions representing our staff, or by strikes or other union action. In addition, we may be adversely affected by negotiations made by the unions that represent our employees if such negotiations are not in line with our business plan and financial condition and we may not be able to pass on our cost increases by means of adjusting the contractual rates we charge our customers, which may affect our operating results</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our financial performance is also marginally tied to fluctuations in interest rates, such as the CDI rate, because such fluctuations affect the value of our financial investments. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Exchange Rates</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian foreign exchange system allows the purchase and sale of foreign currency and the international transfer of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> reais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> by any person or legal entity, regardless of the amount, subject to certain regulatory procedures.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> depreciated against the U.S. dollar from mid-<span>2011</span> to early <span>2016</span>. In particular, during <span>2015</span>, due to the poor economic conditions in Brazil, including as a result of political instability, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> depreciated at a rate that was much higher than in previous years. Overall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in <span>2015</span>, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> depreciated <span>47.0</span>%, reaching R$<span>3.9048</span> per US$<span>1.00</span> on December 31, 2015. In <span>2016</span>, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> fluctuated significantly, primarily as a result of Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s political instability, appreciating <span>16.5</span>% to R$<span>3.2591</span> per US$<span>1.00</span> on December 31, 2016. In <span>2017</span>, the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> depreciated <span>1.5</span>% against the U.S. dollar, ending the year at an exchange rate of R$<span>3.308</span> per US$<span>1.00</span>. The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">/U.S. dollar exchange rate reported by the Brazilian Central Bank was R$<span>3.8748</span> per US$<span>1.00</span> on December 31, 2018, which reflected a <span>17.1</span>% depreciation in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> against the U.S. dollar during <span>2018</span>, primarily as a result of lower interest rates in Brazil, which reduced the volume of foreign currency deposited in Brazil in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">carry trade</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> as well as uncertainty regarding the results of the Brazilian presidential elections held in October 2018. On December 31, 2019 and <span>2020</span>, the period-end real/U.S. dollar exchange rate was R$<span>4.031</span> and R$<span>5.197</span>, respectively, per US$<span>1.00</span>, which represented depreciation of <span>4.0</span>% and <span>28.9</span>%, respectively, during the corresponding years. On December 31, 2021, the period-end real/U.S. dollar exchange rate was $<span>5.581</span>, which represented a depreciation of <span>7.4</span>% during <span>2021</span>. There can be no assurance that the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will not depreciate or appreciate further against the U.S. dollar.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> On December 31, 2022, the period-end </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">/U.S. dollar exchange rate was $<span>5.218</span>, which represented an appreciation of <span>6.5</span>% during <span>2021</span>. There can be no assurance that the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will not depreciate or appreciate further against the U.S. dollar.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Brazilian Central Bank has intervened occasionally in the foreign exchange market to attempt to control instability in foreign exchange rates. We cannot predict whether the Brazilian Central Bank or the Brazilian government will continue to allow the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to float freely or will intervene in the exchange rate market by re-implementing a currency band system or otherwise. The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> may depreciate or appreciate substantially against the U.S. dollar in the future. Furthermore, Brazilian law provides that, whenever there is a serious imbalance in Brazil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s balance of payments or there are serious reasons to foresee a serious imbalance, temporary restrictions may be imposed on remittances of foreign capital abroad. We cannot assure you that the Brazilian government will not place restrictions on remittances of foreign capital abroad in the future.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following table sets forth, for the periods indicated, the high, low, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">average</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and period-end exchange rates for the purchase of U.S. dollars expressed in Brazilian</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> reais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> per U.S. dollar. The average rate is calculated by using the average of reported exchange rates by the Brazilian Central Bank on each day during a monthly period and on the last day of each month during an annual period. As of</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April</span>&#160;20<span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, <span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the exchange rate for the selling </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">/dollar exchange rate was R$<span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">5.0494</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">.91</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to US$<span style="border-left: none; border-right: none;">1.00</span>, as reported by the Brazilian Central Bank. The </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">real</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">/dollar exchange rate fluctuates and, therefore, the selling rate </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">at</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 20</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> may not be indicative of future exchange rates.</span></p>
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Low</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">High</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
</tr>
</thead>
<tbody>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 52%; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>2019</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4.031</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>3.946</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>3.652</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4.260</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>2020</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.197</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.158</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4.021</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.937</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>2021</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.581</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.396</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4.921</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.840</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>2022</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.218</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.165</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4.618</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.704</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>99</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<div id="t_ft_ARSUJG8TMO00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 137px;" width="100%">
<thead>
<tr style="height: 18px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Month</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Period-End</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Average(<span>2</span>)</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Low</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">High</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></th>
</tr>
</thead>
<tbody>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 52%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> October 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 10%; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.257</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1%; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1%; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 10%; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.250</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1%; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1%; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 10%; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.141</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1%; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1%; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 10%; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.345</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1%; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> November 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.294</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.275</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.036</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.466</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> December 2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.218</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.242</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.145</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.341</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> January 2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.099</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.201</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.077</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.446</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> February 2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.208</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.172</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4.990</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.253</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> March 2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.080</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.211</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.080</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.298</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> April 2023 (through April 20, 2023)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">5.049</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;">5.012</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;">4.909</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;">5.083</span> </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
</tbody>
</table>
</div>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 17.7841%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 82.2159%;">&#160;</td>
</tr>
</tbody>
</table>
<p style="margin: 0pt 0pt 5pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Source</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">: Brazilian Central Bank.</span></p>
<p style="margin: 0pt 0pt 5pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(<span>1</span>)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Represents the average of the exchange rates on the closing of each business day during the year.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(<span>2</span>)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Represents the average of the exchange rates on the closing of each business day during the month.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Business Segments</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Beginning with the acquisition of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> on December 31, 2017, we report our results of operations under <span>two</span> segments: (<span>1</span>) our Content &amp; EdTech Platform, which derives its results from core and complementary educational content solutions through digital and printed content, including textbooks, learning systems and other complimentary educational services; and (<span>2</span>) our Digital Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Services</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which aims to unify the school administrative ecosystem, enabling private schools to aggregate multiple learning strategies and help them to focus on education, by using our physical and the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> digital e-commerce platform and other digital services.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In <span>2022</span>, total net revenue from sales and services from our Content &amp; EdTech Platform and our Digital Platform Services accounted for</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>91.3</span>%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>8.7</span>%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, respectively, of our net revenue from sales and services, compared to <span>89.8</span>% and <span>10.2</span>%, respectively, of our net revenue from sales and services in <span>2021</span>, and <span>91.1</span>% and <span>8.9</span>%, respectively, of total net revenue from sales and services in <span>2020</span>.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Components of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Results of Operations</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following is a summary of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">principal</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> line items comprising our statement of profit or loss.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Net </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Revenue </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">from </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Sales </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Services </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In our Content &amp; EdTech Platform segment, our revenues are generated through the sale of textbooks (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">publishing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> when sold on a stand-alone basis, or PAR, when bundled as an educational platform), learning systems and complementary education solutions in printed and digital formats mainly through term contracts with a minimum term of <span>one</span> year (characterized by us as subscription arrangements), as well as tuition from our preparatory course for university admission exams. Although the minimum contract term is <span>one</span> year, it is common to maintain these contracts for several years through long-term partnerships with our partner schools. In our Digital Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Services</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we derive revenue from the sale of products directly to students and parents through our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Livro F&#225;cil</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> e-commerce platform, acquired in <span>2017</span>. Since we obtain control of the goods sold before they are transferred to our customers, the revenue is recognized in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> amount of consideration to which we expect to be entitled in exchange for the specified goods transferred.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Pursuant to the terms of the contracts with some customers, they are required to provide the Company with an estimate of the number of students that will access the content in the next school year (which typically starts in February of the following year), allowing the Company to start the delivery of its products. Since the contracts allow product returns (generally for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">period of <span>four</span> months from the delivery date) up to a certain limit, the Company recognizes revenue for the amount that is expected to be received based on </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">past experience, assuming that the other conditions fo</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">r revenue recognition are met. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Therefore, the amount of revenue recognized is adjusted for expected returns, which are estimated based on historical data on a portfolio basis.</span></p>
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>100</span></span></td>
</tr>
</tbody>
</table>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our revenues are subject to seasonality due to the nature of our operations in relation to the academic calendar. Our main deliveries &#8211; for which the revenue is recognized when the customers obtain control over the materials &#8211; are distributed to our customers 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). In addition, our deliveries in the fourth quarter are used by our customers in the following school year and, therefore, our fourth quarter results reflect the growth in the number of our students from <span>one</span> school year to the next, leading to higher revenues in general in our fourth quarter compared with the preceding quarters in each year. Consequently, when considered in the aggregate, the seasonality of our revenues generally produces higher revenues in the first and fourth quarters of our fiscal year. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Cost of goods sold and services</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of goods </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sold,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and services relates mainly to the costs associated with publishing and printing the educational materials sold to our partner schools. These costs are mainly composed of the cost of paper used as raw material for the production of such materials, printing costs, employee-related costs and copyright fees paid for the use of educational content produced by third-party authors.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">General and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Administrative Expenses</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Operating expenses are divided into <span>three</span> major categories as follows: </span></p>
<ul style="padding: 0;">
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">general and administrative expenses, which mainly include expenses related to administrative personnel, warehouse infrastructure, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">technology</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">commercial expenses, which mainly include expenses related to sales and marketing; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">impairment losses on trade receivables, which we estimate using a provision matrix on a monthly basis. This matrix is prepared by analyzing the receivables established each month (in the <span>12</span>-month period) and the related composition per default range and by calculating the performance of recoveries. In this methodology, for each default range an estimated loss likelihood percentage is established, which considers current and prospective information on macroeconomic factors that affect the customers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> ability to settle the amounts owned to us, except when our client is on bankruptcy. In this case, we do not expect to recover any receivables in the future, therefore, the asset is offset.</span></li>
</ul>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A significant part of our expenses is also seasonal. Due to the nature of our business cycle, we need 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 our 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. </span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Finance </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Result</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our finance result includes finance income and finance costs.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our finance income includes mainly interest earned on our balances of cash and cash equivalents, which accrue interest at rates of approximately </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>10</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% of CDI, on which we pay PIS/COFINS taxes of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>4.65</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%. Finance costs are comprised mainly of interest expense on bonds and financing, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interest </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on obligations with </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">suppliers and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interest on </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provisions for risk of tax, civil and labor losses.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Income </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Tax </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Social Contribution</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income tax and social contribution are composed mainly of current and corporate income tax (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">imposto</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">sobre</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">renda</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">pessoa</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">jur&#237;dica</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, or IRPJ) and social contribution on net income (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">contribui&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> social </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">sobre</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">lucro</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">l&#237;quido</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, or CSLL), calculated based on pre-tax profit and following the nominal statutory rates of <span>25</span>% and <span>9</span>%, respectively, adjusted by non-taxable/non-deductible items provided for by law. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Deferred income tax and social contribution are calculated on income tax and social contribution losses and other temporary differences in relation to the balances of assets and liabilities in the financial statements. Deferred tax assets or liabilities are calculated on tax loss carryforwards and other temporary differences, mainly related to provisions for bonuses, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provision</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for losses with obsolete inventories, impairment losses on trade receivables and trademarks and contractual portfolio amortization.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>101</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Loss for the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Year</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We have been operating at a net loss over the last</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>three</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> years, primarily due to higher financial costs, as explained in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;Results of Operations</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> section. We use</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> part of the proceeds from </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our initial public </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">offering to repay a portion of our outstanding indebtedness</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> which help</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> us deleverage and consequently result in an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">improve</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ment</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in our net margin. Additionally, following the Somos acquisition, we implemented several strategic initiatives to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">improve </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which are reflected in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>0</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in our ACV Bookings for the year <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. Our strategic initiatives include (<span>1</span>) a new go-to-market approach, leveraged by the restructuring of our commercial team, a higher number of commercial consultants, a new incentive plan which has aligned sales performance in terms of profitability with the Sales department</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s compensation, and the creation of a product expert role; (<span>2</span>) the launch of new collections, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increased</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">investments in educational content and the establishment of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, our online platform; and (<span>3</span>) streamlining and reducing administrative costs and overheads. However, there can be no assurance that such strategic initiatives will be successful and that we will not record a loss in the near future.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Results of Operations</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Comparison between Our results of Operations for the Year Ended December 31, 2022 and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">O</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ur results of Operations for the Year Ended December 31, 2021</span></p>
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<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">For the Year Ended December 31,</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</span></p>
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2022</span> </span></p>
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 1.01971%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2021</span> </span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">R$ millions</span></p>
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<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Statement of profit or loss: </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net revenue from sales and services&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">1,264.3</span> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;"> <span>947.4</span> </span></p>
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<p style="margin: 0pt 9.35pt 0pt 15pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Net revenue from sales&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;">1,229.8</span></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>914.3</span> </span></p>
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<p style="margin: 0pt 9.35pt 0pt 15pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Net revenue from services&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;">34.4</span></span></p>
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<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>33.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
</tr>
<tr style="height: 19px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Cost of goods sold and services&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>473.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; width: 1.01971%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding: 0px; vertical-align: top; height: 19px; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 19px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>396.8</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; width: 1.01971%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 16px; background-color: #bdd7ee; width: 76.9545%;">
<p style="margin: 0pt 8.65pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Gross profit&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 16px; background-color: #bdd7ee; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; border-top-color: #000000; border-top-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; padding-top: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>791.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 16px; background-color: #bdd7ee; width: 1.01971%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 16px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 16px; background-color: #bdd7ee; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; border-top-color: #000000; border-top-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; padding-top: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>550.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 16px; background-color: #bdd7ee; width: 1.01971%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px; width: 76.9545%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 1.01971%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> General and administrative expenses(<span>1</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>711.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.01971%;">)</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>627.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.01971%;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Share of loss equity-accounted investees </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>4.5</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%;">)</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%;"><br/></td>
</tr>
<tr style="height: 19px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; background-color: #bdd7ee; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Other operating income&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 9.9932%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>1.0</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 1.01971%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 9.9932%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.5</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 1.01971%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 21px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 21px; width: 76.9545%;">
<p style="margin: 0pt 8.65pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (Loss) Profit before finance result and taxes&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 21px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; border-top-color: #000000; border-top-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; padding-top: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>76.0</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 21px; width: 1.01971%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 21px; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 21px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; border-top-color: #000000; border-top-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; padding-top: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>71.3</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 21px; width: 1.01971%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 76.9545%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Finance income&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>88.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>35.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 1.01971%;"><br/></td>
</tr>
<tr style="height: 19px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; background-color: #bdd7ee; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Finance costs&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 9.9932%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>270.3</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 1.01971%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">)</td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 9.9932%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>120.2</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 1.01971%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px; width: 76.9545%;">
<p style="margin: 0pt 8.65pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Finance result&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; border-top-color: #000000; border-top-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; padding-top: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>181.7</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 1.01971%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; border-top-color: #000000; border-top-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; padding-top: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>84.5</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 1.01971%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 76.9545%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Loss before income tax and social contribution&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>105.7</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%;">)</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 9.9932%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>155.8</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%;">)</td>
</tr>
<tr style="height: 19px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; background-color: #bdd7ee; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Income tax and social contribution&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>51.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 1.01971%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 19px; background-color: #bdd7ee; width: 1.01971%;"><br/></td>
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<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>37.1</span> </span></p>
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<p style="margin: 0pt 8.65pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Loss for the year&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="border-bottom-color: #000000; border-bottom-width: 1.5pt; margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<span>54.6</span> </span></p>
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<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-size: 10pt;"><span style="font-family: 'Times New Roman'; line-height: inherit;">(<span>1</span>)</span><span style="font-family: 'Times New Roman'; line-height: inherit;">&#160;&#160;&#160;</span><span style="font-family: 'Times New Roman'; line-height: inherit;">Contains the sum of general and administrative expenses, commercial </span><span style="font-family: 'Times New Roman'; line-height: inherit;">expenses</span> <span style="font-family: 'Times New Roman'; line-height: inherit;">and impairment losses on trade receivables.</span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>102</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Net revenue from sales and services</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net revenue from sales and services for the year ended December 31, 2022 amounted to R$<span>1,264.3</span> million, an increase of R$<span>316.9</span> million, or <span>33</span>%, compared to net revenue from sales and services of R$<span>947.4</span> million for the year ended December 31, 2021, primarily due to (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) a <span>36</span>%, or R$<span>304</span> million, increase in Content &amp; Edtech Platform in net revenue from subscription products, mainly driven by the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">volume </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase in K-12 learning systems, complementary solutions, and textbook subscription products, and (ii) a <span>13</span>%, or R$<span>12.2</span> million, increase in Digital Service in the net revenue in the sale of products for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Business to Consumer (&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">B<span>2</span>C</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, due to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the return of students to classes </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">following the containment of the spread of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">COVID</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>19</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Cost of goods sold and services</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of goods sold and services for the year ended December 31, 2022 amounted to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>473.1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>76.3</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, or</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>19</span>%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, in relation to costs of goods sold and services of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>396.8</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million for the year ended December 31, 2021. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">In Content &amp; Edtech Platform, the increase is mainly due to higher volume of products sold in 2022 compared to 2021. As a percentage of net revenue, our cost of goods sold for Content &amp; Edtech Platform amounted to 32% for the year ended December 31, 2022, compared to 39% for the year ended December 31, 2021. The increase in cost of goods sold was lower than the increase in net revenue from sales and services due to higher growth in our premium brands such as Anglo, Eleva and Makenzie subject to higher gross margin.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In Digital Service, the increase is also attributed to higher sales volume in <span>2022</span> compared to <span>2021</span>. As a percentage of net revenue, our cost of goods sold for Digital Service amounted to <span>90</span>% in the year ended December 31, 2022, compared to <span>72</span>% for the year ended December 31, 2021</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The increase is mainly attributed to an increase in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provision</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for losses with obsolete inventories</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a percentage of net revenue from sales and services, our cost of goods sold and services amounted to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>37</span>%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for the year ended December 31, 2022, compared to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>42</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">% for the year ended December 31, 2021.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Gross profit</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the reasons described above, gross profit for the year ended December 31, 2022 amounted to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>791.1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">n</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>240</span>.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, or </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>44</span>%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, from gross profit of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>550.6</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million for the year ended December 31, 2021.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">General and administrative expenses, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">commercial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">expenses</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">impairment </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">losses on trade receivables</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">General and administrative expenses, commercial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expenses</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and impairment losses on trade receivables for the year ended December 31, 2022 amounted to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>7</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>11</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>6</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>8</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, or</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, from general and administrative expenses, commercial expenses</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and impairment losses on trade receivables of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>627.4</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million for the year ended December 31, 2021. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In Content &amp; Edtech Platform, the general and administrative expenses were R$<span>445.3</span> million in the year ended December 31, 2022, an increase of R$<span>31.6</span> million, or <span>8</span>%, compared to the general and administrative expenses of R$<span>413.7</span> million for the year ended December 31, 2021</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">mainly </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">driven by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increasing </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inflation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in the period</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. The commercial expenses amounted to R$<span>183.1</span> million in the year ended December 31, 2022, an increase of R$<span>35</span>.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, or <span>24</span>%, compared to the commercial expenses of R$<span>147.7</span> million for the year ended December 31, 2021. This increase resulted from the suspension of restrictive measures taken during the COVID-<span>19</span> pandemic, which resulted in an increase in business travel and participation in industry events. Impairment losses on trade receivables amounted to R$<span>45</span>.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>8</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, an increase of R$<span>13</span>.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, or <span>40</span>%, compared to the impairment losses on trade receivables of R$<span>32.7</span> million for the year ended December 31, 2021, motivated by the provisioning of <span>100</span>% of accounts receivable from a large retail company undergoing judicial recovery in the amount of R$<span>15.0</span> million.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">In Digital Service, the general and administrative expenses amounted to R$26.3 million, an increase of R$9.8 million, or 59%, compared to the general and administrative expenses of R$16.5 million for the year ended December 31, 2021 due to higher expenses with consulting and advisory services. The commercial expenses were R$10.9 million, resulting in a decrease of R$5.8 million, or 35%, compared to the commercial expenses of R$16.7 million for the year ended December 31, 2021 due to increased efforts in advertising and publicity expenses occurred in 2021. The impairment losses on trade receivables amounted to R$0.1 million, a decrease of R$0.3 million, or 75%, compared to the impairment losses on trade receivables of R$0.4 million for the year ended December 31, 2021.</span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>103</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Share of (loss) profit of equity-accounted investees</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">On July 19, 2022, we acquired a 45% minority shareholding of Educbank Gest&#227;o de Pagamentos Educacionais S.A., or Educbank, which registered a decrease in the amount of R$4.5 million invested in the year ended December 31, 2022 attributable to the performance of our equity-accounted investee in it&#180;s early stage of operation.</span></span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">(Loss) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Profit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> before finance result and taxes</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the reasons described above, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">p</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rofit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> before finance result and taxes for the year ended December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> amounted to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>76.1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">n</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>147.4</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million compared to the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">loss</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> before finance result and taxes of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>71.3</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million for the year ended December 31, 2021.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Finance result</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Finance result for the year ended December 31, 2022 amounted to an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expense</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>181.8</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, compared to an expense of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>84.5</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million recognized as finance result for the year ended December 31, 2021, representing a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">n</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>97</span>.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million in our finance</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> expense net</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> result. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The finance income for the year ended December 31, 2022 amounted to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>88.6</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>3.0</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, or</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>148</span>%</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, compared to the finance income of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>35.6</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million for the year ended December 31, 2021. This </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> was primarily attributable to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> higher </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interest on financial investments and marketable securities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> driven mainly by higher interest rate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> indexed at </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">CDI.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Finance expenses for the year ended December 31, 2022 amounted to R$<span>270.3</span> million, an increase of R$<span>150</span>.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, or <span>125</span>%, compared to the finance expense of R$<span>120.1</span> million for the year ended December 31, 2021. This increase was primarily attributable to higher interest rates applicable to bonds and financing, accounts payable relating to business combinations and provisions for tax, civil and labor losses</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Loss</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">before income tax and social contribution</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the reasons described above, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">loss</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> before income tax and social contribution for the year ended December 31, 2022 amounted to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>105.7</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">de</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">crease</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>50.1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million compared to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> loss of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>155.8</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million for the year ended December 31, 2021.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Income tax and social contribution</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income tax and social contribution for the year ended December 31, 2022 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">amounted to a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> benefit </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the amount </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>51.1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, an </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>14.0</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million compared to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the benefit in the amount </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>37.1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million for the year ended December 31, 2021. This was mainly due to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lower </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">loss</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">es</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> before income tax and social contribution for the year </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>105.7</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the year ended December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2022</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">compared to losses before income tax and social contribution of R$155.8 million in the year ended December 31, 2021. The variation of R$17.1 million in the income tax and social contribution, at nominal rates, was mainly offset by (i) the reversal of certain tax contingencies IRPJ and CSLL in the total amount of R$23.7 million, and (ii) the increase of R$6.3 million in impairment write-off on tax loss carryforward (R$2.3 million in the year ended December 31, 2022, compared to R$8.6 million in the year ended December 31, 2021), relating to Vasta Plataform legal entity and our subsidiary Livraria Livro F&#225;cil Ltda.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Loss</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> for the year</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the reasons described above, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">l</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">oss</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for the year ended December 31, 2022 amounted to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>54.6</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">de</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">crease</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>64</span>.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million compared to the net loss of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>118.7</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million for the year ended December 31, 2021.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>104</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Comparison between </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> results of Operations for the Year Ended December 31, 2021 and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> results of Operations for the Year Ended December 31, 2020</span></p>
<div id="t_ft_VXYHFHANLS00000000000000000000b">
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 76.9545%;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<th colspan="4" style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 22.0258%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">For the Year Ended December 31,</span></p>
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 1.01971%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></th>
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 76.9545%;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span>2021</span> </span></p>
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 1.01971%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 1.01971%;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-size: 8pt;"><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span>20</span></span><span style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><span>20</span></span></span></p>
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px; width: 76.9545%;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<th colspan="4" style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px; width: 22.0258%;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">R$ millions</span></p>
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<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Statement of profit or loss: </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
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<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net revenue from sales and services&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>947.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>997.6</span> </span></p>
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<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
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<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px; width: 76.9545%; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt 0pt 15pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Net revenue from sales&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<td style="padding: 0px; vertical-align: top; height: 10px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>914.3</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 10px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 10px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>967.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 15pt; text-indent: -9.35pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Net revenue from services&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>33.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>30.3</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 76.9545%; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 19px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Cost of goods sold and services&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; text-align: right; width: 9.9932%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>396.8</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; width: 1.01971%; text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">)</td>
<td style="padding: 0px; vertical-align: top; height: 19px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 19px; text-align: right; width: 9.9932%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>378.0</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; width: 1.01971%; text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px; width: 76.9545%; background-color: #bdd7ee;">
<p style="margin: 0pt 8.65pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Gross profit</span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; text-align: right; width: 9.9932%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; border-top-color: #000000; border-top-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; padding-top: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>550.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 1.01971%; text-align: left; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 10px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 10px; text-align: right; width: 9.9932%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; border-top-color: #000000; border-top-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; padding-top: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>619.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; width: 1.01971%; text-align: left; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 76.9545%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%; text-align: left;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01971%; text-align: left;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 76.9545%; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> General and administrative expenses(<span>1</span>)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>627.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%; text-align: left; background-color: #bdd7ee;">)</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>596.5</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%; text-align: left; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 19px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Other operating income&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; text-align: right; width: 9.9932%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>5.5</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; width: 1.01971%; text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 19px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 19px; text-align: right; width: 9.9932%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>4.3</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; width: 1.01971%; text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 21px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 21px; width: 76.9545%; background-color: #bdd7ee;">
<p style="margin: 0pt 8.65pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (Loss) Profit before finance result and taxes&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 21px; text-align: right; width: 9.9932%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; border-top-color: #000000; border-top-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; padding-top: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>71.3</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 21px; width: 1.01971%; text-align: left; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding: 0px; vertical-align: top; height: 21px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 21px; text-align: right; width: 9.9932%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; border-top-color: #000000; border-top-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; padding-top: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>27.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 21px; width: 1.01971%; text-align: left; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 76.9545%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%; text-align: left;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01971%; text-align: left;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 76.9545%; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Finance income&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>35.6</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%; text-align: left; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>21.0</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%; text-align: left; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 19px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Finance costs&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; text-align: right; width: 9.9932%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>120.2</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; width: 1.01971%; text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">)</td>
<td style="padding: 0px; vertical-align: top; height: 19px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 19px; text-align: right; width: 9.9932%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>119.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; width: 1.01971%; text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 21px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 21px; width: 76.9545%; background-color: #bdd7ee;">
<p style="margin: 0pt 8.65pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Finance result&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 21px; text-align: right; width: 9.9932%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; border-top-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; padding-top: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>84.5</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 21px; width: 1.01971%; text-align: left; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding: 0px; vertical-align: top; height: 21px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 21px; text-align: right; width: 9.9932%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; border-top-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; padding-top: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>98.4</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 21px; width: 1.01971%; text-align: left; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 76.9545%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%; text-align: left;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; width: 9.9932%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01971%; text-align: left;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; width: 76.9545%; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Loss before income tax and social contribution&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>155.8</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%; text-align: left; background-color: #bdd7ee;">)</td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 1.01971%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 17px; text-align: right; width: 9.9932%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>71.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; width: 1.01971%; text-align: left; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 19px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px; width: 76.9545%;">
<p style="margin: 0pt 9.35pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Income tax and social contribution&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; text-align: right; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>37.1</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 19px; width: 1.01971%; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 19px; text-align: right; width: 1.01971%;"><br/></td>
<td style="padding: 0px; vertical-align: top; height: 19px; text-align: right; width: 9.9932%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>25.4</span> </span></p>
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<p style="margin: 0pt 8.65pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Loss for the year&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="border-bottom-color: #000000; border-bottom-width: 1.5pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>118.7</span> </span></p>
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<p style="border-bottom-color: #000000; border-bottom-width: 1.5pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (<span>45.6</span> </span></p>
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<p style="margin: 0pt 0pt 4.5pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-size: 10pt;"><span style="font-family: 'Times New Roman'; line-height: inherit;">(<span>1</span>)</span><span style="font-family: 'Times New Roman'; line-height: inherit;">&#160; &#160;</span><span style="font-family: 'Times New Roman'; line-height: inherit;">Contains the sum of general and administrative expenses, commercial </span><span style="font-family: 'Times New Roman'; line-height: inherit;">expenses</span><span style="font-family: 'Times New Roman'; line-height: inherit;"> and impairment losses on trade receivables.</span></span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Net revenue from sales and services</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net revenue from sales and services for the year ended D</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ecember <span>31</span>, <span>2021</span> amounted to R$<span>947.4</span> million, a decrease of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>50.2</span> million, or <span>5</span>%, compared to net revenue from sales and services of R$<span>997.6</span> million for the year ended December 31, 2020, primarily due to a <span>7</span>% decline in Content &amp; Edtech Platform (R$<span>57.7</span> million) in net revenue from non-subscription products due to ongoing challenges in textbook market dynamics and our strategy of migrating customers to the subscription revenue model, partly offset by a <span>2</span>% increas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">e in Digital Service (R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>7.5</span> million) in the net revenue of products in the sale of products for B<span>2</span>C, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">due to the return of in-person classes in private schools</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>105</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Cost of goods sold and services</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of goods sold and services for the year ended December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2021</span> amounted to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>396.8</span> million, an increase of R$<span>18.8</span> million, or <span>5</span>%, in relation to costs of goods sold and services of R$<span>378.0</span> million for the year ended December 31, 2020. The increase is mainly attributed to the Content &amp; Edtech Platform due to higher production cost</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> added to the costs arising due to consolidation of new subsidiaries acquired which have different profit margins of Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, in the amount of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>5.1</span> million, partially offset in the Digital Service segment which had no inventory adjustments as per in the <span>2020</span> fiscal year, which brought the total profit ma</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rgin to a better scenario of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>6.9</span> million in the year <span>2021</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compared </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to year <span>2020</span>.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As a percentage of net revenue from sales and services, our cost of goods sold and services amounted to <span>42</span>% for the year ended December 31, 2021, compared to <span>38</span>% for the year ended December 31, 2020.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Gross profit</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the reasons described above, gross profit for the year ended December 31, 2021 amounted to R$<span>550.6</span> million, a decrease of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>69.0</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, or <span>11</span>%, from gross profit of R$<span>619.6</span> million for the year ended December 31, 2020.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">General and administrative expenses</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">, Commercial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">expenses</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"> and Impairment losses on trade receivables</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">General and administrative expenses, commercial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expenses</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and impairment losses on trade receivables for the year ended December 31, 2021 amounted to R$<span>627.4</span> million, an increase of R$<span>30.9</span> million, or <span>5</span>%, from general and administrative expenses, commercial expenses and impairment losses on trade receivables of R$<span>596.5</span> million for the year ended December 31, 2020. The increase was mainly attributable to the Content &amp; Edtech Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s higher depreciation and amortization (in the amount of R$<span>37</span> million) due to higher investments and development of the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">projects related to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plurall</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> platf</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">orm and projects related to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">learning system, as well as higher impairment losses on accounts receivable in the amount of R$<span>7.7</span> million due to the macroeconomic environment deterioration amid the impact of COVID-<span>19</span> effects, which resulted in the temporary closing of K-<span>12</span> schools. These were partially offset by lower advertising and publicity expenses and consulting and advisory services.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">(Loss) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Profit before finance result and taxes</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the reasons described above, loss before finance result and taxes for the year ended December 31, 2021 amounted to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>71.3</span> million, a decrease of R$<span>98.6</span> million compared to the profit before finance result and taxes of R$<span>27.4</span> million for the year ended December 31, 2020.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Finance result</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Finance result for the year ended December 31, 2021 amounted to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an expense of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$<span>84.5</span> million, compared to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an expense of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$<span>98.4</span> million</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> recognized </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">finance </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">result</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for the year ended December 31, 2020, representing </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a decrease</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$<span>13.8</span> million in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">finance result. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The f</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">inance income for the year ended December 31, 2021 amounted to R$<span>35.6</span> million, an increase of R$<span>14.6</span> million, or <span>70</span>%, compared to the finance income of R$<span>21.0</span> million for the year ended December 31, 2020. This increase was primarily attributable to interest on financial investments and marketable securities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> driven mainly by higher interest rate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> indexed at CDI</span><span style="font-style: italic;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certificado</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">dep&#243;sito</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">interbanc&#225;rio</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Loss before income tax and social contribution</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> reasons described above, loss</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> before income tax and social contribution for the year ended December 31, 2021 amounted to R$<span>155.8</span> million, a decrease of R$<span>84.8</span> million compared to the loss of R$<span>71.1</span> million for the year ended December 31, 2020.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Income tax and social contribution</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income tax and social contribution for the year ended December 31, 2021 was </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">a benefit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$<span>37.1</span> million, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> increase of R$<span>11.6</span> million compared to income tax and social contribution</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> benefit</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$<span>25.4</span> million for the year ended December 31, 2020. This was mainly due to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">higher loss before income tax and social contribution for the year (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i.e., </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>155.8</span> million loss in <span>2021</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> compa</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">red</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>71.1</span> million loss in <span>2020</span>)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> which generates a variance of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>28.8</span> million in the income tax and social contribution calculated at nominal rates. This was partially offset by permanent additions in the amount of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>7.3</span> million in <span>2021</span> related to commercial </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rewards</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>8.7</span> million related to impairment write-off on trade tax loss carryforward of the subsidiary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Livraria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Livro F&#225;cil </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Ltda</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> in <span>2021</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Loss for the year</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the reasons described above, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">l</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">oss for the year</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> ended D</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ecember <span>31</span>, <span>2021</span> amounted to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>118.7</span> million, a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">n increase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$<span>73.1</span> million compared to the net loss of R$<span>45.6</span> million for the year ended December 31, 2020.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>106</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">B.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; &#160;</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BA9_SOWW5CVRRK00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Liquidity and Capital Resources</span></a></div>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Statement of Cash Flows</span></p>
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<td style="height: 10px; padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: bottom; white-space: nowrap; width: 51.931%;"></td>
<td style="padding: 0in 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: bottom; white-space: nowrap; height: 10px; width: 0.986031%;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; height: 10px; width: 46.0148%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="10"><span style="mso-fareast-language: ZH-CN;">For Year Ended December 31,<span style="mso-spacerun: yes;">&#160;</span></span><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 10px; width: 0.986031%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: bottom; white-space: nowrap; width: 51.931%;"></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: bottom; white-space: nowrap; height: 15px; width: 0.986031%;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; height: 15px; width: 10.0247%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="mso-fareast-language: ZH-CN;">2022</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; height: 15px; width: 0.986031%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; height: 15px; width: 0.986031%;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; height: 15px; width: 10.0247%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="mso-fareast-language: ZH-CN;">2022</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; height: 15px; width: 0.986031%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; height: 15px; width: 0.986031%;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px; width: 10.0247%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="mso-fareast-language: ZH-CN;">2021</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px; width: 0.986031%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px; width: 0.986031%;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px; width: 10.0247%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="mso-fareast-language: ZH-CN;">2020</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px; width: 0.986031%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0in 1px 0in 9px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; width: 51.931%;"><br/></td>
<td style="padding: 0in 1px 0in 9px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; height: 15px; width: 0.986031%;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; height: 15px; width: 10.0247%;"><span style="font-size: 8pt; font-family: 'times new roman', times;">US$ millions(1)</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; height: 15px; width: 0.986031%;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; height: 15px; width: 0.986031%;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px;" colspan="7"><span style="font-size: 8pt; font-family: 'times new roman', times;">R$millions</span><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; height: 15px; width: 0.986031%;"><br/></td>
</tr>
<tr>
<td style="padding: 0in 1px 0in 9px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; width: 51.931%; background-color: #bdd7ee;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Statement of Cash Flows</span></td>
<td style="padding: 0in 1px 0in 9px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; width: 10.0247%; background-color: #bdd7ee;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; text-align: center; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; width: 34.0181%; background-color: #bdd7ee;" colspan="7"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: center; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding: 0in 1px 0in 9px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; width: 51.931%;"><span style="font-size: 10pt; font-family: 'times new roman', times;">Net cash from (applied in) operating activities<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding: 0in 1px 0in 9px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; width: 0.986031%; height: 10px;"><br/></td>
<td align="right" style="padding: 1px 1px 0in; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; width: 10.0247%; height: 10px;"><span style="font-size: 10pt; font-family: 'times new roman', times;">33.5</span></td>
<td style="padding: 1px 1px 0in; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; width: 0.986031%; height: 10px;"><br/></td>
<td style="padding: 1px 1px 0in; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; width: 0.986031%; height: 10px;"><br/></td>
<td align="right" style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; width: 10.0247%; height: 10px;"><span style="font-size: 10pt; font-family: 'times new roman', times;">174.8</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; width: 0.986031%; height: 10px;"><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; width: 0.986031%; height: 10px;"><br/></td>
<td align="right" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; width: 10.0247%; height: 10px;"><span style="font-size: 10pt; font-family: 'times new roman', times;">(21.6</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; width: 0.986031%; height: 10px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; width: 0.986031%; height: 10px;"><br/></td>
<td align="right" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; width: 10.0247%; height: 10px;"><span style="font-size: 10pt; font-family: 'times new roman', times;">215.5 </span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; width: 0.986031%; height: 10px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="height: 15px; padding: 0in 1px 0in 9px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; width: 51.931%; background-color: #bdd7ee;"><span style="font-size: 10pt; font-family: 'times new roman', times;">Net cash (applied in) from investing activities<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding: 0in 1px 0in 9px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; height: 15px; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
<td align="right" style="padding: 1px 1px 0in; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; height: 15px; width: 10.0247%; background-color: #bdd7ee;"><span style="font-size: 10pt; font-family: 'times new roman', times;">(75.7</span></td>
<td style="padding: 1px 1px 0in; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; height: 15px; width: 0.986031%; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;">)</span></td>
<td style="padding: 1px 1px 0in; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; height: 15px; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
<td align="right" style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 10.0247%; background-color: #bdd7ee;"><span style="font-size: 10pt; font-family: 'times new roman', times;">(394.9</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%; background-color: #bdd7ee;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
<td align="right" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 10.0247%; background-color: #bdd7ee;"><span style="font-size: 10pt; font-family: 'times new roman', times;">88.5 </span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
<td align="right" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 10.0247%; background-color: #bdd7ee;"><span style="font-size: 10pt; font-family: 'times new roman', times;">(541.8</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%; background-color: #bdd7ee;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span><br/></td>
</tr>
<tr style="height: 15px;">
<td style="height: 15px; padding: 0in 1px 0in 9px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; width: 51.931%;"><span style="font-size: 10pt; font-family: 'times new roman', times;">Net cash (applied in) from financing activities<span style="mso-spacerun: yes;">&#160;&#160;</span></span></td>
<td style="padding: 0in 1px 0in 9px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; height: 15px; width: 0.986031%;"><br/></td>
<td align="right" style="padding: 1px 1px 0in; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; height: 15px; width: 10.0247%;"><span style="font-size: 10pt; font-family: 'times new roman', times;">(8.4</span></td>
<td style="padding: 1px 1px 0in; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; height: 15px; width: 0.986031%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td>
<td style="padding: 1px 1px 0in; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; height: 15px; width: 0.986031%;"><br/></td>
<td align="right" style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 10.0247%;"><span style="font-size: 10pt; font-family: 'times new roman', times;">(44.0</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%;"><br/></td>
<td align="right" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 10.0247%;"><span style="font-size: 10pt; font-family: 'times new roman', times;">(68.1</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%;"><br/></td>
<td align="right" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 10.0247%;"><span style="font-size: 10pt; font-family: 'times new roman', times;">594.2 </span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%;"><br/></td>
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<tr style="height: 15px; background-color: #bdd7ee;">
<td style="height: 15px; padding: 0in 1px 0in 9px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; width: 51.931%; background-color: #bdd7ee;"><span style="font-size: 10pt; font-family: 'times new roman', times;">Net (decrease) increase in cash and cash equivalents<span class="font5"><span style="mso-spacerun: yes;">&#160;</span></span></span></td>
<td style="padding: 0in 1px 0in 9px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; text-align: left; height: 15px; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
<td align="right" style="padding: 1px 1px 0in; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; height: 15px; width: 10.0247%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt; font-family: 'times new roman', times;">(50.6</span></td>
<td style="padding: 1px 1px 0in; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; height: 15px; width: 0.986031%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td>
<td style="padding: 1px 1px 0in; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: normal; height: 15px; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
<td align="right" style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 10.0247%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt; font-family: 'times new roman', times;">(264.1</span></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span><br/></td>
<td style="padding: 0in 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
<td align="right" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 10.0247%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt; font-family: 'times new roman', times;">(1.2</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%; background-color: #bdd7ee;"><br/></td>
<td align="right" style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 10.0247%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt; font-family: 'times new roman', times;">267.9 </span></td>
<td style="padding-top: 1px; padding-right: 1px; padding-left: 1px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; font-family: 'Times New Roman', serif; vertical-align: middle; white-space: nowrap; height: 15px; width: 0.986031%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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</div>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 17.7841%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 82.2159%;">&#160;</td>
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</tbody>
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<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3.72255%; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(</span><span>1</span><span style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td>
<td style="width: 96.2775%; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">For convenience purposes only, amounts in reais for the year ended December 31, 20</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>22</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;have been translated to U.S. dollars using an exchange rate of R</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">$<span>5.218</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;to US$<span>1.00</span>, the commercial selling rate for U.S. dollars as of December 31,&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">as reported by the Brazilian Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted at that or any other exchange rate. See&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8220;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8212;Exchange Rates</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#8221;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -26.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;for further information about recent fluctuations in exchange rates.</span></span></td>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Operating Activities</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For t</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">he year ended December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, our net cash </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">from </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operating activities amounted to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">174</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.8</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;million, a</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">n</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">196</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;million, compared to net cash </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">applied </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operating activities of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>21.6</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million for the year ended December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2021</span>. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: HE;">I<span style="font-family: 'times new roman', times;">n 2022, our net cash flows from operating activities (i) increased R$50.1 million due to a loss before income tax and social contribution of R$105.7 million for the year ended December 31, 2022 compared to a loss before income tax and social contribution of R$155.8 million in the year ended December 31, 2021; (ii) increased R$224.2 million due to adjustments of R$583.9 million in non-cash expenses for the year ended December 31, 2022 compared to adjustments of R$359.7 million for the year ended December 31, 2021 mainly due to a R$57.6 million increase in depreciation and amortization, R$65.3 milion increase in interest on bonds and financing and R$57.6 million increase in interest on accounts </span></span><span style="font-size: 10pt; font-family: 'times new roman', times;"> payable for business combination and R$19.6 million increase in interest on suppliers, all three impacted by higher interest rate indexed at CDI (<i>certificado de dep&#243;sito interbanc&#225;rio</i>); (iii) increased R$8.4 million mainly due to cash used in operating assets and liabilities of R$190.9 million for the year ended December 31, 2022 compared to cash used to cover changes in operating assets and liabilities of R$182.5 million for the year ended December 31, 2021. Higher cash used is mainly attributable to a R$163.9 million increase in trade receivables due to higher concentration and higher sales in the last quarter of 2022 in comparison to the last quarter of 2021 partially offset by a R$137.4 million increase in suppliers due to higher concentration of purchases in the last quarter of 2022 in comparison to the last quarter of 2021. (iv) increased R$73.6 million due to cash used in the payments of interest on bonds and financing, interest on business combination, interest lease liabilities paid, income tax and social contribution paid, and payment of provision for tax, civil and labor losses in the total amount of R$116.5 million for the year ended December 31, 2022 compared to cash payment of R$42.9 million for the year ended December 31, 2021. This increase was primarily attributable to higher interest rate indexed at CDI (<i>certificado de dep&#243;sito interbanc&#225;rio</i>).</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the year ended December 31, 2021, our net cash flows </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">applied in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">operating activities amounted to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1.6</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, a decrease of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>23</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>7</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, compared to net cash flows from operating activities of R$<span>21</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million for the year ended December 31, 2020. In <span>2021</span>, our net cash flows used by operating activities were affected by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) a loss before income tax and social contribution of R$<span>155.8</span> million in the period compared to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>71.0</span> million in <span>2020</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">representing</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decrease </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>84.8</span> million; (ii) adjusted by R$<span>359.7</span> million in non-cash expenses compared to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>313.6</span> million in <span>2020</span> which partially offset the impact above by the amount of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>46.1</span> million; (iii) cash used to cover changes in operating assets and liabilities of R$<span>182.5</span> million compared to positive change in our operating assets and liabilities of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>49.9</span> million in <span>2020</span> and thus a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decrease</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>232.5</span> million (mainly attributable to a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decrease</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>94.2</span> million in liabilities from related parties </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in <span>2021</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">compared to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">an</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> increase of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>117.3</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in liabilities from related parties </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in <span>2020</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> combined with a decrease of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>16.1</span> million in p</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ayments to suppliers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> compared </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to increase in the amount of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>42.6</span> million in <span>2020</span> due to supplier</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> postponement and partially offset by a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">decrease of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>25.4</span> million </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in trade receivables due to better collec</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">tion in comparison with <span>2020</span>).</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>107</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Investing Activities</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the year ended December 31, 2022, our net cash applied in investing activities amounted to R$394.9 million, a decrease of R$483.4 million compared to net cash from investing activities of R$88.5 million for the year ended December 31, 2021. This decrease was mainly attributable to the net purchase of investments in marketable securities in the amount of R$162.6 million, compared to a net sale of marketable securities of R$351.5 million in 2021, which represented a decrease of R$514.1 million. This was partially offset by an increase owing to business combination due to the cash paid for the acquisition of subsidiaries in the amount of R$81.0 million, for the year ended December 31, 2022 compared to cash paid for the acquisition of subsidiaries in the amount of R$186.2 million for the year ended December 31, 2021, which represented a decrease of R$105.2 million. Moreover, the increase in cash used in investing activities was also attributable to higher payments on acquisition of property, plant and equipment, and intangible assets, which amounted to R$151.7 million in 2022, compared to payment of R$76.8 million in 2021, representing an increase of R$74.9 million.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the year ended December 31, 2021, our net cash flows from investing activities amounted to R$<span>88.5</span> million, an increase of R$<span>630.3</span> million compared to net cash flows </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">applied </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in investing activities of R$<span>541.8</span> million for the year ended December 31, 2020. This increase was mainly attributable to realization of investments in marketable securities of R$<span>351.5</span> million partially offset by cash paid for the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8206;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acquisition of property and equipment and intangible assets of R$<span>76.7</span> million, and payments related to business combination in the amount of R$<span>186.2</span> million</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt 18pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Financing Activities</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, our net cash </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">applied i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">n</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> financing activities amounted to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.<span>0</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, a</span>&#160;de<span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">crease</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.<span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million, compared to net cash </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">applied </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> financing activities of R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>68.1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million for </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2021</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> mainly driven by the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acquisition of treasury shares </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the amount </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of R$<span>23.9</span> million </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">that </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">occurred in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the year ended December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2021</span> that did not recur in 2022. Additionally</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> installments </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">payments relating to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">business combination</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">amounted to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$<span>11.4</span> million </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year ended December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> compared to R$<span>19.1</span> million </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the year ended December 31, 2021</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which was </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">partially offset by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the payment of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lease liabilities </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in the aggregate amount of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>27.0</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> compared to R$<span>21.9</span> million </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the year ended December 31, 2021</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the year ended December 31, 2021, our net cash flows used in financing activities amounted to R$<span>68.1</span> million, a decrease of R$<span>662.3</span> million, compared to net cash flows generated by financing activities of R$<span>594.2</span> million for the year ended December 31, 2020. In <span>2021</span>, our net cash flows used in financing activities were affected by payments of loans with related parties of R$<span>20.9</span> million, payment of lease liabilities of R$<span>21.9</span> million, acquisition of treasury shares of R$<span>23.9</span> million and payment of bond with related parties of R$<span>477.7</span> million partially offset by issuance of public bonds net of issu</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ance costs of R$<span>497.0</span> million.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Liquidity</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our main sources of liquidity derive from (<span>1</span>) cash, cash equivalents and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">marketable securities</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, (<span>2</span>) cash </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">provided by</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our operations, (<span>3</span>) financing, and (<span>4</span>) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issuance of bonds</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. We believe that these sources are sufficient to satisfy our current funding requirements, which include, but are not limited to, working capital and capital expenditures, among others.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our main financial liabilities refer to financing with financial institutions (including through the issuance of bonds), indebtedness with related parties</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, business combination accounts payable</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and suppliers</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (including reverse factoring).</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">During the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year ended December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our level </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of indebtedness with related parties </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">remained stable</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> pursuant to certain loans as described below under </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8212;Indebtedness</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item <span>7</span>. Major Shareholders and Related Party Transactions&#8212;B. Related party transactions&#8212;Loan Agreements</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We continuously monitor our cash balance and the indebtedness level and implement measures to allow access to the capital markets, when necessary. We also endeavor to assure we remain within existing credit limits. Our 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 our debt financing plans, covenant compliance, internal liquidity targets and, if applicable, regulatory requirements. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Our surplus cash generated is managed on a group basis. The group</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s treasury invests surplus cash in short-term deposits, choosing instruments with appropriate maturities or sufficient liquidity to provide us with appropriate funds allowing us to continue as a going concern.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> had working capital </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(total current assets less total current liabilities) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>648.9</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million (compared to working capital of R$<span>5</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>21.9</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million and R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>503.9</span> million as of December 31, 2021 and <span>2020</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, respectively).</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>108</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Indebtedness </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, our total outstanding indebtedness was </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>84</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>3.0</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, of which </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>529.5</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million were private bonds and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>313.5</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million were bonds with third parties.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On August 6, 2021, our subsidiary Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. issued </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>500</span> million in simple debentures not convertible into shares, subject to an interest comprising <span>100</span>% of DI Interest Deposit rate (CDI), plus spread of <span>2.30</span>% per year. The debentures will serve the purpose of reinforcing our capital structure and extending the debt maturity profile, which currently presents an average maturity of <span>35</span> months.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On September 28, 2019, Cogna approved the capitalization of the <span>4</span>th issuance and <span>5</span>th issuance of private debentures originally issued by Saber in the amount of R$<span>1.5</span> billion. On November 19, 2019, all rights and obligations related to debentures originally issued by Saber with third parties were transferred to Cogna, under the condition that the Company would assume the obligations in respect of R$<span>1.5</span> billion of the outstanding amounts of all such debentures in connection with the corporate reorganization.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The following table summarizes the principal terms of these debentures:</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center; border-bottom-width: 1px; border-bottom-color: #000000 !important;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Subscriber</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center; border-bottom-width: 1px; border-bottom-color: #000000 !important;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Maturity</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; line-height: inherit;"> &#160; </span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> R$ in millions </span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 33%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Related party </span></p>
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<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Times New Roman'; line-height: inherit;">5<span style="font-size: 8pt;"><sup>th</sup></span> / Series <span>2</span></span></span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> August 15, 2018 </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> August 15, 2023 </span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 10px;"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> CDI </span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 10px;"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>1.00</span>% p.a. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>53.8</span> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Related party </span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 10px;"><br/></td>
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<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Times New Roman'; line-height: inherit;"><span>9</span><span style="font-size: 8pt;"><sup>th</sup></span></span><span style="font-family: 'Times New Roman'; line-height: inherit;">/ Series <span>2</span></span></span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> September 28, 2022 </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> September 28, 2025 </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> CDI </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>2.40</span>% p.a. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>259.7</span> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Third party </span></p>
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<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Times New Roman'; line-height: inherit;"><span>1</span><span style="font-size: 8pt;"><sup>st</sup></span></span><span style="font-family: 'Times New Roman'; line-height: inherit;">/ Single</span></span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> August 06, 2021 </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> August 05, 2024 </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> CDI </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>2.30</span>% p.a. </span></p>
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<p style="margin: 0pt; padding-bottom: 1pt; border-bottom-width: 1px; border-bottom-color: #000000 !important;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span>529.5</span> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt; padding-bottom: 1pt; border-bottom-width: 2.8pt; border-bottom-color: #000000 !important;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>843.0</span> </span></p>
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<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(<span>1</span>)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Outstanding amounts include interest payable</span><span style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The bond with related party subjects </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">us</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to certain restrictive covenants. Failure to comply with such restrictive covenants could result in the acceleration of the relevant debentures. The occurrence of the following conditions could result in acceleration of the debentures: (<span>1</span>) the acceleration of the other debentures originally issued by Saber; (<span>2</span>) the grant by us of any liens on our assets or capital stock; (<span>3</span>) a change in control by Cogna of Saber</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s subsidiaries, subject to certain exceptions. Additionally,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> we have</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> agreed until the maturity of the private debentures that: (<span>1</span>) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will allocate at least <span>50</span>% of the use of proceeds from any liquidity event to repay such debentures; (<span>2</span>) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will not obtain any new loans unless the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">proceeds of such loan are directed to repay our debentures with Cogna; and (<span>3</span>) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> will not pledge shares and/or dividends. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> complied with all debt commitments in the period</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> applicable on December 31, 2022 and <span>2021</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The bond with third part</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ies</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> requires the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">maintenance</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> of certain financial indicators </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">covenants</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> which are annually calculated based on Somos </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">onsolidated financial statements. The period of covenants compliance comprises <span>12</span> months immediately prior to the end of each year, the first year of analysis </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">being </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">December 31, 2021, and based on </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ratio between adjusted net debt by adjusted consolidated EBITDA. The net debt adjusted EBITDA ratio should be less or equal: <span>4.25</span> in <span>2021</span>, <span>4.00</span> in <span>2022</span>, <span>3.75</span> in <span>2023</span> and <span>3.50</span> in <span>2024</span>. This ratio cannot be </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">breached</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for <span>two</span> consecutive periods or <span>three</span> alternate periods. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On December 31, 2022, our net debt to Adjusted EBITDA ratio reached the result of <span>2.74</span>, within the conditions established in the aforementioned financial contractual clauses. On December 31, 2021, our net debt to Adjusted EBITDA ratio reached the result of <span>4.47</span>%, exceeding the ratio, but yet within the clauses established.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, we had lease liabilities in the amount of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>140.6</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Capital Expenditures</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">he capital expenditures</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> refers to investments made to improve </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">fixed assets, such </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">buildings, equipment, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">software</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and land.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> In the </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">year ended December 31, 2022</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">our </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">capital expenditures totaled </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>14</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>9</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>9</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">million</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> substantially composed by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">intangibles, IT equipment</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and digital complementary education</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> compared to R$</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>76.7</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">million for the year ended December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which was </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">composed </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">also by intangibles, IT equipment and digital complementary education</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We expect to meet our capital expenditure needs for the foreseeable future from our operating cash flow, our existing </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">cash</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and cash equivalents. Our future capital requirements will depend on several factors, including our growth rate, the expansion of our research and development efforts, employee headcount, marketing and sales activities, the introduction of new features to our existing products and the continued mar</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ket acceptance of our products.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>109</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">C.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160;&#160;</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BA10_3IQ9BHCZ6O00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Research and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Development, Pate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">nts and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Licenses</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Etc</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">.</span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">See </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item <span>4</span>. Information on the Company&#8212;D. Property, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">P</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lant and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">E</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">quipment&#8212;Intellectual Property</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">D.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BItem_5_-Trend_Information_T28V74AQKG00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Trend </span><span style="font-weight: bold; line-height: inherit;">Information</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The following discussion is based largely upon our current expectation</span><span style="line-height: inherit;">s</span><span style="line-height: inherit;"> about future events and trends affecting our business. Actual results for our industry and our performance could differ substantially. For further information related to our forward-looking statements, see </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Forward-Looking Statement</span><span style="line-height: inherit;">s</span><span style="line-height: inherit;">&#8221;,</span><span style="line-height: inherit;"> and for a description of certain factors that could affect our industry in the future and our own future performance, see </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 3. Key Information &#8211; 3D. Risk Factors</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Impact of COVID-19 on Our Business</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our business has been significantly impacted by the COVID-19 pandemic and governmental responses to it, particularly during the years ended December 31, 2020 and 2021. However, our revenues from subscription solutions, recognized in 2022 and expected to be recognized in 2023, have not and will not be adversely affected by the effects of the COVID-19 pandemic, such as declining enrollment at our partner schools as observed during the pandemic period, particularly in respect of childhood education. See also &#8220;Item 3. Key Information&#8212;3D. Risk Factors&#8212;Certain Factors Relating to Our Business and Industry&#8212;Our operations and results may be negatively impacted by health crises, </span><span style="line-height: inherit;">epidemics</span><span style="line-height: inherit;"> or pandemics</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Other Trends Affecting Our Business</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following list sets forth, in our view, the most important trends, uncertainties and events that are reasonably likely to continue to have a material effect on our revenues, income from continuing operations, profitability, liquidity and capital resources, or that may cause reported financial information to be not necessarily indicative of future operating results or financial condition:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">general economic, political, social and business conditions in Brazil, including the impact of the current international economic environment (including any impact resulting from the ongoing war between Russia and</span><span style="line-height: inherit;"> Ukraine</span><span style="line-height: inherit;">) and the macroeconomic conditions in Brazil, and the policies of the Brazilian </span><span style="line-height: inherit;">government;</span></span></li>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a href="#TOC">Table of Contents</a></span></div>
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<p style="line-height: 1.2;;margin:0pt"><br/></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the </span><span style="line-height: inherit;">future;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">social and political instability, including allegations of corruption against political parties, civil servants and </span><span style="line-height: inherit;">others;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">inflation, appreciation and depreciation of the real against the U.S. dollar, which has experienced significant volatility since the beginning of the COVID-19 </span><span style="line-height: inherit;">pandemic;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">our ability to implement our business strategy and expand our portfolio of products and </span><span style="line-height: inherit;">services;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">our ability to adapt to technological changes in the educational </span><span style="line-height: inherit;">sector;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">the availability of government authorizations on terms and conditions and within periods acceptable to </span><span style="line-height: inherit;">us;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">our ability to continue attracting and retaining new partner schools and </span><span style="line-height: inherit;">students;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">our ability to maintain the academic quality of our </span><span style="line-height: inherit;">programs;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">the availability of qualified personnel and the ability to retain such </span><span style="line-height: inherit;">personnel;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">changes in government regulations applicable to the education industry in </span><span style="line-height: inherit;">Brazil;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">negative impact of health crises, epidemics or pandemics, such as the COVID-19 </span><span style="line-height: inherit;">pandemic;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">government interventionism in education industry programs that affect the economic or tax regime, the collection of tuition fees or the regulatory framework applicable to educational institutions; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">cancellations of contracts within the solutions we characterize as subscription arrangements or limitations on our ability to increase the rates we charge for the services we characterize as subscription arrangements.</span></li>
</ul>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">For more information, see </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 5. Operating </span><span style="line-height: inherit;">a</span><span style="line-height: inherit;">nd Financial Review </span><span style="line-height: inherit;">a</span><span style="line-height: inherit;">nd Prospects</span><span style="line-height: inherit;">&#8212;A. Operating Results&#8212;Principal Factors Affecting Our Results of Operations</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> and </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 3. Key Information&#8212;D. Risk Factors</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">E.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bitem_5_Critical_Accounting_Estimates_Z28TUKRLDS00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Critical Accounting Estimates</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our financial statements are prepared in accordance with IFRS as issued by the IASB. In preparing our consolidated financial statements, we make assumptions, judgements and estimates that can have a significant impact on amounts reported in our consolidated financial statements. We base our assumptions, judgements and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions. We regularly reevaluate our assumptions, </span><span style="line-height: inherit;">judgments</span><span style="line-height: inherit;"> and estimates. </span><span style="line-height: inherit;">For a discussion on use of estimat</span><span style="line-height: inherit;">es</span><span style="line-height: inherit;"> and judgement see note 3 to our audited consolidated financial statements.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">JOBS Act</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We are an emerging growth company under the JOBS Act. The JOBS Act provides that an emerging growth company can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have irrevocably elected not to avail ourselves of this exemption and, therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Subject to certain conditions set forth in the JOBS Act, if, as an </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">emerging growth company</span><span style="line-height: inherit;">&#8221;,</span><span style="line-height: inherit;"> we choose to rely on such exemptions we may not be required to, among other things, (</span><span style="line-height: inherit;">i</span><span style="line-height: inherit;">) provide an auditor</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of our initial public offering or until we are no longer an </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">emerging growth company</span><span style="line-height: inherit;">&#8221;,</span><span style="line-height: inherit;"> whichever is earlier.</span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" class="pageno"><span>111</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a href="#TOC">Table of Contents</a></span></div>
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<p style="line-height: 1.2;;margin:0pt"><br/></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">ITEM 6. <a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_6.__PHJE46447K00000000000000000000" class="customBookmark">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></span></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">A.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BDirectors_and_Senior_Management_X58LSDJJFK00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Directors and </span><span style="font-weight: bold; line-height: inherit;">Senior </span><span style="font-weight: bold; line-height: inherit;">Management</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">We are managed by our board of directors and by our senior management, pursuant to our memorandum and articles of association and the Cayman Islands Companies </span><span style="line-height: inherit;">Act </span><span style="line-height: inherit;">(</span><span style="line-height: inherit;">As Revised</span><span style="line-height: inherit;">).</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Board of Directors</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As of the date of </span><span style="line-height: inherit;">this annual report</span><span style="line-height: inherit;">, our board of directors </span><span style="line-height: inherit;">was composed of </span><span style="line-height: inherit;">seven</span> <span style="line-height: inherit;">members. Each director holds office for the term, if any, fixed by the shareholder resolution that appointed him, or, if no term is fixed on the appointment of the director, until the earlier of his or her removal or vacation of office as a director in accordance with the Articles of Association. Directors appointed by the board of directors hold office until the next annual general meeting. Our directors do not have a retirement age requirement under our Articles of Association. The current members of the board of directors were appointed to serve until the earlier of their removal or vacation of office as a director in accordance with the Articles of Association.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following table presents the names of the current members of our board of directors.</span></p>
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<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Name</span></p>
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<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Age</span></p>
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<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Position</span></p>
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<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Rodrigo Calvo Galindo</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; width: 1%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; background-color: #bdd7ee; width: 20%; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">4</span><span style="line-height: inherit;">7</span></span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; width: 1%;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; width: 28%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Chairman</span></p>
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<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">M&#225;rio Ghio Junior</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">5</span><span style="line-height: inherit;">4</span></span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Director</span></p>
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<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Roberto </span><span style="line-height: inherit;">Val&#233;rio</span><span style="line-height: inherit;"> Neto</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; background-color: #bdd7ee; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">4</span><span style="line-height: inherit;">7</span></span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Director</span></p>
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<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Frederico da Villa Cunha</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Director</span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Andr&#233;s </span><span style="line-height: inherit;">Card&#243;</span><span style="line-height: inherit;"> Soria</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; background-color: #bdd7ee; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">6</span><span style="line-height: inherit;">2</span></span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Independent Director*</span></p>
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<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Ann Marie Williams</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">5</span><span style="line-height: inherit;">6</span></span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Independent Director*</span></p>
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<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Estela Maris Vieira de Souza</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; background-color: #bdd7ee; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">5</span><span style="line-height: inherit;">9</span></span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Independent Director*</span></p>
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<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">*</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;</span><span style="line-height: inherit;">Member of our Audit Committee.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The following is a brief summary of the business experience of our directors. Unless otherwise indicated, the current business addresses for our directors is Av. </span><span style="line-height: inherit;">Paulista, 901, 5th </span><span style="line-height: inherit;">Floor</span><span style="line-height: inherit;">, Bela Vista, S&#227;o Paulo &#8211; SP, CEP 01310-100, </span><span style="line-height: inherit;">Brazil</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Rodrigo Calvo Galindo is the Chairman of our board of directors. Mr. Galindo is </span><span style="line-height: inherit;">the </span><span style="line-height: inherit;">forme</span><span style="line-height: inherit;">r</span><span style="line-height: inherit;"> Chief Executive Officer of Cogna. He has served in the management of various educational institutions over the last 2</span><span style="line-height: inherit;">9</span><span style="line-height: inherit;"> years. He was Administrative Associate Dean at the University of Cuiab&#225; and was responsible for the accreditation and establishment of postsecondary education institutions in the states of Bahia, Mato Grosso, </span><span style="line-height: inherit;">Amap&#225;</span><span style="line-height: inherit;">, Acre and Rond&#244;nia. He was Chief Executive Officer of Grupo </span><span style="line-height: inherit;">Educacional</span><span style="line-height: inherit;"> IUNI, with over 50,000 postsecondary students and campuses in six Brazilian states. He was Chief Operating Officer and Chief Postsecondary Education Officer at Cogna Educa&#231;&#227;o, formerly known as </span><span style="line-height: inherit;">Kroton</span><span style="line-height: inherit;">. Mr. Galindo holds a bachelor</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s degree in Law and a </span><span style="line-height: inherit;">Master</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s</span><span style="line-height: inherit;"> degree in Education from </span><span style="line-height: inherit;">Pontif&#237;cia</span> <span style="line-height: inherit;">Universidade</span> <span style="line-height: inherit;">Cat&#243;lica</span><span style="line-height: inherit;"> de S&#227;o Paulo (PUC-SP). He published the dissertation </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Public Assessment Policies: critical analysis of the model and perspective of representative associations</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> and co-authored the book </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Public Assessment Policies</span><span style="line-height: inherit;">&#8221;.</span> <span style="line-height: inherit;">He has been honored by IR Magazine for </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Best investor relations performance by a CEO</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> (2012, 2013, 2014, 2015 and 2017), by Institutional Investor for </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Best CEO</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> (2012, 2013, 2014, 2015, 2016 and 2017), by </span><span style="line-height: inherit;">Isto&#233;</span> <span style="line-height: inherit;">Dinheiro</span><span style="line-height: inherit;"> for </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Entrepreneur of the Year</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> (2016), by Valor </span><span style="line-height: inherit;">Econ&#244;mico</span><span style="line-height: inherit;"> for </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Best Company</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> (2014) and </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Best Executive in the Education Industry</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> (2014, 2015, 2016 and 2017), and by Bravo Business Awards for </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Dynamic CEO of the Year</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> (2015).</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">M&#225;rio Ghio Junior is a member of our board of directors. Mr. Ghio Junior </span><span style="line-height: inherit;">will be stepping down as </span><span style="line-height: inherit;">Chief Executive Officer </span><span style="line-height: inherit;">and Invest</span><span style="line-height: inherit;">ment</span><span style="line-height: inherit;"> Relations Officer, </span><span style="line-height: inherit;">at the end of April 2023, but will remain as a member of our board of directors. He is </span><span style="line-height: inherit;">a Board member of several companies and non-governmental organizations, or NGOs dedicated to improving education in the public sector. He was Chief Executive Officer of Abril Educa&#231;&#227;o (currently Somos Educa&#231;&#227;o), has served as Director of Educational Support at </span><span style="line-height: inherit;">Est&#225;cio</span><span style="line-height: inherit;">, Director of educational platforms of the </span><span style="line-height: inherit;">Santillana</span><span style="line-height: inherit;"> Group, General Director of the COC System, General Director of CPV </span><span style="line-height: inherit;">Vestibulares</span><span style="line-height: inherit;"> and Chemistry Teacher of Anglo </span><span style="line-height: inherit;">Vestibulares</span><span style="line-height: inherit;">. He holds bachelor</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s degrees in Chemical Engineering from Poli-USP and in Business Administration from </span><span style="line-height: inherit;">Universidade</span> <span style="line-height: inherit;">Anhembi-Morumbi</span><span style="line-height: inherit;">/SP, as well as an Executive MBA from INSPER.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Frederico da Villa Cunha is a member of our board of directors. Mr. Frederico also currently serves as CFO of Cogna and joined the company in 2020. Mr. Frederico has a degree in business administration from the Pontifical Catholic University of Rio de Janeiro and in accounting from the University of the City of Rio de Janeiro, participated in the executive </span><span style="line-height: inherit;">leadership program at Duke University, he started his professional career at PwC </span><span style="line-height: inherit;">Auditores</span> <span style="line-height: inherit;">Independente</span><span style="line-height: inherit;"> where he worked for 13 years in the areas of external auditing, corporate planning, mergers, acquisitions and advising on capital market operations, previously worked for 12 years at </span><span style="line-height: inherit;">BR</span><span style="line-height: inherit;">Malls</span> <span style="line-height: inherit;">Participa&#231;&#245;es</span><span style="line-height: inherit;"> acting as controller and for the past 7 years he served as chief financial and investor relations officer.</span></span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Roberto </span><span style="line-height: inherit;">Val&#233;rio</span><span style="line-height: inherit;"> Neto is a member of our board of directors. Mr. </span><span style="line-height: inherit;">Val&#233;rio</span><span style="line-height: inherit;"> also currently serves as </span><span style="line-height: inherit;">Chie</span><span style="line-height: inherit;">f</span> <span style="line-height: inherit;">Executive Officer of Cogna. Mr. </span><span style="line-height: inherit;">Val&#233;rio</span><span style="line-height: inherit;"> joined Cogna following the merger with </span><span style="line-height: inherit;">Anhanguera</span><span style="line-height: inherit;"> in July 2014. He worked for three years at </span><span style="line-height: inherit;">Anhanguera</span> <span style="line-height: inherit;">Educacional</span><span style="line-height: inherit;">, holding the positions of Chief Executive Officer and Executive Officer for Operations and Marketing. Previously, he worked for 11 years in the DIRECTV Group, with the SKY and DIRECTV brands. He holds a bachelor</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s degree in Business Administration and a graduate degree in Business Administration with emphasis in Strategy, Finance and Entrepreneurship from the </span><span style="line-height: inherit;">Funda&#231;&#227;o</span> <span style="line-height: inherit;">Get&#250;lio</span><span style="line-height: inherit;"> Vargas (FGV), and graduate degree in Marketing and Customer Experience from Columbia University.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Andr&#233;s </span><span style="line-height: inherit;">Card&#243;</span><span style="line-height: inherit;"> Soria is an independent member of our board of directors</span><span style="line-height: inherit;"> and a member of our audit committee</span><span style="line-height: inherit;">. Since 2018, Mr. </span><span style="line-height: inherit;">Card&#243;</span><span style="line-height: inherit;"> is the Head of </span><span style="line-height: inherit;">Prismapar</span><span style="line-height: inherit;"> in Spain, Senior Advisor of Corporate Vision and President of his own consulting firm, Andr&#233;s </span><span style="line-height: inherit;">Card&#243;</span><span style="line-height: inherit;"> &amp; </span><span style="line-height: inherit;">Asociados</span><span style="line-height: inherit;">, SLL. Mr. </span><span style="line-height: inherit;">Card&#243;</span><span style="line-height: inherit;"> is and has also been in the past member of the board of directors of several companies in the UK, Peru, Spain, Argentina, Chile, Colombia, Costa Rica, Mexico, USA, </span><span style="line-height: inherit;">Brazil</span><span style="line-height: inherit;"> and Bolivia. He has already served as an economics professor in </span><span style="line-height: inherit;">Trener</span><span style="line-height: inherit;"> Academy, several consulting firms, Controller for Foreign Direct Investments in </span><span style="line-height: inherit;">Petr&#243;leos</span><span style="line-height: inherit;"> del Per&#250;, Lima-Per&#250;, Controller and Responsible for Board of Directors Special Affairs in Grupo </span><span style="line-height: inherit;">Hilados</span> <span style="line-height: inherit;">Peinados</span><span style="line-height: inherit;">, Lima-Per&#250;, Con</span><span style="line-height: inherit;">t</span><span style="line-height: inherit;">roller </span><span style="line-height: inherit;">Latam</span><span style="line-height: inherit;"> in Grupo </span><span style="line-height: inherit;">Santillana</span><span style="line-height: inherit;">, in Madrid, Spain, and Managing Director at Editorial </span><span style="line-height: inherit;">Santillana</span><span style="line-height: inherit;"> in Bolivia. He later became Vice President for the </span><span style="line-height: inherit;">Prisa</span><span style="line-height: inherit;"> Group in Bolivia, Managing Director at the </span><span style="line-height: inherit;">Santillana</span><span style="line-height: inherit;"> Group, Managing Director at </span><span style="line-height: inherit;">Editora</span><span style="line-height: inherit;"> Moderna from 2001 to 2010, Country Manager in </span><span style="line-height: inherit;">Prisa</span><span style="line-height: inherit;"> Brazil and held other positions in the </span><span style="line-height: inherit;">Prisa</span><span style="line-height: inherit;"> Group such as Chief Corporate Development, Marketing and Revenue Officer, Chief Operating </span><span style="line-height: inherit;">Officer</span><span style="line-height: inherit;"> and International Managing Director, as well as Chief Executive Officer of </span><span style="line-height: inherit;">Prisa</span><span style="line-height: inherit;"> Radio from 2015 to 2018. Mr. </span><span style="line-height: inherit;">Card&#243;</span><span style="line-height: inherit;"> holds a Humanities Diploma from Pontificia Universidad </span><span style="line-height: inherit;">Cat&#243;lica</span><span style="line-height: inherit;"> del Per&#250;, a Finances Diploma &#8211; </span><span style="line-height: inherit;">Programa</span><span style="line-height: inherit;"> de Alta </span><span style="line-height: inherit;">Direcci&#243;n</span><span style="line-height: inherit;"> from ESAN, a bachelor</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s degree in Economic Science from Pontificia Universidad </span><span style="line-height: inherit;">Cat&#243;lica</span><span style="line-height: inherit;"> del Per&#250; and an MBA from IESE in Spain. </span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Ann Marie Williams is an independent member of our board of directors</span><span style="line-height: inherit;"> and a member of our audit committee</span><span style="line-height: inherit;">. Mrs. Williams is the chief operating officer at </span><span style="line-height: inherit;">Creditas</span><span style="line-height: inherit;"> since 2016 and is also member of the board of </span><span style="line-height: inherit;">Tiaxa</span><span style="line-height: inherit;"> since September 2012. She worked for more than three years as a member of the advisory group at </span><span style="line-height: inherit;">Alian&#231;a</span> <span style="line-height: inherit;">Empreendedora</span><span style="line-height: inherit;">, as well as partner at Redpoint </span><span style="line-height: inherit;">Eventures</span><span style="line-height: inherit;"> for more than a year. She was the chief integration officer at Spring Mobile Solutions (April 2009 &#8211; February 2010), chief executive officer at </span><span style="line-height: inherit;">Okto</span><span style="line-height: inherit;"> (June 2000 &#8211; March 2009) and consultant for government relations at Motorola (May 1998 &#8211; June 1999). Mrs. Williams holds a bachelor</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s degree in linguistics from Stanford University and a </span><span style="line-height: inherit;">Master in Business</span><span style="line-height: inherit;"> and Administration with emphasis in entrepreneurship from The University of Texas at Austin. </span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Estela Maris Vieira de Souza is an independent member of our board of directors and a member of our audit committee</span><span style="line-height: inherit;">. </span><span style="line-height: inherit;">Ms.</span> <span style="line-height: inherit;">Vieira de Souza</span><span style="line-height: inherit;"> a full </span><span style="line-height: inherit;">member</span> <span style="line-height: inherit;">of</span> <span style="line-height: inherit;">the</span> <span style="line-height: inherit;">audit</span> <span style="line-height: inherit;">committee</span> <span style="line-height: inherit;">of</span><span style="line-height: inherit;"> Track &amp; Field, Localiza </span><span style="line-height: inherit;">and</span><span style="line-height: inherit;"> Ag&#234;ncia Brasileira Gestora de Fundos Garantidores e Garantias &#8211; ABGF. </span><span style="line-height: inherit;">She is also a full member of the board of directors and audit committee of </span><span style="line-height: inherit;">Infracommerce</span><span style="line-height: inherit;"> and full member of the </span><span style="line-height: inherit;">Lojas</span><span style="line-height: inherit;"> Renner fiscal council. She was a full member of the </span><span style="line-height: inherit;">Transportadora</span> <span style="line-height: inherit;">Sulbrasileira</span><span style="line-height: inherit;"> de </span><span style="line-height: inherit;">G&#225;s</span><span style="line-height: inherit;"> and PwC Brazil Board. Ms. Vieira</span><span style="line-height: inherit;"> de Souza</span><span style="line-height: inherit;"> holds a bachelor</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s degree in Business Administration and Accounting Sciences, </span><span style="line-height: inherit;">an</span><span style="line-height: inherit;"> MBA in Marketing in Services, a Master (</span><span style="line-height: inherit;">Msc</span><span style="line-height: inherit;">) in Accounting and Controllership, </span><span style="line-height: inherit;">an</span><span style="line-height: inherit;"> MBA in Digital Business, and is a board member certified by the Instituto </span><span style="line-height: inherit;">Brasileiro</span><span style="line-height: inherit;"> de </span><span style="line-height: inherit;">Governan&#231;a</span> <span style="line-height: inherit;">Corporativa</span><span style="line-height: inherit;"> (IBGC). Ms. Vieira </span><span style="line-height: inherit;">de Souza </span><span style="line-height: inherit;">started her career at PricewaterhouseCoopers (PwC) in August 1987, and from 2000 to 2018 she was audit partner. In January 2019 she elected to take early retirement from PwC. Over a period of 15 years, she was the lead PwC Brazil partner responsible for delivering professional services to the Technology, Communication, Entertainment and Media sector and she represented the region at the PwC Network level in her area of expertise.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Executive Officers</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our executive officers are responsible for the management and representation of our company. We have a strong centralized management team led by M&#225;r</span><span style="line-height: inherit;">io Ghio Junior, our CEO, with 34</span><span style="line-height: inherit;"> years of experience in the education industry. Many of the members of our management team have worked together as a team for many years. Our executive officers were appointed by our board of directors for an indefinite term.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following table lists our current executive officers:</span></p>
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<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">M&#225;rio Ghio Junior</span><span style="line-height: inherit;">(1)</span></span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54</span></p>
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<p style="margin: 0pt 9.35pt; text-align: center; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Chief Executive Officer</span><span style="line-height: inherit;"> and&#160;</span></span><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Invest</span><span style="line-height: inherit;">ment</span><span style="line-height: inherit;"> Relations Officer</span></span></p>
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<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Cesar Augusto Silva</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">4</span><span style="line-height: inherit;">7</span></span></p>
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<p style="margin: 0pt 9.35pt; text-align: center; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Chief Financial Officer</span></p>
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<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Guilherme Alves </span><span style="line-height: inherit;">M&#233;lega</span><span style="line-height: inherit;">(1)</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">4</span><span style="line-height: inherit;">8</span></span></p>
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<p style="margin: 0pt 9.35pt; text-align: center; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Chief Operating Officer</span></p>
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<td style="vertical-align: top; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; line-height: inherit; display: inline !important;">(1)</span></td>
<td style="width: 97%;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">Mr.Ghio</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;Junior will be stepping down as Chief Executive Officer and Investment Relations Officer effective April 30, 2023, when Mr.&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">Guilherme Alves&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">M&#233;lega</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;will become our Chief Executive, Investment&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">Relations</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;and Operating Officer</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">.</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a href="#TOC">Table of Contents</a></span></div>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The following is a brief summary of the business experience of our executive officers who are not also members of our board of directors. Unless otherwise indicated, the current business addresses for our executive officers is Av. </span><span style="line-height: inherit;">Paulista, 901, 5th </span><span style="line-height: inherit;">Floor</span><span style="line-height: inherit;">, Bela Vista, S&#227;o Paulo &#8211; SP, CEP 01310-100, </span><span style="line-height: inherit;">Brazil</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">M&#225;rio Ghio Junior &#8211; see </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">&#8212;Board of Directors</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Cesar Augusto Silva</span><span style="line-height: inherit;"> is our Chief Financi</span><span style="line-height: inherit;">al Officer</span><span style="line-height: inherit;">. </span><span style="line-height: inherit;">Mr. Cesar Augusto Silva is an </span><span style="line-height: inherit;">economist and accountant with a </span><span style="line-height: inherit;">master</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s</span><span style="line-height: inherit;"> in business </span><span style="line-height: inherit;">administration</span><span style="line-height: inherit;">, and</span><span style="line-height: inherit;"> has more than 25 years</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> experience in financial management and controllership. Mr. Silva has been working at the Cogna Group as Controllership Director since 2016, having actively participated in Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s IPO process with Nasdaq. Prior to joining the Cogna Group, Mr. Silva </span><span style="line-height: inherit;">started his </span><span style="line-height: inherit;">career</span><span style="line-height: inherit;"> at auditing firms and </span><span style="line-height: inherit;">has worked at companies such as JSL </span><span style="line-height: inherit;">Log&#237;stica</span><span style="line-height: inherit;">, T-Systems Brasil, and T-Systems Spain.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Guilherme Alves </span><span style="line-height: inherit;">M&#233;lega</span><span style="line-height: inherit;"> is our Chief Operating Officer. Following Mr. M&#225;rio Ghio Junior&#8217;s retirement from his roles as Chief Executive Officer and Investment Relations Officer on April 30, 2023, Mr. Guilherme Alves </span><span style="line-height: inherit;">M&#233;lega</span><span style="line-height: inherit;"> will become our Chief Executive Officer, Investment Relations </span><span style="line-height: inherit;">Officer</span><span style="line-height: inherit;"> and Chief Operating Officer. With a degree in economics from the </span><span style="line-height: inherit;">Funda&#231;&#227;o</span><span style="line-height: inherit;"> Armando Alves </span><span style="line-height: inherit;">Penteado</span><span style="line-height: inherit;"> in S&#227;o Paulo, Mr. </span><span style="line-height: inherit;">M&#233;lega</span><span style="line-height: inherit;"> also holds a master&#8217;s degree in Business Administration from the Simon Graduate School of Business, University of Rochester, in New York. He previously served as Investor Relations Officer and Financial and Administrative Vice President in Somos Educa&#231;&#227;o, Financial Director, Corporate </span><span style="line-height: inherit;">Controller</span><span style="line-height: inherit;"> and Investor Relations Officer in Braskem, Senior Manager of Financial Planning and Budgeting in Whirlpool, Treasury Coordinator in </span><span style="line-height: inherit;">Rhodia</span><span style="line-height: inherit;"> and financial analyst in Ambev</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Directors</span><span style="font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-weight: bold; line-height: inherit;"> and Officers</span><span style="font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-weight: bold; line-height: inherit;"> Insurance</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As of December 31, </span><span style="line-height: inherit;">202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">, we contracted civil liability insurance coverage for acts carried out by our directors and executive officers in the course of their duties.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Share Ownership</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The shares and any outstanding beneficially owned by our directors and officers and/or entities affiliated with these individuals are disclosed in the section entitled </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 7. Major Shareholders and Related Party Transactions&#8212;A. Major Shareholders</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Our Relationship with </span><span style="font-weight: bold; line-height: inherit;">Our </span><span style="font-weight: bold; line-height: inherit;">Directors, Executive </span><span style="font-weight: bold; line-height: inherit;">Officer</span><span style="font-weight: bold; line-height: inherit;"> and Members of Senior Management</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">There are no family relationships between any of our directors, executive </span><span style="line-height: inherit;">officers</span><span style="line-height: inherit;"> and members of our senior management</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">B.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BCompensation_HKDDMHVGCW00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Compensation</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Compensation of Directors and Officers</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Under Cayman Islands law, we are not required to disclose compensation paid to our senior management on an individual basis and we have not otherwise publicly disclosed this information elsewhere.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Our executive officers, directors and management receive fixed and variable compensation. They also receive benefits in line with market practice in Brazil. The fixed component of their compensation is set on market terms and adjusted annually.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The variable component consists of cash bonuses and awards of shares (or the cash equivalent). Cash bonuses are paid to executive officers and members of our management based on previously agreed targets for the business. Shares (or the cash equivalent) are awarded under our share options long</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">term incentive program, as discussed below.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">For the </span><span style="line-height: inherit;">year ended December 31, 202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">,</span><span style="line-height: inherit;"> 202</span><span style="line-height: inherit;">1</span><span style="line-height: inherit;"> and </span><span style="line-height: inherit;">20</span><span style="line-height: inherit;">20</span><span style="line-height: inherit;">, the aggregate compensation expense for the members of the board of directors and our executive officers for services in all capacities was </span><span style="line-height: inherit;">R$</span><span style="line-height: inherit;">20.4</span><span style="line-height: inherit;"> million, </span><span style="line-height: inherit;">R$16.0 million</span><span style="line-height: inherit;"> and</span><span style="line-height: inherit;"> R$28.7 million</span><span style="line-height: inherit;">, respectively, which includes both benefits paid in kind and compensation.</span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" class="pageno"><span>114</span></span></td>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">We estimate that the aggregate compensation for Vasta directors and officers for 202</span><span style="line-height: inherit;">3</span><span style="line-height: inherit;"> will be </span><span style="line-height: inherit;">R$</span><span style="line-height: inherit;">25.2</span><span style="line-height: inherit;"> million</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Share Incentive Plan</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On July 23, 2020 we approved our new stock option share plan, or the </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">RSU plan</span><span style="line-height: inherit;">&#8221;.</span><span style="line-height: inherit;"> The purpose of RSU plan is to enhance the engagement of eligible persons in the creation of value and profitability of the Company by providing such eligible persons with an opportunity to obtain restricted share units and thus provide an improved incentive for eligible persons to make significant and extraordinary contributions to the long-term performance and growth of the Company. See below the RSU plan by share units:</span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Vasta Share Units Plans </span></p>
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<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Share units </span><span style="font-weight: bold; line-height: inherit;">vested</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 31px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 31px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">December 31, 2022</span></p>
</th>
</tr>
</thead>
<tbody>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt 8.25pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Long term investment &#8211; Vasta to Vasta and Cogna(a)</span><span style="line-height: inherit;">&#160; &#160; &#160; &#160; &#160;</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1%; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 7%; height: 10px; background-color: #bdd7ee; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">932,604</span></td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 10px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 7%; height: 10px; background-color: #bdd7ee; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(202,430)</span></td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 10px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 7%; height: 10px; background-color: #bdd7ee; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">450,123</span></td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 10px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 7%; height: 10px; background-color: #bdd7ee; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(99,625)</span></td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 10px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 7%; height: 10px; background-color: #bdd7ee; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,080,672</span></td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 10px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 7%; height: 10px; background-color: #bdd7ee; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(178,115)</span></td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 10px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 7%; height: 10px; background-color: #bdd7ee; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">265,766</span></td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 10px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 7%; height: 10px; background-color: #bdd7ee; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(367,527)</span></td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 10px; background-color: #bdd7ee; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 7%; height: 10px; background-color: #bdd7ee; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">800,796</span></td>
</tr>
<tr style="height: 19px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Total</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 19px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">932,604</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(202,430)</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">450,123</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(99,625)</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,080,672</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(178,115)</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">265,766</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(367,527)</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">800,796</span></td>
</tr>
</tbody>
</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 10.9158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 89.0842%;"><br/></td>
</tr>
</tbody>
</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">(a</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">)</span></span></td>
<td style="width: 97%;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">LTCP</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;&#8211;&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">We</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;compensate part of&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">our</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;employees and management. This plan will grant up to 3% of the Company</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#8217;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">s class A share units.&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">We</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;will grant the limit of five tranches approved by the Company</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#8217;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">s Board of Directors. The fair value of share units is measured at market value quoted on the grant date, the plan presents vesting period corresponding to 5 years added by expected volatility of 30%, and it will be settled with Company shares, all taxes and contributions being paid by the Company without additional costs to employees and management.</span></span></td>
</tr>
</tbody>
</table>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">During </span><span style="line-height: inherit;">202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">, the Company granted </span><span style="line-height: inherit;">shares in connection with its LTCPs</span><span style="line-height: inherit;">, as follows:</span></span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">November 2022 Plan &#8211; granted on November 1, 2022, totaling 8,000 shares at R$26.06 per share (or US$5.06 per unit translated at the grant date exchange of R$5.15 per US$) weighted by percentage of expected volatility of 30% and 60 months as vesting period. The amount of compensation based on share units that affected the Share-based compensation plan is R$</span><span style="line-height: inherit;">1.0</span> <span style="line-height: inherit;">thousand</span><span style="line-height: inherit;">, and the corresponding labor charges </span><span style="line-height: inherit;">in the amount </span><span style="line-height: inherit;">of R$</span><span style="line-height: inherit;">2.0 thousand</span> <span style="line-height: inherit;">(owing to provision adjustments to account for share and U.S. dollar prices) impacted labor liability and consolidated statement of profit and loss.</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">September 2022 Plan &#8211; granted on September 19, 2022, totaling 78,573 shares at R$28.64 per share (or US$5.47 per unit translated at the grant date exchange of R$5.24 per US$) weighted by percentage of expected volatility of 30% and 60 months as vesting period. The amount of compensation based on share units that affected the Share-based compensation plan is R$</span><span style="line-height: inherit;">50.0 thousand</span><span style="line-height: inherit;">, and the corresponding labor charges </span><span style="line-height: inherit;">in the amount </span><span style="line-height: inherit;">of R$</span><span style="line-height: inherit;">10.0 thousand</span> <span style="line-height: inherit;">impacted labor liability and consolidated statement of profit and loss (owing to provision adjustments to account for share and U.S. dollar prices).</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">September 2022 Plan &#8211; granted on September 13, 2022, totaling 40,000 shares at R$27.97 per share (or US$5.40 per unit translated at the grant date exchange of R$5.18 per US$) weighted by percentage of expected volatility of 30% and 60 months as vesting period. The amount of compensation based on share units that affected the Share-based compensation plan is R$</span><span style="line-height: inherit;">120.0 thousand</span><span style="line-height: inherit;">, and the corresponding labor charges </span><span style="line-height: inherit;">in the amount </span><span style="line-height: inherit;">of R$</span><span style="line-height: inherit;">20.0 thousand</span><span style="line-height: inherit;"> impacted labor liability and consolidated statement of profit and loss (owing to provision adjustments to account for share and U.S. dollar prices).</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">August 2022 Plan &#8211; granted on August 1, 2022, totaling 6,000 shares at R$27.09 per share (or US$5.25 per unit translated at the grant date exchange of R$5.16 per US$) weighted by percentage of expected volatility of 30% and 60 months as vesting period. The amount of compensation based on share units that affected the Share-based compensation plan is R$</span><span style="line-height: inherit;">20.0 thousand</span><span style="line-height: inherit;">, and the corresponding labor charges </span><span style="line-height: inherit;">in the amount </span><span style="line-height: inherit;">of R$</span><span style="line-height: inherit;">4.0</span> <span style="line-height: inherit;">thousand </span><span style="line-height: inherit;">impacted labor liability and consolidated statement of profit and loss (owing to provision adjustments to account for share and U.S. dollar prices).</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">May 2022 Plan &#8211; granted on May 2, 2022, totaling 8,000 shares at R$26.59 per share (or US$5.29 per unit translated at the grant date exchange of R$5.03 per US$) weighted by percentage of expected volatility of 30% and 60 months as vesting period. The amount of compensation based on share units that affected the Share-based compensation plan is R$</span><span style="line-height: inherit;">40.0 thousand</span><span style="line-height: inherit;">, and the corresponding labor charges in the amount of R$</span><span style="line-height: inherit;">8.0 thousand</span><span style="line-height: inherit;"> impacted labor liability and consolidated statement of profit and loss (owing to provision adjustments to account for share and U.S. dollar prices).</span></span></li>
</ul>
<div style="line-height: 1.2;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" class="pageno"><span>115</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a href="#TOC">Table of Contents</a></span></div>
</div>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">May 2022 Plan &#8211; granted on May 2, 2022, totaling 99,193 shares at R$26.59 per share (or US$5.29 per unit translated at the grant date exchange of R$5.03 per US$). The amount of compensation based on share units that affected the Share-based compensation plan is R$2</span><span style="line-height: inherit;">,</span><span style="line-height: inherit;">63</span><span style="line-height: inherit;">0.0 thousand</span><span style="line-height: inherit;">, and the corresponding labor </span><span style="line-height: inherit;">charges</span> <span style="line-height: inherit;">in the amount </span><span style="line-height: inherit;">of R$</span><span style="line-height: inherit;">830.0 thousand</span><span style="line-height: inherit;"> impacted labor liability and consolidated statement of profit and loss.</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">February 2022 Plan &#8211; granted on February 14, 2022, totaling 7,000 shares at R$31.32 per unit (or US$6.01 per unit translated at the grant date exchange rate of R$5.21 per US$) weighted by percentage of expected volatility of 30% and 60 months as vesting period. The amount of compensation based on share units that affected the Share-based compensation plan is R$</span><span style="line-height: inherit;">60.0</span> <span style="line-height: inherit;">thousand</span><span style="line-height: inherit;">, and the corresponding labor charges </span><span style="line-height: inherit;">in the amount </span><span style="line-height: inherit;">of R$</span><span style="line-height: inherit;">6.0 thousand</span><span style="line-height: inherit;"> impacted labor liability and consolidated statement of profit and loss (owing to provision adjustments to account for share and U.S. dollar prices).</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">December 2021 Plan &#8211; granted on December 1, 2021, totaling 19,000 shares at R$12.80 per share (or US$5.62 per unit translated at the grant date exchange of R$2.28 per US$) weighted by percentage of expected volatility of 30% and 60 months as vesting period. The amount of compensation based on share units that affected the Share-based compensation plan is R$</span><span style="line-height: inherit;">90.0 thousand</span><span style="line-height: inherit;">, and the corresponding labor </span><span style="line-height: inherit;">charges</span> <span style="line-height: inherit;">in the amount </span><span style="line-height: inherit;">of R$</span><span style="line-height: inherit;">38.0</span> <span style="line-height: inherit;">thousand </span><span style="line-height: inherit;">impacted labor liability and consolidated statement of profit and loss</span><span style="line-height: inherit;">.</span></span></li>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Employment Agreements</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">We have entered into employment agreements with our executive officers and directors. The employment agreements provide for the compensation that our executive officers are entitled to receive, including certain equity grants, and contain termination notice periods of 36 months. We will have title to the intellectual property rights developed in connection with the executive officer</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s employment, if any. There is a standard 12-24 month non-compete period following the end of employment in our agreement for all executive officers and directors who are eligible to participate in the restricted share plan.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">C.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BBoard_Practices_MTNUAYJFKG00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Board Practices</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Committees of the Board of Directors</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our board of directors has </span><span style="line-height: inherit;">one</span><span style="line-height: inherit;"> standing committee: the</span> <span style="line-height: inherit;">Audit Committee.</span><span style="line-height: inherit;"> As allowed by the laws of the Cayman Islands, we do not have a nomination and corporate governance committee or remuneration committee nor do we have any current intention to establish either.</span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Audit Committee</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our audit committee was established on March 2, 2020 and currently </span><span style="line-height: inherit;">consist</span><span style="line-height: inherit;">s</span><span style="line-height: inherit;"> of Andr&#233;s </span><span style="line-height: inherit;">Card&#243;</span><span style="line-height: inherit;"> Soria</span><span style="line-height: inherit;">, Estela Maris Vieira de </span><span style="line-height: inherit;">Souza</span> <span style="line-height: inherit;">and Ann Williams</span><span style="line-height: inherit;">.</span> <span style="line-height: inherit;">Our audit committee</span><span style="line-height: inherit;"> a</span><span style="line-height: inherit;">ssist</span><span style="line-height: inherit;">s</span><span style="line-height: inherit;"> our board of directors in overseeing our accounting and financial reporting processes and the audits of our financial statements. In addition, the audit committee will be directly responsible for the appointment, compensation, </span><span style="line-height: inherit;">retention</span><span style="line-height: inherit;"> and oversight of the work of our independent registered public accounting firm. The audit committee will consist exclusively of members of our supervisory board who are financially literate, </span><span style="line-height: inherit;">Andr&#233;s </span><span style="line-height: inherit;">Card&#243;</span><span style="line-height: inherit;"> and </span><span style="line-height: inherit;">Ann Williams</span> <span style="line-height: inherit;">are</span> <span style="line-height: inherit;">each </span><span style="line-height: inherit;">considered an </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">audit committee financial expert</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> as defined by the SEC. Our board of directors has determined that Andr&#233;s </span><span style="line-height: inherit;">Card&#243;</span><span style="line-height: inherit;"> Soria</span> <span style="line-height: inherit;">and Ann Williams </span><span style="line-height: inherit;">satisfy the </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">independence</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> requirements set forth in Rule 10A-3 under the Exchange Act.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The audit committee will be governed by a charter that complies with the Nasdaq rules. </span><span style="line-height: inherit;">T</span><span style="line-height: inherit;">he audit committee </span><span style="line-height: inherit;">is</span><span style="line-height: inherit;"> responsible for, among other things:</span></span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">the appointment, compensation, retention and oversight of any auditor or accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest </span><span style="line-height: inherit;">services;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">pre-approving the audit services and non-audit services to be provided by our independent auditor before the auditor is engaged to render such </span><span style="line-height: inherit;">services;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">reviewing and discussing with the independent auditor its responsibilities under generally accepted auditing standards, the planned scope and timing of the independent auditor</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s annual audit plan(s) and significant findings from the </span><span style="line-height: inherit;">audit;</span></span></li>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" class="pageno"><span>116</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a href="#TOC">Table of Contents</a></span></div>
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<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">obtaining and reviewing a report from the independent auditor describing all relationships between the independent auditor and us consistent with the applicable PCAOB requirements regarding the independent auditor</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s communications with the audit committee concerning </span><span style="line-height: inherit;">independence;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">confirming and evaluating the rotation of the audit partners on the audit engagement team as required by </span><span style="line-height: inherit;">law;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">reviewing with management and the independent auditor, in separate meetings whenever the </span><span style="line-height: inherit;">a</span><span style="line-height: inherit;">udit </span><span style="line-height: inherit;">c</span><span style="line-height: inherit;">ommittee deems appropriate, any analyses or other written communications prepared by the Management and/or the independent auditor setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative IFRS methods on the financial statements; and our other critical accounting policies and practices;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">reviewing, in conjunction with our Chief Executive Officer and Chief Financial Officer, our disclosure controls and procedures and internal control over financial </span><span style="line-height: inherit;">reporting;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or auditing matters, and the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing matters; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">approving or ratifying any related party transaction in accordance with our related person transaction policy.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The audit committee will meet as often as it determines is appropriate to carry out its responsibilities, but in any event will meet at least four times per year.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Board Diversity Matrix</span></p>
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<th colspan="5" style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 10px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-style: italic; font-weight: bold; line-height: inherit;">Board Diversity Matrix (as of December 31, 202</span><span style="font-style: italic; font-weight: bold; line-height: inherit;">2</span><span style="font-style: italic; font-weight: bold; line-height: inherit;">)</span></span></th>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Country of Principal Executive Offices:</span></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign Private Issuer:</span></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Yes (the Cayman Islands)</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 15px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Disclosure Prohibited under Home Country Law:</span></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 15px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">No</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total Number of Directors:</span></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 18px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Female</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Male</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Non-Binary</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Did Not Disclose Gender</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Part I: Gender Identity</span></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 52%;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Directors</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 12%;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 12%;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 12%;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 12%;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Part II: Demographic Background</span></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 14px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Underrepresented Individual in Home Country Jurisdiction</span></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 14px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">LGBTQ+</span></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Did not Disclose Demographic Background</span></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0</span></td>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" class="pageno"><span>117</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a href="#TOC">Table of Contents</a></span></div>
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<p style="line-height: 1.2;;margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">D.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BEmployees_O0HVXEXJ3400000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Employees</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As of December 31, </span><span style="line-height: inherit;">202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">, we had </span><span style="line-height: inherit;">1,</span><span style="line-height: inherit;">926</span> <span style="line-height: inherit;">employees, distributed among the following areas:</span></span></p>
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<tr style="height: 10px;">
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Function</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Number of Staff</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px;"><br/></th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">% of the Total</span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px;"><br/></th>
</tr>
</thead>
<tbody>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 76%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; page-break-after: avoid; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Customer Relations</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px; text-align: right;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">294</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">15</span><span style="line-height: inherit;">%</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; page-break-after: avoid; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Content Production</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">323</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">1</span><span style="line-height: inherit;">8</span><span style="line-height: inherit;">%</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Educational Technology</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; text-align: right;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">287</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">1</span><span style="line-height: inherit;">5</span><span style="line-height: inherit;">%</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Operations</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">242</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">1</span><span style="line-height: inherit;">3</span><span style="line-height: inherit;">%</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Pedagogical</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; text-align: right;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">404</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">21</span><span style="line-height: inherit;">%</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Administrative Support</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">376</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">20</span><span style="line-height: inherit;">%</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Total</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 1.5pt; margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,926</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 1.5pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">100%</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"><br/></td>
</tr>
</tbody>
</table>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our</span> <span style="line-height: inherit;">employees</span><span style="line-height: inherit;"> are </span><span style="line-height: inherit;">represented</span> <span style="line-height: inherit;">by</span> <span style="line-height: inherit;">several</span> <span style="line-height: inherit;">unions</span><span style="line-height: inherit;">: </span><span style="line-height: inherit;">Book </span><span style="line-height: inherit;">Editors</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> Union </span><span style="line-height: inherit;">of</span><span style="line-height: inherit;"> S&#227;o Paulo (</span><span style="font-style: italic; line-height: inherit;">Sindicato dos Empregados em Editoras de Livros de S&#227;o Paulo</span><span style="line-height: inherit;">); </span><span style="line-height: inherit;">Public</span><span style="line-height: inherit;"> Cultural Book </span><span style="line-height: inherit;">Editors</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> Union </span><span style="line-height: inherit;">of</span> <span style="line-height: inherit;">the</span> <span style="line-height: inherit;">Municipality</span> <span style="line-height: inherit;">of</span><span style="line-height: inherit;"> Rio de Janeiro (</span><span style="font-style: italic; line-height: inherit;">Sindicato dos Empregados de Editoras de Livros P&#250;blicos Culturais do Munic&#237;pio do Rio de Janeiro</span><span style="line-height: inherit;">); Business Union </span><span style="line-height: inherit;">of</span><span style="line-height: inherit;"> Jo&#227;o Pessoa (</span><span style="font-style: italic; line-height: inherit;">Sindicato do Com&#233;rcio de Jo&#227;o Pessoa</span><span style="line-height: inherit;">); The Federation </span><span style="line-height: inherit;">of</span> <span style="line-height: inherit;">Workers</span><span style="line-height: inherit;"> in </span><span style="line-height: inherit;">Enterprises</span><span style="line-height: inherit;"> for </span><span style="line-height: inherit;">the</span> <span style="line-height: inherit;">Diffusion</span> <span style="line-height: inherit;">of</span> <span style="line-height: inherit;">Arts</span> <span style="line-height: inherit;">and</span><span style="line-height: inherit;"> Culture </span><span style="line-height: inherit;">of</span> <span style="line-height: inherit;">the</span> <span style="line-height: inherit;">State</span> <span style="line-height: inherit;">of</span><span style="line-height: inherit;"> Paran&#225; (</span><span style="font-style: italic; line-height: inherit;">FTEDCA PR - Federa&#231;&#227;o dos Trabalhadores em Empresas de Difus&#227;o Cultural e Art&#237;stica no Estado do Paran&#225;</span><span style="line-height: inherit;">); Union for </span><span style="line-height: inherit;">Retail</span> <span style="line-height: inherit;">and</span> <span style="line-height: inherit;">Small</span><span style="line-height: inherit;">-Store Sales </span><span style="line-height: inherit;">of</span><span style="line-height: inherit;"> Fortaleza (</span><span style="font-style: italic; line-height: inherit;">Sindicato do Com&#233;rcio Varejista e Lojista de Fortaleza</span><span style="line-height: inherit;">); Union </span><span style="line-height: inherit;">of</span> <span style="line-height: inherit;">Workers</span><span style="line-height: inherit;"> in </span><span style="line-height: inherit;">Public</span> <span style="line-height: inherit;">and</span><span style="line-height: inherit;"> Private </span><span style="line-height: inherit;">Enterprises</span><span style="line-height: inherit;"> for </span><span style="line-height: inherit;">Information</span><span style="line-height: inherit;"> Technology, </span><span style="line-height: inherit;">the</span><span style="line-height: inherit;"> Internet, </span><span style="line-height: inherit;">and</span><span style="line-height: inherit;"> Similar Businesses for </span><span style="line-height: inherit;">the</span> <span style="line-height: inherit;">State</span> <span style="line-height: inherit;">of</span><span style="line-height: inherit;"> Rio de Janeiro (</span><span style="font-style: italic; line-height: inherit;">SINDPDRJ - Sindicato dos Trabalhadores em Empresas e Servi&#231;os P&#250;blicos e Privados, de Inform&#225;tica e Internet, e similares do Estado do Rio de Janeiro</span><span style="line-height: inherit;">); Union for </span><span style="line-height: inherit;">School</span> <span style="line-height: inherit;">Administrative</span> <span style="line-height: inherit;">Assistants</span><span style="line-height: inherit;"> for S&#227;o Paulo (</span><span style="font-style: italic; line-height: inherit;">Sindicato dos auxiliares de administra&#231;&#227;o escolar de S&#227;o Paulo</span><span style="line-height: inherit;">); Union for </span><span style="line-height: inherit;">Workers</span><span style="line-height: inherit;"> in Data </span><span style="line-height: inherit;">Processing</span> <span style="line-height: inherit;">and</span><span style="line-height: inherit;"> Similar Technologies for </span><span style="line-height: inherit;">the</span> <span style="line-height: inherit;">State</span> <span style="line-height: inherit;">of</span><span style="line-height: inherit;"> Minas Gerais (</span><span style="font-style: italic; line-height: inherit;">SINDPD - Sindicato dos trabalhadores em Processamento de Dados e Tecnologia e Similares do Estado de Minas Gerais</span><span style="line-height: inherit;">); </span><span style="line-height: inherit;">and</span><span style="line-height: inherit;"> The </span><span style="line-height: inherit;">Teachers</span><span style="line-height: inherit;"> Union </span><span style="line-height: inherit;">of</span><span style="line-height: inherit;"> S&#227;o Paulo (</span><span style="font-style: italic; line-height: inherit;">Sindicato dos Professores de S&#227;o Paulo</span><span style="line-height: inherit;">).</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">To date, there have been no strikes or other events resulting in a stoppage of work by our employees.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following is a summary of the main roles of our employees according to their functional areas.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Customer Relations</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our customer relations employees have the mission of attracting and retaining partner schools, assuring them the best educational solutions available on the market. The purpose of such efforts is to understand our customers</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> needs and provide solutions in a consultative manner and to tailor our portfolio in a way that supports the construction of an educational and technological project adequate to new classroom trends. We seek to establish long term relationships and continuously monitor school conditions in order to provide feedback and dynamically develop products and services.</span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Content Production</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The content production area continuously monitors major educational trends and aims at offering the most innovative content in the teaching-learning process in the world. We rely on several renowned authors that integrate our content for a complete digital platform, ensuring that big data is used for the benefit of the student</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s learning.</span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Educational Technology</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our educational technology employees have as their primary objective the improvement of the digital learning experience for schools, </span><span style="line-height: inherit;">students</span><span style="line-height: inherit;"> and educators. This area is responsible for developing, producing our digital </span><span style="line-height: inherit;">platforms</span><span style="line-height: inherit;"> and managing the data tools measuring engagement in our digital platforms. We have a robust team of highly capable professionals that work in tandem with some of the most advanced science and research teams in the world, including the Harvard Innovation Lab and the MIT Media Lab.</span></span></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>118</span></span></td>
</tr>
</tbody>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Operations</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our operations employees play an essential role in our activities, assuring excellence in planning, </span><span style="line-height: inherit;">production</span><span style="line-height: inherit;"> and logistics, through an efficient management of resources and processes.</span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Pedagogical </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">With our comprehensive Core &amp; EdTech </span><span style="line-height: inherit;">P</span><span style="line-height: inherit;">latform, the development of students is complete, and goes beyond traditional curriculum subjects. We can comprehensively monitor students</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> performance and support them in developing cognitive and socio-emotional capacities, including psychological balance to achieve high results on exams. With technology as the basis of </span><span style="line-height: inherit;">the model, students, </span><span style="line-height: inherit;">educators</span><span style="line-height: inherit;"> and parents are connected with the purpose of deepening studies, simplifying and enhancing routines so that all parties have a clear analytic understanding of the students</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> strengths and needs. Employees that serve as part of our pedagogical staff are recognized and evaluated annually by the students themselves, which enables more assertiveness and continuous improvement of our models and classroom performance.</span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Administrative Support</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">With respect to our administrative support employees, we use management supporting structures and intelligence that, through constant investment in technology and data science, aim at simplifying processes and bringing the best solutions to the business.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">E.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BShare_Ownership_9YFD1EFTTC00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Share </span><span style="font-weight: bold; line-height: inherit;">Ownership</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The shares and any outstanding beneficially owned by our directors and officers and/or entities affiliated with these individuals are disclosed in </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 7. Major Shareholders and Related Party Transactions&#8212;A. Major Shareholders</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">F</span><span style="font-weight: bold; line-height: inherit;">.</span><span style="font-weight: bold; line-height: inherit; margin-left: 12px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BItem_6_F_BJW0B7MWDS00000000000000000000" class="customBookmark">Disclosure of a registrant&#8217;s action to recover erroneously awarded compensation</a>.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>119</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bitem_7_RM29Q22CHC00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">A.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BMajor_Shareholders_489E575KAO00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Major</span><span style="font-weight: bold; line-height: inherit;"> S</span><span style="font-weight: bold; line-height: inherit;">hareholders</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The following table and accompanying footnotes present information relating to the beneficial ownership of our </span><span style="line-height: inherit;">Class A common shares and Class B </span><span style="line-height: inherit;">common shares as of </span><span style="line-height: inherit;">December 31</span><span style="line-height: inherit;">, </span><span style="line-height: inherit;">202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The number of common shares beneficially owned by each entity, person, executive </span><span style="line-height: inherit;">officer</span><span style="line-height: inherit;"> or director is determined in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares over which the individual has sole or shared voting power or investment power as well as any shares that the individual has the right to acquire within 60</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">days through the exercise of any option, warrant or other right. Except as otherwise indicated, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all common shares held by that person.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The percentages of beneficial ownership in the table below are calculated as of </span><span style="line-height: inherit;">December 31, 202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;"> on the basis of</span> <span style="line-height: inherit;">1</span><span style="line-height: inherit;">8</span><span style="line-height: inherit;">,</span><span style="line-height: inherit;">213</span><span style="line-height: inherit;">,</span><span style="line-height: inherit;">794</span><span style="line-height: inherit;"> Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares and </span><span style="line-height: inherit;">64,436,09</span><span style="line-height: inherit;">3</span><span style="line-height: inherit;"> Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares</span><span style="line-height: inherit;">. </span><span style="line-height: inherit;">In addition to the shares detailed below, we ha</span><span style="line-height: inherit;">d</span><span style="line-height: inherit;"> a total of </span><span style="line-height: inherit;">1</span><span style="line-height: inherit;">8</span><span style="line-height: inherit;">,</span><span style="line-height: inherit;">213</span><span style="line-height: inherit;">,</span><span style="line-height: inherit;">794</span><span style="line-height: inherit;"> Class A common shares outstanding that are publicly traded as of December 31, </span><span style="line-height: inherit;">202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Unless otherwise indicated below, the address for each beneficial owner is c/o </span><span style="line-height: inherit;">Cogna Educa&#231;&#227;o, Av. </span><span style="line-height: inherit;">Paulista, 901, 5th </span><span style="line-height: inherit;">Floor</span><span style="line-height: inherit;">, Bela Vista, S&#227;o Paulo, S&#227;o Paulo, CEP: 01310-100</span><span style="line-height: inherit;">.</span></span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt 1.7pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5% Shareholders</span></p>
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<p style="margin: 0pt 2.15pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt 2.15pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt 2.15pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt 8.65pt 0pt 17.3pt; text-indent: -8.65pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
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<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
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<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
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<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,436,093</span></p>
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<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.0%</span></p>
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<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">97.</span><span style="line-height: inherit;">3</span><span style="line-height: inherit;">%</span></span></p>
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<p style="margin: 0pt 1.7pt 0pt 4.2pt; text-indent: -4.2pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Other Shareholders</span></p>
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<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 8.65pt 0pt 17.3pt; text-indent: -8.65pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Other Shareholders</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">1</span><span style="line-height: inherit;">7</span><span style="line-height: inherit;">,</span><span style="line-height: inherit;">725</span><span style="line-height: inherit;">,</span><span style="line-height: inherit;">223</span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">9</span><span style="line-height: inherit;">7</span><span style="line-height: inherit;">.</span><span style="line-height: inherit;">3</span><span style="line-height: inherit;">%</span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">2.</span><span style="line-height: inherit;">7</span><span style="line-height: inherit;">%</span></span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 1.7pt 0pt 4.2pt; text-indent: -4.2pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Executive Officers and Directors</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 8.65pt 0pt 17.3pt; text-indent: -8.65pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Rodrigo Calvo Galindo</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt 0pt 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 8.65pt 0pt 17.3pt; text-indent: -8.65pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">M&#225;rio Ghio Junior</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 8.65pt 0pt 17.3pt; text-indent: -8.65pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Guilherme Alves </span><span style="line-height: inherit;">M&#233;lega</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 8.65pt 0pt 17.3pt; text-indent: -8.65pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Cesar Augusto Silva</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 8.65pt 0pt 17.3pt; text-indent: -8.65pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Andr&#233;s </span><span style="line-height: inherit;">Card&#243;</span><span style="line-height: inherit;"> Soria</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 8.65pt 0pt 17.3pt; text-indent: -8.65pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Roberto </span><span style="line-height: inherit;">Val&#233;rio</span><span style="line-height: inherit;"> Neto</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 8.65pt 0pt 17.3pt; text-indent: -8.8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Ann Marie Williams</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 8.65pt 0pt 17.3pt; text-indent: -8.8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Estela Maris Vieira de Souza</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 2.15pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: top; height: 18px;">
<p style="margin: 0pt 8.65pt 0pt 17.3pt; text-indent: -8.8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">F</span><span style="line-height: inherit;">rederico da Villa Cunha</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt 1.7pt 0pt 4.2pt; text-indent: -4.2pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">All directors and executive officers as a group (25</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">persons)*</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt 2.15pt 0pt 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">488,571</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">2.</span><span style="line-height: inherit;">7</span><span style="line-height: inherit;">%</span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 0.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*</span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt 1.7pt 0pt 4.2pt; text-indent: -4.2pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Total</span><span style="line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 1.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">1</span><span style="font-weight: bold; line-height: inherit;">8</span><span style="font-weight: bold; line-height: inherit;">,</span><span style="font-weight: bold; line-height: inherit;">213</span><span style="font-weight: bold; line-height: inherit;">,</span><span style="font-weight: bold; line-height: inherit;">794</span></span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 1.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">100.0%</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 1.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">64,436,093</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 1.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">100.0%</span></p>
</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="border-bottom-color: #000000; border-bottom-width: 1.5pt; margin: 0pt 2.15pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">100.0%</span></p>
</td>
</tr>
</tbody>
</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 19.5012%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 80.4988%;"><br/></td>
</tr>
</tbody>
</table>
<p style="margin: 0pt 0pt 10pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*&#160; Represents beneficial ownership of less than 1% of our issued and outstanding common shares.</span></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
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<td style="width: 3.96566%; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(1)</span></td>
<td style="width: 96.0343%;"><span style="font-size: 8pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">Percentage of total voting power represents voting power with respect to all of our Class</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">A common shares and Class</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">B common shares, as a single class. Holders of our Class</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">B common shares are entitled to 10 votes per share, whereas holders of our Class</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">A common shares are entitled to one vote per share. For more information about the voting rights of our Class</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">A common shares and Class</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">B common shares, see&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#8220;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">Item 10. Additional Information&#8212;B. Memorandum and&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">A</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">rticles of&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">A</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">ssociation</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; line-height: inherit;">&#8221;.</span></span></td>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" class="pageno"><span>120</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a href="#TOC">Table of Contents</a></span></div>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The holders of our Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares and Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares have identical rights, except that Cogna, as the sole holder of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares: (1)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">is entitled to 10 votes per share, whereas holders of our Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares are entitled to one vote per share; (2)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">has certain conversion rights; and (3)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">is entitled to maintain a proportional ownership interest by purchasing additional Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares in the event that additional Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares are issued. For more information see </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 10. Additional Information&#8212;B. Memorandum and </span><span style="line-height: inherit;">A</span><span style="line-height: inherit;">rticles of </span><span style="line-height: inherit;">A</span><span style="line-height: inherit;">ssociation</span><span style="line-height: inherit;">&#8212;Preemptive or Similar Rights</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> and </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">&#8212;Conversion</span><span style="line-height: inherit;">&#8221;.</span><span style="line-height: inherit;"> Each Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common share is convertible into one Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common share.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">B.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRelated_Party_Transactions_TUBOVDKC0000000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Related </span><span style="font-weight: bold; line-height: inherit;">Party </span><span style="font-weight: bold; line-height: inherit;">Transactions</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Private Debentures </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On September 28, 2019, Cogna approved the capitalization of the 4th issuance and 5th issuance of private debentures originally issued by Saber i</span><span style="line-height: inherit;">n the amount of R$1.5 billion. </span><span style="line-height: inherit;">On November 19, 2019, all rights and obligations related to debentures originally issued by Saber with third parties were transferred to Cogna, under the condition that we would assume the obligations in respect of R$1.5 billion of the outstanding </span><span style="line-height: inherit;">amount</span><span style="line-height: inherit;"> of all such debentures in connection with the corporate reorganization. On December 31, 2019, in connection with our corporate reorganization, we incurred additional debt in the amount of R$1.5 billion upon the contribution to Vasta by Cogna of outstanding private debentures originally issued by Saber and owed to Cogna, pursuant to which we agreed until the maturity of such private debentures that: (1) we will allocate at least 50% of the use of proceeds from any liquidity event to repay such debentures; (2) we will not obtain any new loans unless the proceeds of any such loan are directed to repay our debentures with Cogna; and (3) we will not p</span><span style="line-height: inherit;">ledge shares and/or dividends. </span><span style="line-height: inherit;">See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 5. Operating and Financial Review and Prospects</span><span style="line-height: inherit;">&#8212;</span><span style="line-height: inherit;">B. </span><span style="line-height: inherit;">Liquidity and Capital Resources&#8212;Indebtedness</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> and </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 3. Key Information&#8212;D. Risk Factors</span><span style="line-height: inherit;">&#8212;Certain Factors Relating to Our Business and Industry&#8212;We have a significant amount of debt and may incur additional debt in the future. Our payment obligations under our debt may limit our available resources and the terms of debt instruments may limit our flexibility in operating our business</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On August 4, 2020, </span><span style="line-height: inherit;">we</span> <span style="line-height: inherit;">repaid certain</span><span style="line-height: inherit;"> bonds </span><span style="line-height: inherit;">owed to </span><span style="line-height: inherit;">related parties </span><span style="line-height: inherit;">in </span><span style="line-height: inherit;">the amount of </span><span style="line-height: inherit;">R$852.1 million</span><span style="line-height: inherit;">. Of this amount</span><span style="line-height: inherit;">, R$305.4</span><span style="line-height: inherit;"> million</span><span style="line-height: inherit;"> referred to 6</span><span style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</span><span style="line-height: inherit;"> Issuance - serie</span><span style="line-height: inherit;">s</span><span style="line-height: inherit;"> 1; R$432.2 </span><span style="line-height: inherit;">million </span><span style="line-height: inherit;">to </span><span style="line-height: inherit;">7th Issuance</span><span style="line-height: inherit;"> &#8211; single </span><span style="line-height: inherit;">series </span><span style="line-height: inherit;">and R$113.9</span><span style="line-height: inherit;"> million</span><span style="line-height: inherit;"> to</span><span style="line-height: inherit;"> 8</span><span style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</span><span style="line-height: inherit;"> Issuance </span><span style="line-height: inherit;">&#8211;</span><span style="line-height: inherit;"> s</span><span style="line-height: inherit;">ingle</span><span style="line-height: inherit;"> series</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">During 2021, we repaid certain bonds owed to related parties in the total amount of R$502.2 million. Of this amount, R$100.0 million referred to the principal of the 5</span><span style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</span><span style="line-height: inherit;"> Issuance &#8211; series 1; R$377.5 million referred to the principal of the 7</span><span style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</span><span style="line-height: inherit;"> Issuance &#8211; single series, and R$24.8 million referred to the interest payment on the following series: (</span><span style="line-height: inherit;">i</span><span style="line-height: inherit;">) 5</span><span style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</span><span style="line-height: inherit;"> Issuance &#8211; series 1, (ii) 7</span><span style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</span><span style="line-height: inherit;"> Issuance &#8211; single series, (iii) 5</span><span style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</span><span style="line-height: inherit;"> Issuance &#8211; series 2 and (iv) 6</span><span style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</span><span style="line-height: inherit;"> Issuance &#8211; series 2.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On </span><span style="line-height: inherit;">August</span><span style="line-height: inherit;"> 15, 2022, the Company </span><span style="line-height: inherit;">partially settled</span><span style="line-height: inherit;"> bonds to related parties amounting to R$254,885 of principal amount, issued under the 5</span><span style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</span> <span style="line-height: inherit;">series (R$50,885) and 6</span><span style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</span> <span style="line-height: inherit;">series (R$204,000). </span><span style="line-height: inherit;">On September 28, 2022, the Company issued R$250 million in simple, non-convertible debentures, bearing interest at 100% of the CDI, plus 2.40%, per annum. The debentures aim to support the Company&#8217;s capital structure and extend our debt-maturity profile, whose average term is currently at 37 months</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Indemnification Agreements</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">In connection with our corporate reorganization, on December 5, 2019, our subsidiary Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> entered into an indemnification agreement with our parent company, Cogna, or the Cogna-Somos Indemnity Agreement, whereby the latter agreed to indemnify us for cash outflows related to contingencies that may arise due to events occurring prior to the corporate reorganization process that is being held by Cogna Group, for up to R$15</span><span style="line-height: inherit;">3</span><span style="line-height: inherit;">.</span><span style="line-height: inherit;">7</span><span style="line-height: inherit;"> million, including for contingencies or lawsuits that may materialize after January 1, 202</span><span style="line-height: inherit;">0</span><span style="line-height: inherit;"> so long as the events for which such contingency arises occurred prior to January 1, 2020. See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 3. Key Information&#8212;D. Risk Factors</span><span style="line-height: inherit;">&#8212;Certain Factors Relating to Our Business and Industry&#8212;We may not be sufficiently protected by our parent company against potential liabilities arising from past business practices related to Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> that could materialize in the future</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cost Sharing Agreement</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">In connection with our corporate reorganization, on January 21, 2020, certain of our subsidiaries entered into a cost sharing agreement with </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;"> and certain subsidiaries of </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">, whereby they have agreed the terms and conditions for the </span><span style="line-height: inherit;">sharing of back office, IT, administrative- and logistic-related expenses, among others, incurred by or for them. The criteria for determining our subsidiaries</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> share of expenses will vary based on the type of ex</span><span style="line-height: inherit;">pense shared. See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 3. Key Information&#8212;D. Risk Factors</span><span style="line-height: inherit;">&#8212;Certain Factors Relating to Our Business and Industry&#8212;</span><span style="line-height: inherit;">While our businesses are managed and financed independently from our parent company, Cogna, we are party to a cost-sharing agreement for certain administrative expenses, and an increase in the amounts we pay to Cogna might be disproportional to the benefits we receive and could affect our performance. In addition, we share certain logistics-related expenses with Cogna, and the reimbursement to us by Cogna for such shared expenses may not be sufficient to meet our actual costs</span><span style="line-height: inherit;">&#8221;.</span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" class="pageno"><span>121</span></span></td>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Commercial and </span><span style="font-weight: bold; line-height: inherit;">Copyright License Agreements</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On June 13, 2022, </span><span style="line-height: inherit;">our subsidiary </span><span style="line-height: inherit;">Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> and the following subsidiaries of </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">: (</span><span style="line-height: inherit;">i</span><span style="line-height: inherit;">)</span> <span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">&#193;tica</span><span style="line-height: inherit;"> S.A.,</span><span style="line-height: inherit;"> (ii)</span> <span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">Scipione</span><span style="line-height: inherit;"> S.A., </span><span style="line-height: inherit;">(iii) </span><span style="line-height: inherit;">Maxiprint</span> <span style="line-height: inherit;">Editora</span><span style="line-height: inherit;"> Ltda. and </span><span style="line-height: inherit;">(iv) </span><span style="line-height: inherit;">Saraiva Educa&#231;&#227;o S.A., entered into a commercial agreement whereby Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> agreed to provide and/or license our products and services to such companies. Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> will receive consideration based on 40% of the companies&#8217; EBITDA resulting from the distribution of </span><span style="line-height: inherit;">Somos&#8217;</span><span style="line-height: inherit;"> products and services to public entities.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On June 13, 2002, </span><span style="line-height: inherit;">our subsidiary </span><span style="line-height: inherit;">Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> and </span><span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">&#193;tica</span><span style="line-height: inherit;"> S.A., or </span><span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">&#193;tica</span><span style="line-height: inherit;">, a subsidiary of </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">, entered into a copyright sublicense agreement whereby Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> agreed to grant a license for commercial exploitation and use of copyrights related to the &#8220;O </span><span style="line-height: inherit;">L&#237;der</span><span style="line-height: inherit;"> em </span><span style="line-height: inherit;">Mim</span><span style="line-height: inherit;">&#8221; socio-emotional program. This sublicense copyright license agreement is valid until August 30, 2026, and </span><span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">&#193;tica</span><span style="line-height: inherit;"> will remunerate Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> based on 40% of </span><span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">&#193;tica&#8217;s</span><span style="line-height: inherit;"> EBITDA resulting from the distribution of the &#8220;O </span><span style="line-height: inherit;">L&#237;der</span><span style="line-height: inherit;"> em </span><span style="line-height: inherit;">Mim</span><span style="line-height: inherit;">&#8221; program to public entities</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 3. Key Information&#8212;D. Risk Factors</span><span style="line-height: inherit;">&#8212;Certain Factors Relating to Our Business and Industry&#8212;Failure to protect or enforce our intellectual property and other proprietary rights could adversely affect our business and financial condition and results of operations</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Trademark Assignment and License Agreements</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On November 6, 2019, our subsidiary Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> entered into a trademark license agreement (as amended on January 28, 2020) with one of the subsidiaries of </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;"> for which Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> has been granted at no cost the use rights related to the trademark </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Pit&#225;goras</span><span style="line-height: inherit;">&#8221;.</span><span style="line-height: inherit;"> This agreement is valid for a period of 20 years, automatically and successively renewed for the same period.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On December 4, 2019, our subsidiary Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> entered into eight trademark assignment agreements with subsidiaries of </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">, or the Assignors, whereby certain trademarks, such as </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Somos Educa&#231;&#227;o</span><span style="line-height: inherit;">&#8221;,</span> <span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">Atica</span><span style="line-height: inherit;">&#8221;,</span> <span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">Scipione</span><span style="line-height: inherit;">&#8221;,</span> <span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Atual</span> <span style="line-height: inherit;">Editora</span><span style="line-height: inherit;">&#8221;,</span> <span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">P</span><span style="line-height: inherit;">AR</span><span style="line-height: inherit;"> Plataforma </span><span style="line-height: inherit;">Educacional</span><span style="line-height: inherit;">&#8221;,</span> <span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Sistema Maxi de Ensino</span><span style="line-height: inherit;">&#8221;,</span> <span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">English Stars</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> and </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Rede </span><span style="line-height: inherit;">Crist&#227;</span><span style="line-height: inherit;"> de Educa&#231;&#227;o</span><span style="line-height: inherit;">&#8221;,</span><span style="line-height: inherit;"> have been assigned and transferred by the Assignors to Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> in accordance with the conditions set forth under the agreements. </span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On December 6, 2019, Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> also entered into two trademark license agreement (as amended on January 28, 2020) by which the use rights related to certain trademarks have been granted at no cost to certain subsidiaries of </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">. </span><span style="line-height: inherit;">These agreements are valid for a period of 20 years, automatically and successively renewed for the same period. </span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Moreover, on December 6, 2019, </span><span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">&#193;tica</span><span style="line-height: inherit;"> S.A., or </span><span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">&#193;tica</span><span style="line-height: inherit;">, a subsidiary of </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">, entered into a sublicense trademark license agreement with Saraiva Educa&#231;&#227;o S.A., a subsidiary of </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">, whereby </span><span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">&#193;tica</span><span style="line-height: inherit;"> is authorized to use the trademark </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Saraiva</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> at no cost. </span><span style="line-height: inherit;">This sublicense trademark license agreement is valid for a period of 20 years, automatically and successively renewed </span><span style="line-height: inherit;">for the same period. </span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 3. Key Information&#8212;D. Risk Factors</span><span style="line-height: inherit;">&#8212;Certain Factors Relating to Our Business and Industry&#8212;Failure to protect or enforce our intellectual property and other proprietary rights could adversely affect our business and financial condition and results of operations</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Shared Warehouses and Logistics Activities Agreement</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">We share certain costs related to the use of warehouses and other logistics activities with </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;"> and certain other related party entities. In general, all our and </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;"> and certain other related party entities</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> printed teaching materials are stored in rented warehouse facilities operated by us and delivered by third party carriers. The rent and operation expenses related to the use of such warehouses are apportioned to each business based on the square meters occupied by each of the products of the respective companies that use these warehouses. See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 3. Key Information&#8212;D. Risk Factors</span><span style="line-height: inherit;">&#8212;Certain Factors Relating to Our Business and Industry&#8212;While our businesses are managed and financed independently from </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">, we are party to a cost-sharing agreement for certain administrative expenses, and an increase in the amounts we pay to </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;"> might be </span><span style="line-height: inherit;">disproportional to the benefits we receive and could affect our performance. In addition, we share certain logistics-related expenses with </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">, and the reimbursement to us by </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;"> for such shared expenses may not be sufficient to meet our actual costs</span><span style="line-height: inherit;">&#8221;.</span></span></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a href="#TOC">Table of Contents</a></span></div>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On January 2, 2020, we entered into an agreement whereby we are responsible for the costs related to the use and operation of these warehouses, and </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;"> and the other related party entities who continue to use the warehouse will compensate us accordingly. </span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Lease and Sublease </span><span style="font-weight: bold; line-height: inherit;">Agreements</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On December 5, 2019, our subsidiary Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> entered into a commercial lease agreement with a subsidiary of </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">, </span><span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">Scip</span><span style="line-height: inherit;">i</span><span style="line-height: inherit;">one</span><span style="line-height: inherit;"> S.A., for use of a proper</span><span style="line-height: inherit;">ty in the State of Pernambuco. </span><span style="line-height: inherit;">Under this agreement, Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> will make monthly payments of R$35</span><span style="line-height: inherit;"> thousand</span><span style="line-height: inherit;">, annually adjusted by the IGP-M rate, for a term of 60 months from the date that </span><span style="line-height: inherit;">the agreement was entered into.</span><span style="line-height: inherit;"> This lease agreement contains terms and provisions typical of commercial lease agreements in Brazil and is governed by Law No. 8,245/91, or the Brazilian Lease Law.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On December 5, 2019, our subsidiary Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> and a subsidiary of </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">, Saber, entered into a commercial sublease agreement with a subsidiary of </span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;">, </span><span style="line-height: inherit;">Editora</span><span style="line-height: inherit;"> e </span><span style="line-height: inherit;">Distribuidora</span> <span style="line-height: inherit;">Educacional</span><span style="line-height: inherit;"> S.A., for use of a property in the city of</span><span style="line-height: inherit;"> S&#227;o Paulo, State of S&#227;o Paulo.</span><span style="line-height: inherit;"> Under this agreement, Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;"> will make monthly payments equivalent to 25.0% of the monthly payments and fees due in connection with the underlying lease (</span><span style="line-height: inherit;">representing a total aggregate amount of R$</span><span style="line-height: inherit;">430</span><span style="line-height: inherit;"> thousand</span><span style="line-height: inherit;"> in rental fees, IPTU taxes and condominium fees</span><span style="line-height: inherit;">)</span><span style="line-height: inherit;">.</span><span style="line-height: inherit;"> This lease matures on June 30, 2026 and contains terms and provisions typical of commercial sublease agreements in Brazil and is governed by the Brazilian Lease Law.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On December 5, 2019, certain companies of our group, </span><span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">&#193;tica</span><span style="line-height: inherit;">, SGE </span><span style="line-height: inherit;">Com&#233;rcio</span><span style="line-height: inherit;"> de Material </span><span style="line-height: inherit;">Did&#225;tico</span><span style="line-height: inherit;"> Ltda., or EGE, Somos </span><span style="line-height: inherit;">Idiomas</span><span style="line-height: inherit;"> S.A., or Somos </span><span style="line-height: inherit;">Idiomas</span><span style="line-height: inherit;">, Saravia Educa&#231;&#227;o S.A., or Saraiva, </span><span style="line-height: inherit;">Livraria</span><span style="line-height: inherit;"> Livro F&#225;cil Ltda., or Livro F&#225;cil, and EDE, entered into a commercial sublease agreement with our subsidiary, Somos </span><span style="line-height: inherit;">Sistemas</span><span style="line-height: inherit;">, for use of a property in the city of S&#227;o Jos&#233; dos Campos, State of S&#227;o Paulo. Under this agreement, (1) </span><span style="line-height: inherit;">Editora</span> <span style="line-height: inherit;">&#193;tica</span><span style="line-height: inherit;">, will make monthly payments equivalent to 39.84% of the monthly payments and fees due in connection with the underlying lease (representing a total aggregate amount of R$827 thousand in rental fees and R$576 thousand in IPTU taxes); (2) Somos </span><span style="line-height: inherit;">Idiomas</span><span style="line-height: inherit;">, will make monthly payments equivalent to 0.27% of the monthly payments and fees due in connection with the underlying lease (representing a total aggregate amount of R$53 thousand in rental fees and R$4 thousand in IPTU taxes); (3) Saraiva, will make monthly payments equivalent to 10.31% of the monthly payments and fees due in connection with the underlying lease (representing a total aggregate amount of R$207 thousand in rental fees and R$149 thousand in IPTU taxes); (4) Livro F&#225;cil, will make monthly payments equivalent to 7.42% of the monthly payments and fees due in connection with the underlying lease (representing a total aggregate amount of R$1,160 thousand in rental fees and R$107 thousand in IPTU taxes). This lease matures on September 30, 2025 and contains terms and provisions typical of commercial sublease agreements in Brazil and is governed by the Brazilian Lease Law</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Bank </span><span style="font-weight: bold; line-height: inherit;">Credit</span><span style="font-weight: bold; line-height: inherit;"> Note (C&#233;dula de Cr&#233;dito Banc&#225;rio)</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On November 21, 2018, </span><span style="line-height: inherit;">MindMakers</span><span style="line-height: inherit;">, which became our subsidiary in February 2020, entered into a bank credit note (</span><span style="font-style: italic; line-height: inherit;">c&#233;dula de </span><span style="font-style: italic; line-height: inherit;">cr&#233;dito</span> <span style="font-style: italic; line-height: inherit;">banc&#225;rio</span><span style="line-height: inherit;">) in favor of Banco de </span><span style="line-height: inherit;">Desenvolvimento</span><span style="line-height: inherit;"> de Minas Gerais S.A. &#8211; BDMG, for an aggregate amount of R$1</span><span style="line-height: inherit;">.7 million</span><span style="line-height: inherit;"> with a maturity date of November 15, 2026. The payment of principal will be made in 72 installments, beginning on December 15, 2020, a</span><span style="line-height: inherit;">nd ending on November 15, 2026.</span><span style="line-height: inherit;"> Interest will accrue at the long-term interest rate (</span><span style="font-style: italic; line-height: inherit;">taxa de </span><span style="font-style: italic; line-height: inherit;">juros</span><span style="font-style: italic; line-height: inherit;"> de </span><span style="font-style: italic; line-height: inherit;">longo</span> <span style="font-style: italic; line-height: inherit;">prazo</span><span style="font-style: italic; line-height: inherit;"> &#8211; TJLP</span><span style="line-height: inherit;">), plus 5% per annum, and will be paid on a monthly basis along with payments of principal. A personal lien to secure this bank credit note was granted by certain individuals, including Mr. Mario Ghio Junior, our chief executive officer and a member of our board of directors.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Loan Agreements</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As of December 31, 202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">, there w</span><span style="line-height: inherit;">ere</span><span style="line-height: inherit;"> no loan agreements with Cogna Educa&#231;&#227;o S.A.</span> <span style="line-height: inherit;">or its subsidiaries.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Director and Officer Indemnification agreements</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">We </span><span style="line-height: inherit;">have </span><span style="line-height: inherit;">enter</span><span style="line-height: inherit;">ed</span><span style="line-height: inherit;"> into indemnification agreements with each of our directors and officers. Pursuant to these agreements, we </span><span style="line-height: inherit;">have agreed </span><span style="line-height: inherit;">to indemnify and hold harmless each director and officer to the full extent permitted by applicable law in the event of any claim made against him or her in any proceeding due to the fact that he or she is or was a director or officer of </span><span style="line-height: inherit;">our company or served at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, </span><span style="line-height: inherit;">trust</span><span style="line-height: inherit;"> or other enterprise. In addition, we </span><span style="line-height: inherit;">have agreed </span><span style="line-height: inherit;">to cover all expenses actually and reasonably incurred by each director and officer in connection with any such proceeding, with certain limited exceptions. The indemnification </span><span style="line-height: inherit;">extends</span><span style="line-height: inherit;"> to the beneficiary</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s services as a director or officer prior to the date of the indemnification agreement as well as afterward. It continue</span><span style="line-height: inherit;">s</span><span style="line-height: inherit;"> after the beneficiary ceases to be a director or officer.</span></span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Employment agreements</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Certain of our executive officers have entered into employment agreements, certain of which provide for notice of termination periods and include restrictive covenants. None of our directors have entered into service agreements. See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 6. Directors, Senior Management and Employees&#8212;B. Compensation</span><span style="line-height: inherit;">&#8212;Employment Agreements</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">C.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BInterests_of_Experts_and_Counsel_FF3W31SMQO00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Interests of </span><span style="font-weight: bold; line-height: inherit;">Experts </span><span style="font-weight: bold; line-height: inherit;">and </span><span style="font-weight: bold; line-height: inherit;">C</span><span style="font-weight: bold; line-height: inherit;">ounsel</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_8._FINANCIAL_INFORMATION_GK4ODFAX6800000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">ITEM 8. FINANCIAL INFORMATION</span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">A.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BConsolidated_Statements_and_Other_FI_0TV0CAG0WG00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Consolidated </span><span style="font-weight: bold; line-height: inherit;">Statements </span><span style="font-weight: bold; line-height: inherit;">and </span><span style="font-weight: bold; line-height: inherit;">Other Financial </span><span style="font-weight: bold; line-height: inherit;">Information</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Financial </span><span style="font-weight: bold; line-height: inherit;">Statements</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 18. Financial Statements</span><span style="line-height: inherit;">&#8221;,</span><span style="line-height: inherit;"> which contains our audited financial statements prepared in accordance with IFRS.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Dividends and Dividend Policy</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We have not adopted a dividend policy with respect to future distributions of dividends. The amount of any distributions will depend on many factors such as our results of operations, financial condition, cash requirements, prospects and other factors deemed relevant by our board of directors and, where applicable, our shareholders. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As a holding company, our ability to pay dividends depends on our receipt of cash dividends from our operating subsidiaries, which may further restrict our ability to pay dividends as a result of the laws of Brazil (including imposing legal restrictions on dividend </span><span style="line-height: inherit;">distribution</span><span style="line-height: inherit;"> by subsidiaries), agreements of our subsidiaries or covenants under future indebtedness that we or they may incur. Our ability to pay dividends is therefore directly related to positive and distributable net results from our Brazilian subsidiaries. See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 3. Key Information&#8212;D. Risk Factors&#8212;Certain Factors Relating to Our Business and Industry&#8212;We depend on our subsidiaries</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> financial results, and we may be adversely affected if the performance of our subsidiaries is not positive or if Brazil imposes legal restrictions on, or imposes taxes on, the distribution of dividends by subsidiaries</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The terms of our existing indebtedness do not restrict our ability to pay dividends. See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 5. Operating </span><span style="line-height: inherit;">a</span><span style="line-height: inherit;">nd Financial Review </span><span style="line-height: inherit;">a</span><span style="line-height: inherit;">nd Prospects&#8212;B. Liquidity and Capital Resources</span><span style="line-height: inherit;">&#8212;Indebtedness</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Certain Cayman Islands and Brazilian Legal Requirements Related to Dividends</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Under the Companies </span><span style="line-height: inherit;">Act </span><span style="line-height: inherit;">and our Articles of Association, a Cayman Islands company may pay a dividend out of either its profit or share premium account, but a dividend may not be paid if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business. According to our Articles of Association, dividends can be declared and paid out of funds lawfully available to us, which include the share premium account. Dividends, if any, would be paid in proportion to the number of common shares a shareholder holds. For further information, see </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 10. Additional Information&#8212;E. </span><span style="line-height: inherit;">Taxation&#8212;Cayman Islands Tax Considerations</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Legal </span><span style="font-weight: bold; line-height: inherit;">Proceedings</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">In the normal course of our business, from time to time we are involved in litigation. Depending on the nature and magnitude of the lawsuit filed against us, the process may be protracted, leading to the expenditure of time and operational resources until it is resolved. In connection with certain of our acquisitions, the sellers of certain acquired businesses have agreed to indemnify us with respect to certain contingencies that may arise in connection with such acquisitions. However, there can be no assurance that such indemnities will be sufficient to cover all losses associated with such contingencies. See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 3. Key Information&#8212;D. Risk Factors</span><span style="line-height: inherit;">&#8212;Certain Factors Relating to Our Business and Industry&#8212;We have recorded provisions for contingencies for past business practices and acquired businesses that could materialize in the future, which could have an adverse effect on our business and financial condition</span><span style="line-height: inherit;">&#8221;.</span></span></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a href="#TOC">Table of Contents</a></span></div>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We are subject to a variety of legal and administrative proceedings, including but not limited to civil, labor related and tax lawsuits. We include provisions for these proceedings in our financial statements when (1) it is probable that resources will be required to settle the obligation, and (2) a reliable estimate can be made as to the amount of the obligation. The assessment by our management of the likelihood of loss includes an analysis made by external counsel on the evidence available, legislation, recent court decisions and case law and their relevance in terms of the Brazilian legal system. Provisions for losses regarded as probable are estimated and adjusted in each reporting period.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As of December 31, </span><span style="line-height: inherit;">202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">, we had a provision for risks of tax, </span><span style="line-height: inherit;">labor</span><span style="line-height: inherit;"> and civil losses of </span><span style="line-height: inherit;">R$</span><span style="line-height: inherit;">6</span><span style="line-height: inherit;">51</span><span style="line-height: inherit;">.</span><span style="line-height: inherit;">2</span> <span style="line-height: inherit;">million, for which</span><span style="line-height: inherit;"> either</span><span style="line-height: inherit;"> the loss was considered probable</span><span style="line-height: inherit;"> through</span><span style="line-height: inherit;"> accounting estimate</span><span style="line-height: inherit;"> or recognized through previous business combination</span><span style="line-height: inherit;"> and recorded in our financial statements. However, notwithstanding the provision, proceedings are unpredictable and subject to significant uncertainties. Therefore, if one or more cases result in a judgment against us, in any period, for amounts that exceed management</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s expectations, the impact on our results of operations or financial condition for that period may be significant. A summary of our main legal and administrative proceedings is given below.</span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Civil Matters</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As of December 31, </span><span style="line-height: inherit;">202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">, we were party to certain judicial and administrative proceedings of a civil nature for which we recorded a provision of </span><span style="line-height: inherit;">R$</span><span style="line-height: inherit;">1.</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;"> million</span><span style="line-height: inherit;">. The civil claims to which we are a party generally relate to consumer claims, including those related to product defects and failures to deliver products, among others. We believe these proceedings are unlikely to have a material adverse impact, individually, or in the aggregate, on our results of operations or financial condition. </span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Somos Educa&#231;&#227;o, which used to operate our K-12 business under the Anglo brand, is currently party to an administrative proceeding with the sellers of the Anglo business due to a dispute with the sellers regarding indemnities for certain contractual contingencies, for which we have classified the risk of losses as probable, possible and remote, in the aggregate amount of R$</span><span style="line-height: inherit;">1</span><span style="line-height: inherit;">7</span><span style="line-height: inherit;">.</span><span style="line-height: inherit;">7</span><span style="line-height: inherit;"> million that we understand to be their responsibility, and which are disputed by the sellers.</span> <span style="line-height: inherit;">At the time of the business combination an indemnification asset was recorded. The book value of the asset </span><span style="line-height: inherit;">at</span><span style="line-height: inherit;"> December 31, </span><span style="line-height: inherit;">202</span><span style="line-height: inherit;">2</span> <span style="line-height: inherit;">is R$</span><span style="line-height: inherit;">1</span><span style="line-height: inherit;">80.4</span><span style="line-height: inherit;"> million. However, we cannot assure that our position will prevail. </span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Labor Related Matters</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As of December 31, </span><span style="line-height: inherit;">202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">, we were party to certain labor-related judicial and administrative proceedings for which we recorded a provision of R$</span><span style="line-height: inherit;">27.6</span><span style="line-height: inherit;"> million. In general, the labor claims to which we are a party were filed by former employees or third-party employees seeking our joint and/or subsidiary liability for the acts of our suppliers and service providers. The principal claims involved in these labor suits relate to overtime, severance pay, equal pay, and indemnities based on Brazilian labor laws. A term of commitment was entered into between us and the Labor Prosecution Office, whereby we agreed to restrict additional work hours, subject to the payment of a fine and applicable penalties. </span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Tax and Social Security Matters</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As of December 31, </span><span style="line-height: inherit;">202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">, we were involved in certain judicial and administrative tax and social security proceedings for which we recorded a provision of R$</span><span style="line-height: inherit;">623</span><span style="line-height: inherit;">.1</span><span style="line-height: inherit;"> million. As of December 31, </span><span style="line-height: inherit;">202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">, we had judicial deposits in an aggregate amount of R$</span><span style="line-height: inherit;">2.</span><span style="line-height: inherit;">1</span><span style="line-height: inherit;"> million. There can be no assurance that these proceedings would not have a significant effect on our financial position or profitability if all decided adversely to the company.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">B</span><span style="font-weight: bold; line-height: inherit;">.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BSignificant_Changes_J6IZRRH2V400000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Significant </span><span style="font-weight: bold; line-height: inherit;">Changes</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Except as disclosed elsewhere in this annual report, we have not experienced any significant change since the date of our audited</span> <span style="line-height: inherit;">consolidated financial statements included in this annual report. </span></span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_9._THE_OFFER_AND_LISTING_69M1HFGS7400000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">ITEM 9. THE OFFER AND LISTING</span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">A</span><span style="font-weight: bold; line-height: inherit;">.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BOffering_and_Listing_Details_G2TL2QNGF400000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Offering and </span><span style="font-weight: bold; line-height: inherit;">Listing </span><span style="font-weight: bold; line-height: inherit;">Details</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On </span><span style="line-height: inherit;">July </span><span style="line-height: inherit;">31</span><span style="line-height: inherit;">, 20</span><span style="line-height: inherit;">20</span><span style="line-height: inherit;">, we completed our initial public offering</span><span style="line-height: inherit;">. </span><span style="line-height: inherit;">Our common shares have been listed on the Nasdaq Global Select Market since </span><span style="line-height: inherit;">July 31</span><span style="line-height: inherit;">, 20</span><span style="line-height: inherit;">20</span><span style="line-height: inherit;"> under the symbol </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">V</span><span style="line-height: inherit;">STA</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">B</span><span style="font-weight: bold; line-height: inherit;">.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BPlan_of_Distribution_4MCZWWVOA800000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Plan of </span><span style="font-weight: bold; line-height: inherit;">Distribution</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a href="#TOC">Table of Contents</a></span></div>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">C</span><span style="font-weight: bold; line-height: inherit;">.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BMarkets_SANKTHZL8W00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Markets</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">For a description of our publicly traded common shares, see </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">&#8212;A. Offering and listing details</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">D</span><span style="font-weight: bold; line-height: inherit;">.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BSelling_Shareholders_CBH7QLM88W00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Selling </span><span style="font-weight: bold; line-height: inherit;">Shareholders</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">E</span><span style="font-weight: bold; line-height: inherit;">.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BDilution_KAO9ZJM3BK00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Dilution</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">F</span><span style="font-weight: bold; line-height: inherit;">.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BExpenses_of_the_Issue_IN9L8TCOCG00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Expenses of the </span><span style="font-weight: bold; line-height: inherit;">Issue</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_10._ADDITIONAL_INFORMATION_YAW3HJGXK000000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">ITEM 10. ADDITIONAL INFORMATION</span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">A</span><span style="font-weight: bold; line-height: inherit;">.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BShare_Capital_YNO0PGTP7K00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Share </span><span style="font-weight: bold; line-height: inherit;">Capital</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">B</span><span style="font-weight: bold; line-height: inherit;">.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BMemorandum_and_Articles_of_Association_FZSG8S10IO00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Memorandum and </span><span style="font-weight: bold; line-height: inherit;">Articles </span><span style="font-weight: bold; line-height: inherit;">of </span><span style="font-weight: bold; line-height: inherit;">Association</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">General</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Vasta Platform Limited was incorporated on October 16, 2019, as a Cayman Islands exempted company with limited liability duly registered with the Cayman Islands Registrar of Companies. Our corporate purposes are unrestricted, and we have the authority to carry out any object not prohibited by any law as provided by Section 7(4) of Companies </span><span style="line-height: inherit;">Act </span><span style="line-height: inherit;">(</span><span style="line-height: inherit;">As Revised</span><span style="line-height: inherit;">) of the Cayman Islands, or the Companies </span><span style="line-height: inherit;">Act</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our affairs are governed principally by: (1)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">Memorandum and </span><span style="line-height: inherit;">Articles of Association; (2)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">the Companies </span><span style="line-height: inherit;">Act</span><span style="line-height: inherit;">; and (3)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">the common law of the Cayman Islands. As provided in our </span><span style="line-height: inherit;">Memorandum and </span><span style="line-height: inherit;">Articles of Association, subject to Cayman Islands law, we have full capacity to carry on or undertake any business or activity, do any </span><span style="line-height: inherit;">act</span><span style="line-height: inherit;"> or enter into any transaction, and, for such purposes, full rights, powers and privileges. Our registered office is c/o Maples Corporate Services Limited, P.O.</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">Box</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">309, </span><span style="line-height: inherit;">Ugland</span><span style="line-height: inherit;"> House, Grand Cayman, KY1</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">1104, Cayman Islands.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our shareholders adopted the </span><span style="line-height: inherit;">Memorandum and </span><span style="line-height: inherit;">Articles of Association included as Exhibit 3.1 to the Amendment No. 1 to our registration statement on Form F-1 (File no. 333-</span> <span style="line-height: inherit;">239686), filed with the SEC on </span><span style="line-height: inherit;">July 23, 2020.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our </span><span style="line-height: inherit;">Memorandum and </span><span style="line-height: inherit;">Articles of Association authorize the issuance of share capital of up to 1,000,000,000 shares of a nominal or par value of US$0.00005 each, which at the date of </span><span style="line-height: inherit;">this annual report</span><span style="line-height: inherit;"> comprise 500,000,000 Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares and 250,000,000 Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common (which may be converted into Class A common shares in the manner contemplated in our Articles of Association), and 250,000,000 shares of such class or classes (howsoever designated) and having the rights that our board of directors may determine. </span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The following is a summary of the material provisions of our authorized share capital and our </span><span style="line-height: inherit;">Memorandum and </span><span style="line-height: inherit;">Articles of Association.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Share Capital</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The Memorandum and Articles of Association authorize two classes of common shares: Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares, which are entitled to one vote per share, and Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares, which are entitled to 10 votes per share and to maintain a proportional ownership interest in the event that additional Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares are issued. Any holder of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares may convert his or her shares at any time into Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares on a share</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">for</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">share basis. The rights of the two classes of common shares are otherwise identical, except as described below. The implementation of this dual class structure was required by Cogna, our principal shareholder, as a condition of undertaking an initial public offering of our common shares. See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">&#8212;Anti</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">Takeover Provisions in our Articles of Association&#8212;Two Classes of Shares</span><span style="line-height: inherit;">&#8221;.</span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" class="pageno"><span>126</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a href="#TOC">Table of Contents</a></span></div>
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<p style="line-height: 1.2;;margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As of December </span><span style="line-height: inherit;">31, 202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">, Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s total authorized share capital was US$50,000, divided into 1,000,000,000 shares with par value of US$0.00005 each, of which:</span></span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">500,000,000 shares are designated as Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common </span><span style="line-height: inherit;">shares;</span><span style="line-height: inherit;"> and</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">250,000,000 shares are designated as Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares.</span></span></li>
</ul>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The remaining authorized but unissued shares are presently undesignated and may be issued by our board of directors as common shares of any class or as shares with preferred, </span><span style="line-height: inherit;">deferred</span><span style="line-height: inherit;"> or other special rights or restrictions.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Treasury Stock</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As of December 31, </span><span style="line-height: inherit;">202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">,</span><span style="line-height: inherit;"> Vasta had </span><span style="line-height: inherit;">1,000,000</span> <span style="line-height: inherit;">shares in treasury.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Issuance of Shares</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Except as expressly provided in Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s Articles of Association, Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s board of directors has general and unconditional authority to allot, grant options over, offer or otherwise deal with or dispose of any unissued shares in the company</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s capital without the approval of our shareholders (whether forming part of the original or any increased share capital), either at a premium or at par, with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise and to such persons, on such terms and conditions, and at such times as the directors may decide, but so that no share shall be issued at a discount, except in accordance with the provisions of the Companies </span><span style="line-height: inherit;">Act</span><span style="line-height: inherit;">. In accordance with its Articles of Association, Vasta shall not issue bearer shares.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s Articles of Association provide that at any time that there are Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares in issue, additional Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares may only be issued pursuant to (1)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">a share split, subdivision of shares or similar transaction or where a dividend or other distribution is paid by the issue of shares or rights to acquire shares or following capitalization of profits, (2)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">a merger, consolidation, or other business combination involving the issuance of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares as full or partial consideration, or (3)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">an issuance of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares, whereby holders of the Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares are entitled to purchase a number of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares that would allow them to maintain their proportional ownership interests in Vasta (following an offer by Vasta to each holder of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares to issue to such holder, upon the same economic terms and at the same price, such number of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares as would ensure such holder may maintain a proportional ownership interest in Vasta pursuant to Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s Articles of Association). In light of: (a)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">the above provisions; (b)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">the fact that future transfers by holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares will generally result in those shares converting to Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares, subject to limited exceptions as provided in the Articles of Association; and (c)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">the ten</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">to</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">one voting ratio between our Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares and Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares, means that holders of our Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares will in many situations continue to maintain control of all matters requiring shareholder approval. This concentration of ownership and voting power will limit or preclude your ability to influence corporate matters for the foreseeable future. For more information see </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">&#8212;Preemptive or Similar Rights</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s Articles of Association also provide that the issuance of non</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">voting common shares requires the affirmative vote of a majority of the of then</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">outstanding Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Fiscal Year</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s fiscal year begins on January</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">1 of each year and ends on December</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">31 of the same year.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Voting Rights</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The holders of the Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares and Class B common shares have identical rights, except that (1) the holder of Class B common shares is entitled to 10 votes per share, whereas holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares are entitled to one vote per share, (2)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">Class B common shares have certain conversion rights and (3) the holder of Class B common shares is entitled to maintain a proportional ownership interest in the event that additional Class A common shares are issued. For more information see </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">&#8212;Preemptive or Similar Rights</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> and </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">&#8212;Conversion</span><span style="line-height: inherit;">&#8221;.</span><span style="line-height: inherit;"> The holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares and Class B common shares vote together as a single class on all matters (including the election of directors) submitted to a vote of shareholders, except as provided below and as otherwise required by law.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s Articles of Association provide as follows regarding the respective rights of holders of Class A common shares and Class B common shares:</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">(1)</span><span style="line-height: inherit; margin-left: 16px;">Class consents from the holders of Class A common shares or Class B common shares, as applicable, shall be required for any variation to the rights attached to their respective class of shares, however, the Directors may treat any two or more classes of shares as forming one class if they consider that all such classes would be affected in the same way by the </span><span style="line-height: inherit;">proposal;</span></span></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><a href="#TOC">Table of Contents</a></span></div>
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<p style="line-height: 1.2;;margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">(2)</span><span style="line-height: inherit; margin-left: 16px;">the rights conferred on holders of Class A common shares shall not be deemed to be varied by the creation or issue of further Class B common shares and vice versa; and</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">(3)</span><span style="line-height: inherit; margin-left: 16px;">the rights attaching to the Class A common shares and the Class B common shares shall not be deemed to be varied by the creation or issue of shares with preferred or other rights, including, without limitation, shares with enhanced or weighted voting rights.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As set forth in the Articles of Association, the holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares and Class B common shares, respectively, do not have the right to vote separately if the number of authorized shares of such class is increased or decreased. Rather, the number of authorized Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares and Class B common shares may be increased or decreased (but not below the number of shares of such class then outstanding) by the affirmative vote of the holders of a majority of the voting power of the issued and outstanding Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares and Class B common shares, voting together in a general meeting.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Preemptive or Similar Rights</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The Class A common shares and Class B common shares are not entitled to preemptive rights upon transfer and are not subject to conversion (except as described below under </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">&#8212;Conversion</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;">), redemption or sinking fund provisions.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Class B common shares are entitled to maintain a proportional ownership interest in the event that additional Class A common shares are issued. As such, except for certain exceptions, if Vasta issues Class A common shares, it must first make an offer to each holder of Class B common shares to issue to such holder on the same economic terms such number of Class B common shares as would ensure such holder may maintain a proportional ownership interest in Vasta. This right to maintain a proportional ownership interest may be waived by a majority of the holders of Class B common shares. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Conversion</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The outstanding Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares are convertible at any time as follows: (1)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">at the option of the holder, a Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common share may be converted at any time into one Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common share or (2)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">upon the election of the holders of a majority of the then outstanding Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares, all outstanding Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares may be converted into a like number of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares. In addition, each Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common share will convert automatically into one Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common share upon any transfer, whether or not for value, except for certain transfers described in the Articles of Association, including transfers to affiliates, transfers to and between Cogna, transfers to subsidiaries of Cogna, transfers to trusts solely for the benefit of Cogna or its affiliates, and partnerships, corporations and other entities exclusively owned by Cogna or its affiliates and certain transfers to organizations that are exempt from taxation under Section</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">501(c)(3) of the Internal Revenue Code of 1986, as amended. Furthermore, each Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common share will convert automatically into one Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common share and no Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares will be issued thereafter if, at any time, the total number of the issued and outstanding Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares is less than 10% of the total number of shares outstanding.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">No class of Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s common shares may be subdivided or combined unless the other class of common shares is concurrently subdivided or combined in the same proportion and in the same manner.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Equal Status</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Except as expressly provided in Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s Articles of Association, Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares and Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares have the same rights and privileges and rank equally, share proportionally and are identical in all respects as to all matters. In the event of any merger, consolidation, scheme, arrangement or other business combination requiring the approval of our shareholders entitled to vote thereon (whether or not Vasta is the surviving entity), the holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares, and the holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares shall have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares. In the event of any (1)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">tender or exchange offer to acquire any Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares or Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares by any third</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">party pursuant to an agreement to which Vasta is a party, or (2)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">any tender or exchange offer by Vasta to acquire any Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares or Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares, the holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares, and the holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares shall have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares.</span></span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Record Dates</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">For the purpose of determining shareholders entitled to notice of, or to vote at any general meeting of shareholders or any adjournment thereof, or shareholders entitled to receive dividend or other distribution payments, or in order to </span><span style="line-height: inherit;">make a determination</span><span style="line-height: inherit;"> of shareholders for any other purpose, Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s board of directors may set a record date which shall not exceed forty (40)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">clear days prior to the date where the determination will be made.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">General Meetings of Shareholders</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As a condition of admission to a shareholders</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> meeting, a shareholder must be duly registered as a shareholder of Vasta at the applicable record date for that meeting and, in order to vote, all calls or installments then payable by such shareholder to Vasta in respect of the shares that such shareholder holds must have been paid.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Subject to any special rights or restrictions as to voting then attached to any shares, at any general meeting every shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative not being himself or herself a shareholder entitled to vote) shall have one vote per Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common share and 10 votes per Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common share.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">As a Cayman Islands exempted company, Vasta is not obliged by the Companies </span><span style="line-height: inherit;">Act </span><span style="line-height: inherit;">to call annual general meetings; however, the Articles of Association provide that in each year the company will hold an annual general meeting of shareholders, at a time determined by the board of directors. For the annual general meeting of shareholders, the agenda will include, among other things, the presentation of the annual accounts and the report of the directors. In addition, the agenda for an annual general meeting of shareholders will only include such items as have been included therein by the board of directors.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Also, Vasta may, but is not required to (unless required by the laws of the Cayman Islands), hold other extraordinary general meetings during the year. General meetings of shareholders are generally expected to take place in S&#227;o Paulo, Brazil, but may be held elsewhere if the directors so decide.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The Companies </span><span style="line-height: inherit;">Act </span><span style="line-height: inherit;">provides shareholders a limited right to request a general meeting and does not provide shareholders with any right to put any proposal before a general meeting in default of a company</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s Articles of Association. However, these rights may be provided in a company</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s Articles of Association. Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s Articles of Association provide that upon the requisition of one or more shareholders representing not less than one</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">third of the voting rights entitled to vote at general meetings, the board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. The Articles of Association provide no other right to put any proposals before annual general meetings or extraordinary general meetings.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Subject to regulatory requirements, the annual general meeting and any extraordinary general meetings must be called by not less than ten (10)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">clear days</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> notice prior to the relevant shareholders meeting and convened by a notice, as discussed below. Alternatively, upon the prior consent of all holders entitled to receive notice, with regards to the annual general meeting, and the holders of 95% in par value of the shares entitled to attend and vote at an extraordinary general meeting, that meeting may be convened by a shorter notice and in a manner deemed appropriate by those holders.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Vasta will give notice of each general meeting of shareholders by publication on its website and in any other manner that it may be required to follow in order to comply with Cayman Islands law, </span><span style="line-height: inherit;">Nasdaq</span><span style="line-height: inherit;"> and SEC requirements. The holders of registered shares may be given notice of a shareholders</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> meeting by means of letters sent to the addresses of those shareholders as registered in our shareholders</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> register, or, subject to certain statutory requirements, by electronic means.</span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-style: italic; font-weight: bold; line-height: inherit;">Holders whose shares are registered in the name of DTC or its nominee, which we expect will be the case for all holders of Class</span><span style="font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-style: italic; font-weight: bold; line-height: inherit;">A common shares, will not be a shareholder or member of the company and must rely on the procedures of DTC regarding notice of shareholders</span><span style="font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-style: italic; font-weight: bold; line-height: inherit;"> meetings and the exercise of rights of a holder of the Class</span><span style="font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-style: italic; font-weight: bold; line-height: inherit;">A common shares.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">A quorum for a general meeting consists of any one or more persons holding or representing by proxy not less than one</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">third of the aggregate voting power of all shares in issue and entitled to vote upon the business to be transacted.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">A resolution put to a vote at a general meeting shall be decided on a poll. An ordinary resolution to be passed by the shareholders at a general meeting requires the affirmative vote of a simple majority of the votes cast by, or on behalf of, the shareholders entitled to vote, present in person or by proxy and voting at the meeting. A special resolution requires the affirmative vote on a poll of no less than two</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">thirds of the votes cast by the shareholders entitled to vote who are present in person or by proxy at a general meeting. Both ordinary resolutions and special resolutions may also be passed by a </span><span style="line-height: inherit;">unanimous written resolution signed by all of our shareholders, as permitted by the Companies </span><span style="line-height: inherit;">Act </span><span style="line-height: inherit;">and our Articles of Association.</span></span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Pursuant to Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s Articles of Association, general meetings of shareholders are to be chaired by the chairman of our board of directors or in his absence the vice</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">chairman of the board of directors. If both the chairman and vice</span><span style="line-height: inherit;">&#8209;</span><span style="line-height: inherit;">chairman of our board of directors are absent, the directors present at the meeting shall appoint one of them to be chairman of the general meeting. If neither the chairman nor another director is present at the general meeting within 15 minutes after the time appointed for holding the meeting, the shareholders present in person or by proxy and entitled to vote may elect any one of the shareholders to be chairman. The order of business at each meeting shall be determined by the chairman of the meeting, and he or she shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation, the establishment of procedures for the maintenance of order and safety, limitations on the time allotted to questions or comments on our affairs, restrictions on entry to such meeting after the time prescribed for the commencement thereof, and the opening and closing of the polls.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Liquidation Rights</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">If Vasta is voluntarily wound up, the liquidator, after taking into account and giving effect to the rights of preferred and secured creditors and to any agreement between Vasta and any creditors that the claims of such creditors shall be subordinated or otherwise deferred to the claims of any other creditors and to any contractual rights of set-off or netting of claims between Vasta and any person or persons (including without limitation any bilateral or any multi-lateral set-off or netting arrangements between the company and any person or persons) and subject to any agreement between Vasta and any person or persons to waive or limit the same, shall apply Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s property in satisfaction of its liabilities </span><span style="line-height: inherit;">pari</span><span style="line-height: inherit;"> passu and subject thereto shall distribute the property amongst the shareholders according to their rights and interests in Vasta.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Changes to Capital</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Pursuant to the Articles of Association, Vasta may from time to time by ordinary resolution:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">increase its share capital by such sum, to be divided into shares of such amount, as the resolution shall </span><span style="line-height: inherit;">prescribe;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">consolidate and divide all or any of its share capital into shares of a larger amount than its existing </span><span style="line-height: inherit;">shares;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">convert all or any of its paid-up shares into stock and reconvert that stock into paid up shares of any </span><span style="line-height: inherit;">denomination;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">subdivide its existing shares or any of them into shares of a smaller amount, provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived; or</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.</span></li>
</ul>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s shareholders may by special resolution, subject to confirmation by the Grand Court of the Cayman Islands on an application by us for an order confirming such reduction, reduce its share capital or any capital redemption reserve in any manner permitted by law.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">In addition, subject to the provisions of the Companies </span><span style="line-height: inherit;">Act </span><span style="line-height: inherit;">and our Articles of Association, Vasta may:</span></span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">issue shares on terms that they are to be redeemed or are liable to be </span><span style="line-height: inherit;">redeemed;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">purchase its own shares (including any redeemable shares); and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">make a payment in respect of the redemption or purchase of its own shares in any manner authorized by the Companies </span><span style="line-height: inherit;">Act</span><span style="line-height: inherit;">, including out of its own capital.</span></span></li>
</ul>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Transfer of Shares</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subject to any applicable restrictions set forth in the Articles of Association, any shareholder of Vasta may transfer all or any of his or her common shares by an instrument of transfer in the usual or common form or in the form prescribed by the Nasdaq or any other form approved by our board of directors.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares </span><span style="line-height: inherit;">are </span><span style="line-height: inherit;">traded on the Nasdaq in book-entry form and may be transferred in accordance with Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s Articles of Association and the Nasdaq</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s rules and regulations.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">However, Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s board of directors may, in its absolute discretion, decline to register any transfer of any common share which is either not fully paid up to a person of whom it does not approve or is issued under any share incentive scheme for employees which contains a transfer restriction that is still applicable to such common share. The board of directors may also decline to register any transfer of any common share unless:</span></span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">a fee of such maximum sum as the Nasdaq may determine to be payable or such lesser sum as the board of directors may from time to time require is paid to Vasta in respect </span><span style="line-height: inherit;">thereof;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">the instrument of transfer is lodged with Vasta, accompanied by the certificate (if any) for the common shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the </span><span style="line-height: inherit;">transfer;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">the instrument of transfer is in respect of only one class of </span><span style="line-height: inherit;">shares;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">the instrument of transfer is properly stamped, if </span><span style="line-height: inherit;">required;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">the common shares transferred are free of any lien in favor of Vasta; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">in the case of a transfer to joint holders, the transfer is not to more than four joint holders.</span></li>
</ul>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">If the directors refuse to register a transfer they are required, within two months after the date on which the instrument of transfer was lodged, to send to the transferee notice of such refusal.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Share Repurchase</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The Companies </span><span style="line-height: inherit;">Act </span><span style="line-height: inherit;">and the Articles of Association permit Vasta to purchase its own shares, subject to certain restrictions. The board of directors may only exercise this power on behalf of Vasta, subject to the Companies </span><span style="line-height: inherit;">Act</span><span style="line-height: inherit;">, the Articles of Association and to any applicable requirements imposed from time to time by the SEC, the Nasdaq, or by any recognized stock exchange on which our securities are listed.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On August 13, 2021, our board of Directors approved our first share repurchase program, or the Repurchase Program. Under the Repurchase Program, we are entitled to repurchase up to 1,000,000 Class A common shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period that began on August 17, 2021, continuing until the earlier of the completion of the repurchase or February 17, 2022, depending upon market conditions</span><span style="line-height: inherit;">. </span><span style="line-height: inherit;">We</span><span style="line-height: inherit;"> concluded the Repurchase Program on December 10, 2021, using </span><span style="line-height: inherit;">our </span><span style="line-height: inherit;">existing funds to finance the repurchase, and on December 31, 202</span><span style="line-height: inherit;">2</span><span style="line-height: inherit;">, </span><span style="line-height: inherit;">we</span><span style="line-height: inherit;"> had a balance of </span><span style="line-height: inherit;">R$23</span><span style="line-height: inherit;">.</span><span style="line-height: inherit;">9</span><span style="line-height: inherit;"> million</span><span style="line-height: inherit;"> or 1,000,000 shares </span><span style="line-height: inherit;">held as treasury shares</span><span style="line-height: inherit;">.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our Board of Directors also authorized management to appoint Morgan Stanley &amp; Co LLC as our agent to purchase </span><span style="line-height: inherit;">s</span><span style="line-height: inherit;">ecurities on its behalf in the open market. It is our intention such purchases benefit from the safe harbor provided by Rule 10b-18, promulgated by the SEC under the Exchange Act. Accordingly, we shall not take, nor permit any person or entity under its control to take, any action that could jeopardize the availability of Rule 10b-18 for purchases of our common shares under the program.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Dividends and Capitalization of Profits</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">We have not adopted a dividend policy with respect to payments of any future dividends by Vasta. Subject to the Companies </span><span style="line-height: inherit;">Act</span><span style="line-height: inherit;">, Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s shareholders may, by resolution passed by a simple majority of the voting rights entitled to vote at a general meeting, declare dividends (including interim dividends) to be paid to shareholders but no dividend shall be declared in excess of the amount recommended by the board of directors. The board of directors may also declare dividends. Dividends may be declared and paid out of funds lawfully available to Vasta. Except as otherwise provided by the rights attached to shares and the Articles of Association of Vasta, all dividends shall be paid in proportion to the number of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares or Class B common shares a shareholder holds at the date the dividend is declared (or such other date as may be set as a record date); but, (1) if any share is issued on terms providing that it shall rank for dividend as from a particular date, that share shall rank for dividend accordingly, and (2) where we have shares in issue which are not fully paid up (as to par value) we may pay dividends in proportion to the amounts paid up on each share.</span></span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares and Class B common shares shall be entitled to share equally in any dividends that may be declared in respect of Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s common shares from time to time. In the event that a dividend is paid in the form </span><span style="line-height: inherit;">of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares or Class B common shares, or rights to acquire Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares or Class B common shares, (1)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">the holders of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares shall receive Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares, or rights to acquire Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares, as the case may be; and (2)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">the holders of Class B common shares shall receive Class B common shares, or rights to acquire Class B common shares, as the case may be.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Appointment, Disqualification and Removal of Directors</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Vasta is managed by its board of directors. The Articles of Association provide that, unless otherwise determined by a special resolution of shareholders, the board of directors will be composed of four (4) to eleven (11) directors, with the number being determined by a majority of the directors then in office. There are no provisions relating to retirement of directors upon reaching any age limit. The Articles of Association also provide that, while Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s shares are admitted to trading on the Nasdaq, the board of directors must always comply with the residency and citizenship requirements of the U.S. securities laws applicable to foreign private issuers.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The Articles of Association provide that directors shall be elected by an ordinary resolution of our shareholders, which requires the affirmative vote of a simple majority of the votes cast on the resolution by the shareholders entitled to vote who are present, in person or by proxy, at the meeting. Each director shall be appointed and elected for such term as the resolution appointing him or her may determine or until his or her death, </span><span style="line-height: inherit;">resignation</span><span style="line-height: inherit;"> or removal.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Any vacancies on the board of directors that arise other than upon the removal of a director by resolution passed at a general meeting can be filled by the remaining directors (notwithstanding that they may constitute less than a quorum). Any such appointment shall be as an interim director to fill such vacancy until the next annual general meeting of shareholders.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions to the existing board (within the limits set pursuant to the Articles of Association) may be made by ordinary resolution of the shareholders.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Our audit committee was established on March 2, 2020</span><span style="line-height: inherit;">. See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 6. Directors, Senior Management and Employees</span><span style="line-height: inherit;">&#8212;</span><span style="line-height: inherit;">C. Board Practices&#8212;Committees of the Board of Directors</span><span style="line-height: inherit;">&#8221;.</span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Grounds for Removing a Director</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A director may be removed with or without cause by ordinary resolution. The notice of general meeting must contain a statement of the intention to remove the director and must be served on the director not less than ten calendar days before the meeting. The director is entitled to attend the meeting and be heard on the motion for his removal.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The office of a director will be vacated automatically if he or she (1)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">becomes prohibited by law from being a director, (2)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">becomes bankrupt or makes an arrangement or composition with his creditors, (3)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">dies or is, in the opinion of all his co-directors, incapable by reason of mental disorder of discharging his duties as director, (4)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">resigns his office by notice to us or (5)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">has for more than six months been absent without permission of the directors from meetings of the board of directors held during that period, and the remaining directors resolve that his or her office be vacated.</span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Proceedings of the Board of Directors</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The Articles of Association provide that Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s business is to be managed and conducted by the board of directors. The quorum necessary for the board meeting shall be a simple majority of the directors then in office (subject to there being a minimum of two directors present) and business at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the chairman shall have a casting vote.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subject to the provisions of the Articles of Association, the board of directors may regulate its proceedings as they determine is appropriate. Board meetings shall be held at least once every calendar quarter and shall take place either in S&#227;o Paulo, Brazil or at such other place as the directors may determine.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Subject to the provisions of the Articles of Association, to any directions given by ordinary resolution of the shareholders and the listing rules of the Nasdaq, the board of directors may from time to time at its discretion exercise all powers of Vasta, including, subject to the Companies </span><span style="line-height: inherit;">Act</span><span style="line-height: inherit;">, the power to issue debentures, </span><span style="line-height: inherit;">bonds</span><span style="line-height: inherit;"> and other securities of the company, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party.</span></span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Inspection of Books and Records</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Holders of Vasta shares will have no general right under Cayman Islands law to inspect or obtain copies of the list of our shareholders or our corporate records. However, the board of directors may determine from time to time whether and to what </span><span style="line-height: inherit;">extent Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s accounting records and books shall be open to inspection by shareholders who are not members of the board of directors. Notwithstanding the above, the Articles of Association provide shareholders with the right to receive annual financial statements. Such right to receive annual financial statements may be satisfied by publishing the same on the company</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s website or filing such annual reports as we are required to file with the SEC.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Register of Shareholders</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares </span><span style="line-height: inherit;">are</span><span style="line-height: inherit;"> held through DTC, and DTC or Cede</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">&amp; Co., as nominee for DTC, will be recorded in the shareholders</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;"> register as the holder of our Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Under Cayman Islands law, Vasta must keep a register of shareholders that includes:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">the names and addresses of the shareholders, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each </span><span style="line-height: inherit;">member;</span></span></li>
</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">whether voting rights attach to the shares in </span><span style="line-height: inherit;">issue;</span></span></li>
</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">the date on which the name of any person was entered on the register as a member; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">the date on which any person ceased to be a member.</span></li>
</ul>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Under Cayman Islands law, the register of shareholders of Vasta is prima facie evidence of the matters set out therein (i.e., the register of shareholders will raise a presumption of fact on the matters referred to above unless rebutted) and a shareholder registered in the register of shareholders is deemed as a matter of Cayman Islands law to have prima facie legal title to the shares as set against his or her name in the register of shareholders. Once the register of shareholders has been updated, the shareholders recorded in the register of shareholders should be deemed to have legal title to the shares set against their name.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application for an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Exempted Company</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Vasta is an exempted company with limited liability under the Companies </span><span style="line-height: inherit;">Act</span><span style="line-height: inherit;">. The Companies </span><span style="line-height: inherit;">Act </span><span style="line-height: inherit;">distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:</span></span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">an exempted company does not have to file an annual return of its shareholders with the Registrar of </span><span style="line-height: inherit;">Companies;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">an exempted company</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s register of shareholders is not open to </span><span style="line-height: inherit;">inspection;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">an exempted company does not have to hold an annual general </span><span style="line-height: inherit;">meeting;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">an exempted company may issue shares with no par </span><span style="line-height: inherit;">value;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance</span><span style="line-height: inherit;">);</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman </span><span style="line-height: inherit;">Islands;</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">an exempted company may register as a limited duration company; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -2pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">an exempted company may register as a segregated portfolio company.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Limited liability</span><span style="line-height: inherit;">&#8221;</span><span style="line-height: inherit;"> means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Vasta</span><span style="line-height: inherit;"> is</span><span style="line-height: inherit;"> subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Except as otherwise disclosed in this </span><span style="line-height: inherit;">annual report</span><span style="line-height: inherit;">, Vasta currently intends to comply with the Nasdaq rules in lieu of following home country practice.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Anti-Takeover Provisions in </span><span style="font-weight: bold; line-height: inherit;">Our </span><span style="font-weight: bold; line-height: inherit;">Articles of Association</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Some provisions of the Articles of Association may discourage, </span><span style="line-height: inherit;">delay</span><span style="line-height: inherit;"> or prevent a change in control of Vasta or management that shareholders may consider favorable. In particular, the capital structure of Vasta concentrates ownership of voting rights in the hands of Cogna. These provisions, which are summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of Vasta to first negotiate with the board of directors. However, these provisions could also have the effect of discouraging others from attempting hostile takeovers and, consequently, they may also inhibit temporary fluctuations in the market price of the Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in the management of Vasta. It is possible that these provisions could make it more difficult to accomplish transactions that shareholders may otherwise deem to be in their best interests.</span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Two Classes of Common Shares</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares of Vasta are entitled to 10</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">votes per share, while the Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares are entitled to one vote per share. Since it owns of all of the Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">B common shares of Vasta, Cogna currently has the ability to elect all directors and to determine the outcome of most matters submitted for a vote of shareholders. This concentrated voting control could discourage others from initiating any potential merger, takeover, or other change of control transaction that other shareholders may view as beneficial.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">So long as Cogna has the ability to determine the outcome of most matters submitted to a vote of shareholders as well as the overall management and direction of Vasta, third parties may be deterred in their willingness to make an unsolicited merger, takeover, or other change of control proposal, or to engage in a proxy contest for the election of directors. As a result, the fact that Vasta has two classes of common shares may have the effect of depriving you as a holder of Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares of an opportunity to sell your Class</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">A common shares at a premium over prevailing market prices and make it more difficult to replace the directors and management of Vasta.</span></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Preferred Shares</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s board of directors is given wide powers to issue one or more classes or series of shares with preferred rights. Such preferences may include, for example, dividend rights, conversion rights, redemption privileges, enhanced voting powers and liquidation preferences.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Despite the anti-takeover provisions described above, under Cayman Islands law, Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s board of directors may only exercise the rights and powers granted to them under the Articles of Association, for what they believe in good faith to be in the best interests of Vasta.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Protection of Non-Controlling Shareholders</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Grand Court of the Cayman Islands may, on the application of shareholders holding not less than one fifth of the shares of Vasta in issue, appoint an inspector to examine our affairs and report thereon in a manner as the Grand Court shall direct.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Subject to the provisions of the Companies </span><span style="line-height: inherit;">Act</span><span style="line-height: inherit;">, any shareholder may petition the Grand Court of the Cayman Islands which may make a winding up order, if the court is of the opinion that this winding up is just and equitable.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Notwithstanding the U.S. securities laws and regulations that are applicable to Vasta, general corporate claims against Vasta by its shareholders must, as a general rule, be based on the general laws of contract or tort applicable in the Cayman Islands or their individual rights as shareholders as established by Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s Articles of Association.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The Cayman Islands courts ordinarily would be expected to follow English case law precedents, which permit a minority shareholder to commence a representative action against Vasta, or derivative actions in Vasta</span><span style="line-height: inherit;">&#8217;</span><span style="line-height: inherit;">s name, to challenge (1)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">an act </span><span style="line-height: inherit;">which is ultra vires or illegal, (2)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">an act which constitutes a fraud against the minority and the wrongdoers themselves control Vasta, and (3)</span><span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;">an irregularity in the passing of a resolution that requires a qualified (or special) majority.</span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;" class="pageno"><span>134</span></span></td>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">C</span><span style="font-weight: bold; line-height: inherit;">.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BMaterial_Contracts_UV6AJ5EB5S00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Material </span><span style="font-weight: bold; line-height: inherit;">Contracts</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">See </span><span style="line-height: inherit;">&#8220;</span><span style="line-height: inherit;">Item 7. Major Shareholders and Related Party Transactions&#8212;B. Related party transactions</span><span style="line-height: inherit;">&#8221;.</span><span style="line-height: inherit;"> Except as otherwise disclosed in this annual report on Form 20-F (including the Exhibits), we are not currently, and have not been in the last two years, party to any material contract, other than contracts entered into in the ordinary course of business.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">D</span><span style="font-weight: bold; line-height: inherit;">.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BExchange_Controls_VPOVZVGY4G00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Exchange </span><span style="font-weight: bold; line-height: inherit;">Controls</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Cayman Islands currently has no exchange control restrictions.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">E</span><span style="font-weight: bold; line-height: inherit;">.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BTaxation_ZMNIGJBK9C00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit; margin-left: 12px;">Taxation</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The following summary contains a description of material Cayman Islands and U.S. federal income tax consequences of the acquisition, </span><span style="line-height: inherit;">ownership</span><span style="line-height: inherit;"> and disposition of our Class A common shares. It does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase the Class A common shares, is not applicable to all categories of investors, some of which may be subject to special rules, and does not address all of the Cayman Islands and U.S. federal income tax considerations applicable to any particular holder. The summary is based upon the tax laws of the Cayman Islands and the United States and regulations thereunder as of the date hereof, which are subject to change.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Prospective purchasers of our Class A common shares should consult their own tax advisors about the particular Cayman Islands and U.S. federal, state, local and other tax consequences to them of the acquisition, </span><span style="line-height: inherit;">ownership</span><span style="line-height: inherit;"> and disposition of our Class A common shares.</span></span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cayman Islands Tax Considerations</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Cayman Islands laws currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty or withholding tax applicable to us or to any holder of Class&#160;A common shares. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of the Cayman Islands. No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies except those which hold interests in land in the Cayman Islands. The Cayman Islands is not party to any double tax treaties which are applicable to any payments made by or to our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As a Cayman Islands exempted company with limited liability, we are entitled, upon application, to receive an undertaking as to tax concessions pursuant to Section&#160;6 of the Tax Concessions Law (2018 Revision). This undertaking would provide that, for a period of 20&#160;years from the date of issue of the undertaking, no law thereafter enacted in the Cayman Islands imposing any taxes to be levied on profits, income, gains or appreciation will apply to us or our operations.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payments of dividends and capital in respect of our Class&#160;A common shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Class&#160;A common shares, nor will gains derived from the disposal of our Class&#160;A common shares be subject to Cayman Islands income or corporation tax.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">There is no income tax treaty or convention currently in effect between the United States and the Cayman Islands.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Material U.S. Federal Income Tax Considerations for U.S. Holders</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following summary describes the U.S. federal income tax consequences of the acquisition, ownership and disposition of our Class&#160;A common shares, but it does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular person&#8217;s decision to acquire such securities.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">This summary applies only to U.S. Holders (as defined below) that hold our Class&#160;A common shares as capital assets for tax purposes. In addition, it does not describe all of the tax consequences that may be relevant in light of a U.S. Holder&#8217;s particular circumstances, including alternative minimum tax consequences, the potential application of the provisions of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), known as the Medicare contribution tax, and tax consequences applicable to U.S. Holders subject to special rules, such as:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">certain financial institutions;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">insurance companies;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">real estate investment trusts or regulated investment companies;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">dealers or traders in securities that use a mark-to-market method of tax accounting;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">persons holding Class A common shares as part of a hedging transaction, straddle, wash sale, conversion transaction or other integrated transaction, or persons entering into a constructive sale with respect to the Class A common shares;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">tax-exempt entities, including an &#8220;individual retirement account&#8221; or &#8220;Roth IRA&#8221;;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">entities classified as partnerships for U.S. federal income tax purposes;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">persons that own or are deemed to own ten percent or more of our stock, by vote or value;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">persons who acquired our Class A common shares pursuant to the exercise of an employee stock option or otherwise as compensation; or</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">persons holding our Class A common shares in connection with a trade or business conducted outside of the United States.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds our Class&#160;A common shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding our Class A common shares and partners in such partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences of holding and disposing of the Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">This discussion is based on the Code, administrative pronouncements, judicial decisions, final, temporary and proposed Treasury regulations, all as of the date hereof, any of which is subject to change or differing interpretations, possibly with retroactive effect.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A &#8220;U.S. Holder&#8221; is a holder who, for U.S. federal income tax purposes, is a beneficial owner of our Class&#160;A common shares and is:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">an individual that is a citizen or resident of the United States;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">U.S. Holders should consult their tax advisors concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of our Class&#160;A common shares in their particular circumstances.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Except where noted, this discussion assumes that we are not, and will not become, a passive foreign investment company (a &#8220;PFIC&#8221;), as described below.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Taxation of Distributions</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As discussed above under &#8220;Dividends and Dividend Policy&#8221;, we may not pay dividends. In the event that we do pay dividends, and subject to the discussion below under &#8220;&#8212;Passive Foreign Investment Company Rules&#8221;, distributions paid on our Class A common shares, other than certain pro rata distributions of common shares, will be treated as dividends for U.S. federal income tax purposes to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Because we do not maintain calculations of our earnings and profits under U.S. federal income tax principles, it is expected that distributions generally will be reported to U.S. Holders as dividends. Subject to applicable limitations, dividends paid to certain non-corporate U.S. Holders may be eligible for taxation as &#8220;qualified dividend income&#8221; and therefore may be taxable at rates applicable to long-term capital gains, so long as our Class A common shares are listed and traded on the Nasdaq or are readily tradable on another established securities market in the United States. U.S. Holders should consult their tax advisors regarding the availability of the reduced tax rate on dividends in their particular circumstances.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amount of any dividend will generally be treated as foreign-source dividend income to U.S. Holders and will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code. Dividends will be included in a U.S. Holder&#8217;s income on the date of the U.S. Holder&#8217;s receipt of the dividend.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Sale or Other Disposition of Class A Common Shares</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subject to the discussion below under &#8220;&#8212;Passive Foreign Investment Company Rules&#8221;, for U.S. federal income tax purposes, gain or loss realized on the sale or other disposition of our Class&#160;A common shares will be capital gain or loss and will be long-term capital gain or loss if the U.S. Holder held the Class&#160;A common shares for more than one year. The amount of the gain or loss will equal the difference between the U.S. Holder&#8217;s tax basis in the Class&#160;A common shares disposed of and the amount realized on the disposition, in each case as determined in U.S. dollars. This gain or loss will generally be U.S.-source gain or loss for foreign tax credit purposes. The deductibility of capital losses is subject to various limitations.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Passive Foreign Investment Company Rules</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A non-U.S. corporation will be a PFIC for any taxable year in which either (1)&#160;75% or more of its gross income consists of &#8220;passive income&#8221;, or (2)&#160;50% or more of the average quarterly value of its assets consist of assets that produce, or are held for the production of, &#8220;passive income&#8221;. For this purpose, subject to certain exceptions, passive income includes interest, dividends, rents and gains from transactions in commodities. A non-U.S. corporation will be treated as owning its proportionate share of the assets and earning its proportionate share of the income of any other corporation in which it owns, directly or indirectly, more than 25% (by value) of the stock.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We believe we were not a PFIC for our 2022 taxable year. However, because PFIC status depends on the composition of a company&#8217;s income and assets and the market value of its assets from time to time, there can be no assurance that we will not be a PFIC for any taxable year. If we were a PFIC for any year during which a U.S. Holder holds our Class&#160;A common shares, we generally would continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which the U.S. Holder holds the Class&#160;A common shares, even if we ceased to meet the threshold requirements for PFIC status.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">If we were a PFIC for any taxable year during which a U.S. Holder held our Class&#160;A common shares (assuming such U.S. Holder has not made a timely election described below), gain recognized by a U.S. Holder on a sale or other disposition (including certain pledges) of the Class A common shares would be allocated ratably over the U.S. Holder&#8217;s holding period for the Class A common shares. The amounts allocated to the taxable year of the sale or other disposition and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed on the tax on such amount. Further, to the extent that any distribution received by a U.S. Holder on its Class A common shares exceeds 125% of the average of the annual distributions on the Class A common shares received during the preceding three years or the U.S. Holder&#8217;s holding period, whichever is shorter, that distribution would be subject to taxation in the same manner as gain, described immediately above. If we are a PFIC in any year, certain elections may be available that would result in alternative tax treatments (such as mark-to-market treatment) of owning and disposing of the Class A common shares. U.S. Holders should consult their tax advisors to determine whether any of these elections would be available and, if so, what the consequences of the alternative treatments would be in their particular circumstances.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In addition, if we were a PFIC or, with respect to a particular U.S. Holder, were treated as a PFIC for the taxable year in which we paid a dividend or for the prior taxable year, the preferential dividend rates discussed above with respect to dividends paid to certain non-corporate U.S. Holders would not apply.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">If a U.S. Holder owns Class A common shares during any year in which we are a PFIC, the holder generally must file an annual report containing such information as the U.S. Treasury may require on IRS Form&#160;8621 (or any successor form) with respect to us, generally with the holder&#8217;s federal income tax return for that year.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">U.S. Holders should consult their tax advisors concerning our potential PFIC status and the potential application of the PFIC rules.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>137</span></span></td>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Information Reporting and Backup Withholding</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless (1)&#160;the U.S. Holder is a corporation or other exempt recipient or (2)&#160;in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against such holder&#8217;s U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS. U.S. Holders should consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Information with Respect to Foreign Financial Assets</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Certain U.S. Holders may be required to report information on their U.S. federal income tax returns relating to an interest in our Class A common shares, subject to certain exceptions (including an exception for Class A common shares held in accounts maintained by certain U.S. financial institutions). U.S. Holders should consult their tax advisors regarding the effect, if any, of this requirement on their ownership and disposition of the Class A common shares.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">F</span><span style="font-weight: bold; line-height: inherit;">.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BDividends_and_Paying_Agents_MPS19T5G4G00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Dividends and </span><span style="font-weight: bold; line-height: inherit;">Paying </span><span style="font-weight: bold; line-height: inherit;">Agents</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">G</span><span style="font-weight: bold; line-height: inherit;">.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160;</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BStatement_by_Experts_VW89J73M4G00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Statement by </span><span style="font-weight: bold; line-height: inherit;">Experts</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">H</span><span style="font-weight: bold; line-height: inherit;">.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160;</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BDocuments_on_Display_AUXDAPSRJK00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Documents on </span><span style="font-weight: bold; line-height: inherit;">Display</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We are subject to the informational requirements of the Exchange Act. Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. You may inspect and copy reports and other information filed with the SEC at the Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">I</span><span style="font-weight: bold; line-height: inherit;">.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BSubsidiary_Information_JUFLB2LSG000000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">&#160;Subsidiary </span><span style="font-weight: bold; line-height: inherit;">Information</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">J.<span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160; &#160; &#160;</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BAnnual_Report_to_Security_Holders_NN9I1D6NKW00000000000000000000" class="customBookmark">Annual Report to Security Holders</a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_11.__WN6SNWYK8000000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Quantitative and Qualitative Disclosure about Market Risk</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes and foreign currency fluctuations.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Information relating to quantitative and qualitative disclosures about these market risks is described below.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Interest Rate Risk</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest rate risk represents the chance that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Our exposure to this risk relates primarily to our investments with floating interest rates, as well as our main financial liabilities, which refer to financing with financial institutions (including through the issuance of bonds), indebtedness with related parties and suppliers (including reverse factoring). We are primarily exposed to fluctuations in CDI interest rates on financial investments and financial liabilities. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following table presents our sensitivity analysis over our financial instruments, in which we calculated the base rate, which is the expected impact for one year from the date, given the index rate and the current scenario for the CDI interest rate and IPCA inflation rate. We also disclose hypothetical scenarios for increases of 25% and 50% in the interest rate in one year from the reporting date and their potential impact on our financial assets and liabilities as of December 31, 2022.</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Index - % per year</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of December</span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">31, </span><span style="font-weight: bold; line-height: inherit;">202</span><span style="font-weight: bold; line-height: inherit;">2</span></span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Scenario I</span></p>
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</th>
<th colspan="9" style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-style: italic; font-weight: bold; line-height: inherit;">(R$ thousands, except percentages</span><span style="font-style: italic; font-weight: bold; line-height: inherit;">)</span></span></p>
</th>
<th style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px;"><br/></th>
</tr>
</thead>
<tbody>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 10px; width: 45%; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt; page-break-after: avoid; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial Investments</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 10px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">103.40% of CDI</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 10px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 10px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39,212</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 10px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 10px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,874</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1%; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 10px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,093</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1%; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 10px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,311</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; width: 1%; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 9.35pt; page-break-after: avoid; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Marketable Securities&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">103.39% CDI</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">380,514</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,298</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,122</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">70,947</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt; page-break-after: avoid; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accounts Payable for Business Combination</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.0% of CDI</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(625,277)</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(77,722)</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(97,152)</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(116,583)</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 9.35pt; page-break-after: avoid; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Lease Liabilities&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.28%</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(140,563)</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17,472)</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(21,840)</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(26,208)</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 9.35pt; page-break-after: avoid; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bonds and Financing&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.66%</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(842,996)</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(104,784)</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(130,981)</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(157,177)</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt 9.35pt; break-after: avoid; text-indent: -9.35pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Net Exposure</span><span style="font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 18px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; padding-bottom: 1pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(</span><span style="font-weight: bold; line-height: inherit;">1,18</span><span style="font-weight: bold; line-height: inherit;">9</span><span style="font-weight: bold; line-height: inherit;">,</span><span style="font-weight: bold; line-height: inherit;">110</span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 18px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; padding-bottom: 1pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(1</span><span style="font-weight: bold; line-height: inherit;">47</span><span style="font-weight: bold; line-height: inherit;">,</span><span style="font-weight: bold; line-height: inherit;">806</span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 18px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; padding-bottom: 1pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(1</span><span style="font-weight: bold; line-height: inherit;">84</span><span style="font-weight: bold; line-height: inherit;">,</span><span style="font-weight: bold; line-height: inherit;">758</span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 18px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; padding-bottom: 1pt; page-break-after: avoid; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(2</span><span style="font-weight: bold; line-height: inherit;">21</span><span style="font-weight: bold; line-height: inherit;">,</span><span style="font-weight: bold; line-height: inherit;">710</span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: middle; height: 18px;"><br/></td>
</tr>
</tbody>
</table>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Foreign Exchange Risk</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Our results of operations are not subject to significant fluctuations resulting from the effects of the volatility of any exchange rate.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_12_B0OD1W8A4W00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">A</span><span style="font-weight: bold; line-height: inherit;">.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160;</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BDebt_Securities_UOP4OG2DO000000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Debt </span><span style="font-weight: bold; line-height: inherit;">Securities</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">B</span><span style="font-weight: bold; line-height: inherit;">.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BWarrants_and_Rights_9TYOC1NOYO00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Warrants and </span><span style="font-weight: bold; line-height: inherit;">Rights</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">C</span><span style="font-weight: bold; line-height: inherit;">.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BOther_Securities_QZHHIATCI800000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Other </span><span style="font-weight: bold; line-height: inherit;">Securities</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">D</span><span style="font-weight: bold; line-height: inherit;">.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BAmerican_Depositary_Shares_ZJ44NFE1DC00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">American </span><span style="font-weight: bold; line-height: inherit;">Depositary </span><span style="font-weight: bold; line-height: inherit;">Shares</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>139</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div style="margin: 20pt 0pt 10pt; break-after: avoid; text-align: center; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BAAA_ZTAOATH2XS00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">PART II</span></span></a></div>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_13.__QAQ8IEAAWG00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Defaults</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">No matters to report.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Arrears and </span><span style="font-weight: bold; line-height: inherit;">Delinquencies</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">No matters to report.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_14._WFM0E4LSU800000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">A.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160;</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BMaterial_Modifications_to_Instruments_NGPPYG3RI800000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Material </span><span style="font-weight: bold; line-height: inherit;">Modifications </span><span style="font-weight: bold; line-height: inherit;">to </span><span style="font-weight: bold; line-height: inherit;">Instruments</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">B.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BMaterial_Modifications_to_Rights_OT86D502OG00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Material </span><span style="font-weight: bold; line-height: inherit;">Modifications </span><span style="font-weight: bold; line-height: inherit;">to </span><span style="font-weight: bold; line-height: inherit;">Rights</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">C.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BWithdrawal_or_Substitution_of_Assets_HKM22TJ9ZK00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Withdrawal or </span><span style="font-weight: bold; line-height: inherit;">Substitution </span><span style="font-weight: bold; line-height: inherit;">of </span><span style="font-weight: bold; line-height: inherit;">Assets</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">D.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160;</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BChange_in_Trustees_or_Paying_Agents_HZPMZFMD0000000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Change in </span><span style="font-weight: bold; line-height: inherit;">Trustees </span><span style="font-weight: bold; line-height: inherit;">or </span><span style="font-weight: bold; line-height: inherit;">Paying </span><span style="font-weight: bold; line-height: inherit;">Agents</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">E.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BUse_of_Proceeds_ZEKE194HU800000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Use of </span><span style="font-weight: bold; line-height: inherit;">Proceeds</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On July 23, 2020, the registration statement on Form F-1 (File No 333-239686) relating to our initial public offering of our common shares was declared effective by the SEC. On July 23, 2020, we commenced our initial public offering. On August 4, 2020, we closed our initial public offering, pursuant to which we issued and sold 18,575,492 Class A common shares. Goldman Sachs &amp; Co. LLC, BofA Securities, Inc., Morgan Stanley &amp; Co. LLC and Itau BBA USA Securities, Inc., acted as the representatives of the underwriters in our initial public offering. The 18,575,492 registered common shares were sold to the public at a price of US$19.00 per common share, for an aggregate price of US$353.0 million. We paid approximately US$19.4 million in underwriting discounts and commissions.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_15_RFK8PXX01C00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 15. CONTROLS AND PROCEDURES</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">A.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BDisclosure_Controls_and_Procedures_329GBA6IW000000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Disclosure </span><span style="font-weight: bold; line-height: inherit;">Controls </span><span style="font-weight: bold; line-height: inherit;">and </span><span style="font-weight: bold; line-height: inherit;">Procedures</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We have evaluated, with the participation of our chief executive officer and chief financial officer, the effectiveness of our disclosure controls and procedures as of December 31, 2022. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon our evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were ineffective as of December 31, 2022, due to the material weaknesses mentioned in &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221;, to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>140</span></span></td>
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<br/>
<p style="margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">B.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="B15_b_3C1XV05MJ400000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Management</span><span style="font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-weight: bold; line-height: inherit;">s </span><span style="font-weight: bold; line-height: inherit;">Annual Report </span><span style="font-weight: bold; line-height: inherit;">on </span><span style="font-weight: bold; line-height: inherit;">Internal Control </span><span style="font-weight: bold; line-height: inherit;">over </span><span style="font-weight: bold; line-height: inherit;">Financial Reporting</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). Our internal control system was designed to provide reasonable assurance as to the integrity and reliability of the published financial statements. All internal control systems, no matter how well designed, may have inherent limitations and can provide reasonable assurance that the objectives of the control system are met.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Our internal control over financial reporting includes those policies and procedures that:</span></p>
<ul style="padding: 0;">
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Pertain to maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of management and directors; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the consolidated financial statements.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Management evaluated the effectiveness of internal control over financial reporting under the supervision of our chief executive officer and chief financial officer or CFO as of December 31, 2022 based on the criteria set out in the Committee of Sponsoring Organizations of the Treadway Commission framework, or the COSO framework, and concluded that, as of December 31, 2022, our internal controls were ineffective due to the material weaknesses discussed in &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Material weaknesses in our internal control over financial reporting have been identified, and if we fail to establish and maintain proper and effective internal controls over financial reporting, our results of operations and our ability to operate our business may be harmed&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">C.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="B15c_UIQJMUBPZK00000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Attestation </span><span style="font-weight: bold; line-height: inherit;">Report </span><span style="font-weight: bold; line-height: inherit;">of the </span><span style="font-weight: bold; line-height: inherit;">Registered Public Accounting </span><span style="font-weight: bold; line-height: inherit;">Firm</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">This annual report does not include an attestation report of our registered public accounting firm due to a transition period established by rules of the SEC for emerging growth companies.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">D.</span><span style="font-weight: bold; line-height: inherit;">&#160; &#160; </span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="B15D_5RK42BTZN400000000000000000000" class="customBookmark"><span style="font-weight: bold; line-height: inherit;">Changes in </span><span style="font-weight: bold; line-height: inherit;">Internal Control </span><span style="font-weight: bold; line-height: inherit;">over </span><span style="font-weight: bold; line-height: inherit;">Financial </span><span style="font-weight: bold; line-height: inherit;">Reporting</span></a></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other than the material weaknesses mentioned in &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221;, there have been no changes in our internal control over financial reporting during the period covered by this annual report that have materially affected or reasonably likely to materially affect our internal control over financial reporting.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_16._RESERVED_N6JTQF30Q800000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 16. RESERVED</span></span></a></div>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_16A._U2XQHQ1HA800000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 16A. </span><span style="font-weight: bold; line-height: inherit;">AUDIT COMMITTEE FINANCIAL EXPERT</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The audit committee, which consists of Andr&#233;s Card&#243; Soria and Ann Williams, assists our board of directors in overseeing our accounting and financial reporting processes and the audits of our financial statements. </span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_16B._CODE_OF_ETHICS_LRHUHTGA4G00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 16B. </span><span style="font-weight: bold; line-height: inherit;">CODE OF ETHICS</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On June 22, 2020, our board of directors adopted a code of ethics that applies to all of our employees, officers and directors. An English translation of the Code of Ethics was&#160;included as Exhibit 14.1 to our registration statement on Form F-1 (File no. 333-239686), filed with the SEC on July 23, 2020. Since its effective date on June 22, 2020, we have not waived compliance with or amended the Code of Ethics<span style="background-color: #ffffff; line-height: inherit;">.</span></span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_16C._SBOHUPXPW000000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 16C.</span><span style="font-weight: bold; line-height: inherit;"> PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Audit and Non-Audit Fees</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following table sets forth the fees billed to us by our independent registered public accounting firm during the years ended December 31, 2022 and 2021. Our independent registered public accounting firm was KPMG Auditores Independentes&#160;Ltda. for the years ended December 31, 2022 and 2021.</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(in R$ million)</span></p>
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<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Audit (1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
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<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.0</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 2%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 15%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.7</span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold;">Total&#160;&#160;</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">2.0</span></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">1.7</span></p>
</td>
</tr>
</tbody>
</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 10px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 17.7841%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 82.2159%; height: 10px;"><br/></td>
</tr>
</tbody>
</table>
<p style="margin: 0pt 0pt 5pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1)&#160; &#160;Audit: </span></p>
<p style="margin: 0pt 0pt 5pt 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Activities carried out in 2022: Audit of Vasta&#8217;s consolidated financial statements for the year ended December 31, 2022; Interim reviews of Vasta&#8217;s financial statements in 2022.</span></p>
<p style="margin: 0pt 0pt 5pt 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Activities carried out in 2021: Audit of Vasta&#8217;s consolidated financial statements for the year ended December 31, 2021; Interim reviews of Vasta&#8217;s financial statements in 2021.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_16D_60OIRDEXRK00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 16D. </span><span style="font-weight: bold; line-height: inherit;">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Under the listed company audit committee rules of Nasdaq and the SEC, we must comply with Exchange Act Rule 10A-3, which requires that we establish an audit committee composed of members of the board of directors that meets specified requirements. The composition of our audit committee complies with the requirements of Nasdaq rules.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_16E._1RPGLZNS5S00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 16E. </span><span style="font-weight: bold; line-height: inherit;">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On August 13, 2021, our board of Directors approved our first share repurchase program, or the Repurchase Program. Under the Repurchase Program, we were entitled to repurchase up to 1,000,000 Class A common shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period that began on August 17, 2021, continuing until the earlier of the completion of the repurchase or February 17, 2022, depending upon market conditions. We purchased an aggregate of 1,000,000 Class A common shares for a total of approximately US$4.3 million under the Repurchase Program.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below sets forth the amounts and average prices of the securities repurchased pursuant to the Repurchase Program:</span></p>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.3469%; height: 115px;" width="100%">
<thead>
<tr style="height: 10px;">
<th style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">2021</span><span style="font-weight: bold; line-height: inherit;">/2022</span></span></p>
</th>
<th style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"><br/></th>
<th style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total Number of Shares Purchased</span></p>
</th>
<th style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"><br/></th>
<th style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Average Price Paid per Share (US$)</span></p>
</th>
<th style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"><br/></th>
<th style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)</span></p>
</th>
<th style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"><br/></th>
<th style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs</span></p>
</th>
<th style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"><br/></th>
</tr>
</thead>
<tbody>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 55%; background-color: #bdd7ee;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">August, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 1%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">137,060</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.78</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">137,060</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 862,940 </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">September, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">272,930</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.15</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 272,930 </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 590,010 </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">October, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">258,175</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.29</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 258,175 </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 331,835 </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">November, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; text-align: right;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">281,722</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.89</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 281,722 </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 50,113 </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">December, 2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; text-align: right; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50,113</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.58</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 50,113 </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8211;</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px;">
<p style="margin: 0pt 0pt 0pt 9.35pt; text-indent: -9.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Total</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,000,000</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; text-align: right;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,000,000</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; text-align: right;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; padding-bottom: 1pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">n/a</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; text-align: right;"><br/></td>
</tr>
</tbody>
</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 17.7841%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 82.2159%;"><br/></td>
</tr>
</tbody>
</table>
<p style="margin: 0pt 0pt 12pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1)&#160; &#160; &#160; &#160;The column includes all the shares repurchased as a part of the Repurchase Program announced on August 13, 2021, as further described above.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>142</span></span></td>
</tr>
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<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_16F._Q6YHY71UWW00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 16F. </span><span style="font-weight: bold; line-height: inherit;">CHANGE IN REGISTRANT</span><span style="font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-weight: bold; line-height: inherit;">S CERTIFYING ACCOUNTANT</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_16G_29YB7LMQJK00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 16G. </span><span style="font-weight: bold; line-height: inherit;">CORPORATE GOVERNANCE</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Foreign Private Issuer Status</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nasdaq listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow &#8220;home country&#8221; corporate governance practices in lieu of the otherwise applicable corporate governance standards of Nasdaq. The application of such exceptions requires that we disclose each noncompliance with Nasdaq listing rules that we do not follow and describe the Cayman Islands corporate governance practices we do follow in lieu of the relevant Nasdaq corporate governance standard. As a foreign private issuer, we currently rely, and will continue to rely, on the foreign private issuer exemption with respect to the following rules:</span></p>
<ul style="padding: 0;">
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nasdaq Rule 5605(b), which requires that independent directors comprise a majority of a company&#8217;s board of directors. As allowed by the laws of the Cayman Islands, independent directors do not comprise a majority of our board of directors;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nasdaq Rule 5605(e)(1), which requires that a company have a nominations committee comprised solely of &#8220;independent directors&#8221; as defined by Nasdaq. As allowed by the laws of the Cayman Islands, we do not have a nominations committee nor do we have any current intention to establish one;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nasdaq Rule 5605(d) &amp; (e), which require that compensation for our executive officers and selection of our director nominees be determined by a majority of independent directors. As allowed by the laws of the Cayman Islands, we do not have a nomination and corporate governance committee or remuneration committee nor do we have any current intention to establish either; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nasdaq Rule 5635, which requires that a listed issuer obtain shareholder approval prior to an issuance of securities in connection with: (i) the acquisition of the stock or assets of another company; (ii) equity-based compensation of officers, directors, employees or consultants; (iii) a change of control; and (iv) transactions other than public offerings. Pursuant to the laws of the Cayman Islands and our Articles of Association, we are not required to obtain any such approval.</span></li>
</ul>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cayman Islands law does not impose a requirement that the board consist of a majority of independent directors or that such independent directors meet regularly without other members present nor does Cayman Islands law impose specific requirements on the establishment of a compensation committee or nominating committee or nominating process.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Principal Differences between Cayman Islands and U.S. Corporate Law</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Companies Act was modelled originally after similar laws in England and Wales but does not follow subsequent statutory enactments in England and Wales. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to Vasta and the laws applicable to companies incorporated in the United States and their shareholders.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Mergers and Similar Arrangements</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Companies Act permits mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of that other jurisdiction).</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation, which must then be authorized by (a)&#160;a special resolution (usually a majority of 66 2/3 % in value) of the shareholders of each company; and (b)&#160;such other authorization, if any, as may be specified in such constituent company&#8217;s articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Where the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the director of the Cayman Islands company is required to make a declaration to the effect that, having made due enquiry, he is of the opinion that the requirements set out below have been met: (i) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been or will be complied with; (ii)&#160;that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the company in any foreign jurisdictions, (iii)&#160;that no receiver, trustee, administrator or similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or property or any part thereof; (iv)&#160;that no scheme, order, compromise or similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or restricted.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Moreover, Cayman Islands law also has separate statutory provisions that facilitate the reconstruction or amalgamation of companies, in certain circumstances, schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a &#8220;scheme of arrangement&#8221; which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme of arrangement (the procedure of which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in the United States), the arrangement in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings summoned for that purpose. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Vasta is not proposing to act illegally or beyond the scope of its corporate authority and the statutory provisions as to majority vote have been complied with;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">the shareholders have been fairly represented at the meeting in question;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">the arrangement is such as a businessman would reasonably approve; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a &#8220;fraud on the minority&#8221;.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">If a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of United States corporations, providing rights to receive payment in cash for the judicially determined value of the shares.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Squeeze-out Provisions</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When a takeover offer is made and accepted by holders of 90.0% of the shares to whom the offer is made within four months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection may be made to the Grand Court of the Cayman Islands but is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through other means to these statutory provisions, such as a share capital exchange, asset acquisition or control, through contractual arrangements, of an operating business.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-style: italic; font-weight: bold; line-height: inherit;">Shareholders</span><span style="font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-style: italic; font-weight: bold; line-height: inherit;"> Suits</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Maples and Calder (Cayman) LLP, our Cayman Islands counsel is not aware of any reported class action having been brought in a Cayman Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder. </span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">However, based on English authorities, which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:</span></p>
<ul style="padding: 0;">
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">a company is acting or proposing to act illegally or beyond the scope of its authority;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes which have actually been obtained; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">those who control the company are perpetrating a &#8220;fraud on the minority&#8221;.</span></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Corporate Governance</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cayman Islands law restricts transactions between a company and its directors unless there are provisions in the Articles of Association which provide a mechanism to alleviate possible conflicts of interest. Additionally, Cayman Islands law imposes on directors&#8217; duties of care and skill and fiduciary duties to the companies which they serve. Under Vasta&#8217;s Articles of Association, a director must disclose the nature and extent of his interest in any contract or arrangement, and following such disclosure and subject to any separate requirement under applicable law or the listing rules of the Nasdaq, and unless disqualified by the chairman of the relevant meeting, the interested director may vote in respect of any transaction or arrangement in which he or she is interested. The interested director shall be counted in the quorum at such meeting and the resolution may be passed by a majority of the directors present at the meeting.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subject to the foregoing and our Articles of Association, our directors may exercise all the powers of Vasta to vote compensation to themselves or any member of their body in the absence of an independent quorum. Our Articles of Association provide that, in the event a Compensation Committee is established, it shall be made up of such number of independent directors as is required from time to time by the Nasdaq rules (or as otherwise may be required by law). We currently have no intention to establish a Compensation Committee.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As a foreign private issuer, we are permitted to follow home country practice in lieu of certain Nasdaq corporate governance rules, subject to certain requirements. We currently rely, and will continue to rely, on the foreign private issuer exemption with respect to the following rules:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nasdaq Rule&#160;5605(b), which requires that independent directors comprise a majority of a company&#8217;s board of directors. As allowed by the laws of the Cayman Islands, independent directors do not comprise a majority of our board of directors;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nasdaq Rule&#160;5605(e)(1), which requires that a company have a nomination committee comprised solely of &#8220;independent directors&#8221; as defined by Nasdaq. As allowed by the laws of the Cayman Islands, we do not have a nomination committee, nor do we have any current intention to establish one;</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nasdaq Rule&#160;5605(d)&#160;&amp; (e), which require that compensation for our executive officers and selection of our director nominees be determined by a majority of independent directors. As allowed by the laws of the Cayman Islands, we do not have a nomination and corporate governance committee or remuneration committee nor do we have any current intention to establish either; and</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nasdaq Rule 5635, which requires that a listed issuer obtain shareholder approval prior to an issuance of securities in connection with: (i) the acquisition of the stock or assets of another company; (ii) equity-based compensation of officers, directors, employees or consultants; (iii) a change of control; and (iv) transactions other than public offerings. Pursuant to the laws of the Cayman Islands and our Articles of Association, we are not required to obtain any such approval.</span></li>
</ul>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Borrowing Powers</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Vasta&#8217;s directors may exercise all the powers of Vasta to borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of Vasta or of any third party. Such powers may be varied by a special resolution of shareholders (requiring a two&#8209;thirds majority vote).</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Indemnification of Directors and Executive Officers and Limitation of Liability</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Companies Act does not limit the extent to which a company&#8217;s articles of association may provide for indemnification of directors and officers, except to the extent that it may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Vasta&#8217;s Articles of Association provide that we shall indemnify and hold harmless our directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages, liabilities, judgments, fines, settlements and other amounts incurred or sustained by such directors or officers, other than by reason of such person&#8217;s dishonesty, willful default or fraud, in or about the conduct of our company&#8217;s business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil, criminal or other proceedings concerning Vasta or our affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to Vasta&#8217;s directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-style: italic; font-weight: bold; line-height: inherit;">Directors</span><span style="font-style: italic; font-weight: bold; line-height: inherit;">&#8217;</span><span style="font-style: italic; font-weight: bold; line-height: inherit;"> Fiduciary Duties</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company. Accordingly, directors and officers owe the following fiduciary duties (1) duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole; (2) duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; (3) directors should not properly fetter the exercise of future discretion; (4) duty to exercise powers fairly as between different sections of shareholders; (5) duty to exercise independent judgment; and (6) duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests. However, this obligation may be varied by the company&#8217;s articles of association, which may permit a director to vote on a matter in which he has a personal interest provided that he has disclosed that nature of his interest to the board of directors. With respect to the duty of directors to avoid conflicts of interest, Vasta&#8217;s Articles of Association vary from the applicable provisions of Cayman Islands law mentioned above by providing that a director must disclose the nature and extent of his or her interest in any contract or arrangement, and following such disclosure and subject to any separate requirement under applicable law or the listing rules of the Nasdaq, and unless disqualified by the chairman of the relevant meeting, such director may vote in respect of any transaction or arrangement in which he or she is interested and may be counted in the quorum at the meeting.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A director of a Cayman Islands company also owes to the company duties to exercise independent judgment in carrying out his functions and to exercise reasonable skill, care and diligence, which has both objective and subjective elements. Recent Cayman Islands case law confirmed that directors must exercise the care, skill and diligence that would be exercised by a reasonably diligent person having the general knowledge, skill and experience reasonably to be expected of a person acting as a director. Additionally, a director must exercise the knowledge, skill and experience which he or she actually possesses.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A general notice may be given to the board of directors to the effect that (1)&#160;the director is a member or officer of a specified company or firm and is to be regarded as interested in any contract or arrangement which may after the date of the notice be made with that company or firm; or (2)&#160;he or she is to be regarded as interested in any contract or arrangement which may after the date of the notice to the board of directors be made with a specified person who is connected with him or her, will be deemed sufficient declaration of interest. This notice shall specify the nature of the interest in question. Following the disclosure being made pursuant to Vasta&#8217;s Articles of Association and subject to any separate requirement under applicable law or the listing rules of the Nasdaq, and unless disqualified by the chairman of the relevant meeting, a director may vote in respect of any transaction or arrangement in which he or she is interested and may be counted in the quorum at the meeting.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In comparison, under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself or herself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Shareholder Proposals</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. The Delaware General Corporation Law does not provide shareholders an express right to put any proposal before the annual meeting of shareholders, but Delaware corporations generally afford shareholders an opportunity to make proposals and nominations provided that they comply with the notice provisions in the certificate of incorporation or bylaws. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Companies Act provides shareholders with only limited rights to requisition a general meeting and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company&#8217;s articles of association. Vasta&#8217;s Articles of Association provide that upon the requisition of one or more shareholders representing not less than one-third of the voting rights entitled to vote at general meetings, the board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. The Articles of Association provide no other right to put any proposals before annual general meetings or extraordinary general meetings.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Cumulative Voting</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation&#8217;s certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder&#8217;s voting power with respect to electing such director. As permitted under Cayman Islands law, Vasta&#8217;s Articles of Association do not provide for cumulative voting. As a result, the shareholders of Vasta are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Removal of Directors</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The office of a director shall be vacated automatically if, among other things, he or she (1)&#160;becomes prohibited by law from being a director, (2)&#160;becomes bankrupt or makes an arrangement or composition with his creditors, (3)&#160;dies or is, in the opinion of all his co-directors, incapable by reason of mental disorder of discharging his duties as director (4)&#160;resigns his office by notice to us or (5)&#160;has for more than six months been absent without permission of the directors from meetings of the board of directors held during that period, and the remaining directors resolve that his/her office be vacated.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Transaction with Interested Shareholders</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Delaware General Corporation Law provides that; unless the corporation has specifically elected not to be governed by this statute, it is prohibited from engaging in certain business combinations with an &#8220;interested shareholder&#8221; for three years following the date that this person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target&#8217;s outstanding voting shares or who or which is an affiliate or associate of the corporation and owned 15% or more of the corporation&#8217;s outstanding voting shares within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which the shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target&#8217;s board of directors.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cayman Islands law has no comparable statute. As a result, Vasta cannot avail itself of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that the board of directors owe duties to ensure that these transactions are entered into bona fide in the best interests of the company and for a proper corporate purpose and, as noted above, a transaction may be subject to challenge if it has the effect of constituting a fraud on the minority shareholders.</span></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Dissolution; Winding Up</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. If the dissolution is initiated by the board of directors, it may be approved by a simple majority of the corporation&#8217;s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company resolves by ordinary resolution that it be wound up because it is unable to pay its debts as they fall due. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Under the Companies Act, Vasta may be dissolved, liquidated or wound up by a special resolution of shareholders (requiring a two-thirds majority vote). Vasta&#8217;s Articles of Association also give its board of directors the authority to petition the Cayman Islands Court to wind up Vasta.</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Variation of Rights of Shares</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of that class, unless the certificate of incorporation provides otherwise. Under Vasta&#8217;s Articles of Association, if the share capital is divided into more than one class of shares, the rights attached to any class may only be varied with the written consent of the holders of two-thirds of the shares of that class or the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Also, except with respect to share capital (as described above), alterations to Vasta&#8217;s Articles of Association may only be made by special resolution of shareholders (requiring a two-thirds majority vote).</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Amendment of Governing Documents</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Under the Delaware General Corporation Law, a corporation&#8217;s certificate of incorporation may be amended only if adopted and declared advisable by the board of directors and approved by a majority of the outstanding shares entitled to vote, and the bylaws may be amended with the approval of a majority of the outstanding shares entitled to vote and may, if so provided in the certificate of incorporation, also be amended by the board of directors. Under Cayman Islands law, Vasta&#8217;s Articles of Association generally (and save for certain amendments to share capital described in this section) may only be amended by special resolution of shareholders (requiring a two-thirds majority vote).</span></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Rights of Non-Resident or Foreign Shareholders</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">There are no limitations imposed by Vasta&#8217;s Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on Vasta&#8217;s shares. In addition, there are no provisions in the Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_16H_51NXPBAQE800000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 16H. </span><span style="font-weight: bold; line-height: inherit;">MINE SAFETY DISCLOSURE</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_16I._WN4C6VJ75S00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 16I. </span><span style="font-weight: bold; line-height: inherit;">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not applicable.</span></p>
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<div style="margin: 10pt 0pt; break-after: avoid; text-align: center; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Babc_PFJ3XDKH8G00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">PART III</span></span></a></div>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_17_93YCIDQ6F400000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 17. FINANCIAL STATEMENTS</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We have responded to Item 18 in lieu of this item.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_18_CN01YKSFLS00000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 18. FINANCIAL STATEMENTS</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial Statements are filed as part of this annual report, see pages F-1 to F-63 to this annual report.</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BITEM_19.__FFE5VWSEB400000000000000000000" class="customBookmark"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">ITEM 19. EXHIBITS</span></span></a></div>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following documents are filed as part of this annual report:</span></p>
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<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">2.1</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
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<p style="margin: 0pt 0pt 10pt;"><a href="ex21_1.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Description of Securities registered under Section</span> <span style="font-family: 'Times New Roman'; font-size: 10pt;">12 of the Exchange Act.</span></a></p>
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<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">3.1</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">**</span></p>
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<p style="margin: 0pt 0pt 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1792829/000119312520197408/d133719dex31.htm"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Memorandum and Articles of Association of Vasta</span> <span style="font-family: 'Times New Roman'; font-size: 10pt;">(incorporated herein by reference to Exhibit 3.1 to the </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Amendment No. 1</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> to our registration statement on Form F-1 (File No. 333-</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">239686</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> filed with the SEC on </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">July 23</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, 2</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">020</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">).</span></a></p>
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<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">10.1</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">**</span></p>
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<p style="margin: 0pt 0pt 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1792829/000119312520187254/d133719dex101.htm"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Form of indemnification agreement (incorporated </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">herein </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">by reference to Exhibit 10.1 to our </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">registration statement </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">on Form F</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">-1</span> <span style="font-family: 'Times New Roman'; font-size: 10pt;">(File No. 333-</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">239686</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> filed with the SEC on</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> July 6, 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">).</span></a></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">12.1</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><a href="ex121_2.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Executive Officer.</span></a></p>
</td>
</tr>
<tr style="height: 30px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">12.2</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><a href="ex122_3.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Financial Officer.</span></a></p>
</td>
</tr>
<tr style="height: 30px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">13.1</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><a href="ex131_4.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Executive Officer.</span></a></p>
</td>
</tr>
<tr style="height: 30px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">13.2</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><a href="ex132_5.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Financial Officer.</span></a></p>
</td>
</tr>
<tr style="height: 47px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 47px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">14.1</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">**</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 47px;">
<p style="margin: 0pt 0pt 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1792829/000119312520187254/d133719dex141.htm"><span style="font-family: 'Times New Roman'; font-size: 10pt;">English translation of the Code of Ethics of Vasta (incorporated </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">herein </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">by reference to Exhibit 14.1 to </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">our</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> registration statement</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> on Form F</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">-1</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> (File no. 333-</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">239686</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">), filed with the SEC on</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> July 6, 2020</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">). </span></a></p>
</td>
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<tr style="height: 30px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">21.1</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><a href="ex211_6.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">List of subsidiaries.</span></a></p>
</td>
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<tr style="height: 30px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">23.1</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><a href="ex231_7.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Consent of KPMG </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Auditores</span> <span style="font-family: 'Times New Roman'; font-size: 10pt;">Independentes</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">. </span></a></p>
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<tr style="height: 30px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">101.INS</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Inline </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">XBRL Instance Document</span></p>
</td>
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<tr style="height: 30px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">101.SCH</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Inline </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">XBRL Taxonomy Extension Schema Document</span></p>
</td>
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<tr style="height: 30px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">101.CAL</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Inline </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">XBRL Taxonomy Extension Calculation </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Linkbase</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Document</span></p>
</td>
</tr>
<tr style="height: 30px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">101.DEF</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Inline </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">XBRL Taxonomy Extension Definition </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Linkbase</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Document</span></p>
</td>
</tr>
<tr style="height: 30px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">101.LAB</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Inline </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">XBRL Taxonomy Extension Label </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Linkbase</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Document</span></p>
</td>
</tr>
<tr style="height: 30px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 67.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">101.PRE</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.5pt; height: 30px;">
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Inline </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">XBRL Taxonomy Extension Presentation </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Linkbase</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Document</span></p>
</td>
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<table style="width: 100%; margin-left: 0.1px; height: 10px; font-family: &quot;times new roman&quot;; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 12.5511%; border-bottom: 1pt solid #000000; height: 10px;"><br/></td>
<td style="width: 87.4489%; height: 10px;"><br/></td>
</tr>
</tbody>
</table>
<p style="margin: 0pt 0pt 5pt 18pt; text-indent: -18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">*</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Filed herewith.</span></p>
<p style="margin: 0pt 0pt 5pt 18pt; text-indent: -18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">**</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160;&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Previously filed.</span></p>
<p style="margin: 0pt 0pt 5pt 20pt; text-indent: 0pt;"><br/></p>
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>150</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></span></p>
</div><div id="Dc0n3yc6myiezuls82ektga" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 10pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURES</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.</span></p>
<p style="margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span>April 25, 2023</span></p>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 61px;" width="100%">
<tbody>
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<td style="padding-right: 5.75pt; vertical-align: top; height: 10px; width: 59.9194%;"><br/></td>
<td colspan="2" style="padding-right: 5.75pt; vertical-align: top; height: 10px; width: 40%;">
<p style="margin: 0pt 0pt 24pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta Platform</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Limited</span></p>
</td>
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<tr style="height: 17px;">
<td style="padding-right: 5.75pt; vertical-align: top; width: 59.9194%; height: 17px;"><br/></td>
<td style="padding-right: 5.75pt; vertical-align: top; width: 3%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">By:</span></p>
</td>
<td style="padding-right: 5.75pt; vertical-align: top; width: 37%; height: 17px;border-bottom-width:1pt; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">/s/ </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">M&#225;rio Ghio Junior</span></p>
</td>
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<tr style="height: 17px;">
<td style="padding-right: 5.75pt; vertical-align: top; height: 17px; width: 59.9194%;"><br/></td>
<td style="padding-right: 5.75pt; vertical-align: top; height: 17px; width: 3%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
</td>
<td style="padding-right: 5.75pt; vertical-align: top; height: 17px; width: 37%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Name:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">M&#225;rio Ghio Junior</span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.75pt; vertical-align: top; height: 17px; width: 59.9194%;"><br/></td>
<td style="padding-right: 5.75pt; vertical-align: top; height: 17px; width: 3%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
</td>
<td style="padding-right: 5.75pt; vertical-align: top; height: 17px; width: 37%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Title:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">CEO</span></p>
</td>
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</tbody>
</table>
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr>
<td style="padding-right: 5.75pt; vertical-align: top; width: 60%;"><br/></td>
<td style="padding-right: 5.75pt; vertical-align: top; width: 3%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">By:</span></p>
</td>
<td style="padding-right: 5.75pt; vertical-align: top; width: 37%;border-bottom-width:1pt; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">/s/ </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Cesar Augusto Silva</span></p>
</td>
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<tr>
<td style="padding-right: 5.75pt; vertical-align: top;"><br/></td>
<td style="padding-right: 5.75pt; vertical-align: top;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
</td>
<td style="padding-right: 5.75pt; vertical-align: top;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Name:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160;&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Cesar Augusto Silva</span></p>
</td>
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<tr>
<td style="padding-right: 5.75pt; vertical-align: top;"><br/></td>
<td style="padding-right: 5.75pt; vertical-align: top;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
</td>
<td style="padding-right: 5.75pt; vertical-align: top;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Title:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">CFO</span></p>
</td>
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</table>
<p style="margin: 0pt 0pt 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt;"><br/></p>
<div>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>151</span></span></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div><div id="Dnfv2nmfje9b8t20hcyayfq" style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt;">
<div style="margin: 0pt 0pt 10pt; page-break-after: avoid; text-align: center;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BINDEX_TO_CONSOLIDATED_FINANCIAL_STATEMENTS_O0IM2XGK9C00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">INDEX</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> TO CONSOLIDATED FINANCIAL STATEMENTS</span></a></div>
&#8203;
<table id="TOC2" cellpadding="0" border="0" style="height: 112px; width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000;">
<h4 style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: normal; margin: 0px;"><span style="font-size: 10pt; font-weight: bold;"><span style="font-family: 'Times New Roman';">Audited Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman';">2</span><span style="font-family: 'Times New Roman';">, 202</span><span style="font-family: 'Times New Roman';">1</span><span style="font-family: 'Times New Roman';">&#160;</span><span style="font-family: 'Times New Roman';">and for three years then ended</span></span></h4>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="text-align: center; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<h4 style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: center; margin: 0px;"><span style="font-size: 10pt;">Page</span></h4>
</td>
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<td id="BM_B1_KLJSOQXM2O00000000000000000000" style="height: 17px; width: 89%;"><a href="#B1_KLJSOQXM2O00000000000000000000">Report of Independent Registered Public Accounting Firm&#160;(PCAOB ID <ix:nonNumeric contextRef="D20221231_3" name="dei:AuditorFirmId" id="Tag3485">1124</ix:nonNumeric>)</a></td>
<td style="width: 1%; height: 17px;"><br/></td>
<td class="bmpageno" id="BMP_B1_KLJSOQXM2O00000000000000000000" style="text-align: center; height: 17px; width: 10%;">F-3</td>
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<tr style="height: 17px;">
<td id="BM_B2_Z5BWQXHOU800000000000000000000" style="height: 17px;"><a href="#B2_Z5BWQXHOU800000000000000000000">Consolidated Statements of Financial Position as of December 31, 2022 and 2021</a></td>
<td style="height: 17px;"><br/></td>
<td class="bmpageno" id="BMP_B2_Z5BWQXHOU800000000000000000000" style="text-align: center; height: 17px;">F-4</td>
</tr>
<tr style="height: 17px;">
<td id="BM_B3_NA2R83ZUEO00000000000000000000" style="height: 17px;"><a href="#B3_NA2R83ZUEO00000000000000000000">Consolidated Statements of Profit or Loss and Other Comprehensive Loss for the Years ended December 31, 2022, 2021 and 2020</a></td>
<td style="height: 17px;"><br/></td>
<td class="bmpageno" id="BMP_B3_NA2R83ZUEO00000000000000000000" style="text-align: center; height: 17px;">F-6</td>
</tr>
<tr style="height: 17px;">
<td id="BM_B4_9B7C8XJYYO00000000000000000000" style="height: 17px;"><a href="#B4_9B7C8XJYYO00000000000000000000">Consolidated Statements of Changes in Equity for the Years ended December 31, 2022, 2021 and 2020</a></td>
<td style="height: 17px;"><br/></td>
<td class="bmpageno" id="BMP_B4_9B7C8XJYYO00000000000000000000" style="text-align: center; height: 17px;">F-7</td>
</tr>
<tr style="height: 17px;">
<td id="BM_B5_3DHNDFJ4G000000000000000000000" style="height: 17px;"><a href="#B5_3DHNDFJ4G000000000000000000000">Consolidated Statements of Cash Flows for the Years ended December 31, 2022, 2021 and 2020</a></td>
<td style="height: 17px;"><br/></td>
<td class="bmpageno" id="BMP_B5_3DHNDFJ4G000000000000000000000" style="text-align: center; height: 17px;">F-8</td>
</tr>
<tr style="height: 17px;">
<td id="BM_B6_7A54KIW7G000000000000000000000" style="height: 17px;"><a href="#B6_7A54KIW7G000000000000000000000">Notes to the Consolidated Financial Statements as of December 31, 2022</a></td>
<td style="height: 17px;"><br/></td>
<td class="bmpageno" id="BMP_B6_7A54KIW7G000000000000000000000" style="text-align: center; height: 17px;">F-9</td>
</tr>
</tbody>
</table>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></span></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-1</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
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</div>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></span></p>
</div><div id="Dnwoeh33rnmgmxs6jvwau18" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 20pt; font-weight: bold; line-height: inherit;">VASTA Platform Limited</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 12pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022, 2021 and 2020 and for the </span><span style="font-weight: bold; line-height: inherit;">three year</span><span style="font-weight: bold; line-height: inherit;"> period then ended</span></span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; line-height: inherit;"><br/></span></p>
<div style="line-height: 1.2;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-2</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
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</div>
</div>
<div style="line-height: 1.2; margin: 0pt 0pt 10pt; text-align: center;"><br/></div>
<div style="line-height: 1.2; margin: 0pt 0pt 10pt; text-align: center;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="B1_KLJSOQXM2O00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Report of Independent Registered Public Accounting Firm</span></a></div>
<p style="margin: 0px; text-indent: 0px;">To the Stockholders and Board of Directors<br/>Vasta Platform Limited</p>
<p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"><br/></p>
<span style="font-style: italic;">Opinion on the Consolidated Financial Statements</span><br/>We have audited the accompanying consolidated statements of financial position of Vasta Platform Limited (the Company) as of December 31, 2022 and 2021, the related consolidated statements of profit or loss and other comprehensive loss, changes in equity, and cash flows for each of the years in the three year period ended December 31, 2022 and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the three year period ended December 31, 2022, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
<p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"><br/></p>
<p style="margin: 0px; text-indent: 0px;"><span style="font-style: italic;">Basis for Opinion</span><br/>These consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p>
<p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"><br/></p>
<p style="margin: 0px; text-indent: 0px;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</p>
<p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"><br/></p>
<p style="margin: 0px; text-indent: 0px;">Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.&#160;</p>
<p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"><br/></p>
<p style="margin: 0px; text-indent: 0px;">We have served as the Company&#8217;s auditor since 2016.</p>
<p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"><br/></p>
<p style="margin: 0px; text-indent: 0px;">/s/<ix:nonNumeric contextRef="D20221231_3" name="dei:AuditorName" id="Tag3484">KPMG Auditores Independentes Ltda.</ix:nonNumeric><br/></p>
<p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"><br/></p>
<p style="margin: 0px; text-indent: 0px;"><ix:nonNumeric contextRef="D20221231_3" name="dei:AuditorLocation" id="Tag3483">S&#227;o Paulo - Brazil</ix:nonNumeric><br/></p>
<p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"><br/></p>
<p style="margin: 0px; text-indent: 0px;">April 25, 2023</p>
<div style="line-height: 1.2;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-3</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
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</div>
<br/></div>
</div><div id="Dcu0pajb3wwr5ehbfi9o9nv" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><span style="font-weight: bold;">Vasta Platform Limited</span></span></p>
<p style="margin: 0pt 0pt 8pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><b><span>Consolidated Financial Statements as of December 31, 2022 and <span style="border-left: none; border-right: none;">2021</span></span></b></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr>
<div style="margin: 0pt 0pt 8pt; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="B2_Z5BWQXHOU800000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Consolidated</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Statement of Financial Position as of December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> and <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>1</span></span></a></div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">In thousands of R$, unless otherwise </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">stated</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span></p>
<div id="t_ft_IVIAEY2G1C00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 385px; width: 99.9596%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Note </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Current assets </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 63%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cash and cash equivalents </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>8</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashAndCashEquivalents" unitRef="BRL" id="Tag3364" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,765</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CashAndCashEquivalents" unitRef="BRL" id="Tag2853" decimals="-3" scale="3" format="ixt:num-dot-decimal">309,893</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Marketable securities </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>9</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:CurrentMarketableSecurities" unitRef="BRL" id="Tag2886" decimals="-3" scale="3" format="ixt:num-dot-decimal">380,514</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:CurrentMarketableSecurities" unitRef="BRL" id="Tag2831" decimals="-3" scale="3" format="ixt:num-dot-decimal">166,349</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Trade receivables </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>10</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTradeReceivables" unitRef="BRL" id="Tag3367" decimals="-3" scale="3" format="ixt:num-dot-decimal">649,135</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentTradeReceivables" unitRef="BRL" id="Tag3366" decimals="-3" scale="3" format="ixt:num-dot-decimal">505,514</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Inventories </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>11</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Inventories" unitRef="BRL" id="Tag2842" decimals="-3" scale="3" format="ixt:num-dot-decimal">266,450</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Inventories" unitRef="BRL" id="Tag2881" decimals="-3" scale="3" format="ixt:num-dot-decimal">242,363</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes recoverable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="BRL" id="Tag2817" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,120</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="BRL" id="Tag2887" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,564</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Income tax and social contribution recoverable </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTaxAssetsCurrent" unitRef="BRL" id="Tag2840" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,746</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentTaxAssetsCurrent" unitRef="BRL" id="Tag40" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,771</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Prepayments </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentPrepayments" unitRef="BRL" id="Tag2884" decimals="-3" scale="3" format="ixt:num-dot-decimal">56,645</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentPrepayments" unitRef="BRL" id="Tag2838" decimals="-3" scale="3" format="ixt:num-dot-decimal">40,069</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other receivables </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:OtherCurrentReceivables" unitRef="BRL" id="Tag2890" decimals="-3" scale="3" format="ixt:num-dot-decimal">972</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:OtherCurrentReceivables" unitRef="BRL" id="Tag2883" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,105</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Related parties &#8211; other receivables </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>21</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties" unitRef="BRL" id="Tag2852" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,759</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties" unitRef="BRL" id="Tag2857" decimals="-3" scale="3" format="ixt:num-dot-decimal">501</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Total current assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentAssets" unitRef="BRL" id="Tag2871" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,438,106</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentAssets" unitRef="BRL" id="Tag2858" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,300,129</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Non-current assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Judicial deposits and escrow accounts </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>22</span>.b </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:NonCurrentJudicialDepositsAndEscrowAccounts" unitRef="BRL" id="Tag2841" decimals="-3" scale="3" format="ixt:num-dot-decimal">194,859</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:NonCurrentJudicialDepositsAndEscrowAccounts" unitRef="BRL" id="Tag2870" decimals="-3" scale="3" format="ixt:num-dot-decimal">178,824</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Deferred income tax and social contribution </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>23</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NetDeferredTaxAssets" unitRef="BRL" id="Tag2859" decimals="-3" scale="3" format="ixt:num-dot-decimal">170,851</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:NetDeferredTaxAssets" unitRef="BRL" id="Tag2821" decimals="-3" scale="3" format="ixt:num-dot-decimal">130,405</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;">Equity accounted investees</p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>12</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" unitRef="BRL" id="Tag2864" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,139</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" unitRef="BRL" id="Tag2854" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;">Other investments and interests in entities</p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="BRL" id="Tag2835" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,272</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="BRL" id="Tag2872" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;">Property, plant and equipment</p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>13</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag49" decimals="-3" scale="3" format="ixt:num-dot-decimal">197,688</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag2822" decimals="-3" scale="3" format="ixt:num-dot-decimal">185,682</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Intangible assets and goodwill </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>14</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2828" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,427,676</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2878" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,538,367</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Total non-current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentAssets" unitRef="BRL" id="Tag2823" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,082,485</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:NoncurrentAssets" unitRef="BRL" id="Tag2882" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,033,278</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Total Assets </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Assets" unitRef="BRL" id="Tag2850" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,520,591</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Assets" unitRef="BRL" id="Tag2849" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,333,407</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-size: 8pt;"><span style="font-family: 'Times New Roman'; font-style: italic;">The footnotes to these Consolidated Financial Statements</span><span style="font-family: 'Times New Roman'; font-style: italic;">&#160;are an integral part of the Financial Statements</span></span></p>
<div>
<div id="t_ft_ST7AOX4EDC00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-4</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
<p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><span style="font-weight: bold;">Vasta&#160;Platform Limited</span></span></p>
<p style="margin: 0pt 0pt 8pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><b><span>Consolidated Financial Statements as of December 31, 2022 and <span style="border-left: none; border-right: none;">2021</span></span></b></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Consolidated Statement of Financial Position as of December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> and <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>1</span></span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">In thousands of R$, unless otherwise </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">stated</span></p>
<div id="t_ft_O3V4DIOFAO00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 518px; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Note </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 63%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Bonds and financing </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>15</span> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="BRL" id="Tag2833" decimals="-3" scale="3" format="ixt:num-dot-decimal">93,779</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="BRL" id="Tag2837" decimals="-3" scale="3" format="ixt:num-dot-decimal">281,491</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Lease liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>17</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentLeaseLiabilities" unitRef="BRL" id="Tag3368" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,151</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentLeaseLiabilities" unitRef="BRL" id="Tag2860" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,636</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Suppliers </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>16</span> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" unitRef="BRL" id="Tag2876" decimals="-3" scale="3" format="ixt:num-dot-decimal">250,647</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" unitRef="BRL" id="Tag2851" decimals="-3" scale="3" format="ixt:num-dot-decimal">167,168</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;">Reverse factoring</p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>16</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:CurrentReverseFactoringSuppliers" unitRef="BRL" id="Tag2892" decimals="-3" scale="3" format="ixt:num-dot-decimal">155,469</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231" name="vsta:CurrentReverseFactoringSuppliers" unitRef="BRL" id="Tag2827" decimals="-3" scale="3" format="ixt:num-dot-decimal"> 97,619</ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Income tax and social contribution payable </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>24</span> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTaxLiabilitiesCurrent" unitRef="BRL" id="Tag2866" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,564</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentTaxLiabilitiesCurrent" unitRef="BRL" id="Tag36" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,666</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Salaries and social contributions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>20</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentProvisionsForEmployeeBenefits" unitRef="BRL" id="Tag2824" decimals="-3" scale="3" format="ixt:num-dot-decimal">100,057</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentProvisionsForEmployeeBenefits" unitRef="BRL" id="Tag2894" decimals="-3" scale="3" format="ixt:num-dot-decimal">62,829</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Contractual obligations and deferred income </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>18</span> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities" unitRef="BRL" id="Tag39" decimals="-3" scale="3" format="ixt:num-dot-decimal">57,852</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities" unitRef="BRL" id="Tag2856" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,037</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Accounts payable for business combination and acquisition of associates</span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>19</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:CurrentAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2826" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,007</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:CurrentAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2865" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,502</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other liabilities </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><br/></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:OtherCurrentLiabilities" unitRef="BRL" id="Tag2830" decimals="-3" scale="3" format="ixt:num-dot-decimal">29,630</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:OtherCurrentLiabilities" unitRef="BRL" id="Tag2873" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,033</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other liabilities - related parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>21</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:CurrentOtherLiabilitiesRelatedParties" unitRef="BRL" id="Tag2847" decimals="-3" scale="3" format="ixt:num-dot-decimal">54</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:CurrentOtherLiabilitiesRelatedParties" unitRef="BRL" id="Tag2868" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,271</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Total current liabilities </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentLiabilities" unitRef="BRL" id="Tag2862" decimals="-3" scale="3" format="ixt:num-dot-decimal">789,210</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentLiabilities" unitRef="BRL" id="Tag3369" decimals="-3" scale="3" format="ixt:num-dot-decimal">778,252</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><br/></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Bonds and financing </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>15</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:LongtermBorrowings" unitRef="BRL" id="Tag2867" decimals="-3" scale="3" format="ixt:num-dot-decimal">749,217</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:LongtermBorrowings" unitRef="BRL" id="Tag3365" decimals="-3" scale="3" format="ixt:num-dot-decimal">549,735</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Lease liabilities </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>17</span> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentLeaseLiabilities" unitRef="BRL" id="Tag2836" decimals="-3" scale="3" format="ixt:num-dot-decimal">117,412</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:NoncurrentLeaseLiabilities" unitRef="BRL" id="Tag2861" decimals="-3" scale="3" format="ixt:num-dot-decimal">133,906</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Accounts payable for business combination and acquisition of associates</span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>19</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:NonCurrentAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2891" decimals="-3" scale="3" format="ixt:num-dot-decimal">552,270</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:NonCurrentAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2888" decimals="-3" scale="3" format="ixt:num-dot-decimal">511,811</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Provision for tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>22</span>.a </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag2889" decimals="-3" scale="3" format="ixt:num-dot-decimal">651,252</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag2874" decimals="-3" scale="3" format="ixt:num-dot-decimal">646,850</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Contractual obligations and deferred income </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>18</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" unitRef="BRL" id="Tag2869" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" unitRef="BRL" id="Tag2880" decimals="-3" scale="3" format="ixt:num-dot-decimal">128</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other liabilities </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:OtherNoncurrentLiabilities" unitRef="BRL" id="Tag2834" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,551</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:OtherNoncurrentLiabilities" unitRef="BRL" id="Tag2832" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,516</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Total non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentLiabilities" unitRef="BRL" id="Tag2863" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,101,702</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:NoncurrentLiabilities" unitRef="BRL" id="Tag2844" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,889,946</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Shareholder's Equity </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;">Share capital</p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>24</span>a </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:IssuedCapital" unitRef="BRL" id="Tag2855" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,820,815</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:IssuedCapital" unitRef="BRL" id="Tag2845" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,820,815</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Capital reserve </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>24</span>c </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CapitalReserve" unitRef="BRL" id="Tag2839" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,531</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CapitalReserve" unitRef="BRL" id="Tag2875" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,488</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Treasury shares </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>24</span>d </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231" name="ifrs-full:TreasuryShares" unitRef="BRL" id="Tag2879" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,880</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231" name="ifrs-full:TreasuryShares" unitRef="BRL" id="Tag2818" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,880</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Accumulated losses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231" name="ifrs-full:RetainedEarnings" unitRef="BRL" id="Tag2885" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">247,787</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231" name="ifrs-full:RetainedEarnings" unitRef="BRL" id="Tag2819" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">193,214</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Total Shareholder's Equity </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Equity" unitRef="BRL" id="Tag2829" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,629,679</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Equity" unitRef="BRL" id="Tag2846" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,665,209</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Total Liabilities and Shareholder's Equity&#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:EquityAndLiabilities" unitRef="BRL" id="Tag2848" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,520,591</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:EquityAndLiabilities" unitRef="BRL" id="Tag2893" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,333,407</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="font-size: 10.5pt; line-height: 125%; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10.5pt;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-size: 8pt;"><span style="font-family: 'Times New Roman'; font-style: italic;">The footnotes to these Consolidated Financial Statements</span><span style="font-family: 'Times New Roman'; font-style: italic;">&#160;are an integral part of the Financial Statements</span></span></p>
<div>
<div id="t_ft_G766TPLACW00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-5</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
</div><div id="Diar5509okcts6z14v1zqh" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><span style="font-weight: bold;">Vasta Platform Limited</span></span></p>
<div style="border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt;">
<p style="border: none; padding: 0in; margin: 0pt 0pt 8pt; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><b><span style="font-size: 10.0pt;"><span style="font-family: 'times new roman', times;">Consolidated Financial Statements as of December 31, 2022 and <span style="border-left: none; border-right: none;">2021</span></span></span></b></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr></div>
<div style="font-size: 12pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="B3_NA2R83ZUEO00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Consolidated Statement of Profit or Loss and Other Comprehensive Loss for the years ended December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">, <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> and <span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>20</span></span></a></div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">In thousands of R$, except for Loss per share</span></p>
<div id="t_ft_XLCF5JXY9S00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.5818%; height: 615px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Note </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Net revenue from sales and services </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>25</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2911" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,264,280</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2896" decimals="-3" scale="3" format="ixt:num-dot-decimal">947,419</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2435" decimals="-3" scale="3" format="ixt:num-dot-decimal">997,628</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Sales </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:RevenueFromSaleOfGoods" unitRef="BRL" id="Tag2904" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,229,827</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:RevenueFromSaleOfGoods" unitRef="BRL" id="Tag2450" decimals="-3" scale="3" format="ixt:num-dot-decimal">914,266</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:RevenueFromSaleOfGoods" unitRef="BRL" id="Tag2812" decimals="-3" scale="3" format="ixt:num-dot-decimal">967,374</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Services </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:RevenueFromRenderingOfServices" unitRef="BRL" id="Tag2448" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,453</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:RevenueFromRenderingOfServices" unitRef="BRL" id="Tag3372" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,153</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:RevenueFromRenderingOfServices" unitRef="BRL" id="Tag2451" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,254</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Cost of goods sold and services </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>26</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2813" decimals="-3" scale="3" format="ixt:num-dot-decimal">473,135</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2027" decimals="-3" scale="3" format="ixt:num-dot-decimal">396,829</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2447" decimals="-3" scale="3" format="ixt:num-dot-decimal">378,003</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Gross profit </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:GrossProfit" unitRef="BRL" id="Tag2910" decimals="-3" scale="3" format="ixt:num-dot-decimal">791,145</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:GrossProfit" unitRef="BRL" id="Tag2031" decimals="-3" scale="3" format="ixt:num-dot-decimal">550,590</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:GrossProfit" unitRef="BRL" id="Tag2444" decimals="-3" scale="3" format="ixt:num-dot-decimal">619,625</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Operating income (expenses) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> General and administrative expenses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>26</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag112" decimals="-3" scale="3" format="ixt:num-dot-decimal">471,626</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2906" decimals="-3" scale="3" format="ixt:num-dot-decimal">430,279</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2913" decimals="-3" scale="3" format="ixt:num-dot-decimal">406,352</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Commercial expenses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>26</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2907" decimals="-3" scale="3" format="ixt:num-dot-decimal">194,043</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2442" decimals="-3" scale="3" format="ixt:num-dot-decimal">164,439</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2029" decimals="-3" scale="3" format="ixt:num-dot-decimal">165,169</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other operating income </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>26</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherIncome" unitRef="BRL" id="Tag2816" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,020</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:OtherIncome" unitRef="BRL" id="Tag3363" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,554</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:OtherIncome" unitRef="BRL" id="Tag2912" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,283</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>26</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag3362" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,904</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2439" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,726</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2034" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,015</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Share of loss equity-accounted investees </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>12</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="BRL" id="Tag2916" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,512</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Profit (loss) before finance result and taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="BRL" id="Tag2440" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,080</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="BRL" id="Tag2433" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">71,300</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="BRL" id="Tag2472" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,372</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Finance result </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Finance income </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>27</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:FinanceIncome" unitRef="BRL" id="Tag2026" decimals="-3" scale="3" format="ixt:num-dot-decimal">88,557</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:FinanceIncome" unitRef="BRL" id="Tag2903" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,640</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:FinanceIncome" unitRef="BRL" id="Tag2025" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,984</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Finance costs </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>27</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:FinanceCosts" unitRef="BRL" id="Tag2446" decimals="-3" scale="3" format="ixt:num-dot-decimal">270,324</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:FinanceCosts" unitRef="BRL" id="Tag3361" decimals="-3" scale="3" format="ixt:num-dot-decimal">120,183</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:FinanceCosts" unitRef="BRL" id="Tag2898" decimals="-3" scale="3" format="ixt:num-dot-decimal">119,409</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:FinanceIncomeCost" unitRef="BRL" id="Tag2445" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">181,767</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:FinanceIncomeCost" unitRef="BRL" id="Tag2028" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">84,543</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:FinanceIncomeCost" unitRef="BRL" id="Tag2897" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">98,425</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Loss before income tax and social contribution </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLossBeforeTax" unitRef="BRL" id="Tag2899" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">105,687</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ProfitLossBeforeTax" unitRef="BRL" id="Tag2437" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">155,843</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ProfitLossBeforeTax" unitRef="BRL" id="Tag3370" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">71,053</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><br/></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Income tax and social contribution </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="BRL" id="Tag2811" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">51,114</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="BRL" id="Tag3371" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">37,089</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="BRL" id="Tag2915" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,404</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Current </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>23</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" unitRef="BRL" id="Tag2810" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">10,668</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" unitRef="BRL" id="Tag2441" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,297</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" unitRef="BRL" id="Tag2909" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,874</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Deferred </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>23</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DeferredTaxExpenseIncome" unitRef="BRL" id="Tag2900" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">40,446</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:DeferredTaxExpenseIncome" unitRef="BRL" id="Tag2905" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">48,386</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:DeferredTaxExpenseIncome" unitRef="BRL" id="Tag2032" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">17,530</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Loss for the year </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLoss" unitRef="BRL" id="Tag2434" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">54,573</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ProfitLoss" unitRef="BRL" id="Tag2033" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">118,754</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ProfitLoss" unitRef="BRL" id="Tag2443" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">45,649</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other comprehensive income for the year </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherComprehensiveIncome" unitRef="BRL" id="Tag2908" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="ifrs-full:OtherComprehensiveIncome" unitRef="BRL" id="Tag2436" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="ifrs-full:OtherComprehensiveIncome" unitRef="BRL" id="Tag2452" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Total comprehensive loss for the year </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" id="Tag2030" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">54,573</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" id="Tag2895" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">118,754</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" id="Tag2449" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">45,649</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Loss per share </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Basic </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; <span>24</span>b </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:BasicEarningsLossPerShare" unitRef="BRLPerShare" id="Tag2902" decimals="2" format="ixt:num-dot-decimal" sign="-">0.65</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:BasicEarningsLossPerShare" unitRef="BRLPerShare" id="Tag2901" decimals="2" format="ixt:num-dot-decimal" sign="-">1.44</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:BasicEarningsLossPerShare" unitRef="BRLPerShare" id="Tag2814" decimals="2" format="ixt:num-dot-decimal" sign="-">0.55</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Diluted </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; <span>24</span>b </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DilutedEarningsLossPerShare" unitRef="BRLPerShare" id="Tag2438" decimals="2" format="ixt:num-dot-decimal" sign="-">0.65</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:DilutedEarningsLossPerShare" unitRef="BRLPerShare" id="Tag2914" decimals="2" format="ixt:num-dot-decimal" sign="-">1.44</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:DilutedEarningsLossPerShare" unitRef="BRLPerShare" id="Tag2815" decimals="2" format="ixt:num-dot-decimal" sign="-">0.55</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
</tbody>
</table>
</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0px; text-indent: 0px;"><br/></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-size: 8pt;"><span style="font-family: 'Times New Roman'; font-style: italic;">The footnotes to these Consolidated Financial Statements</span><span style="font-family: 'Times New Roman'; font-style: italic;">&#160;are an integral part of the Financial Statements</span></span></p>
<div>
<div id="t_ft_2T3UIY5N0G00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-6</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
</div><div id="D1bpgwmyiqoq69cz08skbyv" style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><span style="font-weight: bold;">Vasta Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt;">
<p style="margin: 0pt 0pt 8pt; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><b><span style="font-size: 10pt;"><span style="font-family: 'times new roman', times;">Consolidated Financial Statements as of December 31, 2022 and<span>&#160;</span><span><span style="border-left: none; border-right: none;">2021</span></span></span></span></b></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr></div>
<div style="font-size: 12pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="B4_9B7C8XJYYO00000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Consolidated Statements of Changes in Equity for the years ended December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">, <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> and <span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>20</span></span></a></div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">In thousands of R$, unless otherwise </span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">stated</span></p>
<p style="font-size: 8pt; line-height: 125%; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt;">&#160;</span></p>
<div id="t_ft_BOIV4O7JKW00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 521px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="4" style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Share Capital </span></p>
</td>
<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="5" style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Capital Reserve </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="line-height: 10pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 36.5%;"><br/></td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Parent Company's Net Investment</span></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center;"><br/></td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Share Capital</span></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center;"><br/></td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Share issuance costs</span></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center;"><br/></td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Share-based</span><br/><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">compensation</span><br/><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">reserve (granted)</span></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center;"><br/></td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Share-based</span><br/><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">compensation</span><br/><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">reserve (vested)</span></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2"><br/></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center;"><br/></td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Treasury shares (Note&#160;</span><span>23</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">d)</span></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center;"><br/></td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Accumulated</span><br/><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">losses</span></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: center;"><br/></td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; text-align: center; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Total Shareholders'</span><br/><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Equity/ Net Investment</span></td>
<td style="vertical-align: middle; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 36.5%; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Balance at January 1, 2020 </span></p>
</td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20191231_NetInvestmentOfParentCompanyMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag3087" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,100,083</ix:nonFraction> </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20191231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="BRL" xsi:nil="true" id="Tag3107"></ix:nonFraction> - </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20191231_ShareIssuanceCostsMember" name="ifrs-full:Equity" unitRef="BRL" xsi:nil="true" id="Tag198"></ix:nonFraction> - </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20191231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:Equity" unitRef="BRL" xsi:nil="true" id="Tag281"></ix:nonFraction> - </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20191231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:Equity" unitRef="BRL" xsi:nil="true" id="Tag316"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20191231_TreasurySharesMember" name="ifrs-full:Equity" unitRef="BRL" xsi:nil="true" id="Tag356"></ix:nonFraction> - </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20191231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="BRL" xsi:nil="true" id="Tag363"></ix:nonFraction> - </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="width: 7%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20191231" name="ifrs-full:Equity" unitRef="BRL" id="Tag264" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,100,083</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Share-based payment contributions </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20201231_NetInvestmentOfParentCompanyMember" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" unitRef="BRL" xsi:nil="true" id="Tag3104"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20201231_IssuedCapitalMember" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" unitRef="BRL" xsi:nil="true" id="Tag296"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20201231_ShareIssuanceCostsMember" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" unitRef="BRL" xsi:nil="true" id="Tag3118"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" unitRef="BRL" xsi:nil="true" id="Tag360"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" unitRef="BRL" id="Tag3103" decimals="-3" scale="3" format="ixt:num-dot-decimal">686</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20201231_TreasurySharesMember" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" unitRef="BRL" xsi:nil="true" id="Tag3121"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20201231_RetainedEarningsMember" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" unitRef="BRL" xsi:nil="true" id="Tag3071"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" unitRef="BRL" id="Tag208" decimals="-3" scale="3" format="ixt:num-dot-decimal">686</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net investments </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_NetInvestmentOfParentCompanyMember" name="vsta:IncreaseDecreaseThroughNetInvestmentOfParentCompany" unitRef="BRL" id="Tag367" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,335</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20201231_IssuedCapitalMember" name="vsta:IncreaseDecreaseThroughNetInvestmentOfParentCompany" unitRef="BRL" xsi:nil="true" id="Tag3101"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20201231_ShareIssuanceCostsMember" name="vsta:IncreaseDecreaseThroughNetInvestmentOfParentCompany" unitRef="BRL" xsi:nil="true" id="Tag3089"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationGrantedMember" name="vsta:IncreaseDecreaseThroughNetInvestmentOfParentCompany" unitRef="BRL" xsi:nil="true" id="Tag3082"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationVestedMember" name="vsta:IncreaseDecreaseThroughNetInvestmentOfParentCompany" unitRef="BRL" xsi:nil="true" id="Tag354"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20201231_TreasurySharesMember" name="vsta:IncreaseDecreaseThroughNetInvestmentOfParentCompany" unitRef="BRL" xsi:nil="true" id="Tag3112"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20201231_RetainedEarningsMember" name="vsta:IncreaseDecreaseThroughNetInvestmentOfParentCompany" unitRef="BRL" xsi:nil="true" id="Tag241"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:IncreaseDecreaseThroughNetInvestmentOfParentCompany" unitRef="BRL" id="Tag277" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,335</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Changes in parent company's investment, net </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_NetInvestmentOfParentCompanyMember" name="vsta:IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet" unitRef="BRL" id="Tag3077" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,093,748</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_IssuedCapitalMember" name="vsta:IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet" unitRef="BRL" id="Tag269" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,123,245</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ShareIssuanceCostsMember" name="vsta:IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet" unitRef="BRL" xsi:nil="true" id="Tag272"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationGrantedMember" name="vsta:IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet" unitRef="BRL" xsi:nil="true" id="Tag273"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationVestedMember" name="vsta:IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet" unitRef="BRL" id="Tag286" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">686</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_TreasurySharesMember" name="vsta:IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet" unitRef="BRL" xsi:nil="true" id="Tag357"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_RetainedEarningsMember" name="vsta:IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet" unitRef="BRL" id="Tag322" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">28,811</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="vsta:IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet" unitRef="BRL" xsi:nil="true" id="Tag307"></ix:nonFraction> - </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Capital contribution </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_NetInvestmentOfParentCompanyMember" name="ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners" unitRef="BRL" xsi:nil="true" id="Tag247"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_IssuedCapitalMember" name="ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners" unitRef="BRL" id="Tag288" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,426</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ShareIssuanceCostsMember" name="ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners" unitRef="BRL" xsi:nil="true" id="Tag3094"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners" unitRef="BRL" xsi:nil="true" id="Tag366"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners" unitRef="BRL" xsi:nil="true" id="Tag271"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_TreasurySharesMember" name="ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners" unitRef="BRL" xsi:nil="true" id="Tag3061"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_RetainedEarningsMember" name="ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners" unitRef="BRL" xsi:nil="true" id="Tag266"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners" unitRef="BRL" id="Tag3073" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,426</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Comprehensive loss for the year </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Loss for the year </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_NetInvestmentOfParentCompanyMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag3099"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_IssuedCapitalMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag274"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ShareIssuanceCostsMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag362"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag265"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag3092"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_TreasurySharesMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag287"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_RetainedEarningsMember" name="ifrs-full:ProfitLoss" unitRef="BRL" id="Tag3097" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">45,649</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ProfitLoss" unitRef="BRL" id="Tag3084" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">45,649</ix:nonFraction>) </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Total comprehensive loss for the year </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_NetInvestmentOfParentCompanyMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag210"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_IssuedCapitalMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag261"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ShareIssuanceCostsMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag295"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag3106"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag306"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_TreasurySharesMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag284"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_RetainedEarningsMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" id="Tag246" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">45,649</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" id="Tag268" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">45,649</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Issuance of common shares at initial public offering (Note <span>1.2</span>) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_NetInvestmentOfParentCompanyMember" name="ifrs-full:IssueOfEquity" unitRef="BRL" xsi:nil="true" id="Tag370"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_IssuedCapitalMember" name="ifrs-full:IssueOfEquity" unitRef="BRL" id="Tag263" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,836,317</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ShareIssuanceCostsMember" name="ifrs-full:IssueOfEquity" unitRef="BRL" xsi:nil="true" id="Tag250"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:IssueOfEquity" unitRef="BRL" xsi:nil="true" id="Tag3090"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:IssueOfEquity" unitRef="BRL" xsi:nil="true" id="Tag278"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_TreasurySharesMember" name="ifrs-full:IssueOfEquity" unitRef="BRL" xsi:nil="true" id="Tag3113"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_RetainedEarningsMember" name="ifrs-full:IssueOfEquity" unitRef="BRL" xsi:nil="true" id="Tag323"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:IssueOfEquity" unitRef="BRL" id="Tag196" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,836,317</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Share based compensation granted and issued (Note <span>23</span>) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_NetInvestmentOfParentCompanyMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag304"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_IssuedCapitalMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag315"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ShareIssuanceCostsMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag3088"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationGrantedMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" id="Tag3080" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,962</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_TreasurySharesMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag293"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_RetainedEarningsMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag3083"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" id="Tag279" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,962</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Share issuance costs, net of taxes </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_NetInvestmentOfParentCompanyMember" name="ifrs-full:ShareIssueRelatedCost" unitRef="BRL" xsi:nil="true" id="Tag3095"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_IssuedCapitalMember" name="ifrs-full:ShareIssueRelatedCost" unitRef="BRL" xsi:nil="true" id="Tag352"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_ShareIssuanceCostsMember" name="ifrs-full:ShareIssueRelatedCost" unitRef="BRL" id="Tag282" decimals="-3" scale="3" format="ixt:num-dot-decimal">141,173</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:ShareIssueRelatedCost" unitRef="BRL" xsi:nil="true" id="Tag205"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:ShareIssueRelatedCost" unitRef="BRL" xsi:nil="true" id="Tag3100"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_TreasurySharesMember" name="ifrs-full:ShareIssueRelatedCost" unitRef="BRL" xsi:nil="true" id="Tag3085"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_RetainedEarningsMember" name="ifrs-full:ShareIssueRelatedCost" unitRef="BRL" xsi:nil="true" id="Tag358"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ShareIssueRelatedCost" unitRef="BRL" id="Tag3067" decimals="-3" scale="3" format="ixt:num-dot-decimal">141,173</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Total shareholders' contribution and distributions to shareholders </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_NetInvestmentOfParentCompanyMember" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" unitRef="BRL" xsi:nil="true" id="Tag197"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_IssuedCapitalMember" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" unitRef="BRL" id="Tag3115" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,836,317</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_ShareIssuanceCostsMember" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" unitRef="BRL" id="Tag201" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">141,173</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" unitRef="BRL" xsi:nil="true" id="Tag3063"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_TreasurySharesMember" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" unitRef="BRL" xsi:nil="true" id="Tag192"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_RetainedEarningsMember" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" unitRef="BRL" xsi:nil="true" id="Tag199"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" unitRef="BRL" id="Tag312" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,734,106</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Balance as of December 31, 2020 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20201231_NetInvestmentOfParentCompanyMember" name="ifrs-full:Equity" unitRef="BRL" xsi:nil="true" id="Tag292"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag303" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,961,988</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20201231_ShareIssuanceCostsMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag248" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">141,173</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag3120" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,962</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20201231_TreasurySharesMember" name="ifrs-full:Equity" unitRef="BRL" xsi:nil="true" id="Tag251"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20201231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag364" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">74,460</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231" name="ifrs-full:Equity" unitRef="BRL" id="Tag3098" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,785,317</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Comprehensive loss for the year </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Loss for the year </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20211231_NetInvestmentOfParentCompanyMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag209"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20211231_IssuedCapitalMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag200"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20211231_ShareIssuanceCostsMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag301"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20211231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag359"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20211231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag204"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20211231_TreasurySharesMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag3119"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_RetainedEarningsMember" name="ifrs-full:ProfitLoss" unitRef="BRL" id="Tag368" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">118,754</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ProfitLoss" unitRef="BRL" id="Tag371" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">118,754</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Total comprehensive loss for the year </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20211231_NetInvestmentOfParentCompanyMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag345"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20211231_IssuedCapitalMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag313"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20211231_ShareIssuanceCostsMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag3066"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20211231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag3102"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20211231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag3060"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20211231_TreasurySharesMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag3110"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_RetainedEarningsMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" id="Tag245" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">118,754</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" id="Tag3093" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">118,754</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Share based compensation granted and issued (Note <span>23</span> items b and c) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_NetInvestmentOfParentCompanyMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag217"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_IssuedCapitalMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag249"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ShareIssuanceCostsMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag3108"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ReserveForShareBasedCompensationGrantedMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" id="Tag238" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,526</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ReserveForShareBasedCompensationVestedMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag294"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_TreasurySharesMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag202"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_RetainedEarningsMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag203"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" id="Tag305" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,526</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Share based compensation vested (Note <span>23</span>a items i,ii and iii)&#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_NetInvestmentOfParentCompanyMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" xsi:nil="true" id="Tag300"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_IssuedCapitalMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" xsi:nil="true" id="Tag262"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ShareIssuanceCostsMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" xsi:nil="true" id="Tag3096"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ReserveForShareBasedCompensationGrantedMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" id="Tag3065" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">31,043</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ReserveForShareBasedCompensationVestedMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" id="Tag369" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,043</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_TreasurySharesMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" xsi:nil="true" id="Tag244"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_RetainedEarningsMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" xsi:nil="true" id="Tag3068"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" xsi:nil="true" id="Tag242"></ix:nonFraction> - </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Acquisition of shares (Note <span>23</span>d) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_NetInvestmentOfParentCompanyMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="BRL" xsi:nil="true" id="Tag3091"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_IssuedCapitalMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="BRL" xsi:nil="true" id="Tag237"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ShareIssuanceCostsMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="BRL" xsi:nil="true" id="Tag3070"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="BRL" xsi:nil="true" id="Tag3076"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="BRL" xsi:nil="true" id="Tag327"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_TreasurySharesMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="BRL" id="Tag346" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,880</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_RetainedEarningsMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="BRL" xsi:nil="true" id="Tag3072"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="BRL" id="Tag314" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,880</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Balance as of December 31, 2021 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20211231_NetInvestmentOfParentCompanyMember" name="ifrs-full:Equity" unitRef="BRL" xsi:nil="true" id="Tag3081"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag326" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,961,988</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20211231_ShareIssuanceCostsMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag319" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">141,173</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag239" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,445</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag321" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,043</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20211231_TreasurySharesMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag320" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">23,880</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20211231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag236" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">193,214</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Equity" unitRef="BRL" id="Tag3079" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,665,209</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Comprehensive loss for the year </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 10.5pt;">Loss for the year</p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_NetInvestmentOfParentCompanyMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag207"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_IssuedCapitalMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag3064"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_ShareIssuanceCostsMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag365"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag297"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag299"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_TreasurySharesMember" name="ifrs-full:ProfitLoss" unitRef="BRL" xsi:nil="true" id="Tag283"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_RetainedEarningsMember" name="ifrs-full:ProfitLoss" unitRef="BRL" id="Tag361" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">54,573</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLoss" unitRef="BRL" id="Tag3116" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">54,573</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Total comprehensive loss for the year </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20221231_NetInvestmentOfParentCompanyMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag275"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20221231_IssuedCapitalMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag270"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20221231_ShareIssuanceCostsMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag280"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20221231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag302"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20221231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag291"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20221231_TreasurySharesMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" xsi:nil="true" id="Tag325"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_RetainedEarningsMember" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" id="Tag206" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">54,573</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ComprehensiveIncome" unitRef="BRL" id="Tag3122" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">54,573</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Share based compensations granted and issued </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_NetInvestmentOfParentCompanyMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag240"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_IssuedCapitalMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag211"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_ShareIssuanceCostsMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag3111"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ReserveForShareBasedCompensationGrantedMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" id="Tag324" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,043</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_ReserveForShareBasedCompensationVestedMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag276"></ix:nonFraction> - </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_TreasurySharesMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag289"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_RetainedEarningsMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" xsi:nil="true" id="Tag3069"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" unitRef="BRL" id="Tag3086" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,043</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Share based compensations vested (note <span style="border-left: none; border-right: none;">24</span>)</span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_NetInvestmentOfParentCompanyMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" xsi:nil="true" id="Tag3117"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_IssuedCapitalMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" xsi:nil="true" id="Tag3075"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_ShareIssuanceCostsMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" xsi:nil="true" id="Tag355"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ReserveForShareBasedCompensationGrantedMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" id="Tag353" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,243</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ReserveForShareBasedCompensationVestedMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" id="Tag267" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,243</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_TreasurySharesMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" xsi:nil="true" id="Tag3078"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_RetainedEarningsMember" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" xsi:nil="true" id="Tag3109"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20221231_3" name="vsta:IncreaseDecreaseThroughShareBasedCompensationVestedEquity" unitRef="BRL" xsi:nil="true" id="Tag3074"></ix:nonFraction> - </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Balance at December 31,2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20221231_NetInvestmentOfParentCompanyMember" name="ifrs-full:Equity" unitRef="BRL" xsi:nil="true" id="Tag317"></ix:nonFraction> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag3105" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,961,988</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231_ShareIssuanceCostsMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag3114" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">141,173</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ReserveForShareBasedCompensationGrantedMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag298" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,245</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ReserveForShareBasedCompensationVestedMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag285" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,286</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231_TreasurySharesMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag290" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">23,880</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="BRL" id="Tag3062" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">247,787</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Equity" unitRef="BRL" id="Tag318" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,629,679</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt; text-align: justify;"><span style="font-size: 8pt;"><span style="font-family: 'Times New Roman'; font-style: italic;">The footnotes to these Consolidated Financial Statements</span><span style="font-family: 'Times New Roman'; font-style: italic;">&#160;are an integral part of the Financial Statements</span></span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt; text-align: justify;"><br/></p>
</div>
<div>
<div>
<div id="t_ft_B9AJB9M53400000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-7</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
</div>
</div><div id="Dkcuzjwsh4noacv9kuo81y" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><span style="font-weight: bold;">Vasta Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt;">
<p style="margin: 0pt 0pt 8pt; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><b><span style="font-size: 10pt;"><span style="font-family: 'times new roman', times;">Consolidated Financial Statements as of December 31, 2022 and<span>&#160;</span><span><span style="border-left: none; border-right: none;"><span>2021</span></span></span></span></span></b></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr></div>
<div style="font-size: 12pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="B5_3DHNDFJ4G000000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Consolidated Statements of Cash Flows for the years ended December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">, <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> and <span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>20</span></span></a></div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">In thousands of R$ unless otherwise stated</span></p>
<div id="t_ft_TQXUPS3UM800000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 1207px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td colspan="7" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> For the year ended December 31, </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Notes </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> <span>2022</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> <span>2021</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> <span>2020</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 55%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> CASH FLOWS FROM OPERATING ACTIVITIES </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 8%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Loss before income tax and social contribution </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLossBeforeTax" unitRef="BRL" id="Tag3385" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">105,687</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ProfitLossBeforeTax" unitRef="BRL" id="Tag3049" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">155,843</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ProfitLossBeforeTax" unitRef="BRL" id="Tag2925" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">71,053</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Adjustments for: </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Depreciation and amortization </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>13</span> and <span>14</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="BRL" id="Tag3383" decimals="-3" scale="3" format="ixt:num-dot-decimal">268,714</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="BRL" id="Tag3017" decimals="-3" scale="3" format="ixt:num-dot-decimal">211,156</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="BRL" id="Tag2464" decimals="-3" scale="3" format="ixt:num-dot-decimal">174,088</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;">Share of loss profit of equity-accounted investees</p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>12</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod" unitRef="BRL" id="Tag2961" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,512</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod" unitRef="BRL" id="Tag57" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod" unitRef="BRL" id="Tag3030" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment losses on trade receivables </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>10</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables" unitRef="BRL" id="Tag2933" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,904</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables" unitRef="BRL" id="Tag2462" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,726</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables" unitRef="BRL" id="Tag2036" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,015</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reversal for tax, civil and labor risks, net </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><br/></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag3396" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">15,099</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag2038" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,986</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag2461" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,092</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on provision for tax, civil and labor losses </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForInterestOnProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag3039" decimals="-3" scale="3" format="ixt:num-dot-decimal">42,063</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForInterestOnProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag2977" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,300</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForInterestOnProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag2932" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,297</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Provision for obsolete inventories </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>11</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForProvisionReversalForObsoleteInventories" unitRef="BRL" id="Tag2983" decimals="-3" scale="3" format="ixt:num-dot-decimal">40,924</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForProvisionReversalForObsoleteInventories" unitRef="BRL" id="Tag2943" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,117</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForProvisionReversalForObsoleteInventories" unitRef="BRL" id="Tag3027" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,057</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on bonds and financing </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>15</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForInterestOnBondsAndFinancing" unitRef="BRL" id="Tag3013" decimals="-3" scale="3" format="ixt:num-dot-decimal">108,896</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForInterestOnBondsAndFinancing" unitRef="BRL" id="Tag3056" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,549</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForInterestOnBondsAndFinancing" unitRef="BRL" id="Tag3024" decimals="-3" scale="3" format="ixt:num-dot-decimal">52,935</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on loans from related parties </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForInterestOnLoansFromRelatedParties" unitRef="BRL" id="Tag3033" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForInterestOnLoansFromRelatedParties" unitRef="BRL" id="Tag3373" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForInterestOnLoansFromRelatedParties" unitRef="BRL" id="Tag2941" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,922</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Contractual obligations and right to returned goods </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForRefundLiabilityAndRightToReturnedGoods" unitRef="BRL" id="Tag2988" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,312</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForRefundLiabilityAndRightToReturnedGoods" unitRef="BRL" id="Tag3400" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,159</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForRefundLiabilityAndRightToReturnedGoods" unitRef="BRL" id="Tag3023" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,454</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on accounts payable for business combination and acquisition of associates </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span>27</span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForInterestOnAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2958" decimals="-3" scale="3" format="ixt:num-dot-decimal">65,725</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForInterestOnAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2940" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,158</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForInterestOnAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag3015" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,568</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Imputed interest on suppliers </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>27</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForImputedInterestOnSuppliers" unitRef="BRL" id="Tag1214" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,810</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForImputedInterestOnSuppliers" unitRef="BRL" id="Tag2974" decimals="-3" scale="3" format="ixt:num-dot-decimal">157</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForImputedInterestOnSuppliers" unitRef="BRL" id="Tag3397" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,945</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Share-based payment expense </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><br/></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForSharebasedPayments" unitRef="BRL" id="Tag2429" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,043</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdjustmentsForSharebasedPayments" unitRef="BRL" id="Tag2970" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,526</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:AdjustmentsForSharebasedPayments" unitRef="BRL" id="Tag3053" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,648</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on lease liabilities </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>17</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForInterestOnLeaseLiabilities" unitRef="BRL" id="Tag2980" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,143</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForInterestOnLeaseLiabilities" unitRef="BRL" id="Tag2920" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,984</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForInterestOnLeaseLiabilities" unitRef="BRL" id="Tag2929" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,091</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on marketable securities </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>26</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" unitRef="BRL" id="Tag3375" decimals="-3" scale="3" format="ixt:num-dot-decimal">54,954</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" unitRef="BRL" id="Tag3050" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,719</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" unitRef="BRL" id="Tag2982" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,907</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; font-family: 'times new roman', times;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other finance costs, net </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForOtherFinanceCostsNet" unitRef="BRL" id="Tag2466" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,441</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForOtherFinanceCostsNet" unitRef="BRL" id="Tag2458" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForOtherFinanceCostsNet" unitRef="BRL" id="Tag257" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cancellations of right-of-use contracts </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForDisposalsOfRightOfUseAssetsAndLeaseLiabilities" unitRef="BRL" id="Tag3478" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">616</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForDisposalsOfRightOfUseAssetsAndLeaseLiabilities" unitRef="BRL" id="Tag3045" decimals="-3" scale="3" format="ixt:num-dot-decimal">195</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForDisposalsOfRightOfUseAssetsAndLeaseLiabilities" unitRef="BRL" id="Tag2938" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Residual value of disposals of property and equipment and intangible assets </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>13</span> and <span>14</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" unitRef="BRL" id="Tag2989" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,960</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" unitRef="BRL" id="Tag2037" decimals="-3" scale="3" format="ixt:num-dot-decimal">124</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" unitRef="BRL" id="Tag3052" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">454</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" unitRef="BRL" id="Tag2957" decimals="-3" scale="3" format="ixt:num-dot-decimal">482,323</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" unitRef="BRL" id="Tag3010" decimals="-3" scale="3" format="ixt:num-dot-decimal">203,895</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" unitRef="BRL" id="Tag3018" decimals="-3" scale="3" format="ixt:num-dot-decimal">242,514</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Changes in </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Trade receivables </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" unitRef="BRL" id="Tag3041" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">189,329</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" unitRef="BRL" id="Tag3376" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,408</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" unitRef="BRL" id="Tag2921" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">123,412</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Inventories&#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" unitRef="BRL" id="Tag2453" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">65,011</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" unitRef="BRL" id="Tag3005" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">14,038</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" unitRef="BRL" id="Tag2035" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">20,812</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Prepayments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForDecreaseIncreaseInPrepayments" unitRef="BRL" id="Tag45" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">16,576</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForDecreaseIncreaseInPrepayments" unitRef="BRL" id="Tag2919" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">12,511</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForDecreaseIncreaseInPrepayments" unitRef="BRL" id="Tag2984" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,060</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes recoverable </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForDecreaseIncreaseInTaxesRecoverable" unitRef="BRL" id="Tag3026" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">16,566</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForDecreaseIncreaseInTaxesRecoverable" unitRef="BRL" id="Tag2964" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,914</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForDecreaseIncreaseInTaxesRecoverable" unitRef="BRL" id="Tag2960" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,573</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Judicial deposits and escrow accounts </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForDecreaseIncreaseInJudicialDepositsAndEscrowAccounts" unitRef="BRL" id="Tag3037" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">16,035</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForDecreaseIncreaseInJudicialDepositsAndEscrowAccounts" unitRef="BRL" id="Tag2955" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,076</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForDecreaseIncreaseInJudicialDepositsAndEscrowAccounts" unitRef="BRL" id="Tag2947" decimals="-3" scale="3" format="ixt:num-dot-decimal">184</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other receivables </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" unitRef="BRL" id="Tag2918" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,133</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" unitRef="BRL" id="Tag3016" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,789</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" unitRef="BRL" id="Tag3051" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,516</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Related parties &#8211; other receivables </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForDecreaseIncreaseInOtherReceivablesFromRelatedParties" unitRef="BRL" id="Tag2976" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,258</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForDecreaseIncreaseInOtherReceivablesFromRelatedParties" unitRef="BRL" id="Tag3007" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForDecreaseIncreaseInOtherReceivablesFromRelatedParties" unitRef="BRL" id="Tag2463" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Suppliers </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" unitRef="BRL" id="Tag3031" decimals="-3" scale="3" format="ixt:num-dot-decimal">121,519</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" unitRef="BRL" id="Tag3043" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">16,124</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" unitRef="BRL" id="Tag2945" decimals="-3" scale="3" format="ixt:num-dot-decimal">42,620</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Salaries and social charges </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" unitRef="BRL" id="Tag2939" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,166</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" unitRef="BRL" id="Tag2465" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">9,890</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" unitRef="BRL" id="Tag3035" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,693</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Tax payable </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForIncreaseDecreaseInTaxLiabilities" unitRef="BRL" id="Tag154" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,039</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForIncreaseDecreaseInTaxLiabilities" unitRef="BRL" id="Tag2998" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,711</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForIncreaseDecreaseInTaxLiabilities" unitRef="BRL" id="Tag2430" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,629</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Contractual obligations and deferred income </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag3477" decimals="-3" scale="3" format="ixt:num-dot-decimal">375</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag2963" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,659</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag3054" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,163</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other liabilities </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" unitRef="BRL" id="Tag3019" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,084</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" unitRef="BRL" id="Tag2954" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">671</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" unitRef="BRL" id="Tag3382" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,295</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other liabilities - related parties </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" unitRef="BRL" id="Tag155" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">39,218</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" unitRef="BRL" id="Tag3044" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">94,155</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" unitRef="BRL" id="Tag2999" decimals="-3" scale="3" format="ixt:num-dot-decimal">117,299</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Cash from operating activities </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashFlowsFromUsedInOperations" unitRef="BRL" id="Tag2992" decimals="-3" scale="3" format="ixt:num-dot-decimal">291,400</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CashFlowsFromUsedInOperations" unitRef="BRL" id="Tag3032" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,371</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:CashFlowsFromUsedInOperations" unitRef="BRL" id="Tag3374" decimals="-3" scale="3" format="ixt:num-dot-decimal">292,490</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;">Payment of interest on leases</p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" unitRef="BRL" id="Tag2971" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,941</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" unitRef="BRL" id="Tag2950" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,692</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" unitRef="BRL" id="Tag335" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,675</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Payment of interest on bonds and financing </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag3386" decimals="-3" scale="3" format="ixt:num-dot-decimal">92,500</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag3055" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,922</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag3042" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,404</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Payment of interest on business combinations </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities" unitRef="BRL" id="Tag2946" decimals="-3" scale="3" format="ixt:num-dot-decimal">603</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities" unitRef="BRL" id="Tag2924" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,571</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="vsta:PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities" unitRef="BRL" id="Tag2953" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Income tax and social contribution paid </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" unitRef="BRL" id="Tag2975" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,153</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" unitRef="BRL" id="Tag3048" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,167</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" unitRef="BRL" id="Tag2431" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,234</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Payment of provision for tax, civil and labor losses </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:PaymentOfProvisionForTaxCivilAndLaborRisksClassifiedAsOperatingActivities" unitRef="BRL" id="Tag2991" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,363</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:PaymentOfProvisionForTaxCivilAndLaborRisksClassifiedAsOperatingActivities" unitRef="BRL" id="Tag2467" decimals="-3" scale="3" format="ixt:num-dot-decimal">627</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:PaymentOfProvisionForTaxCivilAndLaborRisksClassifiedAsOperatingActivities" unitRef="BRL" id="Tag2917" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,716</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Net cash from (applied in) operating activities </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" unitRef="BRL" id="Tag2965" decimals="-3" scale="3" format="ixt:num-dot-decimal">174,840</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" unitRef="BRL" id="Tag2942" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">21,608</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" unitRef="BRL" id="Tag2995" decimals="-3" scale="3" format="ixt:num-dot-decimal">215,461</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> CASH FLOWS FROM INVESTING ACTIVITIES </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Acquisition of property and equipment </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>13</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" unitRef="BRL" id="Tag3025" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,143</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" unitRef="BRL" id="Tag2937" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,910</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" unitRef="BRL" id="Tag2951" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,642</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions of intangible assets </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>14</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" unitRef="BRL" id="Tag3196" decimals="-3" scale="3" format="ixt:num-dot-decimal">90,588</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" unitRef="BRL" id="Tag2927" decimals="-3" scale="3" format="ixt:num-dot-decimal">55,878</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" unitRef="BRL" id="Tag3395" decimals="-3" scale="3" format="ixt:num-dot-decimal">42,793</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Acquisition of subsidiaries net of cash acquired </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" unitRef="BRL" id="Tag2994" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,559</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" unitRef="BRL" id="Tag2987" decimals="-3" scale="3" format="ixt:num-dot-decimal">186,218</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" unitRef="BRL" id="Tag3009" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,147</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="background-color: #bdd7ee; height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">Proceeds from investment in marketable securities</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities" unitRef="BRL" id="Tag2985" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,637,898</ix:nonFraction></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"><ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities" unitRef="BRL" id="Tag2972" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,641,308</ix:nonFraction></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"><ix:nonFraction contextRef="D20201231" name="ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities" unitRef="BRL" id="Tag3014" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,212,876</ix:nonFraction></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;">Purchase of investment in marketable securities</p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" unitRef="BRL" id="Tag2934" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,800,550</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" unitRef="BRL" id="Tag2928" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,289,836</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" unitRef="BRL" id="Tag2930" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,687,071</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Net cash (applied in) from investing activities </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" unitRef="BRL" id="Tag3028" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">394,942</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" unitRef="BRL" id="Tag3473" decimals="-3" scale="3" format="ixt:num-dot-decimal">88,466</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" unitRef="BRL" id="Tag3001" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">541,777</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> CASH FLOWS FROM FINANCING ACTIVITIES </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Capital contribution </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="vsta:ProceedsFromCapitalContributionClassifiedAsFinancingActivities" unitRef="BRL" id="Tag3002" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="vsta:ProceedsFromCapitalContributionClassifiedAsFinancingActivities" unitRef="BRL" id="Tag2981" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:ProceedsFromCapitalContributionClassifiedAsFinancingActivities" unitRef="BRL" id="Tag3047" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,426</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Suppliers - related parties </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="vsta:PaymentsForSuppliersFromRelatedPartiesClassifiedAsFinancingActivities" unitRef="BRL" id="Tag3399" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:PaymentsForSuppliersFromRelatedPartiesClassifiedAsFinancingActivities" unitRef="BRL" id="Tag2978" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,450</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:PaymentsForSuppliersFromRelatedPartiesClassifiedAsFinancingActivities" unitRef="BRL" id="Tag2986" decimals="-3" scale="3" format="ixt:num-dot-decimal">207,174</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Loans from related parties </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashAdvancesAndLoansFromRelatedParties" unitRef="BRL" id="Tag3004" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CashAdvancesAndLoansFromRelatedParties" unitRef="BRL" id="Tag3472" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:CashAdvancesAndLoansFromRelatedParties" unitRef="BRL" id="Tag2969" decimals="-3" scale="3" format="ixt:num-dot-decimal">65,600</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Payments of loans from related parties </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>19</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties" unitRef="BRL" id="Tag2997" decimals="-3" scale="3" format="ixt:num-dot-decimal">254,885</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties" unitRef="BRL" id="Tag2931" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,884</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties" unitRef="BRL" id="Tag2935" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,830</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Lease liabilities paid </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" unitRef="BRL" id="Tag3003" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,003</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" unitRef="BRL" id="Tag2973" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,998</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" unitRef="BRL" id="Tag3021" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,835</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Acquisition of treasury shares </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" unitRef="BRL" id="Tag2967" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" unitRef="BRL" id="Tag3058" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,880</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" unitRef="BRL" id="Tag2926" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Parent Company's Net Investment </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="vsta:CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany" unitRef="BRL" id="Tag3387" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="vsta:CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany" unitRef="BRL" id="Tag3011" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany" unitRef="BRL" id="Tag3029" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,335</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Issuance of common shares in initial public offering </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" unitRef="BRL" id="Tag2996" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" unitRef="BRL" id="Tag3012" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" unitRef="BRL" id="Tag2959" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,836,317</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Transaction costs in initial public offering </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PaymentsForShareIssueCosts" unitRef="BRL" id="Tag2922" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="ifrs-full:PaymentsForShareIssueCosts" unitRef="BRL" id="Tag2962" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:PaymentsForShareIssueCosts" unitRef="BRL" id="Tag2432" decimals="-3" scale="3" format="ixt:num-dot-decimal">154,849</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Payments of bonds and financing </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>14</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:RepaymentsOfCurrentBorrowings" unitRef="BRL" id="Tag3006" decimals="-3" scale="3" format="ixt:num-dot-decimal">759</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:RepaymentsOfCurrentBorrowings" unitRef="BRL" id="Tag2968" decimals="-3" scale="3" format="ixt:num-dot-decimal">477,741</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:RepaymentsOfCurrentBorrowings" unitRef="BRL" id="Tag2948" decimals="-3" scale="3" format="ixt:num-dot-decimal">852,135</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Issuance of securities with related parties </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span>15</span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:ProceedsFromIssueOfSecuritiesWithRelatedPartiesClassifiedAsFinancingActivities" unitRef="BRL" id="Tag3034" decimals="-3" scale="3" format="ixt:num-dot-decimal">250,000</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="vsta:ProceedsFromIssueOfSecuritiesWithRelatedPartiesClassifiedAsFinancingActivities" unitRef="BRL" id="Tag233" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="vsta:ProceedsFromIssueOfSecuritiesWithRelatedPartiesClassifiedAsFinancingActivities" unitRef="BRL" id="Tag3036" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Issuance of bonds net off issuance costs </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" unitRef="BRL" id="Tag3000" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" unitRef="BRL" id="Tag2949" decimals="-3" scale="3" format="ixt:num-dot-decimal">497,000</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" unitRef="BRL" id="Tag3040" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Payments of accounts payable for business combination and acquisition of associates </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities" unitRef="BRL" id="Tag2923" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,379</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities" unitRef="BRL" id="Tag3059" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,168</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="vsta:PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities" unitRef="BRL" id="Tag2990" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Net cash (applied in) from financing activities </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" unitRef="BRL" id="Tag2944" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">44,026</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" unitRef="BRL" id="Tag2952" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">68,121</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" unitRef="BRL" id="Tag3479" decimals="-3" scale="3" format="ixt:num-dot-decimal">594,185</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS&#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" unitRef="BRL" id="Tag2460" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">264,128</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" unitRef="BRL" id="Tag2454" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,263</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" unitRef="BRL" id="Tag3046" decimals="-3" scale="3" format="ixt:num-dot-decimal">267,869</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cash and cash equivalents at beginning of period </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>8</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CashAndCashEquivalents" unitRef="BRL" id="Tag3008" decimals="-3" scale="3" format="ixt:num-dot-decimal">309,893</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20201231" name="ifrs-full:CashAndCashEquivalents" unitRef="BRL" id="Tag3474" decimals="-3" scale="3" format="ixt:num-dot-decimal">311,156</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20191231" name="ifrs-full:CashAndCashEquivalents" unitRef="BRL" id="Tag2936" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,287</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cash and cash equivalents at end of period </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>8</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashAndCashEquivalents" unitRef="BRL" id="Tag3022" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,765</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CashAndCashEquivalents" unitRef="BRL" id="Tag2993" decimals="-3" scale="3" format="ixt:num-dot-decimal">309,893</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20201231" name="ifrs-full:CashAndCashEquivalents" unitRef="BRL" id="Tag2457" decimals="-3" scale="3" format="ixt:num-dot-decimal">311,156</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS&#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" unitRef="BRL" id="Tag2979" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">264,128</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" unitRef="BRL" id="Tag2966" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,263</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px 0px 1px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" unitRef="BRL" id="Tag3057" decimals="-3" scale="3" format="ixt:num-dot-decimal">267,869</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="font-size: 8pt; line-height: 125%; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt;">&#160;</span></p>
<p style="font-size: 8pt; line-height: 125%; margin: 0pt; text-align: justify;"><span style="font-size: 8pt;"><span style="font-family: 'Times New Roman'; font-style: italic;">The footnotes to these Consolidated Financial Statements</span><span style="font-family: 'Times New Roman'; font-style: italic;">&#160;are an integral part of the Financial Statements</span></span></p>
<p style="font-size: 8pt; line-height: 125%; margin: 0pt; text-align: justify;"><br/></p>
<div>
<div id="t_ft_207OVQ7VWW00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-8</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
</div><div id="D63iu9o99khstmwh4rs74gq" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><span style="font-weight: bold;">Vasta Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="line-height: inherit;"><span style="border-left: none; border-right: none;">2021</span></span></span></span></b></p>
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b style="font-family: 'Times New Roman', 'serif'; font-size: 12pt;"><span style="font-size: 10pt;">Notes to the Consolidated Financial Statements as of December 31, 2022</span></b></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr></div>
<div style="font-size: 12pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="B6_7A54KIW7G000000000000000000000" class="customBookmark"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></a></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt 0pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(Amounts in thousands of R$, unless otherwise indicated)</span></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:DisclosureOfGeneralInformationAboutEntityTextBlock" id="Tag3442" escape="true">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">1</span>.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">The Company and Basis of Presentation</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>1.1</span> The Company</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Vasta Platform Ltd., together with its subsidiaries (the Company) is a publicly held company incorporated in the Cayman Islands on October 16, 2019, </span><span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">with headquarters in the city of S&#227;o Paulo, Brazil. </span> The Company </span><span>is a technology-powered education content providing</span><span>&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">end-to-end</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">educational and digital solutions that cater to all needs of private schools operating in the</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">K-<span>12</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">educational segment.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta&#8217;s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> fiscal year begins on January 1 of each year and ends on December 31 of the same year.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has built a &#8220;Platform as a Service&#8221;, solution or PaaS, with <ix:nonFraction contextRef="I20221231" name="vsta:NumberOfReportableSegments1" unitRef="Item" id="Tag662" decimals="0" format="ixt-sec:numwordsen">two</ix:nonFraction> main modules: </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Content</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&amp; EdTech Platform and Digital Services. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company&#8217;s Content &amp; EdTech Platform combines a multi-brand and tech-enabled array with digital and printed content through long-term contracts with partner schools.</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Since July 31, 2020, VASTA Platform Ltd. has been a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">publicly-held</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> company registered with SEC (&#8220;The US Securities and Exchange Commission) and its shares are traded on Nasdaq Global Select Market under ticker symbol &#8220;VSTA&#8221;.</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>1.2</span> Corporate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">restructuring</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">and business</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">combinations</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ntil July 23, 2020, <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">VASTA Platform,</span> was not a separate legal entity. <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">The Business, (referred herein when the company presented its financial statements combined with other entities),&#160;</span>comprised combined carved-out historical balances of certain assets, liabilities and results of operations related to the delivery of educational content for private sector basic and secondary education (&#8220;K-<span>12</span> curriculum&#8221;) previously carried out by the legal entity </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> S.A. and its subsidiaries (hereinafter referred to as &#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221; or &#8220;Parent Entity&#8221;, or in combination with its subsidiaries, &#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Group&#8221;).</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On January 1, 2020, the business activities were restructured in the legal entity </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A (&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;). On January 7, 2020, the Company concluded the acquisition of the entire ownership interest in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pluri</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. On February 13, 2020, the Company concluded the acquisition of the entire ownership interest in Mind Makers.</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On July 23, 2020, prior to the completion of the Initial Public Offering &#8211; IPO, the &#8216;Board of Directors&#8217; Meeting approved the Contribution Agreement which </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta&#8217;s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Parent Company) contributed with <ix:nonFraction contextRef="D20200723_ParentMember_SomosSistemasDeEnsinoSaMember_SomosGroupMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag661" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% of the shares issued by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> held by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform&#8217;s share capital. After the contribution, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> became wholly owned by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta&#8217;s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Parent Company, which, in turn, continued to be controlled by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. In addition, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> contributed with shareholders capital in the amount of R$ <ix:nonFraction contextRef="D20200723_ParentMember" name="ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners" unitRef="BRL" id="Tag3380" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,426</ix:nonFraction> in cash on July 23, 2020.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><span style="font-weight: bold;">Vasta&#160;Platform Limited</span></span></p>
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<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On March 2, 2021, the Company acquired an ownership interest in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sociedade</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Educacional da </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Lagoa</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda.(&#8220;SEL&#8221;) through its wholly owned subsidiary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. See Note <span>5</span>.</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On May 27, 2021, the Company acquired an ownership interest in Nota <span>1000</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Servi&#231;os</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacionais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> S.A (&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Reda&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Nota <span>1000</span>&#8221;) through its wholly owned subsidiary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. See Note <span>5</span>.</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On August 1, 2021, the Company acquired an ownership interest in EMME &#8211; </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Produ&#231;&#245;es</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Materiais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> em </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Multim&#237;dia</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (&#8220;EMME&#8221;) through its wholly owned subsidiary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. See Note <span>5</span>. </span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On October 29, 2021, the Company acquired an equity interest in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> De Gouges SA &#8211; Learning System Eleva - (&#8220;De Gouges&#8221;) through its wholly-owned subsidiary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. See Note <span>5</span>.</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">January</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>14</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the Company acquired an equity interest in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Phidelis</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Tecnologia Desenvolvimento de Sistemas Ltda. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> MVP Consultoria e Sistemas Ltda</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#8211;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">through its wholly-owned subsidiary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. See Note <span>5</span>.</span></p>
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<p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><span style="font-size: 10.0pt;">On July 19, 2022, the Company acquired a non-controlling interest (<ix:nonFraction contextRef="I20220719_EducbankGestaoDePagamentosEducacionaisSAMember" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" unitRef="Pure" id="Tag635" decimals="2" scale="-2" format="ixt:num-dot-decimal">45</ix:nonFraction>%) in Educbank Gest&#227;o de Pagamentos Educacionais S.A. (&#8220;Educbank&#8221;). The consideration paid was R$ <ix:nonFraction contextRef="I20220719_EducbankGestaoDePagamentosEducacionaisSAMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag632" decimals="-3" scale="3" format="ixt:num-dot-decimal">87,651</ix:nonFraction>, of which R$ <ix:nonFraction contextRef="I20220719_EducbankGestaoDePagamentosEducacionaisSAMember" name="ifrs-full:CashTransferred" unitRef="BRL" id="Tag636" decimals="-3" scale="3" format="ixt:num-dot-decimal">63,814</ix:nonFraction> was paid in cash and the remaining amount of R$ <ix:nonFraction contextRef="I20220719_EducbankGestaoDePagamentosEducacionaisSAMember" name="vsta:AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" unitRef="BRL" id="Tag631" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,837</ix:nonFraction> to be paid in <ix:nonFraction contextRef="I20220719_EducbankGestaoDePagamentosEducacionaisSAMember" name="vsta:NumberOfInstallmentsForContingentConsiderationPayment" unitRef="Installments" id="Tag665" decimals="0" format="ixt-sec:numwordsen">four</ix:nonFraction> cash installments according to the growth of students served by Educbank.</span></p>
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<p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><span style="font-size: 10.0pt;">On July 19, 2022, the Company acquired a non-controlling interest (<ix:nonFraction contextRef="I20220719_FlexFlixLimitedMember" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" unitRef="Pure" id="Tag663" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction>%) in Flex Flix Limited (&#8220;Flex Flix&#8221;). The consideration paid was R$ <ix:nonFraction contextRef="I20220719_FlexFlixLimitedMember" name="ifrs-full:CashTransferred" unitRef="BRL" id="Tag3471" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,271</ix:nonFraction>, paid in cash. The amount paid to acquire a stake in this company was recorded in &#8220;other investments and interests in entities&#8221;.</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Consolidated Financial Statements comprise the following entities, which are all fully owned by the Company:</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Company </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Interest </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 67%;">
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 15%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_SomosSistemasDeEnsinoSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag162" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 15%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_SomosSistemasDeEnsinoSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag637" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Livraria Livro F&#225;cil Ltda. ("Livro F&#225;cil") </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_LivrariaLivroFacilLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag666" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_LivrariaLivroFacilLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag121" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> A &amp; R Comercio e Servi&#231;os de Inform&#225;tica Ltda. (&#8220;Pluri&#8221;) </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AAndRComercioEServicosDeInformaticaLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag659" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_AAndRComercioEServicosDeInformaticaLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3378" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Mind Makers Editora Educacional (&#8220;Mind Makers&#8221;) (i) </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_MindMakersEditoraEducacionalMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag669" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_MindMakersEditoraEducacionalMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag119" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ColegioAngloSaoPauloMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag638" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ColegioAngloSaoPauloMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag116" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (&#8220;Phidelis&#8221;) </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag160" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag122" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag153" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag634" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_MerittInformacaoEducacionalLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3377" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_MerittInformacaoEducacionalLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag670" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag163" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3379" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Nota <span>1000</span> Servi&#231;os Educacionais Ltda ("Reda&#231;&#227;o Nota <span>1000</span>") (i) </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3317" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag120" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="2" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> EMME &#8211; Produ&#231;&#245;es de Materiais em Multim&#237;dia Ltda (&#8220;EMME&#8221;). </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag660" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag664" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Editora De Gouges S.A ("De Gouges")&#160; (i) </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_EditoraDeGougesSAMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag165" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_EditoraDeGougesSAMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag668" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td style="width: 3%; vertical-align: top;" valign="top">(i)</td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><span><ix:footnote xml:lang="en-US" id="footnote36" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; color: #000000;">Entities that were merged during the fiscal year ended December 31,2022</span></span></span></ix:footnote></span></p>
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<p style="margin:0pt"><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-10</span></span></td>
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</div><div id="Dldo0efjg5tivipo0sudixk" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span style="border-left: none; border-right: none;">2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span>. Basis of preparation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">and presentation of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Consolidated Financial Statements</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Consolidated Financial Statements of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform, the reporting entity, have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). </span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Consolidated Financial Statements as of December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span>,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> were approved by the Executive Board on April&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">25</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, <span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>23</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">a.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Consolidation</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company consolidates all entities over which it has control, that is, when it is exposed or is entitled to variable returns from its involvement with the investee and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has the ability to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> direct the relevant activities of the investee. The subsidiaries included in the consolidation are described in the following note.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Subsidiaries are fully consolidated from the date on which control is transferred to the Company Consolidation is interrupted from the date on which the Company ceases to have control.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Transactions, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">balances</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and unrealized gains on transactions between Company companies are eliminated</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The accounting policies of the new subsidiaries are changed, when necessary, to ensure consistency with the policies adopted by the Company.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Below is a list of the companies controlled by the Company for the years ended December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span>,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">:</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Company </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<td colspan="4" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Interest </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="font-size: 9pt; font-family: Georgia, 'serif'; color: #000000;">Somos Sistemas de Ensino S.A.&#160;</span>("Somos Sistemas") </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_SomosSistemasDeEnsinoSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag642" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_SomosSistemasDeEnsinoSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag641" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Livraria Livro F&#225;cil Ltda. ("Livro F&#225;cil") </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_LivrariaLivroFacilLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag189" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_LivrariaLivroFacilLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag627" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> A &amp; R Comercio e Servi&#231;os de Inform&#225;tica Ltda. (&#8220;Pluri&#8221;) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AAndRComercioEServicosDeInformaticaLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag640" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_AAndRComercioEServicosDeInformaticaLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag626" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Mind Makers Editora Educacional (&#8220;Mind Makers&#8221;)</span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_MindMakersEditoraEducacionalMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag188" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_MindMakersEditoraEducacionalMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag625" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Col&#233;gio Anglo S&#227;o Paulo </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ColegioAngloSaoPauloMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag639" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ColegioAngloSaoPauloMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag624" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (&#8220;Phidelis&#8221;)</span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag126" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag124" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> MVP Consultoria e Sistemas Ltda. (&#8220;MVP&#8221;)</span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag125" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag123" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Meritt Informa&#231;&#227;o Educacional Ltda (&#8220;Meritt&#8221;)</span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_MerittInformacaoEducacionalLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag187" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_MerittInformacaoEducacionalLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag623" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Sociedade Educacional da Lagoa Ltda (&#8220;SEL&#8221;) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag310" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag311" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Nota <span>1000</span> Servi&#231;os Educacionais Ltda ("Reda&#231;&#227;o Nota <span>1000</span>") (i) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag186" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag628" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="2" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> EMME &#8211; Produ&#231;&#245;es de Materiais em Multim&#237;dia Ltda (&#8220;EMME&#8221;). </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag629" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag190" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Editora De Gouges S.A ("De Gouges")</span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_EditoraDeGougesSAMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag185" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_EditoraDeGougesSAMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag630" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-11</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span style="border-left: none; border-right: none;">2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"><span style="font-family: 'times new roman', times;"><b><span style="font-size: 10pt; color: #000000;">b.&#160;&#160;Associates</span></b></span></p>
<p style="text-align: justify; margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"><span style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;">Associates are those entities in which the Group, has significant influence, but does not control or jointly control, over the financial and operating policies.</span></p>
<p style="margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"><span style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;">Investments in associates are accounted for using the equity method. Such investments are initially recognized at cost, which includes transaction costs. After initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence ceases.</span></p>
<p style="margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"><span style="font-family: 'times new roman', times;"><b><span style="font-size: 10pt; color: #000000;">c.&#160;&#160;Operating segment</span></b> </span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;">The information by operating segment is presented in a manner consistent with the internal report provided to the Executive Board, which is the Chief Operating Decision Maker (CODM) in addition to being responsible for allocating resources, evaluating performance and making strategic decisions in the Company.&#160; &#160;&#160;</span></p>
<p style="text-align: justify; margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;">The Executive Board considers the business to be segregated into Content EdTech and Digital Service.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt; font-weight: bold;">d.</span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">Cash Generating Units &#8211; (&#8220;CGU&#8221;)</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'times new roman', times;">For purposes</span> of assessing impairment, these assets are grouped into the lowest levels for which there are separately identifiable cash flows (Cash Generating Units - CGU). For the purposes of this test, the goodwill is allocated to the Cash Generating Units, segregated into Content EdTech and Digital Service.</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">e.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Functional and Presentation Currency</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The Consolidated Financial Statements are presented in thousands of Brazilian Reais (&#8220;R$&#8221;), which is the Company's functional currency. All financial information presented in R$ has been rounded to the nearest </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">thousand</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, except as otherwise indicated.</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">f.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Measurement basis</span></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The Consolidated Financial Statements were prepared based on historical cost, except for certain assets and liabilities that are measured at fair value, as explained in the accounting policies below.</span></p>
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<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory" id="Tag676" escape="true"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>3</span>.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Use of estimates and judgements</span>
<p style="margin: 0pt 0pt 0pt 14.2pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In preparing the Consolidated Financial Statements, Management has made judgements and estimates that affect the application of Company&#180; accounting policies and the reported amounts of assets, liabilities, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">income</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and expenses. Actual results may differ from these estimates.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Those estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable and relevant under the circumstances. Revisions to estimates are recognized prospectively.</span></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>3.1</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Judgements</span></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> a. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Determination of the lease period </span></p>
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<p style="margin: 8pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company has lease contracts where it acts as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lessee,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and it is related to warehousing, equipment and computers used to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">learning systems and education solutions. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be exercised (or not terminated). For leases of warehouses, equipment or even computer used in education solutions, the following factors are normally the most relevant:</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> If there are significant penalties for termination (or not to extend), the Company is reasonably certain to extend (or not terminate) the lease. </span></p>
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<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> If there are any leasehold improvements with significant residual balances, the Company is reasonably certain to extend (or not terminate) the lease. </span></p>
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<td style="vertical-align: top;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px 0px 4px;"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Also, the Company considers other factors including past practices related to the use of specific categories of assets (leased or owned assets) as well as the historical length of the leases and the costs and business disruptions required to replace the leased asset. See Note <span>1</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>7</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;</span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 5pt 0pt 0pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">3.2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Assumptions and estimation uncertainties</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> a. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Deferred Income tax&#160;and social contribution </span></p>
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<p style="margin: 6pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The liability method is used to account for deferred income tax and social contribution in respect of temporary differences between the carrying amount of assets and liabilities and the related tax bases. The amount of deferred tax assets is reviewed at the end of each reporting period and reduced for the amount that is no longer probable to be realized through future taxable income. The estimates of the availability of future taxable income against which deductible temporary differences and tax losses may be used to reduce income taxes expenses, therefore, deferred tax assets are subject to significant judgement. Additionally, future taxable income may be higher or lower than the estimates considered in determining the deferred tax assets. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">See Note </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>23</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> b. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provision for risks of tax, civil and&#160;labor&#160;losses </span></p>
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<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company is a party to judicial and administrative proceedings.&#160;We accounts for provisions for all judicial proceedings whose likelihood of loss is probable. The assessment of the likelihood of a loss and the estimate of probable disbursements by the Company, in connection of such losses, include the evaluation of available evidence as well the opinion of internal and external legal advisors. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">See Note <span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> c. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Impairment&#160;losses on trade receivables </span></p>
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<p style="margin: 8pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The expected credit losses (&#8220;ECL&#8221;) for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company&#8217;s historical collection information, existing market conditions, as well as forward looking estimates at the end of each reporting period.&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Note <span>10</span>.</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> d. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provision for inventory obsolescence </span></p>
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<p style="margin: 6pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company adopts as a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">criteria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for the provision of inventory losses estimating the percentage of loss based on the historical production index, which considers the production aging data by type of product. The Company considers the editorial renewal calendar of its products to determine the number of periods in which the products may become obsolescent. In addition, the Company assesses whether inventories are overvalued, that is, whether the selling price is lower than the average cost of production. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">See note <span>11</span>.</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> e. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Impairment of Goodwill </span></p>
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<p style="margin: 6pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company annually tests goodwill for impairment based on the recoverable amounts of Cash Generating Units (CGUs), determined based on estimated value-in-use calculations. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for a foreseeable future, and it do not include restructuring activities to which the Company has not yet committed or significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the Discounted Cash Flow (DCF) model as well as to expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill recognized by the Company. The key assumptions used to determine the recoverable amount of the different CGUs are disclosed and further explained in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Note <span>13</span>.</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> f. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Rights to Returned Goods and Refund Liabilities </span></p>
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<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pursuant to the terms of the contracts with some customers, they are required to provide the Company with an estimate of the number of students that will access the content in the next school year (which typically starts in February of the following year), allowing the Company to start the delivery of its products. Since the contracts allows product returns (generally for period of <span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20221231_3" name="vsta:SalesReturnTermFromDeliveryDate" id="Tag2019" format="ixt-sec:durwordsen">four months</ix:nonNumeric></span> </span>from delivery date) up to a certain limit, the Company recognizes revenue for the amount that is expected to be received based on </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">past experience</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, assuming that the other conditions for revenue recognition </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are met.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Therefore, the amount of revenue recognized is adjusted for expected returns, which are estimated based on historical data on a portfolio basis. In these circumstances a refund liability and a right to recover returned goods asset are recognized</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. See Note <span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>8</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 8pt 0pt 5pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover goods. The refund liability is included in Contractual Obligations</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and Deferred Income and the right to recover returned goods is included in Inventories. The Company reviews its estimate of expected returns at each reporting date and updates the amounts of the asset and liability </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accordingly. See Note</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta<span style="line-height: inherit;">&#160;</span>Platform Limited</span></span></p>
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<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;"><br/></span></span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> g. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair value measurements and valuation processes </span></p>
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<p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">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:</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Level&#160;<span>1</span>&#160;- Quoted (unadjusted) market prices in active markets for identical assets or liabilities. </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Level&#160;<span>2</span>&#160;- Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#8226; </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Level <span>3</span> - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. </span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Where Level <span>1</span> inputs are not available, if needed, the Company engages third party qualified appraisers to perform the valuation using Level <span>2</span> and / or Level <span>3</span> inputs. The Company&#8217;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.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The valuations of identifiable assets and contingent liabilities in business combinations could be particularly sensitive to changes in <span>one</span> or more unobservable inputs considered in the valuation process. Further information on the assumptions used in the valuation p</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rocess of such items is provided in Note </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>7</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Fair value measurement assumptions are also used for determination of expenses with Share-based Compensation, which are disclosed in Note <span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> h. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Purchase Price Allocation <b><span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">&#8211; Business combination</span></b> </span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">During the process of allocating the acquisition price in a business combination, management records the fair value of the consideration transferred (including contingent consideration) and the fair value of the assets </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acquired</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and liabilities assumed.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The valuation techniques used for measuring the fair value of material assets acquired were as follows:</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Property, plant and equipment uses Market comparison technique and cost technique: The valuation model considers market prices for similar items when they are available, and depreciated replacement cost when appropriate. Depreciated replacement cost reflects adjustments for physical deterioration as well as functional and economic obsolescence; </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Intangible assets use Relief-from-royalty method and multi-period excess earnings method: The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the patents being owned. The multi-period excess earnings method considers the present value of net cash flows expected to be generated by the customer relationships, by excluding any cash flows related to contributory assets; </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Inventories uses Market comparison technique: The fair value is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories. </span></p>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
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<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt;"><span style="text-align: justify; font-size: 10pt; font-weight: bold; line-height: inherit;">4.</span><span style="text-align: justify; font-size: 10pt; line-height: inherit;">&#160;</span><span style="text-align: justify; font-size: 10pt; line-height: inherit;">&#160;</span><span style="text-align: justify; font-size: 10pt; line-height: inherit;">&#160;</span><span style="text-align: justify; font-size: 10pt; line-height: inherit;">&#160;</span><span style="text-align: justify; font-size: 10pt; line-height: inherit;">&#160;</span><span style="text-align: justify; font-size: 10pt; font-weight: bold; line-height: inherit;">Significant accounting policies and new and not yet effective accounting standards</span><br/></div>
<div id="D9388hog19rme6uexibvyaf" style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt; line-height: 1.2; text-align: justify;">
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">4.1<span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">&#160;</span></span>New and not yet effective accounting standards</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">A</span> <span style="font-size: 10pt; line-height: inherit;">number of</span><span style="font-size: 10pt; line-height: inherit;"> new standards, amendments and interpretations were effective for <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">annual periods beginning after January 1, 2022, none of which had a material impact. Below are presented the new and not yet effective standards:</span> </span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
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<p><span style="font-family: 'times new roman', times; line-height: inherit;"> Insurance&#160;contracts&#160;(IFRS <span>17</span>) </span></p>
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<p><span style="font-family: 'times new roman', times; line-height: inherit;"> Income tax&#160;Deferred&#160;(Amendments to IAS<span>12</span>) </span></p>
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<p><span style="font-family: 'times new roman', times; line-height: inherit;"> Classification&#160;of liabilities as current or non-current&#160;(Amendments to IAS<span>1</span>) </span></p>
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<p><span style="font-family: 'times new roman', times; line-height: inherit;"> Disclosure of accounting Policies (Amendments to IAS<span>1</span> and IFRS&#160;Practice Statement <span>2</span>) </span></p>
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<p style="margin: 8pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The new and not yet effective accounting standards, when adopted, are not expected to have a material impact on these consolidated financial statements.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">4.2<span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">&#160;</span></span></span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Significant accounting policies</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The significant accounting policies applied in the preparation of the Consolidated Financial Statements are presented below. These policies have been consistently applied in the periods presented herein.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
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<div style="margin: 0pt 0pt 10pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">a.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Cash and Cash Equivalents</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents include cash on hand, bank deposits and highly liquid short-term investments and have maturities of </span><ix:nonNumeric contextRef="D20221231_3" name="vsta:MaximumMaturityPeriodOfCashAndCashEquivalents" id="Tag2022" format="ixt-sec:durwordsen">three months</ix:nonNumeric> or less from the date of purchase and that are readily convertible into a known amount of cash and are subject to immaterial risk of change in value.</span></p>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">b.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Financial Assets and Liabilities</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></span></div>
<p style="margin: 0pt 0pt 8pt 22pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-style: italic; line-height: inherit;">i</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">Classification</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial Assets&#8217; classification depends on the entity&#8217;s business model for managing them and if their contractual cash flows represent solely payments of principal and interest. Based on this assessment Financial Assets are classified as measured: at amortized cost, at FVTOCI (fair value through other comprehensive income); or at FVTPL (fair value through profit or loss).</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A business model to manage financial assets refers to the way the Company manages its financial assets to generate cash flows, determining if the cash flows will occur through the collection of contractual cash flows at maturity date, through the sale of the financial asset, or both. The information considered in the business model evaluation includes the following: </span></p>
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<td style="height: 20px; width: 95%; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-family: 'times new roman', times; line-height: inherit;"> The policies and goals established for the portfolio of financial assets and feasibility of these policies. They include whether management&#8217;s strategy focuses on obtaining contractual interest income, maintaining a certain interest rate profile, matching the duration of financial assets with the duration of related liabilities or expected cash outflows, or the realization of cash flows through the sale of&#160;assets.</span></td>
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<td style="height: 17px; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-family: 'times new roman', times; line-height: inherit;"> how the performance of the portfolio is evaluated and reported to the Company&#8217;s Management.&#160; </span></td>
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<td style="height: 17px; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-family: 'times new roman', times; line-height: inherit;"> risks that affect the performance of the business model (and the financial assets held in that business model) and the&#160;manner in which&#160;those risks are managed. </span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
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<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<td style="height: 17px; text-align: justify; width: 95%; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> how business managers are compensated - for example, if the compensation is based on the fair value of managed assets or on the contractual cash flows obtained; and </span></p>
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<td style="height: 17px; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> the volume and timing of sales of financial assets in prior periods, the reasons for such sales and future sales expectations. </span></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">For assessing whether contractual cash flows represent solely payments of principal and interest, &#8220;principal&#8221; is defined as the fair value of the financial asset upon initial recognition. &#8220;Interest&#8221; is defined as a consideration </span><span style="font-size: 10pt; line-height: inherit;">for the amount of</span><span style="font-size: 10pt; line-height: inherit;"> cash at the time and for the credit risk associated with outstanding principal amount during a certain period and for other risks and base costs of loans (for example, liquidity risk and administrative costs), as well as for the profit margin.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company considers the contractual terms of the instruments to evaluate whether the contractual cash flows are only payments of principal and interest. This includes evaluating whether the financial asset contains a contractual term that could change the timing or amount of the contractual cash flows so that it would not meet this condition. In making this evaluation, the Company considers the following:</span></p>
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<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"> contingent events that change the amount or timing of cash&#160;flows. </span></p>
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<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"> terms that may adjust the contractual rate, including variable&#160;rates. </span></p>
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<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> the prepayment and the extension of the term; and </span></p>
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<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> the terms that limit the access of the Company to cash flows from specific assets (for example, based on the performance of an asset). </span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Due to their nature, as of December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s financial assets are classified as &#8220;measured at amortized cost&#8221;</span><span style="font-size: 10pt; line-height: inherit;">, except </span><span style="font-size: 10pt; line-height: inherit;">for </span><span style="font-size: 10pt; line-height: inherit;">the</span><span style="font-size: 10pt; line-height: inherit;"> Marketable securities <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">and</span> <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">other investments and interests in entities, which are classified as &#8220;measured at fair value through profit or loss&#8221;.</span> </span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets are not reclassified after initial recognition, unless the Company changes the business model for the management of financial assets, in which case all financial assets affected are reclassified on the first day of the reporting period subsequent to the change in the business model.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities are classified as measured as amortized cost or at FVTPL. A financial liability is classified as measured at fair value through profit or loss if it is classified as held for trading, if it is a derivative or assigned as such upon initial recognition.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Due to their nature, as of December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s financial liabilities are classified as &#8220;measured at amortized cost&#8221;.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-style: italic; line-height: inherit;">ii.</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;"> Initial Recognition and Subsequent Measurement </span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables are initially recognized on the date they were originated. All other financial assets and liabilities are initially recognized when the Company becomes a party to the instrument&#8217;s contractual provisions. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A financial asset (unless it is trade receivable without a significant financing component) or a financial liability is initially measured at fair value, plus, for an item not measured at FVTPL (fair value through profit or loss), transaction costs which are directly attributable to its acquisition or issuance. A trade receivable without a significant financing component is initially measured at its transaction price. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in statements of profit or loss.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets are derecognized when the rights to receive the cash flows expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. </span></p>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
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<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gains or losses arising from changes in the fair value of the "Financial assets at fair value through profit or loss", as well as interest income accrued over &#8220;Assets measured at amortized cost&#8221;, are presented in statements of profit or loss under "Finance income" in the period in which they arise.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company derecognizes a financial liability when its contractual obligations are discharged or canceled or expired. The Company also derecognizes a financial liability when the terms are modified, and the cash flows of the modified liability are substantially different. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in statements of profit or loss.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-style: italic; line-height: inherit;">iii.</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">Offsetting of financial assets and liabilities</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets and liabilities are offset, and the net amount presented in the Consolidated Statement of Financial Position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle them a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-style: italic; line-height: inherit;">iv.</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">Impairment of financial assets</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company assesses on a prospective basis the expected credit loss (&#8220;ECL&#8221;) associated with its financial asset instruments carried at amortized cost, with accruals and reversals recorded in the Statement of Profit or </span><span style="font-size: 10pt; line-height: inherit;">Loss .</span><span style="font-size: 10pt; line-height: inherit;"> ECLs are based on the difference between the contractual cash flows due in accordance with the contractual terms and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The methodology applied depends on whether there has been a significant increase in credit risk.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">For</span> trade receivables, the Company applied the simplified approach&#160;and calculated impairment losses based on lifetime expected credit losses as from their initial recognition, as described in </span><span style="font-size: 10pt; line-height: inherit;">Note <span>10</span>.c.</span></span></p>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">c.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Inventories</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Inventories are stated at cost or net realizable value, whichever is lower. The method of valuation of inventories is the average cost. The cost of finished goods and work in progress comprises project costs, raw materials, publishing costs (e.g., direct labor, other direct </span><span style="font-size: 10pt; line-height: inherit;">costs</span><span style="font-size: 10pt; line-height: inherit;"> and the related direct production costs).</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Editorial costs incurred during the development phase of a new product are presented within inventories as &#8220;work in progress&#8221;, as materials are substantially revised annually. After the conclusion of its production and allocation in the line of "finished products", the sales of the product begins and any subsequent costs incurred are recognized in profit or loss as "cost of goods sold and services ", according to the accrual period on which the services are provided.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company recognizes a provision for losses on finished products and low-handling raw materials, which are periodically analyzed and evaluated in terms of the expected realization of these inventories.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">If losses are not expected, the provision is reversed. Management periodically assesses whether obsolete inventories need to be destroyed.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company also recognizes the right of return on its inventories. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>3.2</span> </span><span style="font-size: 10pt; line-height: inherit;">f</span></span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" id="Tag702" escape="true">
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">d.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Property, Plant and Equipment</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Property, </span><span style="font-size: 10pt; line-height: inherit;">plant</span><span style="font-size: 10pt; line-height: inherit;"> and equipment is stated at historical cost less accumulated depreciation. Historical cost includes the cost of acquisition.</span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-17</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subsequent costs are included in the asset&#8217;s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with these costs will flow to the Company, and they can be measured reliably. The carrying amount of the replaced items or parts is derecognized. All other repairs and maintenance are charged to statement of Profit or Loss during the financial period in which they are incurred. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciation of assets is calculated using the straight-line method to reduce their cost to their residual values over their estimated useful lives, as follows:</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Years </span></p>
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<p style="margin: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Property, buildings and leasehold improvements </span></p>
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<td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_PropertyBuildingsAndLeaseholdImprovementsMember_BottomOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag2021" format="ixt-sec:duryear">5</ix:nonNumeric>-<ix:nonNumeric contextRef="D20221231_PropertyBuildingsAndLeaseholdImprovementsMember_TopOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag2" format="ixt-sec:duryear">20</ix:nonNumeric> </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> IT equipment </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_ComputerEquipmentMember_BottomOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag3197" format="ixt-sec:duryear">3</ix:nonNumeric>-<ix:nonNumeric contextRef="D20221231_ComputerEquipmentMember_TopOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag2000" format="ixt-sec:duryear">10</ix:nonNumeric> </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Furniture, equipment and fittings </span></p>
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<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_FixturesAndFittingsMember_BottomOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag2006" format="ixt-sec:duryear">3</ix:nonNumeric>-<ix:nonNumeric contextRef="D20221231_FixturesAndFittingsMember_TopOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag3204" format="ixt-sec:duryear">10</ix:nonNumeric> </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Right of use assets </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_RightofuseAssetsMember_BottomOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag3207" format="ixt-sec:duryear">3</ix:nonNumeric>-<ix:nonNumeric contextRef="D20221231_RightofuseAssetsMember_TopOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag2005" format="ixt-sec:duryear">15</ix:nonNumeric> </span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The assets&#8217; residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in statement of Profit or Loss when control of the asset is transferred. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory" id="Tag706" escape="true">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">e.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 18px;">Business Combination</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisitions of businesses are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and included in general and administrative expenses.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognized at their fair value at the acquisition date.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer&#8217;s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not </span><span style="font-size: 10pt; line-height: inherit;">remeasured</span><span style="font-size: 10pt; line-height: inherit;"> and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in statement of profit or loss.</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>5</span>.</span></span></p>
</ix:nonNumeric>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" id="Tag815" escape="true">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">f.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Intangible Assets and Goodwill</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company&#8217;s intangible assets are mostly comprised of software, trademarks, customer portfolio, platform content production, trade agreement, </span><span style="font-size: 10pt; line-height: inherit;">copyrights</span><span style="font-size: 10pt; line-height: inherit;"> and goodwill. Those items are further described below:</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<li style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; margin: 0pt 0pt 0pt 30.85pt; padding-left: 4.6pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Goodwill</span></li>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-18</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr></ix:exclude>
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<p style="margin: 10pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Goodwill arising on the acquisition of subsidiaries is measured as set out in </span><span style="font-size: 10pt; line-height: inherit;">Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">b.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Software</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Computer software licenses purchased are capitalized based on the costs incurred to acquire and bring to use the specific software or to develop new functionalities to existing ones. Directly attributable costs that are capitalized as part of the software product / project include the software / project development employee costs and an appropriate portion of significant direct expenses.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Other development costs and subsequent expenditures that do not meet these capitalization criteria (</span><span style="font-size: 10pt; line-height: inherit;">e.g.</span><span style="font-size: 10pt; line-height: inherit;"> maintenance and on-going operations) are recognized as an expense as incurred. Development costs previously recorded as an expense are not recognized as an asset in a subsequent period. </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Software recognized as assets is amortized using straight-line method over its estimated useful lives, not greater than <ix:nonNumeric contextRef="D20221231_ComputerSoftwareMember_1" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" id="Tag2017" format="ixt-sec:durwordsen">5 years</ix:nonNumeric>. The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">c.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Trademarks</span></span></div>
<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Separately acquired trademarks are initially stated at historical cost. Trademarks acquired in a business combination are recognized at fair value at the acquisition date. Subsequently, trademarks are amortized to the end of their useful lives.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Amortization is calculated using the straight-line method to allocate the cost of trademarks over their estimated useful lives of <ix:nonNumeric contextRef="D20221231_BrandNamesMember_BottomOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" id="Tag3206" format="ixt-sec:duryear">20</ix:nonNumeric> to <ix:nonNumeric contextRef="D20221231_BrandNamesMember_TopOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" id="Tag3202" format="ixt-sec:durwordsen">30 years</ix:nonNumeric>&#160;. The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 20</span><span style="font-size: 10pt; line-height: inherit;"><span>22</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">d.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Customer portfolio</span></span></div>
<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Customer portfolios acquired in a business combination are recognized at fair value at the acquisition date. The contractual customer relationship has an estimated finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method over the expected life of the customer relationship (from <ix:nonNumeric contextRef="D20221231_CustomerrelatedIntangibleAssetsMember_BottomOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" id="Tag3208" format="ixt-sec:duryear">12</ix:nonNumeric> to <ix:nonNumeric contextRef="D20221231_CustomerrelatedIntangibleAssetsMember_TopOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" id="Tag2003" format="ixt-sec:durwordsen">13 years</ix:nonNumeric>). The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">e.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Platform content production</span></span></div>
<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Development expenditure with platform content is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are </span><span style="font-size: 10pt; line-height: inherit;">probable</span><span style="font-size: 10pt; line-height: inherit;"> and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. </span><span style="font-size: 10pt; line-height: inherit;">Subsequent to</span><span style="font-size: 10pt; line-height: inherit;"> initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Amortization is calculated on the straight-line method over their estimated useful lives of <ix:nonNumeric contextRef="D20221231_CapitalisedDevelopmentExpenditureMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" id="Tag2016" format="ixt-sec:durwordsen">3 years</ix:nonNumeric>. The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
</ix:nonNumeric>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" id="Tag698" escape="true">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">g.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Copyrights</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company accounts for different copyright agreements as follows:</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div id="t_ft_C9BE8WO4PS00000000000000000000b">
<table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">
<tbody>
<tr>
<td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top">i.</td>
<td style="width: 94.7261%; text-align: justify; margin: 0px; text-indent: 0px; padding: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Copyrights are paid to the authors of the content included in the textbooks produced by the Company and are calculated based on agreed upon percentages of revenue or cash inflows related to the books sold, as defined in each contract. Payments are made on a monthly, quarterly, semi-annually, annually or hybrid basis. For these contracts the authors maintain the legal title of the copyrights. These copyrights are charged to the statement of profit or loss and other comprehensive income on an accrual basis when the products are sold.</span></td>
</tr>
<tr>
<td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top">ii.</td>
<td style="width: 94.7261%; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">In some instances where the authors maintain the legal title of the copyrights, contracts require the prepayment of part or even the full down payment of forecasted sales before the authors start the production of the content. In such cases, copyrights are recognized as a &#8220;Prepayments&#8221; in the Consolidated Statement of Financial Position</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">and charged to statements of Profit or Loss when the books are sold based on the related sales forecast. The Company reviews regularly the forecast sales to determine if an impairment is required.</span></span></td>
</tr>
<tr>
<td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top">iii.</td>
<td style="width: 94.7261%; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">When <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">the Company purchases permanently the legal title of the copyright from the authors, the amounts are capitalized in &#8220;Intangible Assets and Goodwill&#8221; as &#8220;Other intangible assets&#8221; and are amortized on the straight-line method over their estimated useful lives, which are not greater than 3 years, which is the content renewal estimated timeline.</span> </span></span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div>
<ix:exclude>
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<div id="t_ft_9UXVH71ULC00000000000000000000b">
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-19</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;"><br/></span></span></p>
</ix:exclude>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company did not identify changes in the useful life as of December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
</ix:nonNumeric>
</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" id="Tag700" escape="true">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">h.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Impairment of non-financial assets</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized when the asset&#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested annually for impairment. Goodwill impairment tests are undertaken annually or more frequently if events or changes in circumstances indicate potential impairment, at the end of each fiscal year.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable and independent cash inflows (Cash-generating units &#8211; CGU&#8217;s). </span><span style="font-size: 10pt; line-height: inherit;">For the purpose of</span><span style="font-size: 10pt; line-height: inherit;"> impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs (or groups of CGUs) that is expected to benefit from the synergies of the combination. </span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Non-financial assets, other than goodwill, that have been adjusted following impairment are subsequently reviewed for possible reversal of the impairment at each reporting date. The impairment of goodwill recognized in statement of profit or loss is not reversed</span><span style="font-size: 10pt; line-height: inherit;">. See Note <span>5</span>.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">i.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Bonds and Financing</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Bonds and financing are recognized initially at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost. Any difference between the proceeds (net of transaction costs) and the total amount payable is recognized in consolidated profit and loss over the period of the bonds and financing using the effective interest rate method.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Following initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest rate method. The Bonds and financing are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least <span>twelve</span> months after the reporting period. Both general and specific borrowing costs directly related to the acquisition, construction or production of a qualifying asset that requires a substantial </span><span style="font-size: 10pt; line-height: inherit;">period of time</span><span style="font-size: 10pt; line-height: inherit;"> to be prepared for its intended use or sale, are capitalized as part of the cost of that asset when it is probable that future economic benefits associated with the item will flow to the Company and the costs can be measured </span><span style="font-size: 10pt; line-height: inherit;">reliably. The other borrowing costs are recognized as finance costs in the period in which they are incurred. See Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory" id="Tag694" escape="true">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">j.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Suppliers (including Reverse Factoring)</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Suppliers are obligations to pay for goods or services that have been acquired in the ordinary course of business. They are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Some of the Company&#8217;s domestic suppliers sell their products with extended payment terms and may subsequently transfer their receivables due by the Company to financial institutions without right of recourse, in a transaction characterized as &#8220;Reverse Factoring&#8221;. The Company charged interest over the payment term at a rate that is commensurate with its own credit risk being subsequently recorded as finance cost using the effective interest rate method. </span><span style="font-size: 10pt; line-height: inherit;">The operation </span><span style="font-size: 10pt; line-height: inherit;">does not affect </span><span style="font-size: 10pt; line-height: inherit;">the deadlines, </span><span style="font-size: 10pt; line-height: inherit;">prices</span><span style="font-size: 10pt; line-height: inherit;"> and conditions </span><span style="font-size: 10pt; line-height: inherit;">previously</span><span style="font-size: 10pt; line-height: inherit;"> agreed.</span> <span style="font-size: 10pt; line-height: inherit;">The suppliers specifically related to Reverse Factoring are segregated in the </span><span style="font-size: 10pt; line-height: inherit;">Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>6</span></span><span style="font-size: 10pt; line-height: inherit;">. In addition, the effects of Reverse Factoring on Cash Flows are recognized in &#8220;Cash flow from operating activities&#8221;.</span></span><span style="font-size: 10pt; text-indent: 0pt;">&#160;</span></p>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
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<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory" id="Tag697" escape="true">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; padding-left: 0px; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt !important;">k.<span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times; margin-left: 20px;">Leases</span></span></div>
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<li style="font-family: 'Times New Roman'; font-size: 10pt; margin: 0pt 0pt 0pt 30.88pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Right-of-use assets</span></li>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life or the lease term, as most of the Company&#8217; leases are related to property leases.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.59pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">ii.&#160;&#160;<span style="font-size: 10pt; line-height: inherit;">Lease liabilities</span></span></div>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The accounting amount of the lease liabilities is remeasured if there is a change in the term of the lease, a change in fixed lease payments or a change in valuation to purchase the right-of-use asset.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">iii.&#160;&#160;<span style="font-size: 10pt; line-height: inherit;">Short-term leases and leases of low-value assets</span></span></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company applies the short-term lease recognition exemption to its short-term leases of properties (i.e., those leases that have a lease term of <ix:nonNumeric contextRef="D20221231_3" name="vsta:PeriodOfLeaseTermOfShortTermLeases" id="Tag2001" format="ixt-sec:durwordsen">12 months</ix:nonNumeric>&#160;or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">iv.&#160;&#160;<span style="font-size: 10pt; line-height: inherit;">Determining the lease term of contracts with renewal options</span></span></div>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if reasonably certain to be exercised.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has the option, under some of its leases to lease the assets for additional terms. The Company applies judgment in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).</span></p>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
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<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">l.&#160;&#160;<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Provision for tax, civil and labor losses</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The provisions for risks related to lawsuits and administrative proceedings involving tax, civil and labor matters are recognized when (</span><span style="font-size: 10pt; line-height: inherit;">i</span><span style="font-size: 10pt; line-height: inherit;">) the Company has a present legal or constructive obligation </span><span style="font-size: 10pt; line-height: inherit;">as a result of</span><span style="font-size: 10pt; line-height: inherit;"> past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) the amount can be reliably estimated. </span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The likelihood of loss of judicial/administrative proceedings in which the Company appears as a defendant is assessed by Management on the financial statement dates.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Provisions are recorded in an amount the Company believes it is adequate to cover probable losses, being determined by the expected future cash flows to settle the obligation that reflects current risks specific to the liability. The increase in the provision due to the time elapsed is recognized as interest expense. Penalties assessed on these proceedings are recognized in general and administrative expenses when incurred. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>2</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory" id="Tag699" escape="true">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">m.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Current and Deferred income tax and social contribution</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Taxes comprise current and deferred Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL), calculated on pre-tax profit basis.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IRPJ and CSLL are calculated based on the nominal statutory rates of <ix:nonFraction contextRef="I20221231" name="vsta:NominalStatutoryRateForCalculatingCorporateIncomeTax" unitRef="Pure" id="Tag814" decimals="2" scale="-2" format="ixt:num-dot-decimal">25</ix:nonFraction>% and <ix:nonFraction contextRef="I20221231" name="vsta:NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" unitRef="Pure" id="Tag2023" decimals="2" scale="-2" format="ixt:num-dot-decimal">9</ix:nonFraction>%, respectively, adjusted by non-taxable/nondeductible items provided for by law. Deferred income tax and social contribution are calculated on income tax and social contribution losses and other temporary differences in relation to the balances of assets and liabilities in the Statement of Financial Position. The deferred income tax and social contribution assets are fully accounted for, except when it is not probable that assets will be recovered by future taxable income. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Current and deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when current and deferred tax assets and liabilities are related to the tax levied by the same tax authority on the taxable entity where there is an intention to settle the balances on a net basis. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>2</span></span><span style="font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" id="Tag159" escape="true">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">n.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Employee Benefits</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has the following employee benefits:</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; margin: 0pt 0pt 0pt 30.85pt; padding-left: 4.6pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Short-term employee benefits</span></li>
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<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Obligations for short-term employee benefits are recognized as personnel expenses as the related service is rendered. The liability is recognized at the amount expected to be paid, if the Company has a legal or constructive obligation to pay this amount </span><span style="font-size: 10pt; line-height: inherit;">as a result of</span><span style="font-size: 10pt; line-height: inherit;"> prior service rendered by the employee, and the obligation can be reliably estimated. </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company also provides its commercial team with commissions calculated considering existing sales and revenue targets that are periodically reviewed. These amounts are accrued in &#8220;Salaries and Social contributions&#8221; </span><span style="font-size: 10pt; line-height: inherit;">on a monthly basis</span><span style="font-size: 10pt; line-height: inherit;"> based on the achievements of such goals, with payments generally being made twice a year. Since commissions are paid based on the annual sales of each contract, the Company elected to use the practical expedient to expense the costs as incurred.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">b.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Pension Contributions</span></span></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company offered a defined contribution plan to its employees and once the contributions have been made, the Company has no additional payment obligation, and the costs are therefore recognized in the month in which the contribution is incurred (</span><span style="font-size: 10pt; line-height: inherit;">i.e</span><span style="font-size: 10pt; line-height: inherit;"> employees have rendered services entitling them to the right to receive those benefits), which is consistent with recognition of payroll expenses in statement of Profit or Loss.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">c.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Share-based Payments</span></span></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company compensates part of its Management and some employees through share-based compensation by plans involving Restricted Share Units or &#8220;RSU&#8221;. The RSU plans are based on Company shares, through a fixed share price (market price) determined on the grant date which the Company has the obligation of delivering shares without cash settled payment. The Share based payment is divided in the following:</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-22</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
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<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0pt 0pt 0pt 31.35pt; text-align: justify; text-indent: -14.7pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><br/></p>
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<td style="vertical-align: top; width: 5%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">i</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">)</span></td>
<td style="margin: 0px; text-indent: 0px; width: 95%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">L</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">ong Term Investment &#8211; &#8220;ILP&#8221; &#8211; Refers to RSU plans for which some Company management and employees are eligible. In those plans the Company will deliver a fixed number of shares at a fixed share price measured at the Plan&#8217;s inception. The Company recognizes the expense and inherent labor taxes related to the RSU plan in profit and loss. In addition, the effects of the constructive obligation are recognized in statement of financial position under the share-based compensation reserve in equity and the corresponding taxes under &#8220;Salaries and Contributions&#8221;.<span>&#160;</span>See Note<span>&#160;</span><span style="cursor: default;">2</span><span style="cursor: default;">4</span>.</span></td>
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<p style="margin: 0pt 0pt 0pt 31.35pt; text-align: justify; text-indent: -14.7pt; line-height: 1.2;"><br/></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">d.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Termination benefits </span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; line-height: inherit;">Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts voluntary resignation in exchange for these benefits. The Company recognizes termination benefits at the earlier of the following dates: (</span><span style="font-size: 10pt; line-height: inherit;">i</span><span style="font-size: 10pt; line-height: inherit;">) when the Company can no longer withdraw the offer of those benefits; and (ii) when the entity recognizes costs for a restructuring and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than <span>12</span> months after the end of the reporting period are discounted to their present value.</span></span></span></p>
</ix:nonNumeric>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" id="Tag696" escape="true">
<div style="margin: 0px; padding-left: 0px; line-height: 1.2; text-indent: 0pt; text-align: justify;"><span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times;">o.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Shareholders&#8217; Equity</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Until July 23, </span><span style="font-size: 10pt; line-height: inherit;"><span>2020</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company presented its financial statement based on the combined carve-out, where the capital reserves were not presented, and all effects were recorded in Parent Company&#8217;s Net Investment. </span><span style="font-size: 10pt; line-height: inherit;">As a consequence of</span><span style="font-size: 10pt; line-height: inherit;"> the restructuring completed on July 23, 2020, the Company presented its consolidated financial statements considering a new basis of preparation where the share capital, capital reserve and accumulated losses were disclosed.</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Since July 1, 2020, amounts previously recorded in Parent Company&#8217;s net investment in Equity have been recorded as net income and portions were reclassified to share capital and capital reserve. </span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 12.99pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">ii.&#160;&#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Share Capital </span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>2021</span>,</span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s share capital was R$ <ix:nonFraction contextRef="I20221231_ParentMember" name="ifrs-full:IssuedCapital" unitRef="BRL" id="Tag2015" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,820,815</ix:nonFraction>, divided into <ix:nonFraction contextRef="I20221231" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag72" decimals="0" format="ixt:num-dot-decimal">82,649,887</ix:nonFraction>&#160;</span><span style="font-size: 10pt; line-height: inherit;">shares of which <ix:nonFraction contextRef="I20221231_ClassBCommonSharesMember_ParentMember" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag2018" decimals="0" format="ixt:num-dot-decimal">64,436,093</ix:nonFraction> are Class B shares held by </span><span style="font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-size: 10pt; line-height: inherit;"> Group and <ix:nonFraction contextRef="I20221231_ClassACommonSharesMember" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag2002" decimals="0" format="ixt:num-dot-decimal">18,213,794</ix:nonFraction>&#160;</span><span style="font-size: 10pt; line-height: inherit;">are Class A common shares held by others.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 13.02pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">iii.&#160;&#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Capital </span><span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">reserve</span> </span></div>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The breakdown of capital reserves is arising from share-based payment in the amount of R$ <ix:nonFraction contextRef="I20221231" name="ifrs-full:CapitalReserve" unitRef="BRL" id="Tag3384" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,531</ix:nonFraction>&#160;</span><span style="font-size: 10pt; line-height: inherit;">on December 31, 2022</span><span style="font-size: 10pt; line-height: inherit;">,</span><span style="font-size: 10pt; line-height: inherit;"> and R$<ix:nonFraction contextRef="I20211231" name="ifrs-full:CapitalReserve" unitRef="BRL" id="Tag3205" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,488</ix:nonFraction></span><span style="font-size: 10pt; line-height: inherit;">&#160;on December 31,2021</span><span style="font-size: 10pt; line-height: inherit;">.</span> <span style="font-size: 10pt; line-height: inherit;">S</span><span style="font-size: 10pt; line-height: inherit;">ee Note <span>2</span></span><span style="font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-size: 10pt; line-height: inherit;">. </span></span></p>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; line-height: 1.2; text-indent: 0px; padding-left: 13.02pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">iv.&#160;&#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Treasury shares</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>2021</span></span><span style="font-size: 10pt; line-height: inherit;">, the Company holds shares in treasury in the amount of R$ <ix:nonFraction contextRef="D20211231_TreasurySharesMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="BRL" id="Tag3487" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20221231_TreasurySharesMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="BRL" id="Tag2007" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,880</ix:nonFraction></ix:nonFraction>, corresponding to</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_TreasurySharesMember" name="vsta:PurchaseOfTreasurySharesNumber" unitRef="Shares" id="Tag3488" decimals="0" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20221231_TreasurySharesMember" name="vsta:PurchaseOfTreasurySharesNumber" unitRef="Shares" id="Tag2024" decimals="0" format="ixt:num-dot-decimal">1,000,000</ix:nonFraction></ix:nonFraction> shares, </span><span style="font-size: 10pt; line-height: inherit;">see Note <span>2</span></span><span style="font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<div style="margin: 0px; padding-left: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times;">p.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Revenue Recognition</span></span></div>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company generates most of its revenue from the sale of textbooks (&#8220;publishing&#8221; when sold as standalone products or &#8220;PAR&#8221; when bundled as an educational platform) and learning systems in printed and digital formats to private schools through short-term transactions or term contracts with an average period from <span style="border-left: none; border-right: none;"><span style="-sec-ix-hidden:Tag3489">three</span></span> to <ix:nonNumeric contextRef="D20221231_3" name="vsta:MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" id="Tag503" format="ixt-sec:durwordsen"><span style="border-left: none; border-right: none;">five years</span></ix:nonNumeric>. </span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-23</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span style="border-left: none; border-right: none;">2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contents in printed and digital formats related to these textbooks and learnings systems are mostly the same, with minor supplements presented in digital format only. Therefore, revenue from educational contents is recognized when the Company delivers the content in printed and digital format. </span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company also sells its products directly to students and parents through its e-commerce platform. Since the Company obtains control of the goods sold before they are transferred to its customers, the Company assessed the principal versus agent relationship and determined that it is a principal in the transaction. Therefore, revenue is recognized in a gross amount of consideration to which the Company is entitled in exchange for the specified goods transferred. </span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Pursuant to the terms of the contracts with some customers, they are required to provide the Company with an estimate of the number of students that will access the content in the next school year (which typically starts in February of the following year), allowing the Company to start the delivery of its products. Since the contracts allow product returns (generally for period of <span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20221231_3" name="vsta:SalesReturnTermFromDeliveryDate" id="Tag3203" format="ixt-sec:durwordsen">four months</ix:nonNumeric></span> from the delivery date) up to a certain limit, the Company recognizes revenue for the amount that is expected to be received based on </span><span style="font-size: 10pt; line-height: inherit;">past experience</span><span style="font-size: 10pt; line-height: inherit;">, assuming that the other conditions for revenue recognition are met.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"> Therefore, the amount of revenue recognized is adjusted for expected returns, which are estimated based on historical data on a portfolio basis. In these circumstances a contractual obligation and a right to recover returned goods asset are recognized.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover the goods. The refund liability on the return received is included in Contractual Obligations and Deferred Income and the right to recover returned goods is included in Inventories. The Company reviews its estimate of expected returns at each reporting date and updates the amounts of the asset and liability accordingly.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company also provides other types of complementary educational solutions, preparatory courses for university admission exams, digital </span><span style="font-size: 10pt; line-height: inherit;">services</span><span style="font-size: 10pt; line-height: inherit;"> and other services to private schools, such as: teacher training, educators and parenting support, extracurricular educational content and other services related to the management of private schools. Each complementary educational service, digital service and others are deemed to be separate performance obligations. Thus, revenue is recognized over time when the services are rendered (</span><span style="font-size: 10pt; line-height: inherit;">i.e.</span><span style="font-size: 10pt; line-height: inherit;"> output method) to the customer. The Company believes this is an appropriate measure of progress toward satisfaction of performance obligations as it is the most accurate measure of the consideration to which the Company expects to be entitled in exchange for the services. These services may be sold on a standalone basis or bundled within publishing and learning system contracts and when bundled, each performance obligation is recognized separately. Service revenue is presented net of the corresponding discounts, returns and taxes. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span style="border-left: none; border-right: none;">2</span></span><span style="font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">5</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
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<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory" id="Tag704" escape="true">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">q.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Taxes on Revenues</span></span></div>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company and its associates&#160;benefit from tax Law No. <span>10,865</span>/<span>04</span>, as amended by Law No. <span>11,033</span>/<span>04</span>, which provides that our tax rate on the sale of books is <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011" unitRef="BRL" id="Tag2014" decimals="-3" scale="3" format="ixt-sec:numwordsen">zero</ix:nonFraction> in respect of contributions to the social integration program tax (</span><span style="font-size: 10pt; line-height: inherit;">Programa</span><span style="font-size: 10pt; line-height: inherit;"> de </span><span style="font-size: 10pt; line-height: inherit;">Integra&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> Social, or PIS) and the social contributions on revenue tax (</span><span style="font-size: 10pt; line-height: inherit;">Contribui&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> para o </span><span style="font-size: 10pt; line-height: inherit;">Financiamento</span><span style="font-size: 10pt; line-height: inherit;"> da </span><span style="font-size: 10pt; line-height: inherit;">Seguridade</span><span style="font-size: 10pt; line-height: inherit;"> Social, or COFINS). The sale of books is also exempt by the Brazilian constitution from Brazilian municipal taxes, Brazilian services tax (</span><span style="font-size: 10pt; line-height: inherit;">Imposto</span> <span style="font-size: 10pt; line-height: inherit;">Sobre</span> <span style="font-size: 10pt; line-height: inherit;">Servi&#231;os</span><span style="font-size: 10pt; line-height: inherit;">, or ISS) and from the Brazilian tax on the circulation of goods, interstate and intercity transportation and communication services (</span><span style="font-size: 10pt; line-height: inherit;">Imposto</span> <span style="font-size: 10pt; line-height: inherit;">sobre</span> <span style="font-size: 10pt; line-height: inherit;">Opera&#231;&#245;es</span> <span style="font-size: 10pt; line-height: inherit;">relativas</span><span style="font-size: 10pt; line-height: inherit;"> &#224; </span><span style="font-size: 10pt; line-height: inherit;">Circula&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> de </span><span style="font-size: 10pt; line-height: inherit;">Mercadorias</span><span style="font-size: 10pt; line-height: inherit;"> e </span><span style="font-size: 10pt; line-height: inherit;">sobre</span> <span style="font-size: 10pt; line-height: inherit;">Presta&#231;&#245;es</span><span style="font-size: 10pt; line-height: inherit;"> de Services de </span><span style="font-size: 10pt; line-height: inherit;">Transporte</span> <span style="font-size: 10pt; line-height: inherit;">Interestadual</span><span style="font-size: 10pt; line-height: inherit;"> e Intermunicipal e de </span><span style="font-size: 10pt; line-height: inherit;">Comunica&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;">, or ICMS). Tax exemption available to physical books have been extended to digital books based on a decision by the Brazilian Supreme Court rendered on March 8, 2017.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The services revenues are subject to PIS and COFINS under the non-cumulative tax regime (with a nominal statutory rate of <ix:nonFraction contextRef="D20221231_3" name="vsta:NominalStatutoryRateOnServiceRevenues" unitRef="Pure" id="Tag71" decimals="4" scale="-2" format="ixt:num-dot-decimal">9.25</ix:nonFraction>%), as well as municipality service taxes (</span><span style="font-size: 10pt; line-height: inherit;">Impostos</span> <span style="font-size: 10pt; line-height: inherit;">sobre</span> <span style="font-size: 10pt; line-height: inherit;">Servi&#231;os</span><span style="font-size: 10pt; line-height: inherit;">, or ISS) for which a statutory rate of <ix:nonFraction contextRef="D20221231_3" name="vsta:MunicipalServiceTaxStatutoryRate" unitRef="Pure" id="Tag2020" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>% is applicable.</span></span></p>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">r.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Fair Value Measurement</span></span></div>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fair value is the price that would be received upon the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date, on the primary market or, in the absence thereof, on the most advantageous market to which the Business has access on such date. The fair value of a liability reflects its risk of non-performance, which includes, among others, the Company&#8217;s own credit risk.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-24</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
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<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">If there is no price quoted on an active market, the Company uses valuation techniques that maximize the use of relevant observable data and minimize the use of unobservable data. The chosen valuation technique incorporates all the factors market participants would consider</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">when pricing a transaction. If an asset or a liability measured at fair value has a purchase and a selling price, the Company measures the assets based on purchase prices and liabilities based on selling prices. A market is considered as active if the transactions for the asset or liability take place with enough frequency and volume to provide pricing information on an ongoing basis.</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The best evidence of the fair value of a financial instrument upon initial recognition is usually the transaction price - i.e., the fair value of the consideration given or received. If the Company determines that the fair value upon initial recognition differs from the transaction price and the fair value is not evidenced by either a price quoted on an active market for an identical asset or liability or based on a valuation technique for which any non-observable data are judged to be insignificant in relation to measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value upon initial recognition and the transaction price. This difference is subsequently recognized in Profit or Loss on an appropriate basis over the life of the instrument, or until such time when its valuation is fully supported by observable market data or the transaction is closed, whichever comes first.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">To provide an indication of the reliability of the inputs used in determining fair value, the Company has classified its financial instruments according to the judgements and estimates of the observable data as much as possible. The fair value hierarchy is based on the degree to which the fair value used in the valuation techniques is observable, as follows:</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
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<td style="width: 95%; padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Level <span>1</span>: The fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. </span></td>
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<td style="padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Level <span>2</span>: The fair value measurements are those derived from inputs other than quoted prices included within Level <span>1</span> that are observable for the asset or liability, either directly or indirectly; and </span></td>
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<td style="padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Level <span>3</span>: The fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). </span></td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt; font-weight: bold;"><span>5</span></span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">&#160; &#160;Business Combinations </span></span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The</span><span style="font-size: 10pt; line-height: inherit;"> Company concluded some acquisitions to improve its portfolio of educational solutions as presented below:</span></span></p>
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<p><span style="font-family: 'times new roman', times; line-height: inherit;"> January 14, <span>2022</span>&#8211;Phidelis&#160;Tecnologia&#160;Desenvolvimento&#160;de&#160;Sistemas&#160;Ltda. </span></p>
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<p><span style="font-family: 'times new roman', times; line-height: inherit;"> January 14, 2022 &#8211;&#160;MVP&#160;Consultoria&#160;e&#160;Sistemas&#160;Ltda. </span></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company&#8217; business combinations are described below:</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;">Business Combinations during <span>2022</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">MVP</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Consultoria</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> e </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Sistemas</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ltda</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">. </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">and </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Phidelis</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Tecnologia</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Desenvolvimento</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> de </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> Ltda. (&#8220;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Phidelis</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#8221;)</span></span></p>
<p style="text-align: justify; margin: 0px; font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On January 14, 2022, the Company acquired though its subsidiary, Somos Sistemas de Ensino S.A. (&#8220;Somos Sistemas&#8221;), the entities Phidelis Tecnologia Desenvolvimento de Sistemas and MVP Consultoria e Sistemas Ltda. </span><span style="font-size: 10pt; line-height: inherit; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(&#8220;Phidelis&#8221;).</span> Phidelis is a complete academic and financial management platform for elementary and high schools, providing (i) licensing and software development and (ii) messaging, retention, enrollment and standard management for schools and students. In addition to adding a digital solution and bringing in new customers, Phidelis' team will support the development of the Company's digital services platform. The Company will pay a total purchase price in the amount of R$<ix:nonFraction contextRef="I20220114_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag2572" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,966</ix:nonFraction>, comprised of (i) R$<ix:nonFraction contextRef="I20220114_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="ifrs-full:CashTransferred" unitRef="BRL" id="Tag3218" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,854</ix:nonFraction>&#160;in cash, paid on the acquisition date, (ii) R$<ix:nonFraction contextRef="I20220114_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="vsta:AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" unitRef="BRL" id="Tag784" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,638</ix:nonFraction>&#160;to be paid in annual installments over the course of&#160;<ix:nonNumeric contextRef="D20220114_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="vsta:PeriodOfConsiderationTermsDividedInInstallments" id="Tag133" format="ixt-sec:durwordsen">two years</ix:nonNumeric>, and (iii) a variable of R$<ix:nonFraction contextRef="I20220114_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag824" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,474</ix:nonFraction>,&#160;with the achievement of performance linked to net revenue of the years <span>2023</span> and <span>2024</span>&#160;to be paid in <ix:nonFraction contextRef="I20220114_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="vsta:NumberOfInstallmentsForContingentConsiderationPayment" unitRef="Installments" id="Tag755" decimals="0" format="ixt-sec:numwordsen">three</ix:nonFraction>&#160;annual installments between 2023 and 2026. Both fixed and variable payment to be adjusted by the variation of&#160;<ix:nonNumeric contextRef="D20220114_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag350" escape="true">Extended National Consumer Price Index (&#8220;IPCA&#8221;)</ix:nonNumeric>&#160;in the period.</span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-25</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: start; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: start; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
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<p style="margin: 0pt 0pt 10pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: start; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">The following table presents the net identifiable assets acquired and liabilities assumed for each business combination in <span>2022</span>:</span> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Phidelis </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> MVP </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Current assets </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 64%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cash and cash equivalents </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag770" decimals="-3" scale="3" format="ixt:num-dot-decimal">162</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3174" decimals="-3" scale="3" format="ixt:num-dot-decimal">217</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag132" decimals="-3" scale="3" format="ixt:num-dot-decimal">379</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Trade receivables </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="vsta:TradeReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag835" decimals="-3" scale="3" format="ixt:num-dot-decimal">65</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="vsta:TradeReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag681" decimals="-3" scale="3" format="ixt:num-dot-decimal">131</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:TradeReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag650" decimals="-3" scale="3" format="ixt:num-dot-decimal">196</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Taxes recoverable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="vsta:TaxesRecoverableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag768" decimals="-3" scale="3" format="ixt:num-dot-decimal">1</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="vsta:TaxesRecoverableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3172" decimals="-3" scale="3" format="ixt:num-dot-decimal">4</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:TaxesRecoverableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag652" decimals="-3" scale="3" format="ixt:num-dot-decimal">5</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:CurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag748" decimals="-3" scale="3" format="ixt:num-dot-decimal">228</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:CurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag825" decimals="-3" scale="3" format="ixt:num-dot-decimal">352</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3221" decimals="-3" scale="3" format="ixt:num-dot-decimal">580</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> Property, plant and equipment </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag689" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2560" decimals="-3" scale="3" format="ixt:num-dot-decimal">72</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag658" decimals="-3" scale="3" format="ixt:num-dot-decimal">72</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Intangible assets - Customer Portfolio </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag710" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,521</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag800" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,313</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3186" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,834</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Intangible assets - Software </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="vsta:ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag775" decimals="-3" scale="3" format="ixt:num-dot-decimal">523</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="vsta:ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag134" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,702</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag759" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,225</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total non-current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:NoncurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag792" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,044</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:NoncurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag733" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,087</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag819" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,131</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total Assets </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="vsta:IdentifiableAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2566" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,272</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="vsta:IdentifiableAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag837" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,439</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:IdentifiableAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag749" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,711</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> Current liabilities&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Salaries and social contributions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="vsta:SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag777" decimals="-3" scale="3" format="ixt:num-dot-decimal">58</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="vsta:SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag654" decimals="-3" scale="3" format="ixt:num-dot-decimal">4</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag725" decimals="-3" scale="3" format="ixt:num-dot-decimal">62</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Taxes payable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="vsta:TaxesPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag743" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="vsta:TaxesPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3177" decimals="-3" scale="3" format="ixt:num-dot-decimal">10</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:TaxesPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3289" decimals="-3" scale="3" format="ixt:num-dot-decimal">10</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution payable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="vsta:IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag752" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="vsta:IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag789" decimals="-3" scale="3" format="ixt:num-dot-decimal">80</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2589" decimals="-3" scale="3" format="ixt:num-dot-decimal">80</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="vsta:OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag798" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="vsta:OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag827" decimals="-3" scale="3" format="ixt:num-dot-decimal">12</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3231" decimals="-3" scale="3" format="ixt:num-dot-decimal">12</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:CurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2585" decimals="-3" scale="3" format="ixt:num-dot-decimal">58</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:CurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag351" decimals="-3" scale="3" format="ixt:num-dot-decimal">106</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag715" decimals="-3" scale="3" format="ixt:num-dot-decimal">164</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Provision for tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3191" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag791" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,504</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag781" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,504</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag228" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag830" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,504</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag760" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,504</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="vsta:IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" unitRef="BRL" id="Tag259" decimals="-3" scale="3" format="ixt:num-dot-decimal">58</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="vsta:IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" unitRef="BRL" id="Tag817" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,610</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" unitRef="BRL" id="Tag687" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,668</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net identifiable assets at fair value (A) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="BRL" id="Tag793" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,214</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="BRL" id="Tag2574" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,829</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="BRL" id="Tag765" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,043</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
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<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Total Consideration transferred (B) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag822" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,600</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag348" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,366</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag2576" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,966</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Goodwill (B &#8211; A) (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag836" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,386</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MvpConsultoriaESistemasLtdaMember" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2583" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,537</ix:nonFraction> </span></p>
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<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag742" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,923</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0in 0in 0.0001pt 28.35pt; text-align: justify; text-indent: -28.35pt; font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">(i)</span></span><span style="font-size: 10pt; margin-left: 24px; line-height: inherit;"><span><ix:footnote xml:lang="en-US" id="footnote20" footnoteRole="http://www.xbrl.org/2003/role/footnote">Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the Company, as well as an expected increase in the Company&#8217;s market-share due to the penetration of the Company&#8217;s products and services in regions where the Company did not operate before. At the time of the acquisition, future tax deductibility is probable as certain actions, necessary to integrate the businesses from a tax perspective, are intended by management and considered feasible from a legal perspective.</ix:footnote></span></span></span></p>
<p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><span style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</span></p>
<p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">From the date of acquisition to December 31, 2022, Phidelis contributed to a net revenue from sales and services in the amount of R$<ix:nonFraction contextRef="D20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="ifrs-full:RevenueOfAcquiree" unitRef="BRL" id="Tag686" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,157</ix:nonFraction>, and net profit for the year in the amount of R$ <ix:nonFraction contextRef="D20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="ifrs-full:ProfitLossOfAcquiree" unitRef="BRL" id="Tag229" decimals="-3" scale="3" format="ixt:num-dot-decimal">780</ix:nonFraction>. If the acquisition had occurred on January 1, 2022, Management estimates that net revenue from sales and services would have been R$ <ix:nonFraction contextRef="D20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="ifrs-full:RevenueOfCombinedEntity" unitRef="BRL" id="Tag712" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,264,287</ix:nonFraction> and net loss for the year would have been R$ (<ix:nonFraction contextRef="D20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="ifrs-full:ProfitLossOfCombinedEntity" unitRef="BRL" id="Tag788" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">54,572</ix:nonFraction>).</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;">Business Combinations during <span>2021</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Sociedade</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Educacional</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> da </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Lagoa</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> Ltda. (&#8220;SEL&#8221;)</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On March 2, 2021, the Company acquired </span><span style="font-size: 10pt; line-height: inherit;">through</span><span style="font-size: 10pt; line-height: inherit;"> its subsidiary, </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A. (&#8220;</span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;">&#8221;), the entity </span><span style="font-size: 10pt; line-height: inherit;">Sociedade</span> <span style="font-size: 10pt; line-height: inherit;">Educacional</span><span style="font-size: 10pt; line-height: inherit;"> da </span><span style="font-size: 10pt; line-height: inherit;">Lagoa</span><span style="font-size: 10pt; line-height: inherit;"> Ltda. (&#8220;SEL&#8221;). SEL provides technical and pedagogical services to education platforms, including the maintenance of such platforms, development and improvement of contents and training of professionals. The consideration paid was R$ <ix:nonFraction contextRef="I20210302_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag649" decimals="-3" scale="3" format="ixt:num-dot-decimal">65,000</ix:nonFraction>, of which R$ <ix:nonFraction contextRef="I20210302_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:CashTransferred" unitRef="BRL" id="Tag713" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,124</ix:nonFraction> was paid in cash and</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"> the remaining amount of R$ <ix:nonFraction contextRef="I20210302_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" unitRef="BRL" id="Tag826" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,876</ix:nonFraction> is subject to certain post-closing price adjustments (conditioned to the minimum amount of R$ <ix:nonFraction contextRef="D20210302_SociedadeEducacionalDaLagoaLtdaMember_LaterThanOneYearAndNotLaterThanThreeYearsMember" name="vsta:MinimumAmountOfContractRevenueRequired" unitRef="BRL" id="Tag680" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,400</ix:nonFraction> total contract revenue for the next <ix:nonNumeric contextRef="D20210302_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:PeriodForMinimumAmountOfContractRevenueToBeAchieved" id="Tag808" format="ixt-sec:durwordsen">two years</ix:nonNumeric>, <span>2023</span> and <span>2024</span>, with the client "SESI", and if the minimum amount is not reached, the installment due will be discounted in the percentage of reduction of the minimum value of each contract). The consideration will be divided in installments over a <ix:nonNumeric contextRef="D20210302_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:PeriodOfConsiderationTermsDividedInInstallments" id="Tag796" format="ixt-sec:duryear">4</ix:nonNumeric>-year period (each installment</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">adjusted by the positive variation of <ix:nonNumeric contextRef="D20210302_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag2595" escape="true">100% of CDI</ix:nonNumeric>).</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-26</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Nota <span>1000</span> </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Servi&#231;os</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Educacionais</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> S.A. (&#8220;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Reda&#231;&#227;o</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> Nota <span>1000</span>&#8221;)</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On May 27, 2021, the Company acquired through its subsidiary, </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A. (&#8220;</span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;">&#8221;) the entity </span><span style="font-size: 10pt; line-height: inherit;">Reda&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> Nota <span>1000</span>, which provides essay review services as a service platform, through its proprietary software.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"> The </span><span style="font-size: 10pt; line-height: inherit;">Reda&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> Nota <span>1000</span>&#8217;s users may choose their essays reviewed under different approaches as follows: (</span><span style="font-size: 10pt; line-height: inherit;">i</span><span style="font-size: 10pt; line-height: inherit;">) solely by essay-review specialists (manual); (ii) on an automated basis by the company&#8217;s software, with a final review by a specialist (semi-automated); or (iii) exclusively on an automated basis by the company&#8217;s software. The consideration transferred was R$ <ix:nonFraction contextRef="I20210527_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag2580" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,387</ix:nonFraction>, of which R$ <ix:nonFraction contextRef="I20210527_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:CashTransferred" unitRef="BRL" id="Tag732" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,093</ix:nonFraction> was paid in cash and the remaining amount of R$ <ix:nonFraction contextRef="I20210527_Nota1000ServicosEducacionaisSAMember" name="vsta:AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" unitRef="BRL" id="Tag802" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,294</ix:nonFraction> will be paid in installments with final due date on <ix:nonNumeric contextRef="D20210527_Nota1000ServicosEducacionaisSAMember" name="vsta:BusinessCombinationConsiderationPaymentsFinalDueDate" id="Tag764" format="ixt:date-monthname-day-year-en">December 24, 2026</ix:nonNumeric> (each installment adjusted by the positive variation of <ix:nonNumeric contextRef="D20210527_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag737" escape="true">100% of CDI index</ix:nonNumeric>). In addition, the Company recognized a contingent consideration of R$ <ix:nonFraction contextRef="I20210527_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag724" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,650</ix:nonFraction> subjects to certain post-closing price adjustments (achievement of financial targets such as maintenance of contracts, net revenue and average global cost, in addition to non-financial targets such as platform engagement, satisfaction of the customer in the service provided and adequate level of information security, for the years <span>2022</span> and <span>2023</span>). <span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: inherit;">During <span>2022</span>, <span style="color: #000000; line-height: inherit;">the Company concluded the acquisition accounting and adjusted during the measurement period, intangible assets and goodwill in the amount of R$ <ix:nonFraction contextRef="D20221231_Nota1000ServicosEducacionaisSAMember_1" name="ifrs-full:MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" unitRef="BRL" id="Tag832" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,098</ix:nonFraction>.</span></span></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">EMME &#8211; </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Produ&#231;&#245;es</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> de </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Materiais</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> em </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Multim&#237;dia</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> (&#8220;EMME&#8221;)</span><br/></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On August 1, </span><span style="font-size: 10pt; line-height: inherit;"><span>2021</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company acquired through its subsidiary, </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A. (&#8220;</span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;">&#8221;) the entity EMME, which provides educational marketing solutions for schools, through license of its &#8220;software as a service&#8221;. The consideration transferred was R$</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20210801_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag803" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,317</ix:nonFraction></span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">of which R$</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20210801_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:CashTransferred" unitRef="BRL" id="Tag3189" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,063</ix:nonFraction></span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">was paid in cash and the remaining amount of R$</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20210801_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" unitRef="BRL" id="Tag716" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,253</ix:nonFraction></span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">will be paid in installments with final due date on <ix:nonNumeric contextRef="D20210801_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:BusinessCombinationConsiderationPaymentsFinalDueDate" id="Tag758" format="ixt:date-monthname-day-year-en">August 16, 2026</ix:nonNumeric> (each installment adjusted by the positive variation of inflation- <ix:nonNumeric contextRef="D20210801_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag225" escape="true">&#8220;IPCA&#8221; &#8211; Extended National Consumer Price Index</ix:nonNumeric>). <span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: inherit;">During <span>2022</span>, <span style="color: #000000; line-height: inherit;">the Company concluded the acquisition accounting and adjusted, during the measurement period, intangible assets and goodwill, in the amount of R$ <ix:nonFraction contextRef="D20221231_EmmeProducoesDeMateriaisEmMultimidiaMember_1" name="ifrs-full:MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" unitRef="BRL" id="Tag3225" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,055</ix:nonFraction>.</span></span> </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Editora</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> De Gouges S.A. (&#8220;De Gouges&#8221;)</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On October 29, 2021 the Company acquired through its subsidiary, </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A. (&#8220;</span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;">&#8221;) the entity De Gouges, which provides learning system (K-<span>12</span>) and solutions on the educational platform. The consideration transferred was R$ <ix:nonFraction contextRef="I20211029_EditoraDeGougesSAMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag684" decimals="-3" scale="3" format="ixt:num-dot-decimal">611,554</ix:nonFraction> of which R$ <ix:nonFraction contextRef="I20211029_EditoraDeGougesSAMember" name="ifrs-full:CashTransferred" unitRef="BRL" id="Tag648" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,000</ix:nonFraction> was paid in cash and the remaining amount of R$ <ix:nonFraction contextRef="I20211029_EditoraDeGougesSAMember" name="vsta:AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" unitRef="BRL" id="Tag674" decimals="-3" scale="3" format="ixt:num-dot-decimal">451,554</ix:nonFraction> to be paid in installments with final due date on <ix:nonNumeric contextRef="D20211029_EditoraDeGougesSAMember" name="vsta:BusinessCombinationConsiderationPaymentsFinalDueDate" id="Tag838" format="ixt:date-monthname-day-year-en">October 29, 2026</ix:nonNumeric> (each installment adjusted by the positive variation of <ix:nonNumeric contextRef="D20211029_EditoraDeGougesSAMember" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag3176" escape="true">100% of CDI index</ix:nonNumeric>).</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">The acquisition agreement for De Gouges provided an obligation on the subsidiary, </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A. under the Commercial Agreement. (&#8220;</span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;">&#8221;), to grant an amount of R$<ix:nonFraction contextRef="D20211029_EditoraDeGougesSAMember_SomosSistemasDeEnsinoSaMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2561" decimals="-3" scale="3" format="ixt:num-dot-decimal">62,234</ix:nonFraction> in discounts on the sale price of teaching materials to Eleva Holding&#8217;s partner schools (the selling shareholder), within a period of up to <ix:nonNumeric contextRef="D20211029_EditoraDeGougesSAMember_SomosSistemasDeEnsinoSaMember" name="vsta:MaximumPeriodForDiscountsOnSalePrice" id="Tag672" format="ixt-sec:durwordsen">5 years</ix:nonNumeric>&#160;limited to the amount of R$<ix:nonFraction contextRef="D20211029_EditoraDeGougesSAMember_LaterThanOneYearAndNotLaterThanThreeYearsMember" name="vsta:LimitedAmountOfDiscountsOnSalePrice" unitRef="BRL" id="Tag763" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,600</ix:nonFraction> years. For this operation, the Company recorded a liability generated in the business combination (Provision for trade discount) and which should be realized according to its use in the coming years.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Net identifiable assets acquired, and liabilities assumed involved in the Business Combinations and Consideration </span><span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">transferred</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">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.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The following table presents the net identifiable assets acquired and liabilities assumed for each business combination in <span>2021</span>:</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: start; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: start; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> SEL </span></p>
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<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
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<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> Reda&#231;&#227;o Nota <span>1000</span> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> EMME </span></p>
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<td style="vertical-align: middle; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> De Gouges </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
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<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Current assets </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Cash and cash equivalents </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag682" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,461</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3222" decimals="-3" scale="3" format="ixt:num-dot-decimal">525</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag804" decimals="-3" scale="3" format="ixt:num-dot-decimal">637</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag782" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,439</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag829" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,062</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Trade receivables (vi) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:TradeReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag679" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:TradeReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag746" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,327</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:TradeReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag828" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,082</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:TradeReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag783" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,190</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:TradeReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag723" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,599</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Inventories (iv) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:InventoryRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag643" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:InventoryRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag807" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:InventoryRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag347" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:InventoryRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2590" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,534</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:InventoryRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2597" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,534</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Prepayments </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:PrepaymentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2594" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:PrepaymentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2577" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:PrepaymentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag740" decimals="-3" scale="3" format="ixt:num-dot-decimal">14</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:PrepaymentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag790" decimals="-3" scale="3" format="ixt:num-dot-decimal">83</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:PrepaymentsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3230" decimals="-3" scale="3" format="ixt:num-dot-decimal">97</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Taxes recoverable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:TaxesRecoverableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag801" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:TaxesRecoverableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3178" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:TaxesRecoverableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag762" decimals="-3" scale="3" format="ixt:num-dot-decimal">9</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:TaxesRecoverableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag799" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,947</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:TaxesRecoverableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2582" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,956</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Other receivables </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3180" decimals="-3" scale="3" format="ixt:num-dot-decimal">180</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2570" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2578" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2591" decimals="-3" scale="3" format="ixt:num-dot-decimal">12</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag823" decimals="-3" scale="3" format="ixt:num-dot-decimal">192</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total current assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:CurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag744" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,641</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:CurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag726" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,852</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:CurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2592" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,742</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:CurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag708" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,205</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2581" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,440</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Non-current assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Property, plant and equipment </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag779" decimals="-3" scale="3" format="ixt:num-dot-decimal">611</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag673" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag683" decimals="-3" scale="3" format="ixt:num-dot-decimal">128</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag714" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,272</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3227" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,011</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Other intangible assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2593" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag656" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,099</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag646" decimals="-3" scale="3" format="ixt:num-dot-decimal">1</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag794" decimals="-3" scale="3" format="ixt:num-dot-decimal">38</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag818" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,138</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Intangible assets - Customer Portfolio (ii) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2575" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,783</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag738" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag678" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag728" decimals="-3" scale="3" format="ixt:num-dot-decimal">64,806</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag226" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,589</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Intangible assets - Trade agreement (iii) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2568" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag816" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag711" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag731" decimals="-3" scale="3" format="ixt:num-dot-decimal">247,622</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag785" decimals="-3" scale="3" format="ixt:num-dot-decimal">247,622</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Intangible assets - Software (v) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag721" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,296</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2565" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,692</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag786" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,048</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag821" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag685" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,036</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total non-current assets </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:NoncurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2559" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,690</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:NoncurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag806" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,791</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:NoncurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag720" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,177</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:NoncurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag820" decimals="-3" scale="3" format="ixt:num-dot-decimal">313,738</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:NoncurrentAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3226" decimals="-3" scale="3" format="ixt:num-dot-decimal">345,396</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total Assets </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:IdentifiableAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag734" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,331</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:IdentifiableAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3229" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,643</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:IdentifiableAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3181" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,919</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:IdentifiableAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag645" decimals="-3" scale="3" format="ixt:num-dot-decimal">354,943</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:IdentifiableAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3228" decimals="-3" scale="3" format="ixt:num-dot-decimal">391,836</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Current liabilities&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Suppliers </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3188" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2573" decimals="-3" scale="3" format="ixt:num-dot-decimal">180</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3183" decimals="-3" scale="3" format="ixt:num-dot-decimal">13</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag747" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,107</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag778" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,300</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Salaries and social contributions </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag709" decimals="-3" scale="3" format="ixt:num-dot-decimal">1</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2569" decimals="-3" scale="3" format="ixt:num-dot-decimal">124</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3185" decimals="-3" scale="3" format="ixt:num-dot-decimal">600</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag677" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,871</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag776" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,596</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Taxes payable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:TaxesPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2563" decimals="-3" scale="3" format="ixt:num-dot-decimal">17</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:TaxesPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag774" decimals="-3" scale="3" format="ixt:num-dot-decimal">207</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:TaxesPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag131" decimals="-3" scale="3" format="ixt:num-dot-decimal">102</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:TaxesPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3175" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:TaxesPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2586" decimals="-3" scale="3" format="ixt:num-dot-decimal">326</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Income tax and social contribution payable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag719" decimals="-3" scale="3" format="ixt:num-dot-decimal">33</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3182" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag766" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag772" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,232</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag690" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,265</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Provision for trade discount </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag750" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag809" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag751" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag227" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,000</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2571" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,000</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Other liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag805" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag769" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,673</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag739" decimals="-3" scale="3" format="ixt:num-dot-decimal">2</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag671" decimals="-3" scale="3" format="ixt:num-dot-decimal">25</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag773" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,700</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:CurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag651" decimals="-3" scale="3" format="ixt:num-dot-decimal">51</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:CurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag349" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,184</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:CurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag647" decimals="-3" scale="3" format="ixt:num-dot-decimal">717</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:CurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag833" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,235</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2567" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,187</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Provision for tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag657" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3190" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag797" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag757" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,231</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag653" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,231</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Provision for trade discount </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag761" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2584" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag735" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2588" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,234</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag730" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,234</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2579" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag834" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag787" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag753" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,465</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2596" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,465</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="vsta:IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" unitRef="BRL" id="Tag230" decimals="-3" scale="3" format="ixt:num-dot-decimal">51</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="vsta:IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" unitRef="BRL" id="Tag729" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,184</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="vsta:IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" unitRef="BRL" id="Tag780" decimals="-3" scale="3" format="ixt:num-dot-decimal">717</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" unitRef="BRL" id="Tag831" decimals="-3" scale="3" format="ixt:num-dot-decimal">72,700</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" unitRef="BRL" id="Tag741" decimals="-3" scale="3" format="ixt:num-dot-decimal">75,652</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Net identifiable assets at fair value (A) </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="BRL" id="Tag231" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,280</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="BRL" id="Tag756" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,459</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="BRL" id="Tag771" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,202</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="BRL" id="Tag736" decimals="-3" scale="3" format="ixt:num-dot-decimal">282,243</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="BRL" id="Tag3220" decimals="-3" scale="3" format="ixt:num-dot-decimal">316,184</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Total Consideration transferred (B) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag745" decimals="-3" scale="3" format="ixt:num-dot-decimal">65,000</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag3219" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,387</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag727" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,317</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag3224" decimals="-3" scale="3" format="ixt:num-dot-decimal">611,554</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag717" decimals="-3" scale="3" format="ixt:num-dot-decimal">703,258</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Goodwill (B &#8211; A) (i) </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag718" decimals="-3" scale="3" format="ixt:num-dot-decimal">42,720</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3173" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,928</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2562" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,115</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3184" decimals="-3" scale="3" format="ixt:num-dot-decimal">329,311</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag2587" decimals="-3" scale="3" format="ixt:num-dot-decimal">387,074</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(</span><span style="font-size: 10pt; line-height: inherit;">i</span><span style="font-size: 10pt; line-height: inherit;">) <span><ix:footnote continuedAt="c2d154b57-e554-45fe-93b2-0e178a3c8bcc" xml:lang="en-US" id="footnote21" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;">Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the acquiror, as well as an expected increase in the Company&#8217;s market-share due to the penetration of the Company&#8217;s products and services in regions where the Company did not operate before. Also, the current tax law allows the deductibility of the acquisition date goodwill and fair value of net assets acquired when a non-substantive action is taken after acquisition by the Company (</span></ix:footnote></span></span><ix:continuation id="c2d154b57-e554-45fe-93b2-0e178a3c8bcc"><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; line-height: inherit;">i.e.</span><span style="font-size: 10pt; line-height: inherit;"> when the Company merges or spins off the companies acquired) and therefore the tax and accounting bases of the net assets acquired are the same as of the acquisition date. </span></span></ix:continuation></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(ii) <span><ix:footnote continuedAt="c206010ad-9f2a-4190-94b6-ef05a64acbef" xml:lang="en-US" id="footnote22" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;">As a result of purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20210302_SociedadeEducacionalDaLagoaLtdaMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag688" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,783</ix:nonFraction></span>, customer portfolio (&#8220;SESI&#8221;), and R$ <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20211029_EditoraDeGougesSAMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3223" decimals="-3" scale="3" format="ixt:num-dot-decimal">64,806</ix:nonFraction></span>, customer portfolio (&#8220;De Gouges&#8221;) based on customer portfolio receivables expectation around <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20211029_CustomerrelatedIntangibleAssetsMember" name="vsta:PercentageOfReceivables" unitRef="Pure" id="Tag754" decimals="2" scale="-2" format="ixt:num-dot-decimal">8</ix:nonFraction></span>% per year. See Note <span>14</span></span></ix:footnote></span></span><ix:continuation id="c206010ad-9f2a-4190-94b6-ef05a64acbef"><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; line-height: inherit;">.</span></span></ix:continuation></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-28</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: start; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: start; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-size: 10pt; text-align: justify;">(iii) <span><ix:footnote continuedAt="c2ce8629b-88a1-4071-9393-7f737c3cca31" xml:lang="en-US" id="footnote23" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">As a result of the purchase price allocation, the Company identified R$ <ix:nonFraction contextRef="I20211029_EditoraDeGougesSAMember" name="vsta:TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag655" decimals="-3" scale="3" format="ixt:num-dot-decimal">247,622</ix:nonFraction>,&#160;</span></span></ix:footnote></span></span></span><ix:continuation id="c2ce8629b-88a1-4071-9393-7f737c3cca31"><span style="font-size: 10pt; text-align: justify;">a commercial agreement (&#8220;Eleva Holding&#8221;), which corresponds to the sale of teaching material from "De Gouges" to partner schools of "Eleva Holding" within </span><span style="font-size: 10pt; text-align: justify;"><ix:nonNumeric contextRef="D20211029_EditoraDeGougesSAMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" id="Tag258" format="ixt-sec:duryear">10</ix:nonNumeric></span><span style="font-size: 10pt; text-align: justify;"> years, with an estimated sales rate of </span><span style="font-size: 10pt; text-align: justify;"><ix:nonFraction contextRef="D20211029_EditoraDeGougesSAMember" name="vsta:PercentageOfEstimatedSalesRate" unitRef="Pure" id="Tag2564" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction></span><span style="font-size: 10pt; text-align: justify;">% per year.</span></ix:continuation></span></p>
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<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(iv) <span><ix:footnote xml:lang="en-US" id="footnote17" footnoteRole="http://www.xbrl.org/2003/role/footnote">As a result of the purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20211029_EditoraDeGougesSAMember" name="ifrs-full:InventoryRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3187" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,534</ix:nonFraction></span> in inventories (&#8220;De Gouges&#8221;), based on the expectation of sales of this inventory at around <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20211029_EditoraDeGougesSAMember" name="vsta:PercentageOfEstimatedSaleRateForInventory" unitRef="Pure" id="Tag722" decimals="2" scale="-2" format="ixt:num-dot-decimal">33</ix:nonFraction></span>% per year.</ix:footnote></span></span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span> </span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(v) <span><ix:footnote xml:lang="en-US" id="footnote19" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">As a result of purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20210302_BusinessCombinationsMember" name="vsta:ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag767" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,036</ix:nonFraction></span>, Educational Software applied in the &#8220;SESI&#8221; learning system, Writing Correction Software for <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">Education System &#8220;Reda&#231;&#227;o Nota <span>1000</span>&#8221; and software that produces digital marketing material solutions for schools &#8220;EMME&#8221;, all of them based on relief from royalties&#8217; criteria (RIR) and each acquisition with its corresponding rate of net revenue by investment. See Note <span>14</span>.</span> </span></span></ix:footnote></span></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(vi) <span><ix:footnote xml:lang="en-US" id="footnote18" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span>Accounts receivable from customers comprise gross contractual amounts due of R$<span style="border-right: none; border-left: none;"><span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20211231_BusinessCombinationsMember" name="ifrs-full:GrossContractualAmountsReceivableForAcquiredReceivables" unitRef="BRL" id="Tag3179" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,344</ix:nonFraction></span>,</span> of which R$<span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20201231_BusinessCombinationsMember" name="ifrs-full:BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" unitRef="BRL" id="Tag644" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,746</ix:nonFraction></span> were uncollectible on the acquisition date. See Note <span style="border-left: none; border-right: none;"><span>10</span></span>e.</span></span></ix:footnote></span></span></p>
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<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfFinancialRiskManagementExplanatory" id="Tag2039" escape="true">
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> Financial Risk Management</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The economic and financial risks reflect the behavior of macroeconomic variables such as interest rates as well as other characteristics&#160;</span><span style="font-size: 10pt; line-height: inherit;">of the financial instruments maintained by the Company. These risks are managed through control and monitoring policies, specific strategies, and limits.</span></span></p>
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<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; margin: 0pt 0pt 8pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; &#160;Financial risk factors</span></li>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company&#8217;s activities expose it to certain financial risks mainly related to market risk, credit risk and liquidity risk. Management and the Group&#8217;s Board of Directors monitor such risks in line with their capital management policy objectives. </span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">This Note presents information on the Company&#8217;s exposure to each of the risks above, the objectives of the Company, measurement policies, and the Company&#8217;s risk and capital management process.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has no derivative transactions.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: 'Times New Roman'; font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt 10pt; padding-left: 5.76pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;">Market <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">risk &#8211; cash flow interest rate risk</span> </span></li>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">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 </span><span style="font-size: 10pt; line-height: inherit;">in order to</span><span style="font-size: 10pt; line-height: inherit;"> 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.</span> <span style="font-size: 10pt; line-height: inherit;">Interest rates contracted are as follows:</span></span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest rate </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: justify; font-family: 'times new roman', times;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Private Bonds &#8211; <span>6</span><span style="font-size: 8pt;"><sup>th&#160;</sup></span>Issuance <span style="font-size: 9pt; font-family: Georgia, 'serif'; color: #000000; margin: 0pt; text-align: justify;">&#8211; <span style="font-family: 'times new roman', times; font-size: 10pt; ;color: black;">series&#160;</span></span><span>2</span> </span></p>
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<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BorrowingsIssue11Member" name="ifrs-full:BondsIssued" unitRef="BRL" id="Tag67" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,688</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_BorrowingsIssue11Member" name="ifrs-full:BondsIssued" unitRef="BRL" id="Tag150" decimals="-3" scale="3" format="ixt:num-dot-decimal">104,844</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_InterestRateRiskMember_BorrowingsIssue11Member_InterestRateHedgingInstruments2Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag2048" escape="true">CDI</ix:nonNumeric> + <ix:nonFraction contextRef="I20221231_InterestRateRiskMember_BorrowingsIssue11Member_InterestRateHedgingInstruments2Member" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" unitRef="Pure" id="Tag2260" decimals="4" scale="-2" format="ixt:num-dot-decimal">1.00</ix:nonFraction>% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Private Bonds &#8211; <span>6</span><span style="font-size: 8pt;"><sup>th</sup></span> Issuance <span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 9pt; font-family: Georgia, 'serif'; margin: 0pt;">&#8211;<span>&#160;</span><span style="font-family: 'times new roman', times; font-size: 10pt; color: black;">series&#160;</span></span><span><span>2</span></span></span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"> <ix:nonFraction contextRef="I20221231_BorrowingsIssue8Member" name="ifrs-full:BondsIssued" unitRef="BRL" id="Tag2298" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction> </span></span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_BorrowingsIssue8Member" name="ifrs-full:BondsIssued" unitRef="BRL" id="Tag1232" decimals="-3" scale="3" format="ixt:num-dot-decimal">210,920</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_InterestRateRiskMember_BorrowingsIssue8Member_InterestRateHedgingInstruments1Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag2498" escape="true">CDI</ix:nonNumeric> + <ix:nonFraction contextRef="I20221231_InterestRateRiskMember_BorrowingsIssue8Member_InterestRateHedgingInstruments1Member" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" unitRef="Pure" id="Tag2393" decimals="4" scale="-2" format="ixt:num-dot-decimal">1.70</ix:nonFraction>% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Private Bonds &#8211; <span>9</span><span style="font-size: 8pt;"><sup>th</sup></span>&#160;Issuance <span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 9pt; font-family: Georgia, 'serif'; margin: 0pt;">&#8211;<span>&#160;</span><span style="font-family: 'times new roman', times; font-size: 10pt; color: black;">series&#160;</span></span><span><span>2</span></span></span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BorrowingsIssue5Member_1" name="ifrs-full:BondsIssued" unitRef="BRL" id="Tag1068" decimals="-3" scale="3" format="ixt:num-dot-decimal">259,843</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_BorrowingsIssue5Member" name="ifrs-full:BondsIssued" unitRef="BRL" id="Tag2408" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_InterestRateRiskMember_BorrowingsIssue5Member_InterestRateHedgingInstruments3Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag2255" escape="true">CDI</ix:nonNumeric> + <ix:nonFraction contextRef="I20221231_InterestRateRiskMember_BorrowingsIssue5Member_InterestRateHedgingInstruments3Member" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" unitRef="Pure" id="Tag2493" decimals="4" scale="-2" format="ixt:num-dot-decimal">2.40</ix:nonFraction>% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Bonds &#8211; <span>1</span><sup>st</sup> Issuance - single </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BorrowingsIssue6Member" name="ifrs-full:BondsIssued" unitRef="BRL" id="Tag3248" decimals="-3" scale="3" format="ixt:num-dot-decimal">529,465</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_BorrowingsIssue6Member" name="ifrs-full:BondsIssued" unitRef="BRL" id="Tag2481" decimals="-3" scale="3" format="ixt:num-dot-decimal">514,574</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_InterestRateRiskMember_BorrowingsIssue6Member_InterestRateHedgingInstruments4Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag2412" escape="true">CDI</ix:nonNumeric> + <ix:nonFraction contextRef="I20221231_InterestRateRiskMember_BorrowingsIssue6Member_InterestRateHedgingInstruments4Member" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" unitRef="Pure" id="Tag2217" decimals="4" scale="-2" format="ixt:num-dot-decimal">2.30</ix:nonFraction>% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing and Lease Liabilities - Mind Makers </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_InterestRateRiskMember_MindMakersEditoraEducacionalMember_3" name="ifrs-full:BondsIssued" unitRef="BRL" id="Tag7" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_InterestRateRiskMember_MindMakersEditoraEducacionalMember_1" name="ifrs-full:BondsIssued" unitRef="BRL" id="Tag1072" decimals="-3" scale="3" format="ixt:num-dot-decimal">888</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_InterestRateRiskMember_InterestRateHedgingInstruments5Member_MindMakersEditoraEducacionalMember" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag2223" escape="true">TJPLP</ix:nonNumeric> + <ix:nonFraction contextRef="I20221231_InterestRateRiskMember_InterestRateHedgingInstruments5Member_MindMakersEditoraEducacionalMember" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" unitRef="Pure" id="Tag2494" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing and Lease Liabilities </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_InterestRateRiskMember_3" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag2410" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,563</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_InterestRateRiskMember" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag2395" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,542</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_InterestRateRiskMember_InterestRateHedgingInstruments6Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag1233" escape="true">IPCA</ix:nonNumeric> </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accounts Payable for Business Combination and acquisition of associates</span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_InterestRateRiskMember_3" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2257" decimals="-3" scale="3" format="ixt:num-dot-decimal">625,277</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_InterestRateRiskMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag152" decimals="-3" scale="3" format="ixt:num-dot-decimal">532,313</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_InterestRateRiskMember_InterestRateHedgingInstruments7Member" name="vsta:PercentageOfInterestRateBasis" unitRef="Pure" id="Tag2418" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% <ix:nonNumeric contextRef="D20221231_InterestRateRiskMember_InterestRateHedgingInstruments7Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag2224" escape="true">CDI</ix:nonNumeric> </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_InterestRateRiskMember_3" name="vsta:BorrowingsAndOtherPayablesUnderInterestRateRiskContract" unitRef="BRL" id="Tag2300" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,608,836</ix:nonFraction></span>&#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_InterestRateRiskMember" name="vsta:BorrowingsAndOtherPayablesUnderInterestRateRiskContract" unitRef="BRL" id="Tag3239" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,524,081</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</ix:nonNumeric>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
</div>
<div style="line-height: 1.2;">
<div id="t_ft_18UJPAWS7K00000000000000000000b">
<ix:exclude>
<div style="line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>F-29</span></span></td>
</tr>
</tbody>
</table>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta<span style="line-height: inherit;">&#160;</span>Platform Limited</span></span></p>
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<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<div style="margin: 0pt 0pt 10pt -15pt; padding-left: 0pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; padding-left: 5.76pt; text-indent: 0pt; margin: 0pt 0pt 8pt 10pt;">b.&#160; &#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Credit risk</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Credit risk arises from the potential default of a</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">counterparty</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">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</span><span style="font-size: 10pt; line-height: inherit;">, see N</span><span style="font-size: 10pt; line-height: inherit;">ote</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"><span>10</span></span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">and financial activities that include reverse factoring deposits with banks and other financial institutions and other financial</span><span style="font-size: 10pt; line-height: inherit;"> i</span><span style="font-size: 10pt; line-height: inherit;">nstruments contracted.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">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&#8217;s policy. See </span><span style="font-size: 10pt; line-height: inherit;">Notes </span><span style="font-size: 10pt; line-height: inherit;"><span>8</span></span><span style="font-size: 10pt; line-height: inherit;"> and </span><span style="font-size: 10pt; line-height: inherit;"><span>9</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The diversification of its receivable&#8217;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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">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 </span><span style="font-size: 10pt; line-height: inherit;">recorded (Note <span>10</span>). </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div style="margin: 0pt 0pt 10pt -6pt; padding-left: 0pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; padding-left: 5.76pt; text-indent: 0pt; margin: 0pt 0pt 8pt !important;">c.&#160;&#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Liquidity risk</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">In order to</span><span style="font-size: 10pt; line-height: inherit;"> 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 as long as this credit line is offered by banks and accepted by Company suppliers.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On September 28, </span><span style="font-size: 10pt; line-height: inherit;"><span>2022</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s subsidiary </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A issued R$ </span><span style="font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20220928_SomosSistemasDeEnsinoSaMember" name="ifrs-full:NotesAndDebenturesIssued" unitRef="BRL" id="Tag11" decimals="-3" scale="3" format="ixt:num-dot-decimal">250,000</ix:nonFraction></span><span style="font-size: 10pt; line-height: inherit;"> in </span><span style="font-size: 10pt; line-height: inherit;">private</span> <span style="font-size: 10pt; line-height: inherit;">bonds</span><span style="font-size: 10pt; line-height: inherit;">, not </span><span style="font-size: 10pt; line-height: inherit;">convertible. The bonds are aimed to reinforce the Company&#8217;s capital structure</span><span style="font-size: 10pt; line-height: inherit;">, and </span><span style="font-size: 10pt; line-height: inherit;">lengthen the debt maturity profile, whose average term currently is <ix:nonNumeric contextRef="D20220928_NonCurrentBondsWithRelatedPartiesMember_SomosSistemasDeEnsinoSaMember" name="vsta:BorrowingsMaturityTerm" id="Tag2252" format="ixt-sec:durwordsen">37 months</ix:nonNumeric> from the issuance</span><span style="font-size: 10pt; line-height: inherit;">. </span><span style="font-size: 10pt; line-height: inherit;">On August 6, </span><span style="font-size: 10pt; line-height: inherit;"><span>2021</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s subsidiary </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A issued R$ <ix:nonFraction contextRef="I20210806_NonCurrentBondsMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:NotesAndDebenturesIssued" unitRef="BRL" id="Tag2045" decimals="-3" scale="3" format="ixt:num-dot-decimal">500,000</ix:nonFraction> in simple debentures, not convertible. The debentures are aimed to reinforce the Company&#8217;s capital structure as well as extending the debt maturity profile, </span><span style="font-size: 10pt; line-height: inherit;">see Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta<span style="line-height: inherit;">&#160;</span>Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below presents the maturity of the Company&#8217;s financial liabilities.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial liabilities by maturity ranges</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Less than <span>one</span> year </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Between <span>one</span> and <span>two</span> years </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Over <span>two</span> years </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds and financing (Note <span>15</span>) </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag2043" decimals="-3" scale="3" format="ixt:num-dot-decimal">93,779</ix:nonFraction> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag2417" decimals="-3" scale="3" format="ixt:num-dot-decimal">499,217</ix:nonFraction> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag2504" decimals="-3" scale="3" format="ixt:num-dot-decimal">250,000</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag3240" decimals="-3" scale="3" format="ixt:num-dot-decimal">842,996</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Lease Liabilities (Note <span>17</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag2478" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,151</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag2488" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,921</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag2473" decimals="-3" scale="3" format="ixt:num-dot-decimal">94,491</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag2413" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,563</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accounts Payable for business combination and acquisition of associates (Note <span>19</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag156" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,007</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2258" decimals="-3" scale="3" format="ixt:num-dot-decimal">389,186</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2471" decimals="-3" scale="3" format="ixt:num-dot-decimal">163,084</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag3243" decimals="-3" scale="3" format="ixt:num-dot-decimal">625,277</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Suppliers (Note <span>16</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="ifrs-full:TradeAndOtherPayablesToTradeSuppliers" unitRef="BRL" id="Tag2484" decimals="-3" scale="3" format="ixt:num-dot-decimal">250,647</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:TradeAndOtherPayablesToTradeSuppliers" unitRef="BRL" id="Tag1795" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember" name="ifrs-full:TradeAndOtherPayablesToTradeSuppliers" unitRef="BRL" id="Tag2220" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:TradeAndOtherPayablesToTradeSuppliers" unitRef="BRL" id="Tag2489" decimals="-3" scale="3" format="ixt:num-dot-decimal">250,647</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Reverse Factoring (Note <span>16</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="vsta:ReverseFactoringSuppliers" unitRef="BRL" id="Tag2216" decimals="-3" scale="3" format="ixt:num-dot-decimal">155,469</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="vsta:ReverseFactoringSuppliers" unitRef="BRL" id="Tag2501" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember" name="vsta:ReverseFactoringSuppliers" unitRef="BRL" id="Tag1798" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:ReverseFactoringSuppliers" unitRef="BRL" id="Tag2419" decimals="-3" scale="3" format="ixt:num-dot-decimal">155,469</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other liabilities - related parties (Note <span>21</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="vsta:OtherLiabilitiesRelatedParties" unitRef="BRL" id="Tag2367" decimals="-3" scale="3" format="ixt:num-dot-decimal">54</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="vsta:OtherLiabilitiesRelatedParties" unitRef="BRL" id="Tag2238" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember" name="vsta:OtherLiabilitiesRelatedParties" unitRef="BRL" id="Tag2254" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:OtherLiabilitiesRelatedParties" unitRef="BRL" id="Tag3286" decimals="-3" scale="3" format="ixt:num-dot-decimal">54</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3285" decimals="-3" scale="3" format="ixt:num-dot-decimal">596,107</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag2261" decimals="-3" scale="3" format="ixt:num-dot-decimal">911,324</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag2482" decimals="-3" scale="3" format="ixt:num-dot-decimal">507,575</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag2476" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,015,006</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</ix:nonNumeric>
</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial liabilities by maturity ranges </span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The table below reflects the estimated interest rate based on CDI for <span>12</span> months (</span><span style="font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="vsta:EstimatedInterestRate" unitRef="Pure" id="Tag1794" decimals="4" scale="-2" format="ixt:num-dot-decimal">12.43</ix:nonFraction></span><span style="font-size: 10pt; line-height: inherit;">% </span><span style="font-size: 10pt; line-height: inherit;">p.a</span><span style="font-size: 10pt; line-height: inherit;">) extracted from BACEN (Brazilian Central Bank) on December 31,202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;">. Amounts payable refer to principal and interest based on undiscounted contractual amounts and, therefore, do not reflect the financial position presented as of December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">:</span></span></p>
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfFinancialLiabilitiesByMaturityRangesForEstimatedAmountsPayableBasedOnUndiscountedContractualAmountsTableTextBlock" id="Tag1810" escape="true">
<table cellpadding="0" style="height: 129px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-weight: bold; font-size: 8pt;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Less than <span>one</span> year </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Between <span>one</span> and <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Over <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 52%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds and financing </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1796" decimals="-3" scale="3" format="ixt:num-dot-decimal">105,436</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag2474" decimals="-3" scale="3" format="ixt:num-dot-decimal">561,270</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag2411" decimals="-3" scale="3" format="ixt:num-dot-decimal">281,075</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag2490" decimals="-3" scale="3" format="ixt:num-dot-decimal">947,781</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Lease Liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag2264" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,029</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag17" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,770</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag2246" decimals="-3" scale="3" format="ixt:num-dot-decimal">106,236</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag2221" decimals="-3" scale="3" format="ixt:num-dot-decimal">158,035</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accounts Payable for business combination and acquisition of associates</span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2496" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,082</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2479" decimals="-3" scale="3" format="ixt:num-dot-decimal">437,562</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag12" decimals="-3" scale="3" format="ixt:num-dot-decimal">183,355</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2500" decimals="-3" scale="3" format="ixt:num-dot-decimal">702,999</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Suppliers </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:TradeAndOtherPayablesToTradeSuppliers" unitRef="BRL" id="Tag1190" decimals="-3" scale="3" format="ixt:num-dot-decimal">281,802</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:TradeAndOtherPayablesToTradeSuppliers" unitRef="BRL" id="Tag2469" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:TradeAndOtherPayablesToTradeSuppliers" unitRef="BRL" id="Tag151" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:TradeAndOtherPayablesToTradeSuppliers" unitRef="BRL" id="Tag29" decimals="-3" scale="3" format="ixt:num-dot-decimal">281,802</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Reverse Factoring </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="vsta:ReverseFactoringSuppliers" unitRef="BRL" id="Tag1797" decimals="-3" scale="3" format="ixt:num-dot-decimal">174,794</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="vsta:ReverseFactoringSuppliers" unitRef="BRL" id="Tag1238" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="vsta:ReverseFactoringSuppliers" unitRef="BRL" id="Tag1793" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="vsta:ReverseFactoringSuppliers" unitRef="BRL" id="Tag2402" decimals="-3" scale="3" format="ixt:num-dot-decimal">174,794</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other liabilities - related parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="vsta:OtherLiabilitiesRelatedParties" unitRef="BRL" id="Tag2470" decimals="-3" scale="3" format="ixt:num-dot-decimal">61</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="vsta:OtherLiabilitiesRelatedParties" unitRef="BRL" id="Tag2416" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="vsta:OtherLiabilitiesRelatedParties" unitRef="BRL" id="Tag2503" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="vsta:OtherLiabilitiesRelatedParties" unitRef="BRL" id="Tag2218" decimals="-3" scale="3" format="ixt:num-dot-decimal">61</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag2041" decimals="-3" scale="3" format="ixt:num-dot-decimal">670,204</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag1808" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,024,602</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsMember_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag1237" decimals="-3" scale="3" format="ixt:num-dot-decimal">570,666</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialLiabilitiesWithUndiscountedContractualAmountMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag2405" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,265,472</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</ix:nonNumeric>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Capital </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">management</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company&#8217;s objectives when managing capital are to safeguard its ability to continue as a going concern </span><span style="font-size: 10pt; line-height: inherit;">in order to</span><span style="font-size: 10pt; line-height: inherit;"> provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">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 </span><span style="font-size: 10pt; line-height: inherit;">amount</span><span style="font-size: 10pt; line-height: inherit;"> of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce, for example, debt.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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&#8217; equity as shown in the consolidated balance sheet plus net debt.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company&#8217;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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>F-31</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta<span style="line-height: inherit;">&#160;</span>Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 78px;" width="100%">
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<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 77%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net debt (i) </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NetDebt" unitRef="BRL" id="Tag2486" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,969,241</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:NetDebt" unitRef="BRL" id="Tag2491" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,518,247</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total shareholders' equity </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times;font-size: 10pt;line-height: inherit;font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Equity" unitRef="BRL" id="Tag1" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,629,679</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Equity" unitRef="BRL" id="Tag3247" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,665,209</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total capitalization (ii) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:Capitalisation" unitRef="BRL" id="Tag2480" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,660,438</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:Capitalisation" unitRef="BRL" id="Tag2485" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,146,963</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Gearing ratio - % - (iii) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:GearingRatioPercentage" unitRef="Pure" id="Tag2299" decimals="2" scale="-2" format="ixt:num-dot-decimal">74</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">%</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20211231" name="vsta:GearingRatioPercentage" unitRef="Pure" id="Tag2046" decimals="2" scale="-2" format="ixt:num-dot-decimal">48</ix:nonFraction></span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">%</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_2CJ8RX3D2800000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 30px; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></td>
<td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"> (i) </span></td>
<td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"><span><ix:footnote xml:lang="en-US" id="footnote41" footnoteRole="http://www.xbrl.org/2003/role/footnote"> Net debt comprises financial liabilities (note <span>7</span>) net of cash and cash equivalents. </ix:footnote></span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></td>
<td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (ii) </span></td>
<td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"><span><ix:footnote xml:lang="en-US" id="footnote42" footnoteRole="http://www.xbrl.org/2003/role/footnote"> Refers to the difference between Shareholders&#8217; Equity and Net debt. </ix:footnote></span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></td>
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (iii) </span></td>
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"><span><ix:footnote xml:lang="en-US" id="footnote43" footnoteRole="http://www.xbrl.org/2003/role/footnote"> The Gearing Ratio is calculated based on Net Debt/Total Capitalization. </ix:footnote></span></td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</ix:nonNumeric>
</div>
<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -35.45pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Sensitivity analysis</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The following table presents the sensitivity analysis of potential losses from financial instruments, according to Management&#8217;s assessment of relevant market risks presented above.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">A probable scenario (Base scenario) over a <span>12</span>-month horizon was used, with a projected rate of </span><span style="font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" unitRef="Pure" id="Tag2499" decimals="4" scale="-2" format="ixt:num-dot-decimal">12.43</ix:nonFraction></span><span style="font-size: 10pt; line-height: inherit;">% p.a. as per DI Interest Deposit rate (&#8220;<ix:nonNumeric contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag1809" escape="true">CDI</ix:nonNumeric>&#8221;) reference rates disclosed by B<span>3</span> S.A. (Brazilian stock exchange). <span>Two</span> further scenarios are presented, stressing, respectively, a <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario1Member" name="vsta:PercentageOfIncreaseInExpectedCreditLossRate" unitRef="Pure" id="Tag32" decimals="2" scale="-2" format="ixt:num-dot-decimal">25</ix:nonFraction>% deterioration in scenario I and <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario2Member" name="vsta:PercentageOfIncreaseInExpectedCreditLossRate" unitRef="Pure" id="Tag2455" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% deterioration in scenario II, of the projected rates.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTableTextBlock" id="Tag73" escape="true">
<div style="border-right: none; border-left: none;">
<div>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 182px; width: 99.9596%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 38.9053%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Index - % per year </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10.355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Balance as of December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Base scenario </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Scenario I </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Scenario&#160;II </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financial Investments </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember_InterestRateHedgingInstruments9Member" name="vsta:PercentageOfInterestRateBasis" unitRef="Pure" id="Tag2273" decimals="4" scale="-2" format="ixt:num-dot-decimal">103.40</ix:nonFraction>% of <ix:nonNumeric contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_InterestRateHedgingInstruments9Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag2265" escape="true">CDI</ix:nonNumeric> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember" name="ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents" unitRef="BRL" id="Tag3246" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,212</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember" name="vsta:IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" unitRef="BRL" id="Tag2396" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,874</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario1Member" name="vsta:IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" unitRef="BRL" id="Tag2263" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,093</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario2Member" name="vsta:IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" unitRef="BRL" id="Tag2388" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,311</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Marketable Securities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember_InterestRateHedgingInstruments10Member" name="vsta:PercentageOfInterestRateBasis" unitRef="Pure" id="Tag3245" decimals="4" scale="-2" format="ixt:num-dot-decimal">103.39</ix:nonFraction>% <ix:nonNumeric contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_InterestRateHedgingInstruments10Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag3288" escape="true">CDI</ix:nonNumeric> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember" name="vsta:CurrentMarketableSecurities" unitRef="BRL" id="Tag3242" decimals="-3" scale="3" format="ixt:num-dot-decimal">380,514</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember" name="vsta:IncreaseDecreaseInCurrentMarketableSecurities" unitRef="BRL" id="Tag2251" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,298</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario1Member" name="vsta:IncreaseDecreaseInCurrentMarketableSecurities" unitRef="BRL" id="Tag1376" decimals="-3" scale="3" format="ixt:num-dot-decimal">59,122</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario2Member" name="vsta:IncreaseDecreaseInCurrentMarketableSecurities" unitRef="BRL" id="Tag2407" decimals="-3" scale="3" format="ixt:num-dot-decimal">70,947</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag10" decimals="-3" scale="3" format="ixt:num-dot-decimal">419,726</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember" name="ifrs-full:IncreaseDecreaseInFinancialAssets" unitRef="BRL" id="Tag2366" decimals="-3" scale="3" format="ixt:num-dot-decimal">52,172</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario1Member" name="ifrs-full:IncreaseDecreaseInFinancialAssets" unitRef="BRL" id="Tag3233" decimals="-3" scale="3" format="ixt:num-dot-decimal">65,215</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario2Member" name="ifrs-full:IncreaseDecreaseInFinancialAssets" unitRef="BRL" id="Tag2475" decimals="-3" scale="3" format="ixt:num-dot-decimal">78,258</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accounts Payable for Business Combination and acquisition of associates</span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember_InterestRateHedgingInstruments7Member" name="vsta:PercentageOfInterestRateBasis" unitRef="Pure" id="Tag2394" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% of <ix:nonNumeric contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_InterestRateHedgingInstruments7Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag2502" escape="true">CDI</ix:nonNumeric> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag1800" decimals="-3" scale="3" format="ixt:num-dot-decimal">625,277</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.47929%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember" name="vsta:IncreaseDecreaseInAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2495" decimals="-3" scale="3" format="ixt:num-dot-decimal">77,722</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario1Member" name="vsta:IncreaseDecreaseInAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2173" decimals="-3" scale="3" format="ixt:num-dot-decimal">97,152</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario2Member" name="vsta:IncreaseDecreaseInAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2386" decimals="-3" scale="3" format="ixt:num-dot-decimal">116,583</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Lease liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_InterestRateHedgingInstruments11Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag2487" escape="true">CDI</ix:nonNumeric> + <ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember_InterestRateHedgingInstruments11Member" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" unitRef="Pure" id="Tag3232" decimals="4" scale="-2" format="ixt:num-dot-decimal">1.28</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag2497" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,563</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember" name="vsta:IncreaseDecreaseInAmountOfLeaseLiabilities" unitRef="BRL" id="Tag1113" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,472</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario1Member" name="vsta:IncreaseDecreaseInAmountOfLeaseLiabilities" unitRef="BRL" id="Tag19" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,840</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario2Member" name="vsta:IncreaseDecreaseInAmountOfLeaseLiabilities" unitRef="BRL" id="Tag2259" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,208</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds and financing </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_InterestRateHedgingInstruments12Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag68" escape="true">CDI</ix:nonNumeric> + <ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember_InterestRateHedgingInstruments12Member" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" unitRef="Pure" id="Tag2245" decimals="4" scale="-2" format="ixt:num-dot-decimal">1.66</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag2492" decimals="-3" scale="3" format="ixt:num-dot-decimal">842,996</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.47929%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember" name="vsta:IncreaseDecreaseInAmountOfBorrowings" unitRef="BRL" id="Tag3287" decimals="-3" scale="3" format="ixt:num-dot-decimal">104,784</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario1Member" name="vsta:IncreaseDecreaseInAmountOfBorrowings" unitRef="BRL" id="Tag2047" decimals="-3" scale="3" format="ixt:num-dot-decimal">130,981</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario2Member" name="vsta:IncreaseDecreaseInAmountOfBorrowings" unitRef="BRL" id="Tag1799" decimals="-3" scale="3" format="ixt:num-dot-decimal">157,177</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag2040" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,608,836</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember" name="vsta:IncreaseDecreaseInFinancialLiabilities" unitRef="BRL" id="Tag2247" decimals="-3" scale="3" format="ixt:num-dot-decimal">199,978</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario1Member" name="vsta:IncreaseDecreaseInFinancialLiabilities" unitRef="BRL" id="Tag2042" decimals="-3" scale="3" format="ixt:num-dot-decimal">249,973</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario2Member" name="vsta:IncreaseDecreaseInFinancialLiabilities" unitRef="BRL" id="Tag16" decimals="-3" scale="3" format="ixt:num-dot-decimal">299,968</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net exposure </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 9.91124%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember" name="vsta:NetFinancialAssetsLiabilities" unitRef="BRL" id="Tag2262" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,189,110</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember" name="vsta:IncreaseDecreaseInNetFinancialAssetsLiabilities" unitRef="BRL" id="Tag117" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">147,806</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario1Member" name="vsta:IncreaseDecreaseInNetFinancialAssetsLiabilities" unitRef="BRL" id="Tag1231" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">184,758</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario2Member" name="vsta:IncreaseDecreaseInNetFinancialAssetsLiabilities" unitRef="BRL" id="Tag69" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">221,710</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Interest rate -% p.a </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag2409" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.47929%;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag2222" decimals="4" scale="-2" format="ixt:num-dot-decimal">12.43</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember_Scenario1Member" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag2391" decimals="4" scale="-2" format="ixt:num-dot-decimal">15.54</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TwelvemonthExpectedCreditLossesMember_Scenario2Member" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag2219" decimals="4" scale="-2" format="ixt:num-dot-decimal">18.65</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Stressing scenarios&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember" name="vsta:PercentageOfIncreaseInExpectedCreditLossRate" unitRef="Pure" id="Tag20" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember" name="vsta:PercentageOfIncreaseInExpectedCreditLossRate" unitRef="Pure" id="Tag14" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario1Member" name="vsta:PercentageOfIncreaseInExpectedCreditLossRate" unitRef="Pure" id="Tag2468" decimals="2" scale="-2" format="ixt:num-dot-decimal">25</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario2Member" name="vsta:PercentageOfIncreaseInExpectedCreditLossRate" unitRef="Pure" id="Tag2256" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
</ix:nonNumeric>
</div>
</ix:nonNumeric>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
</div>
<div style="line-height: 1.2;">
<div id="t_ft_NN9404LG8G00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>F-32</span></span></td>
</tr>
</tbody>
</table>
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</div>
<p style="line-height: 1.2;;margin:0pt"><br/></p>
</div><div id="Dbsqxpdw0mpsvutvmg7emag" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: start; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: start; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: start; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfFinancialInstrumentsExplanatory" id="Tag3454" escape="true">
<p style="font-size: 10pt; line-height: 115%; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>7</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Financial Instruments by Category</span></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" id="Tag3453" escape="true">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The Company holds the following financial instruments:</span></p>
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<p style="font-size: 10pt; line-height: 125%; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<div id="t_ft_6RHQY3LBMO00000000000000000000b">
<table cellpadding="0" style="height: 294px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Hierarchy</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-size: 8pt; font-family: 'times new roman', times;"><span style="font-weight: bold;"> December 31, </span><span style="font-weight: bold;"><span>2022</span></span> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-size: 8pt; font-family: 'times new roman', times;"><span style="font-weight: bold;"> December 31, </span><span style="font-weight: bold;"><span>2021</span></span> </span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Assets - Amortized cost</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
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<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; width: 67.9049%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cash and cash equivalents </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.04012%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostMember_CashAndCashEquivalents1Member" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3282" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,765</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.48588%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_FinancialAssetsAtAmortisedCostMember_CashAndCashEquivalents1Member" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3252" decimals="-3" scale="3" format="ixt:num-dot-decimal">309,893</ix:nonFraction> </span></td>
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<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; width: 67.9049%; margin: 0px; text-indent: 0px; height: 17px;">Marketable securities</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.04012%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostMember_MarketableSecuritiesMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3251" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.48588%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><ix:nonFraction contextRef="I20211231_FinancialAssetsAtAmortisedCostMember_MarketableSecuritiesMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3468" decimals="-3" scale="3" format="ixt:num-dot-decimal">166,349</ix:nonFraction></td>
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<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Trade receivables </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostMember_TradeReceivablesMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3193" decimals="-3" scale="3" format="ixt:num-dot-decimal">649,135</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_FinancialAssetsAtAmortisedCostMember_TradeReceivablesMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3281" decimals="-3" scale="3" format="ixt:num-dot-decimal">505,514</ix:nonFraction> </span></td>
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<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other receivables </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostMember_OtherReceivablesMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3266" decimals="-3" scale="3" format="ixt:num-dot-decimal">972</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160;<ix:nonFraction contextRef="I20211231_FinancialAssetsAtAmortisedCostMember_OtherReceivablesMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3125" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,105</ix:nonFraction> </span></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Related parties &#8211; other receivables </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostMember_OtherReceivablesFromRelatedPartiesMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag142" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,759</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20211231_FinancialAssetsAtAmortisedCostMember_OtherReceivablesFromRelatedPartiesMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3268" decimals="-3" scale="3" format="ixt:num-dot-decimal">501</ix:nonFraction> </span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostMember_7" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3463" decimals="-3" scale="3" format="ixt:num-dot-decimal">697,631</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160; <ix:nonFraction contextRef="I20211231_FinancialAssetsAtAmortisedCostMember_7" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3258" decimals="-3" scale="3" format="ixt:num-dot-decimal">984,362</ix:nonFraction> </span></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;">Assets - Fair value </span><span style="font-weight: bold;">through</span><span style="font-weight: bold;">&#160;profit or loss</span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Marketable securities </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span>1</span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_MarketableSecuritiesMember_Level1OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag1112" decimals="-3" scale="3" format="ixt:num-dot-decimal">380,514</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_MarketableSecuritiesMember_Level1OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3457" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; width: 67.9049%;">Other investments and interests in entities</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: center; width: 9.95542%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1.04012%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 9.95542%;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherInvestmentsAndInterestsInEntitiesMember_Level1OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag1271" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,272</ix:nonFraction></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 9.95542%;"><ix:nonFraction contextRef="I20211231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherInvestmentsAndInterestsInEntitiesMember_Level1OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3253" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag1270" decimals="-3" scale="3" format="ixt:num-dot-decimal">388,786</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20211231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:FinancialAssets" unitRef="BRL" id="Tag3250" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Liabilities - Amortized cost</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Bonds and financing </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_FinancialLiabilitiesAtAmortisedCostMember_BondsAndFinancingMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag113" decimals="-3" scale="3" format="ixt:num-dot-decimal">842,996</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<ix:nonFraction contextRef="I20211231_FinancialLiabilitiesAtAmortisedCostMember_BondsAndFinancingMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3264" decimals="-3" scale="3" format="ixt:num-dot-decimal">831,226</ix:nonFraction> </span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Lease liabilities </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_FinancialLiabilitiesAtAmortisedCostMember_LeaseLiabilitiesMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag1269" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,563</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_FinancialLiabilitiesAtAmortisedCostMember_LeaseLiabilitiesMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3257" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,542</ix:nonFraction> </span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reverse factoring </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_FinancialLiabilitiesAtAmortisedCostMember_TradePayablesToReverseFactoringSuppliersMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3284" decimals="-3" scale="3" format="ixt:num-dot-decimal">155,469</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160;<ix:nonFraction contextRef="I20211231_FinancialLiabilitiesAtAmortisedCostMember_TradePayablesToReverseFactoringSuppliersMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3392" decimals="-3" scale="3" format="ixt:num-dot-decimal">97,619</ix:nonFraction> </span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Suppliers</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_FinancialLiabilitiesAtAmortisedCostMember_TradePayablesToSuppliersMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3456" decimals="-3" scale="3" format="ixt:num-dot-decimal">250,647</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_FinancialLiabilitiesAtAmortisedCostMember_TradePayablesToSuppliersMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3278" decimals="-3" scale="3" format="ixt:num-dot-decimal">167,168</ix:nonFraction> </span></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Accounts payable for business combination and acquisition of associates</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_FinancialLiabilitiesAtAmortisedCostMember_AccountsPayableForBusinessCombinationMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3271" decimals="-3" scale="3" format="ixt:num-dot-decimal">569,360</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_FinancialLiabilitiesAtAmortisedCostMember_AccountsPayableForBusinessCombinationMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag1111" decimals="-3" scale="3" format="ixt:num-dot-decimal">497,187</ix:nonFraction> </span></td>
</tr>
<tr style="background-color: #bdd7ee; height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px; width: 67.9049%;">Accounts payable for business combination and acquisition of associates (i)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px; text-align: center; width: 9.95542%;"><span>3</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 1.04012%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 9.95542%;"><ix:nonFraction contextRef="I20221231_FinancialLiabilitiesAtAmortisedCostMember_AccountsPayableForBusinessCombinationMember_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3254" decimals="-3" scale="3" format="ixt:num-dot-decimal">55,917</ix:nonFraction></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 9.95542%;"><ix:nonFraction contextRef="I20211231_FinancialLiabilitiesAtAmortisedCostMember_AccountsPayableForBusinessCombinationMember_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3279" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,126</ix:nonFraction></td>
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<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other liabilities - related parties&#160; </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; <ix:nonFraction contextRef="I20221231_FinancialLiabilitiesAtAmortisedCostMember_OtherLiabilitiesToRelatedPartiesMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3475" decimals="-3" scale="3" format="ixt:num-dot-decimal">54</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_FinancialLiabilitiesAtAmortisedCostMember_OtherLiabilitiesToRelatedPartiesMember" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3464" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,271</ix:nonFraction> </span></td>
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<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20221231_FinancialLiabilitiesAtAmortisedCostMember_9" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3274" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,015,006</ix:nonFraction> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20211231_FinancialLiabilitiesAtAmortisedCostMember_9" name="ifrs-full:FinancialLiabilities" unitRef="BRL" id="Tag3262" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,828,139</ix:nonFraction> </span></td>
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<td style="width: 3%; vertical-align: top;" valign="top"><span style="font-family: 'times new roman', times; font-size: 10pt;">i)</span></td>
<td style="width: 97%; padding: 0px;"><span style="font-size: 10pt; line-height: inherit;"><span><ix:footnote xml:lang="en-US" id="footnote49" footnoteRole="http://www.xbrl.org/2003/role/footnote">Refers to a portion of the liability remeasured based on economic activity of the acquired entity (post-closing price adjustments).</ix:footnote></span></span></td>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>F-33</span></span></td>
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<p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><span style="font-weight: bold;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0px; text-indent: 0px;"><span style="font-weight: bold; margin: 0px; text-indent: 0px; font-size: 10pt; font-family: 'times new roman', times;">Valuation techniques and significant unobservable inputs</span></p>
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<div style="border-right: none; border-left: none;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" id="Tag3461" escape="true">
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<p style="margin: 0px; text-indent: 0px;"><span style="margin: 0px; text-indent: 0px; font-size: 10pt; font-family: 'times new roman', times;">The following table shows the valuation techniques used in measuring level <span>3</span> fair values, as well as the significant unobservable inputs used:<br/></span></p>
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<td style="width: 15.78%; padding: 0cm 3.5pt; height: 10px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><b><span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"><span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">Entities</span></span></b></p>
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<td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Valuation technique</span></span></b></p>
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<td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"><span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">Significant unobservable inputs</span></span></b></p>
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<td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"><span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">Inter-relationship between key unobservable inputs and fair value measurement</span></span></b></p>
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<td style="width: 15.78%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Phidelis </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td valign="top" style="width: 29.42%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember_ContingentConsiderationMember_Level3OfFairValueHierarchyMember" name="ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" id="Tag3256" escape="true">Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue).</ix:nonNumeric> </span></p>
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<td valign="top" style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td valign="top" style="width: 26.18%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"><ix:nonNumeric contextRef="D20221231_UnobservableInputs1Member_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember" name="ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities" id="Tag3446" escape="true">1. The achievement of financial targets are linked to net revenue of the years 2023 and 2024.</ix:nonNumeric> <br/></span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"><ix:nonNumeric contextRef="D20221231_UnobservableInputs2Member_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember" name="ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities" id="Tag1273" escape="true">2.Revenue: we consider for the revenue projection the continuity of old contracts and new contracts with average annual revenue growth of <ix:nonFraction contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember_UnobservableInputs2Member" name="vsta:ExpectedWeightedAverageAnnualRevenueGrowthRate" unitRef="Pure" id="Tag3283" decimals="3" scale="-2" format="ixt:num-dot-decimal">21.1</ix:nonFraction>%.</ix:nonNumeric></span></p>
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<td valign="top" style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td valign="top" style="width: 24.2%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"><span style="-sec-ix-hidden:Tag3486">The estimated fair value would increase (decrease) if:</span></span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">- Any product is no longer monetized (lower)</span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"><span style="line-height: inherit;">&#160;</span><span>- <ix:nonNumeric contextRef="D20221231_UnobservableInputs2Member_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember" name="ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities" id="Tag115" escape="true">The risk-adjusted discount rates were lower (higher)</ix:nonNumeric></span></span></p>
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<tr style="height: 10px; background-color: #bdd7ee;">
<td style="width: 15.78%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> SEL </span></p>
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<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td valign="top" style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SociedadeEducacionalDaLagoaLtdaMember_ContingentConsiderationMember_Level3OfFairValueHierarchyMember" name="ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" id="Tag3393" escape="true">Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue).</ix:nonNumeric> </span></p>
</td>
<td valign="top" style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td valign="top" style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_UnobservableInputs1Member_SociedadeEducacionalDaLagoaLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember" name="ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities" id="Tag3263" escape="true">1. Renewal, in writing, to the year 2023 and 2024, of the Structured Teaching Program Contract; or</ix:nonNumeric> </span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"><ix:nonNumeric contextRef="D20221231_UnobservableInputs2Member_SociedadeEducacionalDaLagoaLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember" name="ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities" id="Tag3462" escape="true">2. Entering a new contract, in writing, with SESI effective for the year 2024, with or without the need for bidding, so that the Buyer continues to provide in the year of 2024 services to SESI, according to the specific scope to be defined by SESI (&#8220;Renovation Structured Teaching Program 2024&#8221;).</ix:nonNumeric> </span></p>
</td>
<td valign="top" style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td valign="top" style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"><ix:nonNumeric contextRef="D20221231_UnobservableInputs1Member_SociedadeEducacionalDaLagoaLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember" name="ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities" id="Tag3261" escape="true">The estimated fair value would increase (decrease) if:</ix:nonNumeric></span></p>
<p style="text-align: right; margin: 20pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20221231_UnobservableInputs2Member_SociedadeEducacionalDaLagoaLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember" name="ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities" id="Tag3267" escape="true">- No contract renewal (lower)</ix:nonNumeric><span style="color: #000000; line-height: inherit;"></span></span></p>
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</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="width: 15.78%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Reda&#231;&#227;o Nota <span>1000</span> </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td valign="top" style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_Nota1000ServicosEducacionaisSAMember_ContingentConsiderationMember_Level3OfFairValueHierarchyMember" name="ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" id="Tag114" escape="true">Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue).</ix:nonNumeric> </span></p>
</td>
<td valign="top" style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td valign="top" style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_UnobservableInputs1Member" name="ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities" id="Tag3259" escape="true">1. Net Revenue Target 2023: R$3,952 </ix:nonNumeric></span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"><ix:nonNumeric contextRef="D20221231_UnobservableInputs2Member_Nota1000ServicosEducacionaisSAMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember" name="ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities" id="Tag1274" escape="true">2. (i) 2023 Net Revenue equal to or greater than R$<ix:nonFraction contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget1Member_UnobservableInputs2Member_BottomOfRangeMember" name="vsta:NetRevenueTargetForNextFiscalYear" unitRef="BRL" id="Tag3275" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,952</ix:nonFraction> so = <ix:nonFraction contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget1Member_UnobservableInputs2Member" name="vsta:PercentageOfNetRevenueTargetForNextFiscalYear" unitRef="Pure" id="Tag3290" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>%, (ii) 2023 Net Revenue equal to or greater than R$<ix:nonFraction contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget2Member_UnobservableInputs2Member_BottomOfRangeMember" name="vsta:NetRevenueTargetForNextFiscalYear" unitRef="BRL" id="Tag3390" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,799</ix:nonFraction> and less than R$<ix:nonFraction contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget2Member_UnobservableInputs2Member_TopOfRangeMember" name="vsta:NetRevenueTargetForNextFiscalYear" unitRef="BRL" id="Tag3391" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,952</ix:nonFraction> so <ix:nonFraction contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget2Member_UnobservableInputs2Member" name="vsta:PercentageOfNetRevenueTargetForNextFiscalYear" unitRef="Pure" id="Tag3455" decimals="2" scale="-2" format="ixt:num-dot-decimal">70</ix:nonFraction>%, (iii) 2023 Net Revenue equal to or greater than R$ <ix:nonFraction contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget3Member_UnobservableInputs2Member_BottomOfRangeMember" name="vsta:NetRevenueTargetForNextFiscalYear" unitRef="BRL" id="Tag3260" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,659</ix:nonFraction> and less than R$<ix:nonFraction contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget3Member_UnobservableInputs2Member_TopOfRangeMember" name="vsta:NetRevenueTargetForNextFiscalYear" unitRef="BRL" id="Tag3466" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,799</ix:nonFraction> so <ix:nonFraction contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget3Member_UnobservableInputs2Member" name="vsta:PercentageOfNetRevenueTargetForNextFiscalYear" unitRef="Pure" id="Tag3465" decimals="2" scale="-2" format="ixt:num-dot-decimal">60</ix:nonFraction>%, (iv) 2023 Net Revenue equal to or greater than R$<ix:nonFraction contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget4Member_UnobservableInputs2Member_BottomOfRangeMember" name="vsta:NetRevenueTargetForNextFiscalYear" unitRef="BRL" id="Tag3467" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,379</ix:nonFraction> and less than R$<ix:nonFraction contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget4Member_UnobservableInputs2Member_TopOfRangeMember" name="vsta:NetRevenueTargetForNextFiscalYear" unitRef="BRL" id="Tag3480" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,659</ix:nonFraction> so, <ix:nonFraction contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget4Member_UnobservableInputs2Member" name="vsta:PercentageOfNetRevenueTargetForNextFiscalYear" unitRef="Pure" id="Tag3273" decimals="2" scale="-2" format="ixt:num-dot-decimal">40</ix:nonFraction>%, and (v) Net Revenue less than R$<ix:nonFraction contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget5Member_UnobservableInputs2Member_TopOfRangeMember" name="vsta:NetRevenueTargetForNextFiscalYear" unitRef="BRL" id="Tag3269" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,379</ix:nonFraction> so <ix:nonFraction contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget5Member_UnobservableInputs2Member" name="vsta:PercentageOfNetRevenueTargetForNextFiscalYear" unitRef="Pure" id="Tag3458" decimals="2" scale="-2" format="ixt:num-dot-decimal">0</ix:nonFraction>%.</ix:nonNumeric> </span></p>
</td>
<td valign="top" style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td valign="top" style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_Nota1000ServicosEducacionaisSAMember_ContingentConsiderationMember_Level3OfFairValueHierarchyMember" name="ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities" id="Tag3276" escape="true">Not applicable.</ix:nonNumeric> </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="width: 15.78%; border: none; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Educbank </span></p>
</td>
<td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td valign="top" style="width: 29.42%; border: none; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_EducbankGestaoDePagamentosEducacionaisSAMember_ContingentConsiderationMember_Level3OfFairValueHierarchyMember" name="ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" id="Tag3476" escape="true">Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (students enrolled).</ix:nonNumeric> </span></p>
</td>
<td valign="top" style="width: 1.48%; padding: 0px 4px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td valign="top" style="width: 26.18%; border: none; padding: 0px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_UnobservableInputs1Member_EducbankGestaoDePagamentosEducacionaisSAMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember" name="ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities" id="Tag3280" escape="true">1. Reaching <ix:nonFraction contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_EducbankGestaoDePagamentosEducacionaisSAMember_UnobservableInputs1Member" name="vsta:ExpectedNumberOfNewStudentsToBeHiredEffectively" unitRef="Pure" id="Tag3270" decimals="0" format="ixt:num-dot-decimal">25,000</ix:nonFraction> new students effectively hired, as determined after issuing bank slips, in relation to the Company's services</ix:nonNumeric></span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20221231_UnobservableInputs2Member_EducbankGestaoDePagamentosEducacionaisSAMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember" name="ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities" id="Tag1272" escape="true">2. Reaching <ix:nonFraction contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_EducbankGestaoDePagamentosEducacionaisSAMember_UnobservableInputs2Member" name="vsta:ExpectedNumberOfNewStudentsToBeHiredEffectively" unitRef="Pure" id="Tag3277" decimals="0" format="ixt:num-dot-decimal">37,000</ix:nonFraction> new students effectively hired, as determined after issuing bank slips, in relation to the Company's services.</ix:nonNumeric> </span></p>
</td>
<td valign="top" style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"></td>
<td valign="top" style="width: 24.2%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20221231_UnobservableInputs1Member_EducbankGestaoDePagamentosEducacionaisSAMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember" name="ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities" id="Tag3265" escape="true">The estimated fair value would increase (decrease) if:</ix:nonNumeric><span style="color: black; line-height: inherit;"><br/><br/></span></span></p>
<p style="text-align: right; margin: 20pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"><ix:nonNumeric contextRef="D20221231_UnobservableInputs2Member_EducbankGestaoDePagamentosEducacionaisSAMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember" name="ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities" id="Tag3255" escape="true">- Not applicable.</ix:nonNumeric></span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
</div>
<p style="margin: 0px; text-indent: 0px;"><br/></p>
<p style="text-align: justify; background: white; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10.0pt;">The Company has not disclosed the fair values of your financial instruments, because their carrying amounts approximates fair value.&#160;</span></p>
</div>
</div>
</ix:nonNumeric>
<p style="margin: 0px; text-indent: 0px;"><br/></p>
<div>
<div id="t_ft_XG3GASM0BK00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-34</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
</div><div id="D2bpfk2xt5ga9tijox7hx7o" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span>2021</span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: 1.2; margin: 0px; text-align: start; text-indent: 0px;">Notes to the Consolidated Financial Statements as of December 31, 20<span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;">2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff;"><span>2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory" id="Tag3394" escape="true">
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 5pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>8</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Cash and cash equivalents</span></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: 'Times New Roman'; font-size: 10.5pt; font-weight: bold; line-height: 125%; margin: 0pt 0pt 5pt 31.13pt; padding-left: 4.88pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Composition</span></li>
</ol>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The balance of this account comprises the following amounts:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfCashAndCashEquivalentTableTextBlock" id="Tag3389" escape="true">
<div id="t_ft_O3685BO25C00000000000000000000b">
<table cellpadding="0" style="height: 86px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 73%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cash </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashOnHand" unitRef="BRL" id="Tag848" decimals="-3" scale="3" format="ixt:num-dot-decimal">7</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CashOnHand" unitRef="BRL" id="Tag844" decimals="-3" scale="3" format="ixt:num-dot-decimal">100</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Bank account </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:BalancesWithBanks" unitRef="BRL" id="Tag847" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,546</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:BalancesWithBanks" unitRef="BRL" id="Tag843" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,772</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Financial investments (i) </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents" unitRef="BRL" id="Tag846" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,212</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents" unitRef="BRL" id="Tag842" decimals="-3" scale="3" format="ixt:num-dot-decimal">292,021</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashAndCashEquivalents" unitRef="BRL" id="Tag845" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,765</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CashAndCashEquivalents" unitRef="BRL" id="Tag841" decimals="-3" scale="3" format="ixt:num-dot-decimal">309,893</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: Georgia; font-size: 8pt;">&#160;</span></p>
<table style="width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; height: 10px;">
<tbody>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 3%; height: 10px;" valign="top"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">(</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">i</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">)</span><br/></td>
<td style="padding: 0px; text-align: justify; width: 97%; height: 10px;"><span><ix:footnote xml:lang="en-US" id="footnote26" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Times New Roman'; font-size: 10pt;">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 <ix:nonFraction contextRef="I20221231" name="vsta:AverageGrossYieldOfDeposits" unitRef="Pure" id="Tag840" decimals="2" scale="-2" format="ixt:num-dot-decimal">103</ix:nonFraction></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% of the annual CDI rate on&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">December 31, 2022</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231" name="vsta:AverageGrossYieldOfDeposits" unitRef="Pure" id="Tag839" decimals="3" scale="-2" format="ixt:num-dot-decimal">105.2</ix:nonFraction></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% on December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">). All investments are highly liquid investments that are readily convertible to known amounts of</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">cash</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">and which are subject to an insignificant risk of changes in value and correspond to the cash obligations for the period.</span></ix:footnote></span></td>
</tr>
</tbody>
</table>
</ix:nonNumeric>
</ix:nonNumeric>
</div>
<p style="margin: 0pt 0pt 0pt 14.75pt; text-align: justify; text-indent: -14.75pt;"><br/></p><div id="Dvdz6fxmyjob2tgk9lricu2" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" id="Tag852" escape="true">
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 5pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>9</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Marketable</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">securities </span></p>
<p><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160; <span style="border-left: none; border-right: none;">a</span>.&#160; Composition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span></p>
<p><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><br/></span></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfMarketableSecuritiesTableTextBlock" id="Tag849" escape="true">
<div id="t_ft_ON72UZ5LJK00000000000000000000b">
<table cellpadding="0" style="height: 103px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Credit Risk </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Financial bills (LF) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> AAA </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_CreditRiskMember_StandardPoorsAAARatingMember" name="vsta:CurrentBills" unitRef="BRL" id="Tag3315" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_CreditRiskMember_StandardPoorsAAARatingMember" name="vsta:CurrentBills" unitRef="BRL" id="Tag3312" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,640</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Financial treasury bills (LFT) </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> AAA </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_CreditRiskMember_StandardPoorsAAARatingMember" name="vsta:CurrentTreasuryBills" unitRef="BRL" id="Tag3314" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_CreditRiskMember_StandardPoorsAAARatingMember" name="vsta:CurrentTreasuryBills" unitRef="BRL" id="Tag3313" decimals="-3" scale="3" format="ixt:num-dot-decimal">164,709</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Private investment fund </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> AAA </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_CreditRiskMember_StandardPoorsAAARatingMember" name="vsta:CurrentPrivateInvestmentFund" unitRef="BRL" id="Tag3311" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,842</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_CreditRiskMember_StandardPoorsAAARatingMember" name="vsta:CurrentPrivateInvestmentFund" unitRef="BRL" id="Tag3309" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Private investment fund </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> AA </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_CreditRiskMember_StandardPoorsAARatingMember" name="vsta:CurrentPrivateInvestmentFund" unitRef="BRL" id="Tag3310" decimals="-3" scale="3" format="ixt:num-dot-decimal">348,672</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_CreditRiskMember_StandardPoorsAARatingMember" name="vsta:CurrentPrivateInvestmentFund" unitRef="BRL" id="Tag3308" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="vsta:CurrentMarketableSecurities" unitRef="BRL" id="Tag851" decimals="-3" scale="3" format="ixt:num-dot-decimal">380,514</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: middle; background-color: #bdd7ee; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:CurrentMarketableSecurities" unitRef="BRL" id="Tag850" decimals="-3" scale="3" format="ixt:num-dot-decimal">166,349</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 18px;"><br/></td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
<p style="margin: 0pt;"><br/></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The average gross yield of securities is based on <ix:nonFraction contextRef="I20221231" name="vsta:AverageGrossYieldOfSecurities" unitRef="Pure" id="Tag862" decimals="2" scale="-2" format="ixt:num-dot-decimal">104</ix:nonFraction></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% CDI on December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231" name="vsta:AverageGrossYieldOfSecurities" unitRef="Pure" id="Tag863" decimals="2" scale="-2" format="ixt:num-dot-decimal">101</ix:nonFraction></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% CDI on December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">).</span></p>
</ix:nonNumeric>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<div>
<div id="t_ft_TKRYKBTW9C00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-35</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
<p style="margin: 0pt; text-align: justify;"><br/></p>
</div><div id="Do5tyer9139r4kp0d5g8azw" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold;"><span style="line-height: inherit;">Vasta&#160;</span><span style="line-height: inherit;">Platform</span><span style="line-height: inherit;"> Limited</span></span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000; margin: 0px; text-indent: 0px;"></hr>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory" id="Tag3401" escape="true">
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><span>10</span></span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> Trade receivables </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.55pt 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The balance of this account comprises the following amounts:</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;">a.<span style="font-weight: bold; line-height: inherit; margin-left: 20px;">Composition</span></span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 14.89pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 14.89pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-weight: bold; line-height: inherit;"><br/></span></span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfTradeReceivablesTableTextBlock" id="Tag875" escape="true">
<div id="t_ft_K7YGPNKLTC00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 79px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 76.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.0355%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 76.9231%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Trade receivables </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9.91124%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:TradeReceivableGrossCurrent" unitRef="BRL" id="Tag3360" decimals="-3" scale="3" format="ixt:num-dot-decimal">711,439</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9.91124%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:TradeReceivableGrossCurrent" unitRef="BRL" id="Tag3327" decimals="-3" scale="3" format="ixt:num-dot-decimal">505,190</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> Related Parties (Note <span>21</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:TradeReceivableRelatedPartiesCurrent" unitRef="BRL" id="Tag877" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,177</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:TradeReceivableRelatedPartiesCurrent" unitRef="BRL" id="Tag3356" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,824</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 76.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> ( - ) Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231" name="vsta:ProvisionForImpairmentOfTradeReceivables" unitRef="BRL" id="Tag3352" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,481</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231" name="vsta:ProvisionForImpairmentOfTradeReceivables" unitRef="BRL" id="Tag3345" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,500</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; width: 76.9231%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTradeReceivables" unitRef="BRL" id="Tag3358" decimals="-3" scale="3" format="ixt:num-dot-decimal">649,135</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 1.0355%;"><br/></td>
<td style="vertical-align: middle; height: 18px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentTradeReceivables" unitRef="BRL" id="Tag3350" decimals="-3" scale="3" format="ixt:num-dot-decimal">505,514</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
<span style="font-size: 10pt; text-align: justify;">&#160;</span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;">b.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Maturities of trade receivables</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 14.89pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-weight: bold; line-height: inherit;"><br/></span></span></div>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfMaturitiesOfTradeReceivablesTableTextBlock" id="Tag873" escape="true">
<div id="t_ft_FISSH7DP2800000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.9241%; height: 200px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 77%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Not yet due </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag886" decimals="-3" scale="3" format="ixt:num-dot-decimal">563,005</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CurrentMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag879" decimals="-3" scale="3" format="ixt:num-dot-decimal">417,233</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Past due </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Up to <span>30</span> days </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneMonthMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag890" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,435</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_NotLaterThanOneMonthMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag880" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,657</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> From <span>31</span> to <span>60</span> days </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag3339" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,637</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag3343" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,331</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> From <span>61</span> to <span>90</span> days </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag3325" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,193</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag896" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,366</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> From <span>91</span> to <span>180</span> days </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag895" decimals="-3" scale="3" format="ixt:num-dot-decimal">42,169</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag3340" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,154</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> From <span>181</span> to <span>360</span> days </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanSixMonthsAndNotLaterThanOneYearMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag898" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,357</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LaterThanSixMonthsAndNotLaterThanOneYearMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag3324" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,852</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Over <span>360</span> days </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag3332" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,643</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LaterThanOneYearMember" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag861" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,597</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total past due </span></p>
</td>
<td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag3338" decimals="-3" scale="3" format="ixt:num-dot-decimal">148,434</ix:nonFraction> </span></p>
</td>
<td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:TradeReceivablesRecordedInvestmentPastDue" unitRef="BRL" id="Tag3334" decimals="-3" scale="3" format="ixt:num-dot-decimal">87,957</ix:nonFraction> </span></p>
</td>
<td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160;Related parties (note <span>21</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:TradeReceivableRelatedPartiesCurrent" unitRef="BRL" id="Tag899" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,177</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:TradeReceivableRelatedPartiesCurrent" unitRef="BRL" id="Tag3331" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,824</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Impairment losses on trade receivables </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231" name="vsta:ProvisionForImpairmentOfTradeReceivables" unitRef="BRL" id="Tag860" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,481</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231" name="vsta:ProvisionForImpairmentOfTradeReceivables" unitRef="BRL" id="Tag3333" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,500</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTradeReceivables" unitRef="BRL" id="Tag3359" decimals="-3" scale="3" format="ixt:num-dot-decimal">649,135</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentTradeReceivables" unitRef="BRL" id="Tag881" decimals="-3" scale="3" format="ixt:num-dot-decimal">505,514</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">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.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;">c.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Impairment losses on trade receivables</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company measures impairment losses on trade receivables at an amount equal to lifetime expected credit losses (&#8220;ECL&#8221;) estimated using a monthly provision matrix. This matrix is prepared by analyzing the receivables established each month (in the <span>12</span>-month period) and the related composition per default range and by calculating the recovery performance. In this methodology, for each default range an estimated loss likelihood percentage is established, which considers current and prospective information on macroeconomic factors that affect the customers&#8217; ability to settle the receivables.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company also recognizes impairment losses on trade receivables at <ix:nonFraction contextRef="I20221231" name="vsta:PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt" unitRef="Pure" id="Tag3323" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% for customers that filed for judicial recovery or bankruptcy, based on historical experience, which indicates that these receivables are generally not recoverable.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The credit risk and expected credit losses associated with amounts due from related parties is not significant.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The following table details the risk profile of trade receivables based on the Company&#8217;s provision matrix as of December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and as of December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"> <span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">d.&#160;&#160;</span><span style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;, times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Expected credit losses<span>&#160;</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;, times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">aging</span></span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-36</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Expected credit loss rate (%) </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Lifetime ECL (R$) </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Expected credit loss rate (%) </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Lifetime ECL (R$) </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Not yet due </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_CurrentMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag882" decimals="4" scale="-2" format="ixt:num-dot-decimal">1.52</ix:nonFraction>% </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_CurrentMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag3355" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,970</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_CurrentMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag885" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.30</ix:nonFraction>% </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_CurrentMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag894" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,263</ix:nonFraction> </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Past due </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Up to <span>30</span> days </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneMonthMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag3335" decimals="4" scale="-2" format="ixt:num-dot-decimal">9.53</ix:nonFraction>% </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneMonthMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag892" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,072</ix:nonFraction> </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_NotLaterThanOneMonthMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag3322" decimals="4" scale="-2" format="ixt:num-dot-decimal">12.67</ix:nonFraction>% </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_NotLaterThanOneMonthMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag3318" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,219</ix:nonFraction> </span></p>
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</tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> From <span>31</span> to <span>60</span> days </span></p>
</td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag3342" decimals="4" scale="-2" format="ixt:num-dot-decimal">14.09</ix:nonFraction>% </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag905" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,728</ix:nonFraction> </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag910" decimals="4" scale="-2" format="ixt:num-dot-decimal">17.01</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag904" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,769</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> From <span>61</span> to <span>90</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag3329" decimals="4" scale="-2" format="ixt:num-dot-decimal">19.87</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag887" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,335</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag3347" decimals="4" scale="-2" format="ixt:num-dot-decimal">23.75</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag900" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,764</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> From <span>91</span> to <span>180</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag878" decimals="4" scale="-2" format="ixt:num-dot-decimal">29.66</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag856" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,096</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag906" decimals="4" scale="-2" format="ixt:num-dot-decimal">35.71</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag858" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,608</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> From <span>181</span> to <span>360</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanSixMonthsAndNotLaterThanOneYearMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag3351" decimals="4" scale="-2" format="ixt:num-dot-decimal">48.35</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanSixMonthsAndNotLaterThanOneYearMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag3330" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,465</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanSixMonthsAndNotLaterThanOneYearMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag884" decimals="4" scale="-2" format="ixt:num-dot-decimal">72.90</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanSixMonthsAndNotLaterThanOneYearMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag888" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,399</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Over <span>360</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag908" decimals="4" scale="-2" format="ixt:num-dot-decimal">76.40</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag3336" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,434</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanOneYearMember" name="ifrs-full:ExpectedCreditLossRate" unitRef="Pure" id="Tag889" decimals="4" scale="-2" format="ixt:num-dot-decimal">99.23</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanOneYearMember" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag891" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,478</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Total past due </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag859" decimals="-3" scale="3" format="ixt:num-dot-decimal">54,100</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:LifetimeExpectedCreditLosses" unitRef="BRL" id="Tag857" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,500</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Customers in judicial recovery (i) </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt" unitRef="Pure" id="Tag3321" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231" name="vsta:ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" unitRef="BRL" id="Tag3341" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,381</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt" unitRef="Pure" id="Tag893" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231" name="vsta:ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" unitRef="BRL" id="Tag909" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (-) Impairment losses on trade receivables </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="vsta:ProvisionForImpairmentOfTradeReceivables" unitRef="BRL" id="Tag903" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,481</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:ProvisionForImpairmentOfTradeReceivables" unitRef="BRL" id="Tag3346" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,500</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt; text-align: justify;"><br/></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3.28346%; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="width: 96.7165%;"><span style="font-size: 10pt; color: #000000;"><span style="mso-list: Ignore;"><span><ix:footnote xml:lang="en-US" id="footnote54" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 10.0pt; color: black;">On December 31, 2022 the Company&#8217;s Management recorded R$<ix:nonFraction contextRef="I20221231" name="vsta:ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" unitRef="BRL" id="Tag3326" decimals="-6" scale="6" format="ixt:num-dot-decimal">15</ix:nonFraction> million in provision for expected credit loss relating to the entirely of Vasta&#8217;s receivable for products in inventory of a large retail company in judicial recovery. The Company did not identify customers in judicial recovery as of December 31, 2021.</span></ix:footnote></span></span></span></td>
</tr>
</tbody>
</table>
</div>
</div>
</ix:nonNumeric>
</div>
</div>
</div>
<p style="margin: 0in 0in 0.0001pt 28.35pt; text-align: justify; text-indent: -28.35pt; font-size: 10pt; font-family: 'Times New Roman', 'serif';"><br/></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="background-color: #ffffff;">The following table shows the c</span>hanges in impairment losses on trade receivables for the years ended December 31, 2022, <span>2021</span> and <span>2020</span>:</span></p>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<div style="margin: 0pt; padding-left: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;">e.&#160;&#160;<span style="font-weight: bold;">Changes on provision</span></span></span></div>
<div style="margin: 0pt; padding-left: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; padding-left: 16.06pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; padding-left: 16.06pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-weight: bold;"><br/></span></span></span></div>
<div style="margin: 0pt; padding-left: 0pt;">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfChangesInImpairmentLossesOnTradeReceivablesTableTextBlock" id="Tag864" escape="true">
<div id="t_ft_ZZ2JFFC59S00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 81px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 64.9331%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.9331%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Opening balance </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:ProvisionForImpairmentOfTradeReceivables" unitRef="BRL" id="Tag3344" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,500</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20201231" name="vsta:ProvisionForImpairmentOfTradeReceivables" unitRef="BRL" id="Tag907" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,055</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20191231" name="vsta:ProvisionForImpairmentOfTradeReceivables" unitRef="BRL" id="Tag3319" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,524</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.9331%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag3348" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,904</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag3353" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,326</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag3328" decimals="-3" scale="3" format="ixt:num-dot-decimal">29,870</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.9331%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reversals </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag901" decimals="-3" scale="3" format="ixt:num-dot-decimal">288</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag3337" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,854</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag902" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,855</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 64.9331%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Write offs (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables" unitRef="BRL" id="Tag3354" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,635</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">)</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables" unitRef="BRL" id="Tag897" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,027</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">)</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables" unitRef="BRL" id="Tag883" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,484</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 64.9331%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Closing balance </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="vsta:ProvisionForImpairmentOfTradeReceivables" unitRef="BRL" id="Tag3320" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,481</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:ProvisionForImpairmentOfTradeReceivables" unitRef="BRL" id="Tag3357" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,500</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231" name="vsta:ProvisionForImpairmentOfTradeReceivables" unitRef="BRL" id="Tag912" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,055</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin:0pt"><br/></p>
<div id="t_ft_3ZVGVF8MZ400000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="text-align: justify; width: 97%;"><span><ix:footnote xml:lang="en-US" id="footnote53" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company assessed its customers credit lines, on a regular basis. Due to historical losses and lack of prospects of credit recovery alongside these customers, the Company recognized R$ <ix:nonFraction contextRef="D20221231_3" name="vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables" unitRef="BRL" id="Tag3349" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,635</ix:nonFraction> as write-off as of December 31, 2022 (R$ <ix:nonFraction contextRef="D20211231_3" name="vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables" unitRef="BRL" id="Tag911" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,027</ix:nonFraction> as of December 31, 2021).</span></span></ix:footnote></span></td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
</div>
</ix:nonNumeric>
</div><div id="Dmgwzfw3ksc0guhyzxbolff" style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt 0pt 10pt; text-indent: 0pt;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfInventoriesExplanatory" id="Tag866" escape="true">
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>11</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Inventories</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The balance of this account comprises the following amounts:</span></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: 125%; margin: 0pt 0pt 10pt 11.24pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; Composition</span></li>
</ol>
<div id="t_ft_MKEFDIUJTS00000000000000000000b">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfInventoriesTableTextBlock" id="Tag705" escape="true">
<div>
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 105px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 73%; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Finished products (i) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 12%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:FinishedGoods" unitRef="BRL" id="Tag176" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,519</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 12%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:FinishedGoods" unitRef="BRL" id="Tag171" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,318</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Work in process </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:WorkInProgress" unitRef="BRL" id="Tag181" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,993</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:WorkInProgress" unitRef="BRL" id="Tag869" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,152</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Raw materials </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:RawMaterials" unitRef="BRL" id="Tag178" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,773</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:RawMaterials" unitRef="BRL" id="Tag870" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,081</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Imports in progress </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:ImportsInProgress" unitRef="BRL" id="Tag177" decimals="-3" scale="3" format="ixt:num-dot-decimal">347</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:ImportsInProgress" unitRef="BRL" id="Tag871" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,681</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Right to returned goods (ii) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:OtherInventories" unitRef="BRL" id="Tag855" decimals="-3" scale="3" format="ixt:num-dot-decimal">818</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:OtherInventories" unitRef="BRL" id="Tag872" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,131</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Inventories" unitRef="BRL" id="Tag867" decimals="-3" scale="3" format="ixt:num-dot-decimal">266,450</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Inventories" unitRef="BRL" id="Tag167" decimals="-3" scale="3" format="ixt:num-dot-decimal">242,363</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></span></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; height: 20px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 3%; vertical-align: top; height: 10px;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span><br/></td>
<td style="width: 97%; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><span><ix:footnote xml:lang="en-US" id="footnote50" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Times New Roman'; font-size: 10pt;">These amounts are net of slow-moving items and net realizable value. </span></ix:footnote></span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span><ix:footnote xml:lang="en-US" id="footnote51" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Represents the Company&#8217;s right to recover products from customers when customers exercise their right of return under the Company&#8217;s returns policies, where the Company estimates the volume of goods returned based on experience and foreseen expectations.</span></ix:footnote></span></p>
</td>
</tr>
</tbody>
</table>
</ix:nonNumeric>
</div>
<div style="margin: 0pt; text-indent: 0pt;">
<div id="t_ft_A90CN84TDC00000000000000000000b">
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<div>
<p style="margin: 0px; text-indent: 0px;"><br/></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-37</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr></ix:exclude>
</div>
</div>
<p style="margin: 0px; text-indent: 0px;"><br/></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Changes in provision for losses with slow-moving inventories, net realizable </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">value</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> and provision for right to returned goods are broken down as follows:</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: 125%; margin: 0pt 0pt 8pt 32.76pt; padding-left: 3.24pt; text-align: justify; text-indent: 0pt; margin-left: 0pt !important;"><span>b.&#160; &#160; &#160;&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Changes in provision</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; text-indent: 0pt;">
<div style="margin: 0pt; padding-left: 0pt;"><br/></div>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfChangesInProvisionForInventoriesTableTextBlock" id="Tag166" escape="true">
<div id="t_ft_E3B6NT5MXC00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9598%;" width="100%">
<tbody>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020</span></p>
</td>
<td style="vertical-align: middle;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 59%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Opening balance </span></p>
</td>
<td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:CurrentProvisionForLossesWithInventories" unitRef="BRL" id="Tag179" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,723</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231" name="vsta:CurrentProvisionForLossesWithInventories" unitRef="BRL" id="Tag868" decimals="-3" scale="3" format="ixt:num-dot-decimal">62,210</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20191231" name="vsta:CurrentProvisionForLossesWithInventories" unitRef="BRL" id="Tag191" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,080</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:InventoryWritedown2011" unitRef="BRL" id="Tag168" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,138</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:InventoryWritedown2011" unitRef="BRL" id="Tag180" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,178</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:InventoryWritedown2011" unitRef="BRL" id="Tag182" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,783</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (Reversals) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ReversalOfInventoryWritedown" unitRef="BRL" id="Tag172" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,214</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ReversalOfInventoryWritedown" unitRef="BRL" id="Tag170" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,061</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ReversalOfInventoryWritedown" unitRef="BRL" id="Tag853" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,726</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160; Inventory losses (i) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:InventoryGainLosses" unitRef="BRL" id="Tag174" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,598</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:InventoryGainLosses" unitRef="BRL" id="Tag169" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,604</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:InventoryGainLosses" unitRef="BRL" id="Tag865" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,927</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;">)</td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Closing balance </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="vsta:CurrentProvisionForLossesWithInventories" unitRef="BRL" id="Tag173" decimals="-3" scale="3" format="ixt:num-dot-decimal">84,049</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:CurrentProvisionForLossesWithInventories" unitRef="BRL" id="Tag175" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,723</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231" name="vsta:CurrentProvisionForLossesWithInventories" unitRef="BRL" id="Tag854" decimals="-3" scale="3" format="ixt:num-dot-decimal">62,210</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -13.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span><ix:footnote xml:lang="en-US" id="footnote52" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Times New Roman'; font-size: 10pt;">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.</span></ix:footnote></span></p>
</td>
</tr>
</tbody>
</table>
</ix:nonNumeric>
</div>
</ix:nonNumeric>
</div><div id="Dwu0tsy7pafvd8q1mvghlj" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" id="Tag3300" escape="true">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;">1</span><span style="font-weight: bold;"><span>2</span></span><span style="font-weight: bold;">&#160;&#160;&#160;&#160; <span style="font-family: 'times new roman', times;"><b><span style="font-size: 10pt;">Equity accounted investees</span></b> </span></span></span></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock" id="Tag3301" escape="true">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">a) Composition of investments</span></p>
<div style="border-right: none; border-left: none;">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 41px; width: 100%;" width="100%">
<tbody>
<tr style="height: 13px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Investment type </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Interest % </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Investment </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Fair value </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Goodwill </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 46%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Educbank </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Associate </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_EducbankGestaoDePagamentosEducacionaisSAMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag3294" decimals="2" scale="-2" format="ixt:num-dot-decimal">45</ix:nonFraction>% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag3293" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,485</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1" name="ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" unitRef="BRL" id="Tag3292" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,868</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3304" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,786</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" unitRef="BRL" id="Tag3296" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,139</ix:nonFraction> </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="BRL" id="Tag3306" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,485</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1" name="ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" unitRef="BRL" id="Tag3305" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,868</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag3291" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,786</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" unitRef="BRL" id="Tag3299" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,139</ix:nonFraction> </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
</ix:nonNumeric>
<p style="font-size: 10pt; line-height: 125%; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock" id="Tag3302" escape="true">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">b) <b><span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">Investments without control and significant influence</span></b> </span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="height: 71px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.9822%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> EducBank </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.47929%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 84.4675%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.07101%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 11.9822%; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_EducbankGestaoDePagamentosEducacionaisSAMember_1" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" unitRef="BRL" id="Tag3307" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.47929%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Acquisition </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.9822%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_EducbankGestaoDePagamentosEducacionaisSAMember" name="vsta:IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod" unitRef="BRL" id="Tag3298" decimals="-3" scale="3" format="ixt:num-dot-decimal">87,651</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.47929%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 84.4675%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Equity method </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.07101%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 11.9822%; height: 17px;border-bottom-width: 1pt;border-bottom-style: solid ;border-bottom-color: rgb(0, 0, 0);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">(<ix:nonFraction contextRef="D20221231_EducbankGestaoDePagamentosEducacionaisSAMember" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" unitRef="BRL" id="Tag3297" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,512</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 1.47929%; height: 17px;border-bottom-width: 1pt;border-bottom-style: solid ;border-bottom-color: rgb(0, 0, 0);">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31,2022 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.9822%; height: 10px;border-bottom-width: 2.8pt;border-bottom-style: double ;border-bottom-color: rgb(0, 0, 0) ;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" unitRef="BRL" id="Tag3295" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,139</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.47929%; height: 10px;border-bottom-width: 2.8pt;border-bottom-style: double ;border-bottom-color: rgb(0, 0, 0) ;"><br/></td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
</ix:nonNumeric>
<p style="font-size: 10pt; line-height: 125%; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></p>
<p style="margin:0pt"><br/></p>
</div><div id="Dcznmt3zflnvfjth69nkqpv" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory" id="Tag1070" escape="true">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 5pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><span style="font-weight: bold;"><span style="border-left: none; border-right: none;"><span>13</span></span></span><span style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-weight: bold;">Property, </span><span style="font-weight: bold;">plant</span><span style="font-weight: bold;"> and equipment</span></span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The cost, weighted average depreciation rates and accumulated depreciation are as follows:</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" id="Tag1069" escape="true">
<div id="t_ft_NYCGF27JOW00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 126px; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="7" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="7" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Weighted average depreciation rate </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Cost </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Accumulated depreciation </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Net book value </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Cost </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Accumulated depreciation </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Net book value </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 31%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> IT equipment </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ComputerEquipmentMember_BottomOfRangeMember" name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" unitRef="Pure" id="Tag930" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction>% - <ix:nonFraction contextRef="D20221231_ComputerEquipmentMember_TopOfRangeMember" name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" unitRef="Pure" id="Tag916" decimals="2" scale="-2" format="ixt:num-dot-decimal">33</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ComputerEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag968" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,262</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231_ComputerEquipmentMember_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1023" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">43,294</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ComputerEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag918" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,968</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> <ix:nonFraction contextRef="I20211231_ComputerEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag991" decimals="-3" scale="3" format="ixt:num-dot-decimal">44,181</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231_ComputerEquipmentMember_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1013" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">27,565</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ComputerEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag982" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,615</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> Furniture, equipment and fittings </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_FurnitureEquipmentAndFittingsMember_BottomOfRangeMember" name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" unitRef="Pure" id="Tag1059" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction>% - <ix:nonFraction contextRef="D20221231_FurnitureEquipmentAndFittingsMember_TopOfRangeMember" name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" unitRef="Pure" id="Tag1000" decimals="2" scale="-2" format="ixt:num-dot-decimal">33</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_FurnitureEquipmentAndFittingsMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag938" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,920</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231_FurnitureEquipmentAndFittingsMember_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1022" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">36,818</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1054" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,102</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_FurnitureEquipmentAndFittingsMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1033" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,116</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231_FurnitureEquipmentAndFittingsMember_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1010" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">29,726</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1058" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,390</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> Property, buildings and improvements </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_LeaseholdImprovementsMember_BottomOfRangeMember" name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" unitRef="Pure" id="Tag963" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>%-<ix:nonFraction contextRef="D20221231_LeaseholdImprovementsMember_TopOfRangeMember" name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" unitRef="Pure" id="Tag1034" decimals="2" scale="-2" format="ixt:num-dot-decimal">20</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LeaseholdImprovementsMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1035" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,027</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231_LeaseholdImprovementsMember_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag972" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">40,381</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LeaseholdImprovementsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag939" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,646</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LeaseholdImprovementsMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag975" decimals="-3" scale="3" format="ixt:num-dot-decimal">54,508</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231_LeaseholdImprovementsMember_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1028" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">36,636</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LeaseholdImprovementsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag947" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,872</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> In progress </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ConstructionInProgressMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag999" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,494</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_ConstructionInProgressMember_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag956" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag964" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,494</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ConstructionInProgressMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1021" decimals="-3" scale="3" format="ixt:num-dot-decimal">677</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_ConstructionInProgressMember_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1027" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1049" decimals="-3" scale="3" format="ixt:num-dot-decimal">677</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Right of use assets </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_RightofuseAssetsMember_BottomOfRangeMember" name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" unitRef="Pure" id="Tag937" decimals="2" scale="-2" format="ixt:num-dot-decimal">6</ix:nonFraction>%-<ix:nonFraction contextRef="D20221231_RightofuseAssetsMember_TopOfRangeMember" name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" unitRef="Pure" id="Tag954" decimals="2" scale="-2" format="ixt:num-dot-decimal">33</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> <ix:nonFraction contextRef="I20221231_RightofuseAssetsMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1380" decimals="-3" scale="3" format="ixt:num-dot-decimal">257,034</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (<ix:nonFraction contextRef="I20221231_RightofuseAssetsMember_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag965" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">137,948</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_RightofuseAssetsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag953" decimals="-3" scale="3" format="ixt:num-dot-decimal">119,086</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> <ix:nonFraction contextRef="I20211231_RightofuseAssetsMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag992" decimals="-3" scale="3" format="ixt:num-dot-decimal">251,694</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (<ix:nonFraction contextRef="I20211231_RightofuseAssetsMember_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag3198" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">109,957</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> <ix:nonFraction contextRef="I20211231_RightofuseAssetsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1011" decimals="-3" scale="3" format="ixt:num-dot-decimal">141,737</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Land </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LandMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag925" decimals="-3" scale="3" format="ixt:num-dot-decimal">391</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_LandMember_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1008" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LandMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1041" decimals="-3" scale="3" format="ixt:num-dot-decimal">391</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LandMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag919" decimals="-3" scale="3" format="ixt:num-dot-decimal">391</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_LandMember_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag997" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LandMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1064" decimals="-3" scale="3" format="ixt:num-dot-decimal">391</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag917" decimals="-3" scale="3" format="ixt:num-dot-decimal">456,128</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag927" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">258,441</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1029" decimals="-3" scale="3" format="ixt:num-dot-decimal">197,688</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag958" decimals="-3" scale="3" format="ixt:num-dot-decimal">389,567</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> (<ix:nonFraction contextRef="I20211231_AccumulatedImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1047" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">203,885</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag966" decimals="-3" scale="3" format="ixt:num-dot-decimal">185,682</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfChangesInPropertyPlantAndEquipmentTableTextBlock" id="Tag913" escape="true">
<div>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-38</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><b><span style="line-height: inherit;"><span style="line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and&#160;<span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></span></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times;"><span style="font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;"><span>2</span></span></span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr>
<p style="margin:0pt" xmlns="http://www.w3.org/1999/xhtml"><br/></p>
</ix:exclude>
</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">Changes in property, plant and equipment are as follows:</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<div id="t_ft_0ZTO5VMSW000000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 129px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> IT equipment </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Furniture, equipment and fittings </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.82143%;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Property, buildings and improvements </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><br/></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> In progress </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Right of use assets <sup>(i) </sup></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.77976%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Land </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_ComputerEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag971" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,615</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag952" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,390</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_LeaseholdImprovementsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag969" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,872</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1019" decimals="-3" scale="3" format="ixt:num-dot-decimal">677</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_RightofuseAssetsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1001" decimals="-3" scale="3" format="ixt:num-dot-decimal">141,737</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_LandMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag923" decimals="-3" scale="3" format="ixt:num-dot-decimal">391</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag974" decimals="-3" scale="3" format="ixt:num-dot-decimal">185,682</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> Additions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> <ix:nonFraction contextRef="D20221231_ComputerEquipmentMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag960" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,086</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> <ix:nonFraction contextRef="D20221231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1053" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,571</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_LeaseholdImprovementsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1051" decimals="-3" scale="3" format="ixt:num-dot-decimal">657</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> <ix:nonFraction contextRef="D20221231_ConstructionInProgressMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1057" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,829</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> <ix:nonFraction contextRef="D20221231_RightofuseAssetsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1052" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,002</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_LandMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1024" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag932" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,145</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions through business combinations </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ComputerEquipmentMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1038" decimals="-3" scale="3" format="ixt:num-dot-decimal">54</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1044" decimals="-3" scale="3" format="ixt:num-dot-decimal">12</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_LeaseholdImprovementsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1055" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ConstructionInProgressMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag935" decimals="-3" scale="3" format="ixt:num-dot-decimal">6</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_RightofuseAssetsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag979" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_LandMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag921" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag970" decimals="-3" scale="3" format="ixt:num-dot-decimal">72</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Disposals / Cancelled contracts </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_ComputerEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag984" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag924" decimals="-3" scale="3" format="ixt:num-dot-decimal">6</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_LeaseholdImprovementsMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1014" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ConstructionInProgressMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1056" decimals="-3" scale="3" format="ixt:num-dot-decimal">18</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (<ix:nonFraction contextRef="D20221231_RightofuseAssetsMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag944" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,796</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_LandMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1007" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag994" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,820</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Depreciation </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (<ix:nonFraction contextRef="D20221231_ComputerEquipmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag928" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,727</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (<ix:nonFraction contextRef="D20221231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag920" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,379</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (<ix:nonFraction contextRef="D20221231_LeaseholdImprovementsMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag959" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,428</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_ConstructionInProgressMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag1042" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (<ix:nonFraction contextRef="D20221231_RightofuseAssetsMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag996" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,857</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_LandMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag1004" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag1036" decimals="-3" scale="3" format="ixt:num-dot-decimal">57,391</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Transfers </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ComputerEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag1020" decimals="-3" scale="3" format="ixt:num-dot-decimal">941</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag931" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">486</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_LeaseholdImprovementsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag980" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">455</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_ConstructionInProgressMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag962" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><ix:nonFraction contextRef="D20221231_RightofuseAssetsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag1045" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_LandMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag977" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag1009" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> As of December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ComputerEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1016" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,968</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1025" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,102</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LeaseholdImprovementsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1039" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,646</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag934" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,494</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_RightofuseAssetsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1037" decimals="-3" scale="3" format="ixt:num-dot-decimal">119,086</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LandMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag998" decimals="-3" scale="3" format="ixt:num-dot-decimal">391</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1046" decimals="-3" scale="3" format="ixt:num-dot-decimal">197,688</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><span style="font-family: 'times new roman', times; font-size: 10pt;">(i)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><span><ix:footnote xml:lang="en-US" id="footnote46" footnoteRole="http://www.xbrl.org/2003/role/footnote">Refers to recognition of new lease agreements of R$ <ix:nonFraction contextRef="D20221231_RightofuseAssetsMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="BRL" id="Tag973" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,002</ix:nonFraction> which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note <span>17</span>.</ix:footnote></span></p>
</td>
</tr>
</tbody>
</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<div id="t_ft_Q6EUDR7Z4G00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 132px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> IT equipment </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Furniture, equipment and fittings </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Property, buildings and improvements </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> In progress </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Right of use assets </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Land </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; width: 24%; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> As of December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_ComputerEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1012" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,479</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1031" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,908</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_LeaseholdImprovementsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag949" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,978</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag986" decimals="-3" scale="3" format="ixt:num-dot-decimal">315</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_RightofuseAssetsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag945" decimals="-3" scale="3" format="ixt:num-dot-decimal">159,873</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_LandMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag967" decimals="-3" scale="3" format="ixt:num-dot-decimal">453</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1003" decimals="-3" scale="3" format="ixt:num-dot-decimal">192,006</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> Additions (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20211231_ComputerEquipmentMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag957" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,105</ix:nonFraction></span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20211231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1005" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,028</ix:nonFraction></span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="display: inline; border-left: none; border-right: none;"><ix:nonFraction contextRef="D20211231_LeaseholdImprovementsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag961" decimals="-3" scale="3" format="ixt:num-dot-decimal">597</ix:nonFraction></span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="display: inline; border-left: none; border-right: none;"><ix:nonFraction contextRef="D20211231_ConstructionInProgressMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag987" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,732</ix:nonFraction></span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="display: inline; border-left: none; border-right: none;"><ix:nonFraction contextRef="D20211231_RightofuseAssetsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1050" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,513</ix:nonFraction></span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="display: inline; border-left: none; border-right: none;"> <ix:nonFraction contextRef="D20211231_LandMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction> </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="display: inline; border-left: none; border-right: none;"><ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1030" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,975</ix:nonFraction></span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions through business combinations </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ComputerEquipmentMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag985" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,041</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag3272" decimals="-3" scale="3" format="ixt:num-dot-decimal">835</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_LeaseholdImprovementsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag933" decimals="-3" scale="3" format="ixt:num-dot-decimal">135</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ConstructionInProgressMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag951" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_RightofuseAssetsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1065" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_LandMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag929" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="BRL" id="Tag926" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,011</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Renegotiation (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ComputerEquipmentMember" name="ifrs-full:RevaluationIncreaseDecreasePropertyPlantAndEquipment" unitRef="BRL" id="Tag955" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:RevaluationIncreaseDecreasePropertyPlantAndEquipment" unitRef="BRL" id="Tag940" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_LeaseholdImprovementsMember" name="ifrs-full:RevaluationIncreaseDecreasePropertyPlantAndEquipment" unitRef="BRL" id="Tag989" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ConstructionInProgressMember" name="ifrs-full:RevaluationIncreaseDecreasePropertyPlantAndEquipment" unitRef="BRL" id="Tag990" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_RightofuseAssetsMember" name="ifrs-full:RevaluationIncreaseDecreasePropertyPlantAndEquipment" unitRef="BRL" id="Tag995" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">12,439</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_LandMember" name="ifrs-full:RevaluationIncreaseDecreasePropertyPlantAndEquipment" unitRef="BRL" id="Tag1537" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:RevaluationIncreaseDecreasePropertyPlantAndEquipment" unitRef="BRL" id="Tag915" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">12,439</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Disposals / Cancelled contracts </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ComputerEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag941" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1006" decimals="-3" scale="3" format="ixt:num-dot-decimal">124</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_LeaseholdImprovementsMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1040" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ConstructionInProgressMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1015" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_RightofuseAssetsMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag983" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,286</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_LandMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag976" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="BRL" id="Tag1043" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,410</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Depreciation </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ComputerEquipmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag981" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,010</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag936" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,319</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_LeaseholdImprovementsMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag1048" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,208</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ConstructionInProgressMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag1062" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_RightofuseAssetsMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag1066" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,924</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_LandMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag1060" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="BRL" id="Tag993" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,461</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Transfers </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ComputerEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag1032" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag950" decimals="-3" scale="3" format="ixt:num-dot-decimal">62</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_LeaseholdImprovementsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag1026" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,370</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ConstructionInProgressMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag943" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,370</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><ix:nonFraction contextRef="D20211231_RightofuseAssetsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag1017" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_LandMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag988" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">62</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="BRL" id="Tag948" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_ComputerEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag922" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,615</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_FurnitureEquipmentAndFittingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag914" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,390</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_LeaseholdImprovementsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1063" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,872</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1061" decimals="-3" scale="3" format="ixt:num-dot-decimal">677</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_RightofuseAssetsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag1018" decimals="-3" scale="3" format="ixt:num-dot-decimal">141,737</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_LandMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag978" decimals="-3" scale="3" format="ixt:num-dot-decimal">391</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="BRL" id="Tag946" decimals="-3" scale="3" format="ixt:num-dot-decimal">185,682</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div id="t_ft_TR507D5JHC00000000000000000000b">
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: 0px; line-height: 1.2;"><span><ix:footnote xml:lang="en-US" id="footnote48" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Refers substantially to recognition of new lease agreements of R$ <ix:nonFraction contextRef="D20211231_RightofuseAssetsMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="BRL" id="Tag942" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,513</ix:nonFraction> which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note&#160;<span style="line-height: inherit;"><span>17</span></span>.</span></span></ix:footnote></span></p>
</td>
</tr>
<tr>
<td style="width: 3%; vertical-align: top; text-align: left;">(ii)</td>
<td style="width: 97%; vertical-align: top;"><span><ix:footnote xml:lang="en-US" id="footnote47" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company returned part of the S&#227;o Jos&#233; dos Campos warehouse to the lessor in September 2021, maintaining the lease agreement and term, changing only in the subsequent lease installments leading to the reversal adjustments of the right-of-use asset and corresponding lease liabilities.</span></ix:footnote></span><br/></td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The Company assesses at each reporting date, whether there is an indication that a property, plant and equipment asset may be impaired. If any indication exists, the Company estimates the asset&#8217;s recoverable amount. There were no indications of impairment of property, plant and equipment as of December 31, 2022 and </span><span>2021</span><span style="font-size: 10pt; text-indent: 0pt;">.</span><br/></p>
</ix:nonNumeric>
<div>
<div style="border-left: none; border-right: none;">
<p style="margin: 0px; text-indent: 0px;"><br/></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; font-family: 'times new roman', times;" class="pageno"><span>F-39</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
</div><div id="Df10es1g7s4ic2efvevdjaq" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr>
<div>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory" id="Tag2599" escape="true">
<p style="font-size: 10pt; line-height: 150%; margin: 4pt 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;"><span>14</span></span><span style="font-weight: bold;">&#160;</span> <span style="font-weight: bold;">&#160;</span> <span style="font-weight: bold;">&#160;</span><span style="font-weight: bold;">&#160;</span><span style="font-weight: bold;">Intangible Assets and Goodwill</span></span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The cost, weighted average amortization rates and accumulated amortization of intangible assets and goodwill comprise the following amounts:</span></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory" id="Tag2600" escape="true">
<div style="border-left: none; border-right: none;">
<div>
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 167px; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="7" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="9" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: top; height: 10px;"></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Weighted&#160;&#160; average amortization rate </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Cost </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Accumulated amortization </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Net book value </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Cost </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Accumulated amortization </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-weight: bold; font-size: 8pt;"> Net book value </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 18%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Software </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ComputerSoftwareMember" name="vsta:AmortisationRateIntangibleAssetsAndGoodwill" unitRef="Pure" id="Tag2762" decimals="2" scale="-2" format="ixt:num-dot-decimal">20</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ComputerSoftwareMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2706" decimals="-3" scale="3" format="ixt:num-dot-decimal">263,433</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231_ComputerSoftwareMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2635" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">182,711</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ComputerSoftwareMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2615" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,722</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ComputerSoftwareMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2715" decimals="-3" scale="3" format="ixt:num-dot-decimal">247,326</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231_ComputerSoftwareMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2761" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">151,281</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ComputerSoftwareMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2658" decimals="-3" scale="3" format="ixt:num-dot-decimal">96,045</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Customer Portfolio </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_CustomerrelatedIntangibleAssetsMember" name="vsta:AmortisationRateIntangibleAssetsAndGoodwill" unitRef="Pure" id="Tag2807" decimals="2" scale="-2" format="ixt:num-dot-decimal">8</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2676" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,201,074</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231_CustomerrelatedIntangibleAssetsMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2707" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">377,891</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2704" decimals="-3" scale="3" format="ixt:num-dot-decimal">823,183</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2660" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,197,381</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231_CustomerrelatedIntangibleAssetsMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2612" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">275,276</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2754" decimals="-3" scale="3" format="ixt:num-dot-decimal">922,105</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Trademarks </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_BrandNamesMember" name="vsta:AmortisationRateIntangibleAssetsAndGoodwill" unitRef="Pure" id="Tag2601" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_BrandNamesMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2800" decimals="-3" scale="3" format="ixt:num-dot-decimal">631,582</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231_BrandNamesMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2792" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">112,967</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_BrandNamesMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2686" decimals="-3" scale="3" format="ixt:num-dot-decimal">518,615</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_BrandNamesMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2763" decimals="-3" scale="3" format="ixt:num-dot-decimal">632,016</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231_BrandNamesMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2768" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">85,658</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_BrandNamesMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2640" decimals="-3" scale="3" format="ixt:num-dot-decimal">546,358</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Trade Agreement </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_TradeAgreementMember" name="vsta:AmortisationRateIntangibleAssetsAndGoodwill" unitRef="Pure" id="Tag2697" decimals="2" scale="-2" format="ixt:num-dot-decimal">8</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_TradeAgreementMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2623" decimals="-3" scale="3" format="ixt:num-dot-decimal">247,622</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231_TradeAgreementMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2791" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">28,795</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_TradeAgreementMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2642" decimals="-3" scale="3" format="ixt:num-dot-decimal">218,827</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_TradeAgreementMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2744" decimals="-3" scale="3" format="ixt:num-dot-decimal">247,622</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231_TradeAgreementMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2795" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,127</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_TradeAgreementMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2641" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,495</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Platform content production </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_PlatformContentProductionMember" name="vsta:AmortisationRateIntangibleAssetsAndGoodwill" unitRef="Pure" id="Tag2751" decimals="2" scale="-2" format="ixt:num-dot-decimal">33</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_PlatformContentProductionMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2760" decimals="-3" scale="3" format="ixt:num-dot-decimal">123,251</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231_PlatformContentProductionMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2659" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">74,881</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_PlatformContentProductionMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2664" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,370</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_PlatformContentProductionMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2774" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,877</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231_PlatformContentProductionMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2649" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">49,583</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_PlatformContentProductionMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2714" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,294</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other Intangible assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_OtherIntangibleAssetsMember" name="vsta:AmortisationRateIntangibleAssetsAndGoodwill" unitRef="Pure" id="Tag2705" decimals="2" scale="-2" format="ixt:num-dot-decimal">33</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_OtherIntangibleAssetsMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2801" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,422</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231_OtherIntangibleAssetsMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2619" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">32,142</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_OtherIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2781" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,280</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_OtherIntangibleAssetsMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2613" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,421</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231_OtherIntangibleAssetsMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2725" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">32,140</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_OtherIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2703" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,281</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> In progress </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_IntangibleAssetsUnderDevelopmentMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2702" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,958</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_IntangibleAssetsUnderDevelopmentMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2389" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2780" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,958</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_IntangibleAssetsUnderDevelopmentMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2698" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,991</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_IntangibleAssetsUnderDevelopmentMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2796" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2609" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,991</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Goodwill </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_GoodwillMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2747" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,711,721</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_GoodwillMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2742" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2627" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,711,721</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_GoodwillMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2771" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,694,798</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_GoodwillMember_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2656" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2672" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,694,798</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2626" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,237,063</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2758" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">809,387</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2790" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,427,676</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2602" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,136,432</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20211231_AccumulatedDepreciationAndAmortisationMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2677" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">598,065</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2799" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,538,367</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
</ix:nonNumeric>
<p style="font-size: 10pt; line-height: 125%; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span><span style="font-size: 10pt;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">Changes in intangible assets and goodwill were as follows:</span></p>
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" id="Tag2505" escape="true">
<div style="border-left: none; border-right: none;">
<div id="t_ft_8TL6TFRHKW00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 116px;" width="100%">
<tbody>
<tr style="height: 35px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 35px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Software </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Customer Portfolio </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Trademarks </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Trade Agreement </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Platform content production&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Other Intangible assets </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> In progress </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Goodwill</span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2021<span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span>&#160;</span><span style="font-size: 10pt;">(i)</span></span> </span></p>
</td>
<td style="vertical-align: middle; width: 6.80473%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_ComputerSoftwareMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2632" decimals="-3" scale="3" format="ixt:num-dot-decimal">96,045</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.69231%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2808" decimals="-3" scale="3" format="ixt:num-dot-decimal">922,105</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 8.43195%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_BrandNamesMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2667" decimals="-3" scale="3" format="ixt:num-dot-decimal">546,358</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.69231%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_TradeAgreementMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2616" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,495</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.98817%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_PlatformContentProductionMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2638" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,294</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.10059%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_OtherIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2743" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,281</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 6.80473%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2701" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,991</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 9.1716%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2675" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,694,798</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.98817%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2668" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,538,367</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1.4881%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ComputerSoftwareMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2740" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,881</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2611" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_BrandNamesMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2753" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_TradeAgreementMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2769" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_PlatformContentProductionMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2598" decimals="-3" scale="3" format="ixt:num-dot-decimal">62,722</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_OtherIntangibleAssetsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2390" decimals="-3" scale="3" format="ixt:num-dot-decimal">17</ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2713" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,967</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_GoodwillMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2794" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2652" decimals="-3" scale="3" format="ixt:num-dot-decimal">90,587</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions through business combinations </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ComputerSoftwareMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2663" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,225</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2606" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,833</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_BrandNamesMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2710" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_TradeAgreementMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2645" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_PlatformContentProductionMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2683" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_OtherIntangibleAssetsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2709" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2708" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GoodwillMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2634" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,923</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2684" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,981</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Disposals </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_ComputerSoftwareMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2687" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2605" decimals="-3" scale="3" format="ixt:num-dot-decimal">140</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_BrandNamesMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2655" decimals="-3" scale="3" format="ixt:num-dot-decimal">434</ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_TradeAgreementMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2750" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_PlatformContentProductionMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2646" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,348</ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;&#160;</span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_OtherIntangibleAssetsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2650" decimals="-3" scale="3" format="ixt:num-dot-decimal">15</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2647" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_GoodwillMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2622" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2783" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,937</ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Amortization </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ComputerSoftwareMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2716" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,430</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2625" decimals="-3" scale="3" format="ixt:num-dot-decimal">102,615</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_BrandNamesMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2789" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,309</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_TradeAgreementMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2603" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,668</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_PlatformContentProductionMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2691" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,298</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">(<ix:nonFraction contextRef="D20221231_OtherIntangibleAssetsMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2690" decimals="-3" scale="3" format="ixt:num-dot-decimal"> 3</ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2671" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_GoodwillMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2678" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2803" decimals="-3" scale="3" format="ixt:num-dot-decimal">211,323</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; width: 6.80473%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ComputerSoftwareMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2741" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,722</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.69231%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2722" decimals="-3" scale="3" format="ixt:num-dot-decimal">823,183</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 8.43195%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_BrandNamesMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2662" decimals="-3" scale="3" format="ixt:num-dot-decimal">518,615</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.69231%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_TradeAgreementMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2776" decimals="-3" scale="3" format="ixt:num-dot-decimal">218,827</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.98817%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_PlatformContentProductionMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2682" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,370</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.10059%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_OtherIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2718" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,280</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 6.80473%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2717" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,958</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 9.1716%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2670" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,711,721</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.98817%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2772" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,427,676</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1.4881%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt;"><br/></p>
<div>
<div id="t_ft_KBC5NIT7WW00000000000000000000b">
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-40</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr></ix:exclude>
</div>
</div>
<div style="border-left: none; border-right: none;">
<div id="t_ft_7XC9ZAA2R400000000000000000000b">
<table style="width: 100%; margin: 0px; height: 10px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 4%; height: 10px; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span><br/></td>
<td style="width: 96%; height: 10px; padding: 0px 0px 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote16" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Considers the review of goodwill and intangibles assets of the acquisition of EMME and Reda&#231;&#227;o Nota Mil, acquired during the year 2021.</span></ix:footnote></span></td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="font-size: 8pt; line-height: 125%; margin: 0pt 0pt 0pt 28.35pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_WLELWBKQJ400000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 91px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 16.5179%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Software </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Customer Portfolio </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Trademarks </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Trade Agreement </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Platform content production (i) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Other intangible assets </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> In progress </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Goodwill (ii) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 16.5179%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2020 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_ComputerSoftwareMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2720" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,414</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2711" decimals="-3" scale="3" format="ixt:num-dot-decimal">928,858</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_BrandNamesMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2700" decimals="-3" scale="3" format="ixt:num-dot-decimal">573,586</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20201231_TradeAgreementMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2773" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_PlatformContentProductionMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2797" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,821</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_OtherIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2735" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,243</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2787" decimals="-3" scale="3" format="ixt:num-dot-decimal">999</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2759" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,307,805</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2712" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,924,726</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.892857%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.84524%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ComputerSoftwareMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2679" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,560</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2639" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.48214%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_BrandNamesMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2806" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_TradeAgreementMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2624" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.58929%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_PlatformContentProductionMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2733" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,808</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.99405%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_OtherIntangibleAssetsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2628" decimals="-3" scale="3" format="ixt:num-dot-decimal">39</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.54762%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2765" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,509</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_GoodwillMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2653" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2651" decimals="-3" scale="3" format="ixt:num-dot-decimal">55,916</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.892857%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions through business combinations </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.84524%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ComputerSoftwareMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2610" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,036</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2777" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,589</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 8.48214%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_BrandNamesMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2669" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_TradeAgreementMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2604" decimals="-3" scale="3" format="ixt:num-dot-decimal">247,622</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.58929%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_PlatformContentProductionMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2724" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.99405%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_OtherIntangibleAssetsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2785" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,099</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.54762%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2766" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_GoodwillMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2621" decimals="-3" scale="3" format="ixt:num-dot-decimal">387,074</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2636" decimals="-3" scale="3" format="ixt:num-dot-decimal">730,419</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Amortization </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.84524%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ComputerSoftwareMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2608" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,482</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2699" decimals="-3" scale="3" format="ixt:num-dot-decimal">90,342</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.48214%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_BrandNamesMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2786" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,309</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_TradeAgreementMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2617" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,127</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.58929%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_PlatformContentProductionMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2756" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,335</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.99405%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_OtherIntangibleAssetsMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2696" decimals="-3" scale="3" format="ixt:num-dot-decimal">100</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.54762%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2688" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_GoodwillMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2731" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="BRL" id="Tag2695" decimals="-3" scale="3" format="ixt:num-dot-decimal">172,695</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.892857%;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Transfers </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.84524%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ComputerSoftwareMember" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2661" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,517</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2693" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 8.48214%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_BrandNamesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2770" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_TradeAgreementMember" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2674" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.58929%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_PlatformContentProductionMember" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2727" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.99405%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_OtherIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2618" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.54762%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_IntangibleAssetsUnderDevelopmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2746" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,517</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_GoodwillMember" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2692" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2607" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_ComputerSoftwareMember_PreviouslyStatedMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2802" decimals="-3" scale="3" format="ixt:num-dot-decimal">96,045</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_CustomerrelatedIntangibleAssetsMember_PreviouslyStatedMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2748" decimals="-3" scale="3" format="ixt:num-dot-decimal">922,105</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_BrandNamesMember_PreviouslyStatedMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2729" decimals="-3" scale="3" format="ixt:num-dot-decimal">546,277</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_TradeAgreementMember_PreviouslyStatedMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2804" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,495</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_PlatformContentProductionMember_PreviouslyStatedMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2798" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,294</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_OtherIntangibleAssetsMember_PreviouslyStatedMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2755" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,281</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_IntangibleAssetsUnderDevelopmentMember_PreviouslyStatedMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2654" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,991</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_GoodwillMember_PreviouslyStatedMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2689" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,694,879</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_PreviouslyStatedMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2782" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,538,367</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_O0GWVOS2XS00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 4%; vertical-align: top; text-align: center;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="width: 96%; padding: 0px 0px 10px; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote14" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Substantially refers to development of the projects related to&#160;Plurall&#160;Platform. The Company has invested in changes in its digital platform that include &#8220;Plurall&#160;Digital Transformation&#8221; in the amount of R$ <ix:nonFraction contextRef="D20221231_PlurallDigitalTransformationMember" name="vsta:AmountInvestedForDevelopmentProject" unitRef="BRL" id="Tag2784" decimals="-6" scale="6" format="ixt:num-dot-decimal">20,808</ix:nonFraction> million, and project related to learning systems, in the amount of R$ <ix:nonFraction contextRef="D20221231_LearningSystemsMember_1" name="vsta:AmountInvestedForDevelopmentProject" unitRef="BRL" id="Tag2657" decimals="-6" scale="6" format="ixt:num-dot-decimal">9,509</ix:nonFraction> million.</span></ix:footnote></span></td>
</tr>
<tr>
<td style="vertical-align: top; text-align: center;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote15" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company recognized R$ <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdditionalRecognitionGoodwill" unitRef="BRL" id="Tag2681" decimals="-3" scale="3" format="ixt:num-dot-decimal">387,074</ix:nonFraction></span> as goodwill on SEL,&#160;</span>Reda&#231;&#227;o<span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;Nota <span style="border-left: none; border-right: none;">1000</span>, EMME and De Gouges acquisition, see Note <span style="border-left: none; border-right: none;">5</span>.</span></span></ix:footnote></span></td>
</tr>
</tbody>
</table>
</div>
</div>
</ix:nonNumeric>
</div>
<p style="margin: 0pt; text-align: justify;"><br/></p>
</div>
<p style="margin: 0pt;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div id="t_ft_F7YC0T19S000000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
<tr>
<td style="padding: 0.75pt; vertical-align: middle; width: 4%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (i) </span></p>
</td>
<td style="padding: 0.75pt; vertical-align: middle; width: 96%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline;"> Goodwill impairment test </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 8pt 0pt 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The Company performed its annual impairment test in <span>2022</span> and <span>2021</span> The Company also carried out a sensitivity analysis in the long-term model and cash flows. The conclusion of these tests conducted by the Company for the years ended December 31, 2022 and <span>2021</span>, showed that no adjustments were required to these assets.</span></p>
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The Company is comprised of <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20221231_3" name="vsta:NumberOfCashGeneratingUnits" unitRef="Item" id="Tag2778" decimals="0" format="ixt-sec:numwordsen">two</ix:nonFraction></span> separate CGUs (each <span>one</span> of its reportable operating segments, as per Note <span>28</span>), for which the recoverable amount has been determined based on value-in-use calculations, Goodwill is allocated to each CGU as shown below:&#160;</span></p>
<div style="border-left: none; border-right: none;">
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" id="Tag2630" escape="true">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9988%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 67%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Content and Edtech Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 15%; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:Goodwill" unitRef="BRL" id="Tag2764" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,674,034</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 15%; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:Goodwill" unitRef="BRL" id="Tag2767" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,674,036</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Digital Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:Goodwill" unitRef="BRL" id="Tag2620" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,687</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:Goodwill" unitRef="BRL" id="Tag2793" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,843</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:Goodwill" unitRef="BRL" id="Tag2721" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,711,721</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:Goodwill" unitRef="BRL" id="Tag2805" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,694,879</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</ix:nonNumeric>
</div>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The recoverable amount of a CGU has been determined based on value-in-use calculations. These calculations use pre-income tax and social contribution cash flow projections based on financial budget approved by management covering a period of <ix:nonNumeric contextRef="D20221231_3" name="vsta:ForecastPeriodOfCashFlowProjections" id="Tag2685" format="ixt-sec:durwordsen"><span style="border-left: none; border-right: none;">eight</span> years</ix:nonNumeric>. Cash Flows beyond that period are extrapolated using growth rates. The growth rate does not exceed the long-term average growth rate for the business that CGU operates.&#160;&#160;</span></p>
<div>
<div id="t_ft_ST11L802HC00000000000000000000b">
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-41</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr></ix:exclude>
</div>
</div>
<p style="margin: 0pt 0pt 8pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'times new roman', times; font-size: 10pt;">For each of the CGUs, the key assumptions, long-term growth rate and discount rate used in the value-in-use calculations are stated in the table below. In addition, the recoverable amount is also disclosed in the table. The key assumptions used for value-in-use calculations as of December 31, 2022 and <span>2021</span> are as follows:</span></p>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> <span>2022</span> </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> <span>2021</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Content and EdTech Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Digital Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Content and EdTech Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Digital Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 45%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Growth rate - % </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" unitRef="Pure" id="Tag2732" decimals="4" scale="-2" format="ixt:num-dot-decimal">13.70</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" unitRef="Pure" id="Tag2629" decimals="3" scale="-2" format="ixt:num-dot-decimal">12.5</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" unitRef="Pure" id="Tag2730" decimals="4" scale="-2" format="ixt:num-dot-decimal">14.40</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" unitRef="Pure" id="Tag2788" decimals="3" scale="-2" format="ixt:num-dot-decimal">9.7</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discount rate - % </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" unitRef="Pure" id="Tag2779" decimals="4" scale="-2" format="ixt:num-dot-decimal">12.10</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" unitRef="Pure" id="Tag2666" decimals="4" scale="-2" format="ixt:num-dot-decimal">12.10</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" unitRef="Pure" id="Tag2757" decimals="4" scale="-2" format="ixt:num-dot-decimal">10.81</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" unitRef="Pure" id="Tag2694" decimals="4" scale="-2" format="ixt:num-dot-decimal">10.81</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">%</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Growth rate (%) in perpetuity </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="vsta:DescriptionOfGrowthRateInPerpetuityCashFlowProjections" unitRef="Pure" id="Tag2643" decimals="3" scale="-2" format="ixt:num-dot-decimal">4.7</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="vsta:DescriptionOfGrowthRateInPerpetuityCashFlowProjections" unitRef="Pure" id="Tag2775" decimals="3" scale="-2" format="ixt:num-dot-decimal">4.7</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="vsta:DescriptionOfGrowthRateInPerpetuityCashFlowProjections" unitRef="Pure" id="Tag2614" decimals="3" scale="-2" format="ixt:num-dot-decimal">5.8</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="vsta:DescriptionOfGrowthRateInPerpetuityCashFlowProjections" unitRef="Pure" id="Tag2633" decimals="3" scale="-2" format="ixt:num-dot-decimal">5.8</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Years projected </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonNumeric contextRef="D20221231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="vsta:IntangibleAssetsYearsProjected" id="Tag2719" format="ixt-sec:duryear">8</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonNumeric contextRef="D20221231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="vsta:IntangibleAssetsYearsProjected" id="Tag2665" format="ixt-sec:duryear">8</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonNumeric contextRef="D20211231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="vsta:IntangibleAssetsYearsProjected" id="Tag2644" format="ixt-sec:duryear">8</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonNumeric contextRef="D20211231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" name="vsta:IntangibleAssetsYearsProjected" id="Tag2637" format="ixt-sec:duryear">8</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
</tbody>
</table>
</ix:nonNumeric>
</div>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'times new roman', times; font-size: 10pt;">Growth rate is based on assumptions defined by the Company&#8217;s management, underpinned by business performance compared with other competitors and based on internal measures (new initiatives and services provided) taken into consideration. The discount rate is determined by individual WACC (weighted average working capital), net of income taxes. </span></p>
<p style="margin: 0pt 0pt 10pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The assumptions of the long-term model used in the impairment test calculation were assessed and approved by the Business&#8217; Management, as well as the rates used.</span></p>
<div id="t_ft_VC4BSTNVLS00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 10px; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding: 1px 0px 0px; vertical-align: middle; width: 4%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (ii) </span></p>
</td>
<td style="padding: 1px 0px 0px; vertical-align: middle; width: 96%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment of other intangible assets and in progress </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">There were <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag3494" decimals="-3" scale="3" format="ixt-sec:numwordsen"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" unitRef="BRL" id="Tag2673" decimals="-3" scale="3" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction> indications of impairment of intangible assets for the years ended December 31, 2022 and <span>2021</span>. Additionally, intangible assets stated as &#8220;in progress&#8221; were assessed for impairment by comparing its carrying amount with its recoverable amount and no adjustments were considered necessary.</span></p>
</ix:nonNumeric>
<div style="border-left: none; border-right: none;">
<p style="margin: 0px; text-indent: 0px;"><br/></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-42</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br/></div>
</div>
</div><div id="Dtagyi2pempcxwkly8bc83" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span><span>2021</span></span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span><span>2</span></span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfBorrowingsExplanatory" id="Tag1229" escape="true">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>15</span></span><span style="font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span><span style="font-weight: bold; line-height: inherit;">Bonds and financing</span></span></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory" continuedAt="c2344c164-af52-452c-9791-b786c9c3e0ad" id="Tag3238" escape="true">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balance of bonds and financing comprises the following amounts:</span></p>
<div id="t_ft_H1L8VSG0SG00000000000000000000b">
<table cellpadding="0" style="height: 114px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Additions (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payment of interest (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payment of principal (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest accrued </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transaction cost of bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transfers </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 21%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds with Related Parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CurrentBondsWithRelatedPartiesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1086" decimals="-3" scale="3" format="ixt:num-dot-decimal">264,673</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CurrentBondsWithRelatedPartiesMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1183" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_CurrentBondsWithRelatedPartiesMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1118" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,921</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_CurrentBondsWithRelatedPartiesMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1200" decimals="-3" scale="3" format="ixt:num-dot-decimal">254,885</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_CurrentBondsWithRelatedPartiesMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag1155" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,573</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CurrentBondsWithRelatedPartiesMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag93" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_CurrentBondsWithRelatedPartiesMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag97" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">50,885</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentBondsWithRelatedPartiesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1147" decimals="-3" scale="3" format="ixt:num-dot-decimal">63,325</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CurrentBondsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1235" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,581</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CurrentBondsMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1150" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_CurrentBondsMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag3236" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,425</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CurrentBondsMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1073" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_CurrentBondsMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag1110" decimals="-3" scale="3" format="ixt:num-dot-decimal">72,298</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_CurrentBondsMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1199" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,018</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_CurrentBondsMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1120" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,018</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentBondsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag111" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,454</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CurrentFinanceLeasesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1087" decimals="-3" scale="3" format="ixt:num-dot-decimal">237</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CurrentFinanceLeasesMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1141" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_CurrentFinanceLeasesMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1227" decimals="-3" scale="3" format="ixt:num-dot-decimal">154</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_CurrentFinanceLeasesMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag108" decimals="-3" scale="3" format="ixt:num-dot-decimal">759</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_CurrentFinanceLeasesMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag1074" decimals="-3" scale="3" format="ixt:num-dot-decimal">25</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CurrentFinanceLeasesMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag3447" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_CurrentFinanceLeasesMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1079" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">651</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_CurrentFinanceLeasesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1093" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ShorttermBorrowingsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag3201" decimals="-3" scale="3" format="ixt:num-dot-decimal">281,491</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ShorttermBorrowingsMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag2739" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ShorttermBorrowingsMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag3460" decimals="-3" scale="3" format="ixt:num-dot-decimal">92,500</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ShorttermBorrowingsMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag101" decimals="-3" scale="3" format="ixt:num-dot-decimal">255,644</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ShorttermBorrowingsMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag2531" decimals="-3" scale="3" format="ixt:num-dot-decimal">108,896</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ShorttermBorrowingsMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1187" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,018</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ShorttermBorrowingsMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1240" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">50,518</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ShorttermBorrowingsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag2734" decimals="-3" scale="3" format="ixt:num-dot-decimal">93,779</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds with Related Parties </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_NonCurrentBondsWithRelatedPartiesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1236" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,091</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_NonCurrentBondsWithRelatedPartiesMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag3452" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">250,000</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentBondsWithRelatedPartiesMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1097" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentBondsWithRelatedPartiesMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1209" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentBondsWithRelatedPartiesMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag2745" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentBondsWithRelatedPartiesMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1266" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_NonCurrentBondsWithRelatedPartiesMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1168" decimals="-3" scale="3" format="ixt:num-dot-decimal">50,885</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NonCurrentBondsWithRelatedPartiesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1225" decimals="-3" scale="3" format="ixt:num-dot-decimal">250,206</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_NonCurrentBondsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1198" decimals="-3" scale="3" format="ixt:num-dot-decimal">497,993</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentBondsMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag2728" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentBondsMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag92" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentBondsMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1188" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentBondsMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag1267" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentBondsMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1206" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_NonCurrentBondsMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1127" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,018</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NonCurrentBondsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1203" decimals="-3" scale="3" format="ixt:num-dot-decimal">499,011</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_NonCurrentFinanceLeasesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1248" decimals="-3" scale="3" format="ixt:num-dot-decimal">651</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentFinanceLeasesMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1084" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentFinanceLeasesMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag3200" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentFinanceLeasesMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1216" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentFinanceLeasesMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag1181" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonCurrentFinanceLeasesMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1117" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_NonCurrentFinanceLeasesMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1080" decimals="-3" scale="3" format="ixt:num-dot-decimal">651</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_NonCurrentFinanceLeasesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1088" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LongtermBorrowingsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag109" decimals="-3" scale="3" format="ixt:num-dot-decimal">549,735</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_LongtermBorrowingsMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1194" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">250,000</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="D20221231_LongtermBorrowingsMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1222" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="D20221231_LongtermBorrowingsMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1149" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="D20221231_LongtermBorrowingsMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag1114" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="D20221231_LongtermBorrowingsMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1134" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_LongtermBorrowingsMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1160" decimals="-3" scale="3" format="ixt:num-dot-decimal">50,518</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LongtermBorrowingsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1189" decimals="-3" scale="3" format="ixt:num-dot-decimal">749,217</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1173" decimals="-3" scale="3" format="ixt:num-dot-decimal">831,226</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1258" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">250,000</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1219" decimals="-3" scale="3" format="ixt:num-dot-decimal">92,500</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">(<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1221" decimals="-3" scale="3" format="ixt:num-dot-decimal">255,644</ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag1172" decimals="-3" scale="3" format="ixt:num-dot-decimal">108,896</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag2648" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,018</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1196" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag2752" decimals="-3" scale="3" format="ixt:num-dot-decimal">842,996</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div id="t_ft_4X98E4U41S00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; text-align: left; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></td>
<td style="text-align: justify; vertical-align: top; width: 97%;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote6" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On September 28, 2022, the Company issued simple debentures not convertible into shares, subject to remunerative interest of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;"><ix:nonNumeric contextRef="D20220928_NonCurrentBondsWithRelatedPartiesMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag1169" escape="true">100% of the CDI</ix:nonNumeric></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, plus a spread of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;"><ix:nonFraction contextRef="I20220928_NonCurrentBondsWithRelatedPartiesMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" unitRef="Pure" id="Tag1121" decimals="4" scale="-2" format="ixt:num-dot-decimal">2.40</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">% per year, in the total amount of R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;"><ix:nonFraction contextRef="I20220928_NonCurrentBondsWithRelatedPartiesMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:NotesAndDebenturesIssued" unitRef="BRL" id="Tag3450" decimals="-3" scale="3" format="ixt:num-dot-decimal">250,000</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">. The debentures aim to strengthen the Company's capital structure and lengthen the maturity profile of the debt, whose average term has become&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;"><ix:nonNumeric contextRef="D20220928_NonCurrentBondsWithRelatedPartiesMember_SomosSistemasDeEnsinoSaMember" name="vsta:BorrowingsMaturityTerm" id="Tag1129" format="ixt-sec:durwordsen">37 months</ix:nonNumeric></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</span></ix:footnote></span></td>
</tr>
<tr>
<td style="vertical-align: top; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></td>
<td style="text-align: justify; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote7" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We present below the composition of interest and principal payments considering the issues made:</span></ix:footnote></span></td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfCompositionOfInterestAndPrincipalPaymentsOfBondsAndFinancingTableTextBlock" id="Tag1234" escape="true">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 84px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 39.2713%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2.51484%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 29.9562%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1.46413%;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2.04978%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1.46413%;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2.04978%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 39.2713%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Emission </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 2.51484%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 29.9562%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.46413%;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 2.04978%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.46413%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 2.04978%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Principal </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; width: 39.2713%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> SSED<span>21</span> &#8211; <span>6</span>th. SOMOS &#8211; <span>2</span>nd.&#160;S&#233;rie </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; width: 2.51484%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 29.9562%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BorrowingsIssue1Member_CurrentBondsMember" name="vsta:DescriptionOfPeriodOfBorrowingPayments" id="Tag1255" escape="true">02/15/2022 and 08/11/2022</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 2.04978%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.80966%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<ix:nonFraction contextRef="D20221231_BorrowingsIssue1Member_CurrentBondsMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1099" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,792</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 2.04978%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.95608%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<ix:nonFraction contextRef="D20221231_BorrowingsIssue1Member_CurrentBondsMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1244" decimals="-3" scale="3" format="ixt:num-dot-decimal">50,885</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 39.2713%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> SEDU<span>21</span> &#8211; <span>7</span>th. SOMOS <span>2</span>nd.&#160;S&#233;rie </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.51484%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 29.9562%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BorrowingsIssue2Member_CurrentBondsMember" name="vsta:DescriptionOfPeriodOfBorrowingPayments" id="Tag3234" escape="true">02/15/2022 and 08/11/2022</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.80966%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<ix:nonFraction contextRef="D20221231_BorrowingsIssue2Member_CurrentBondsMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1170" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,129</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.95608%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<ix:nonFraction contextRef="D20221231_BorrowingsIssue2Member_CurrentBondsMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag105" decimals="-3" scale="3" format="ixt:num-dot-decimal">204,000</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; width: 1.46413%;" valign="bottom">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 39.2713%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> GAGL<span>11</span> &#8211;&#160;Somos Sistemas </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 2.51484%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 29.9562%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BorrowingsIssue3Member_CurrentBondsMember" name="vsta:DescriptionOfPeriodOfBorrowingPayments" id="Tag1092" escape="true">02/07/2022 and 08/05/2022</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.80966%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<ix:nonFraction contextRef="D20221231_BorrowingsIssue3Member_CurrentBondsMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag3316" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,425</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.95608%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_BorrowingsIssue3Member_CurrentBondsMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1105" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 39.2713%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.51484%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 29.9562%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_CurrentFinanceLeasesMember" name="vsta:DescriptionOfPeriodOfBorrowingPayments" id="Tag1210" escape="true">06/22/2022</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<ix:nonFraction contextRef="D20221231_CurrentFinanceLeasesMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1104" decimals="-3" scale="3" format="ixt:num-dot-decimal">154</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(<ix:nonFraction contextRef="D20221231_CurrentFinanceLeasesMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1186" decimals="-3" scale="3" format="ixt:num-dot-decimal">759</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 39.2713%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 2.51484%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 29.9562%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.80966%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1197" decimals="-3" scale="3" format="ixt:num-dot-decimal">92,500</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.95608%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag2749" decimals="-3" scale="3" format="ixt:num-dot-decimal">255,644</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold;">)</span></td>
</tr>
</tbody>
</table>
</ix:nonNumeric>
<ix:exclude>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><br/></p>
<div xmlns="http://www.w3.org/1999/xhtml">
<div id="t_ft_IR9LKV0FO000000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-43</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br/></div>
</div>
<div id="t_ft_PUDQ3TIES000000000000000000000b" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span><span>2021</span></span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span><span>2</span></span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr></div>
</ix:exclude>
<div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ix:continuation id="c2344c164-af52-452c-9791-b786c9c3e0ad">
<div>
<table cellpadding="0" style="height: 122px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Additions (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.3947%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payment of interest (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payment of principal (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest accrued </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transaction cost of bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transfers </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;">Bonds with related parties</p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_CurrentBondsWithRelatedPartiesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1252" decimals="-3" scale="3" format="ixt:num-dot-decimal">502,743</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CurrentBondsWithRelatedPartiesMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1142" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.3947%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_CurrentBondsWithRelatedPartiesMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1151" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,873</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_CurrentBondsWithRelatedPartiesMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1145" decimals="-3" scale="3" format="ixt:num-dot-decimal">477,564</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.47929%; padding: 0px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_CurrentBondsWithRelatedPartiesMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag1101" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,859</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CurrentBondsWithRelatedPartiesMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1193" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_CurrentBondsWithRelatedPartiesMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1085" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">238,509</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CurrentBondsWithRelatedPartiesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1185" decimals="-3" scale="3" format="ixt:num-dot-decimal">264,673</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20201231_CurrentBondsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag2737" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CurrentBondsMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1220" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CurrentBondsMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag2723" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CurrentBondsMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1262" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_CurrentBondsMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag2726" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,574</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_CurrentBondsMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1091" decimals="-3" scale="3" format="ixt:num-dot-decimal">993</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">)</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CurrentBondsMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1083" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CurrentBondsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1162" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,581</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_CurrentFinanceLeasesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1204" decimals="-3" scale="3" format="ixt:num-dot-decimal">139</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CurrentFinanceLeasesMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1245" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_CurrentFinanceLeasesMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1241" decimals="-3" scale="3" format="ixt:num-dot-decimal">49</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_CurrentFinanceLeasesMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1223" decimals="-3" scale="3" format="ixt:num-dot-decimal">177</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_CurrentFinanceLeasesMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag1212" decimals="-3" scale="3" format="ixt:num-dot-decimal">116</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CurrentFinanceLeasesMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1259" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_CurrentFinanceLeasesMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1192" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">208</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CurrentFinanceLeasesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1078" decimals="-3" scale="3" format="ixt:num-dot-decimal">237</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; width: 20.9517%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_ShorttermBorrowingsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1251" decimals="-3" scale="3" format="ixt:num-dot-decimal">502,882</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ShorttermBorrowingsMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag2738" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 1.3947%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_ShorttermBorrowingsMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1077" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,922</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_ShorttermBorrowingsMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1246" decimals="-3" scale="3" format="ixt:num-dot-decimal">477,741</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 1.47929%;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ShorttermBorrowingsMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag1202" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,549</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_ShorttermBorrowingsMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1224" decimals="-3" scale="3" format="ixt:num-dot-decimal">993</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ShorttermBorrowingsMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1263" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">238,717</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ShorttermBorrowingsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1123" decimals="-3" scale="3" format="ixt:num-dot-decimal">281,491</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds with related parties(i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_NonCurrentBondsWithRelatedPartiesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1166" decimals="-3" scale="3" format="ixt:num-dot-decimal">289,600</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentBondsWithRelatedPartiesMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1096" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentBondsWithRelatedPartiesMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1208" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentBondsWithRelatedPartiesMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag3235" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentBondsWithRelatedPartiesMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag1167" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentBondsWithRelatedPartiesMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1126" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_NonCurrentBondsWithRelatedPartiesMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag3237" decimals="-3" scale="3" format="ixt:num-dot-decimal">238,509</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_NonCurrentBondsWithRelatedPartiesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1143" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,091</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 20.9517%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20201231_NonCurrentBondsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1184" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_NonCurrentBondsMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag2404" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">500,000</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.3947%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentBondsMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1154" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentBondsMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1082" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.47929%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentBondsMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag1140" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_NonCurrentBondsMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1254" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,007</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">)</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentBondsMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag110" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_NonCurrentBondsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1177" decimals="-3" scale="3" format="ixt:num-dot-decimal">497,993</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_NonCurrentFinanceLeasesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1071" decimals="-3" scale="3" format="ixt:num-dot-decimal">859</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentFinanceLeasesMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1089" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentFinanceLeasesMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1115" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentFinanceLeasesMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1176" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentFinanceLeasesMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag100" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NonCurrentFinanceLeasesMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1152" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_NonCurrentFinanceLeasesMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1257" decimals="-3" scale="3" format="ixt:num-dot-decimal">208</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_NonCurrentFinanceLeasesMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag106" decimals="-3" scale="3" format="ixt:num-dot-decimal">651</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_LongtermBorrowingsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1131" decimals="-3" scale="3" format="ixt:num-dot-decimal">290,459</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_LongtermBorrowingsMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1164" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">500,000</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="D20211231_LongtermBorrowingsMember" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1213" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="D20211231_LongtermBorrowingsMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1138" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="D20211231_LongtermBorrowingsMember" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag3448" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_LongtermBorrowingsMember" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1122" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,007</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_LongtermBorrowingsMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1191" decimals="-3" scale="3" format="ixt:num-dot-decimal">238,717</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LongtermBorrowingsMember" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1156" decimals="-3" scale="3" format="ixt:num-dot-decimal">549,735</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1133" decimals="-3" scale="3" format="ixt:num-dot-decimal">793,341</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1075" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">500,000</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" unitRef="BRL" id="Tag1081" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,922</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1144" decimals="-3" scale="3" format="ixt:num-dot-decimal">477,741</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:InterestCostsIncurred" unitRef="BRL" id="Tag3449" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,549</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1130" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,000</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="D20211231_3" name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1260" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1136" decimals="-3" scale="3" format="ixt:num-dot-decimal">831,226</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div id="t_ft_RXDKC3SFS000000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 78px;">
<tbody>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; width: 3%; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top; width: 97%;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote8" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On March 15, 2021, the Company, substantially settled bonds with related parties amounting to R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20210315_CurrentBondsWithRelatedPartiesMember_BorrowingsIssue7Member" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1243" decimals="-3" scale="3" format="ixt:num-dot-decimal">100,000</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20210315_CurrentBondsWithRelatedPartiesMember_BorrowingsIssue7Member" name="ifrs-full:InterestPaidClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1159" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,488</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, in principal and interest, respectively as follows:&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>5</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>1</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">st series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20210315_CurrentBondsWithRelatedPartiesMember_BorrowingsIssue7Member" name="vsta:RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1153" decimals="-3" scale="3" format="ixt:num-dot-decimal">101,488</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">. In addition, the Company settled only interest on the following bonds:&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>5</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">nd series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20210315_CurrentBondsWithRelatedPartiesMember_BorrowingsIssue4Member" name="ifrs-full:InterestPaidClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1102" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,451</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>6</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">nd series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20210315_CurrentBondsWithRelatedPartiesMember_BorrowingsIssue8Member" name="ifrs-full:InterestPaidClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1171" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,613</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>7</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance, single series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20210315_CurrentBondsWithRelatedPartiesMember_BorrowingsIssue9Member" name="ifrs-full:InterestPaidClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1106" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,663</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">. This measure is part of a commitment with shareholders as a result of the IPO.</span></ix:footnote></span></td>
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<td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote9" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On May 31, 2021, the Company partially settled bonds with related parties amounting to R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20210531_CurrentBondsWithRelatedPartiesMember_BorrowingsIssue9Member" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1242" decimals="-3" scale="3" format="ixt:num-dot-decimal">188,000</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, of principal of the&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>7</span><span style="font-size: 8pt;"><sup>th</sup></span>&#160;</span><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">issuance single series.</span></span></ix:footnote></span></td>
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<td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote10" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On August 6, 2021, the Company settled the remaining&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>7</span><span style="font-size: 8pt;"><sup>th</sup></span></span><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="font-size: 8pt;">&#160;</span>issuance with related parties in the amounts of R$</span></span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20210806_CurrentBondsWithRelatedPartiesMember_BorrowingsIssue9Member" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag99" decimals="-3" scale="3" format="ixt:num-dot-decimal">189,564</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20210806_CurrentBondsWithRelatedPartiesMember_BorrowingsIssue9Member" name="ifrs-full:InterestPaidClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1095" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,871</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, as principal and interest. In addition, the Company settled only interest on the following bonds:&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>5</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">nd series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20210806_CurrentBondsWithRelatedPartiesMember_BorrowingsIssue4Member" name="ifrs-full:InterestPaidClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1239" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,029</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>6</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">nd series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20210806_CurrentBondsWithRelatedPartiesMember_BorrowingsIssue8Member" name="ifrs-full:InterestPaidClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1218" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,758</ix:nonFraction></span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">.</span></ix:footnote></span></td>
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<td style="text-align: justify; padding: 1px 1px 8px; height: 26px; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote11" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Regarding the financing with Banco de&#160;</span>Desenvolvimento<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;de Minas&#160;</span>Gerais<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;SA - BDMG, the Company pays monthly the amount of R$&#160;</span></span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20211231_CurrentFinanceLeasesMember_BancoDeDesenvolvimentoDeMinasGeraisSAMember" name="vsta:PeriodicPaymentOfBorrowingsByMonthlyPrincipal" unitRef="BRL" id="Tag1090" decimals="-3" scale="3" format="ixt:num-dot-decimal">15</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20211231_CurrentFinanceLeasesMember_BancoDeDesenvolvimentoDeMinasGeraisSAMember" name="vsta:PeriodicPaymentOfBorrowingsByMonthlyInterest" unitRef="BRL" id="Tag1135" decimals="-3" scale="3" format="ixt:num-dot-decimal">4</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, respectively, of principal and interest, totaling on December 31, 2021 an amount of R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20211231_CurrentFinanceLeasesMember_BancoDeDesenvolvimentoDeMinasGeraisSAMember" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1217" decimals="-3" scale="3" format="ixt:num-dot-decimal">177</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="D20211231_CurrentFinanceLeasesMember_BancoDeDesenvolvimentoDeMinasGeraisSAMember" name="ifrs-full:InterestPaidClassifiedAsFinancingActivities" unitRef="BRL" id="Tag1076" decimals="-3" scale="3" format="ixt:num-dot-decimal">49</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, respectively, of principal and interest</span></ix:footnote></span></td>
</tr>
<tr style="height: 22px;">
<td style="vertical-align: top; height: 22px; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="text-align: justify; height: 22px; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote12" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On August 6, 2021, the&#160;</span>Company&#180;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;subsidiary&#160;</span>Somos<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;</span>Sistemas<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;de&#160;</span>Ensino<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;S.A. issued R$&#160;</span></span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="I20210806_NonCurrentBondsMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:NotesAndDebenturesIssued" unitRef="BRL" id="Tag1161" decimals="-6" scale="6" format="ixt:num-dot-decimal">500</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;million in simple debentures not convertible into shares, subject to compensatory interest of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonNumeric contextRef="D20210806_NonCurrentBondsMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag1250" escape="true">100% of DI Interest Deposit rate (CDI)</ix:nonNumeric></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, plus spread of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonFraction contextRef="I20210806_NonCurrentBondsMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" unitRef="Pure" id="Tag1094" decimals="4" scale="-2" format="ixt:num-dot-decimal">2.30</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">% per year. The debentures are aimed at reinforcing the Company&#8217;s capital structure and elongating the debt maturity profile, which average maturity now stands at&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><ix:nonNumeric contextRef="D20210806_NonCurrentBondsMember_SomosSistemasDeEnsinoSaMember" name="vsta:BorrowingsMaturityTerm" id="Tag1195" format="ixt-sec:durwordsen">35 months</ix:nonNumeric></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">.</span></ix:footnote></span></td>
</tr>
</tbody>
</table>
</div>
</ix:continuation>
</div>
<ix:exclude>
<p style="margin: 0pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><br/></p>
<div xmlns="http://www.w3.org/1999/xhtml">
<div id="t_ft_9VB35K3SGW00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-44</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br/></div>
</div>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span><span>2021</span></span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span><span>2</span></span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr></ix:exclude>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ol style="margin: 0px; padding-left: 0pt; list-style-type: lower-alpha; text-indent: 0px;">
<li style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; margin: 0px; padding-left: 3.76pt; text-align: justify; text-indent: 0px; margin-left: 14px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; &#160; Bonds&#8217; description</span></li>
</ol>
<p><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">See below the bonds outstanding on December 31, 2022:</span></p>
<div id="t_ft_HHKSP6UFYO00000000000000000000b">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfBondsDescriptionTableTextBlock" id="Tag1230" escape="true">
<div>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 146px;" width="100%">
<tbody>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Subscriber </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Related Parties </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Related Parties </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Third parties </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Issuance </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>5</span>th </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>9</span>th </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>1</span>st </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Series </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span>2</span><span style="font-size: 8pt;"><sup>nd</sup></span>&#160;Series</span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2<span style="font-size: 8pt;"><sup>nd</sup></span> Series</span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Single Series </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Date of issuance </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BondsWithRelatedPartiesMember_BorrowingsIssue4Member" name="vsta:BorrowingsDateOfIssuance" id="Tag1107" escape="true">08/15/2018</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BorrowingsIssue5Member_BondsWithRelatedPartiesMember" name="vsta:BorrowingsDateOfIssuance" id="Tag1146" escape="true">09/28/2022</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BondMember_BorrowingsIssue6Member" name="vsta:BorrowingsDateOfIssuance" id="Tag1180" escape="true">08/06/2021</ix:nonNumeric> </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Maturity Date </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BondsWithRelatedPartiesMember_BorrowingsIssue4Member" name="vsta:BorrowingsMaturityDate" id="Tag1247" escape="true">08/15/2023</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BorrowingsIssue5Member_BondsWithRelatedPartiesMember" name="vsta:BorrowingsMaturityDate" id="Tag1261" escape="true">09/28/2025</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BondMember_BorrowingsIssue6Member" name="vsta:BorrowingsMaturityDate" id="Tag1165" escape="true">08/05/2024</ix:nonNumeric> </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> First payment after </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BondsWithRelatedPartiesMember_BorrowingsIssue4Member" name="vsta:BorrowingsMaturityTerm" id="Tag1098" format="ixt-sec:durwordsen">60 months</ix:nonNumeric></span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BorrowingsIssue5Member_BondsWithRelatedPartiesMember" name="vsta:BorrowingsMaturityTerm" id="Tag1205" format="ixt-sec:durwordsen">36 months</ix:nonNumeric></span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BondMember_BorrowingsIssue6Member" name="vsta:BorrowingsMaturityTerm" id="Tag1226" format="ixt-sec:durwordsen">35 months</ix:nonNumeric></span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Remuneration payment </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BondsWithRelatedPartiesMember_BorrowingsIssue4Member" name="vsta:DescriptionOfPeriodicPaymentFrequencyOfBorrowings" id="Tag1178" escape="true">Semi-annual interest</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BorrowingsIssue5Member_BondsWithRelatedPartiesMember" name="vsta:DescriptionOfPeriodicPaymentFrequencyOfBorrowings" id="Tag1215" escape="true">Semi-annual interest</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_BondMember_BorrowingsIssue6Member" name="vsta:DescriptionOfPeriodicPaymentFrequencyOfBorrowings" id="Tag1119" escape="true">Semi-annual interest</ix:nonNumeric> </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financials charges </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><ix:nonNumeric contextRef="D20221231_BondsWithRelatedPartiesMember_BorrowingsIssue4Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag1124" escape="true"> CDI + 1.00% p.a. </ix:nonNumeric></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><ix:nonNumeric contextRef="D20221231_BorrowingsIssue5Member_BondsWithRelatedPartiesMember" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag1116" escape="true"> CDI + 2.40% p.a. </ix:nonNumeric></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><ix:nonNumeric contextRef="D20221231_BondMember_BorrowingsIssue6Member" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag1268" escape="true"> CDI + 2.30% p.a. </ix:nonNumeric></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Principal amount (in millions of R$) </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BondsWithRelatedPartiesMember_BorrowingsIssue4Member" name="ifrs-full:NotionalAmount" unitRef="BRL" id="Tag1125" decimals="-3" scale="3" format="ixt:num-dot-decimal">100</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BorrowingsIssue5Member_BondsWithRelatedPartiesMember" name="ifrs-full:NotionalAmount" unitRef="BRL" id="Tag1201" decimals="-3" scale="3" format="ixt:num-dot-decimal">250</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BondMember_BorrowingsIssue6Member" name="ifrs-full:NotionalAmount" unitRef="BRL" id="Tag1207" decimals="-3" scale="3" format="ixt:num-dot-decimal">500</ix:nonFraction> </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 8pt 0pt !important;">b.&#160; &#160; &#160; &#160; &#160;<span style="font-weight: bold; line-height: inherit;">Bond&#8217;s maturities</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The maturities range of these accounts, considering related and third parties are as follow:</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfBondsAndFinancingMaturitiesTableTextBlock" id="Tag813" escape="true">
<div id="t_ft_3N3QJJJFXS00000000000000000000b">
<table cellpadding="0" style="height: 95px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Maturity of installments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> % </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2021 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> % </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; width: 36%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="BRL" id="Tag107" decimals="-3" scale="3" format="ixt:num-dot-decimal">93,779</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="vsta:PercentageOfCurrentBondsAndFinancing" unitRef="Pure" id="Tag1158" decimals="3" scale="-2" format="ixt:num-dot-decimal">11.1</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_NotLaterThanOneYearMember" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="BRL" id="Tag1148" decimals="-3" scale="3" format="ixt:num-dot-decimal">281,491</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_NotLaterThanOneYearMember" name="vsta:PercentageOfCurrentBondsAndFinancing" unitRef="Pure" id="Tag2249" decimals="3" scale="-2" format="ixt:num-dot-decimal">33.9</ix:nonFraction> </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:LongtermBorrowings" unitRef="BRL" id="Tag1253" decimals="-3" scale="3" format="ixt:num-dot-decimal">499,217</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="vsta:PercentageOfNonCurrentBondsAndFinancing" unitRef="Pure" id="Tag1264" decimals="3" scale="-2" format="ixt:num-dot-decimal">59.2</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:LongtermBorrowings" unitRef="BRL" id="Tag3192" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,063</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="vsta:PercentageOfNonCurrentBondsAndFinancing" unitRef="Pure" id="Tag1174" decimals="3" scale="-2" format="ixt:num-dot-decimal">6.1</ix:nonFraction> </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>2025</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:LongtermBorrowings" unitRef="BRL" id="Tag1211" decimals="-3" scale="3" format="ixt:num-dot-decimal">250,000</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="vsta:PercentageOfNonCurrentBondsAndFinancing" unitRef="Pure" id="Tag1128" decimals="3" scale="-2" format="ixt:num-dot-decimal">29.7</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:LongtermBorrowings" unitRef="BRL" id="Tag1139" decimals="-3" scale="3" format="ixt:num-dot-decimal">498,672</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="vsta:PercentageOfNonCurrentBondsAndFinancing" unitRef="Pure" id="Tag1108" decimals="3" scale="-2" format="ixt:num-dot-decimal">60.0</ix:nonFraction> </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total non-current liabilities </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:LongtermBorrowings" unitRef="BRL" id="Tag1182" decimals="-3" scale="3" format="ixt:num-dot-decimal">749,217</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="vsta:PercentageOfNonCurrentBondsAndFinancing" unitRef="Pure" id="Tag1256" decimals="3" scale="-2" format="ixt:num-dot-decimal">88.9</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:LongtermBorrowings" unitRef="BRL" id="Tag3459" decimals="-3" scale="3" format="ixt:num-dot-decimal">549,735</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:PercentageOfNonCurrentBondsAndFinancing" unitRef="Pure" id="Tag1157" decimals="3" scale="-2" format="ixt:num-dot-decimal">66.1</ix:nonFraction> </span></p>
</td>
</tr>
<tr style="background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1137" decimals="-3" scale="3" format="ixt:num-dot-decimal">842,996</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"><ix:nonFraction contextRef="I20221231" name="vsta:PercentageOfBondsAndFinancing" unitRef="Pure" id="Tag1175" decimals="3" scale="-2" format="ixt:num-dot-decimal">100.0</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Borrowings" unitRef="BRL" id="Tag1249" decimals="-3" scale="3" format="ixt:num-dot-decimal">831,226</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:PercentageOfBondsAndFinancing" unitRef="Pure" id="Tag1100" decimals="3" scale="-2" format="ixt:num-dot-decimal">100.0</ix:nonFraction> </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">c.&#160; &#160; &#160; &#160; &#160;<span style="font-weight: bold; line-height: inherit;">Debit commitments</span></span></div>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The maintenance of the contractual maturity of debentures at their original maturities is subject to covenants, which are being regularly complied with. The covenant compliance indicators are the following:</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;">Bonds with related parties </span></p>
<p style="margin: 6pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On November 19, 2019, all rights and obligations related to bonds issued by Saber with third parties were transferred to Cogna, under the condition that R$ <ix:nonFraction contextRef="D20191119_BondsWithRelatedPartiesMember" name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" unitRef="BRL" id="Tag1265" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,535,800</ix:nonFraction> of the amounts should be transferred to the Company upon the Corporate Restructuring. Through this process, the Company is subject to the following clauses: (i) the acceleration of the other debentures originally issued by Saber; (ii) the grant by the Company of any liens on Company assets or its capital stock; (iii) a change in control by Cogna of Saber&#8217;s subsidiaries, subject to certain exceptions. Additionally, the Company has agreed until the maturity of the private debentures that: (i) it will allocate at least <ix:nonFraction contextRef="D20191119_BondsWithRelatedPartiesMember" name="vsta:PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" unitRef="Pure" id="Tag1163" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% of the use of proceeds from any liquidity event to repay such debentures; (ii) it will not obtain any new loans unless the proceeds of such loans are directed to repayment of its debentures with Cogna; and (iii) the Company will not pledge shares and/or dividends.</span></p>
<p style="margin: 10pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company complied with all debt commitments in the period applicable on December 31, 2022 and <span>2021</span>.</span></p>
<ix:exclude>
<p style="margin: 0pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><br/></p>
<div xmlns="http://www.w3.org/1999/xhtml">
<div id="t_ft_9TDO0FV2SG00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-45</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br/></div>
</div>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr></ix:exclude>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;">Bonds with third parties </span></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The bond issued by Somos Sistemas requires the maintenance of certain financial indicators &#8220;covenants&#8221; which are annually calculated based on Somos Sistemas Consolidated financial statements. The period of covenants compliance comprises <span>12</span> months immediately prior to the end of each year, being the first year of analysis December 31, 2022 and based on ratio between adjusted net debt by adjusted consolidated EBITDA. The net debt adjusted EBITDA ratio should be less or equal:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0px; padding-left: 8.4pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_MeasurementPeriodOneMember_BondMember" name="vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" unitRef="Pure" id="Tag2680" decimals="4" scale="-2" format="ixt:num-dot-decimal">4.25</ix:nonFraction>%in <span>2021</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0px; padding-left: 8.4pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_MeasurementPeriodTwoMember_BondMember" name="vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" unitRef="Pure" id="Tag2736" decimals="4" scale="-2" format="ixt:num-dot-decimal">4.00</ix:nonFraction>% in <span>2022</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0px; padding-left: 8.4pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_MeasurementPeriodThreeMember_BondMember" name="vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" unitRef="Pure" id="Tag1132" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.75</ix:nonFraction>% in <span>2023</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0px; padding-left: 8.4pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_MeasurementPeriodFourMember_BondMember" name="vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" unitRef="Pure" id="Tag98" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.50</ix:nonFraction>% in <span>2024</span></span></li>
</ul>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">This ratio cannot be breached&#160;for <ix:nonFraction contextRef="D20221231_BondMember" name="vsta:NumberOfConsecutivePeriods" unitRef="Pure" id="Tag1109" decimals="0" format="ixt-sec:numwordsen">two</ix:nonFraction> consecutive periods or <ix:nonFraction contextRef="D20221231_BondMember" name="vsta:NumberOfAlternatePeriods" unitRef="Pure" id="Tag1179" decimals="0" format="ixt-sec:numwordsen">three</ix:nonFraction> alternate periods. </span></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="text-decoration: underline; line-height: inherit;">Consolidated net debt</span>: Company&#8217;s total debt (short- and long-term loans and financing, including capital markets operations, less cash equivalents cash which could be withdrawn&#160;until&#160;<span>five</span> business days added by accounts payable for business combinations) </span></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="text-decoration: underline; line-height: inherit;">Adjusted consolidated EBITDA</span>: Earnings before income taxes, depreciation and amortization, financial results (excluding financial expenses), and non recuring expenses. &#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On December 31, 2022, the financial ratio net debt by adjusted EBITDA reached the result of <ix:nonFraction contextRef="D20221231_BondMember" name="vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" unitRef="Pure" id="Tag3451" decimals="4" scale="-2" format="ixt:num-dot-decimal">2.74</ix:nonFraction>%, within the conditions established in the aforementioned financial contractual clauses. On December 31, 2021, the financial ratio net debt by adjusted EBITDA reached the result of <ix:nonFraction contextRef="D20211231_BondMember" name="vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" unitRef="Pure" id="Tag1103" decimals="4" scale="-2" format="ixt:num-dot-decimal">4.47</ix:nonFraction>%, exceeding the ratio, but yet within the clauses established.</span></p>
</ix:nonNumeric>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p><div id="D1s961nqx6g3t02frts4fy" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory" id="Tag3402" escape="true">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>16</span></span><span style="font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span><span style="font-weight: bold; line-height: inherit;">Suppliers </span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balance of this account comprises the following amounts:</span></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 150%; margin: 5pt 0pt 5pt 32.24pt; padding-left: 3.76pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Composition</span></li>
</ol>
<div id="t_ft_N5YEQZN2A800000000000000000000b">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfTradeSuppliersTableTextBlock" id="Tag222" escape="true">
<div>
<table cellpadding="0" style="height: 112px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 76.901%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;">&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.0043%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Local suppliers </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:LocalSuppliers" unitRef="BRL" id="Tag1067" decimals="-3" scale="3" format="ixt:num-dot-decimal">215,593</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1.0043%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:LocalSuppliers" unitRef="BRL" id="Tag1377" decimals="-3" scale="3" format="ixt:num-dot-decimal">132,124</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Related parties (note <span>21</span>) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:RelatedPartiesSuppliers" unitRef="BRL" id="Tag3169" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,781</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1.0043%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:RelatedPartiesSuppliers" unitRef="BRL" id="Tag2456" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,534</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Copyright </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:CopyrightSuppliers" unitRef="BRL" id="Tag3249" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,273</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1.0043%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:CopyrightSuppliers" unitRef="BRL" id="Tag2044" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,510</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; width: 76.901%; height: 10px;"><br/></td>
<td style="vertical-align: bottom; width: 10.043%; height: 10px; padding: 0px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" unitRef="BRL" id="Tag2225" decimals="-3" scale="3" format="ixt:num-dot-decimal">250,647</ix:nonFraction></span></td>
<td style="vertical-align: bottom; width: 1.0043%; height: 10px;"><br/></td>
<td style="vertical-align: bottom; width: 1.0043%; height: 10px;"><br/></td>
<td style="vertical-align: bottom; width: 10.043%; height: 10px; padding: 0px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold;"><ix:nonFraction contextRef="I20211231" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" unitRef="BRL" id="Tag136" decimals="-3" scale="3" format="ixt:num-dot-decimal">167,168</ix:nonFraction></span></td>
<td style="vertical-align: bottom; width: 1.0043%; height: 10px;"><br/></td>
</tr>
<tr style="background-color: #bdd7ee; height: 17px;">
<td style="padding: 0px; vertical-align: middle; width: 76.901%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 10.043%; padding: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 10.043%; padding: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reverse Factoring (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="vsta:CurrentReverseFactoringSuppliers" unitRef="BRL" id="Tag1375" decimals="-3" scale="3" format="ixt:num-dot-decimal">155,469</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1.0043%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:CurrentReverseFactoringSuppliers" unitRef="BRL" id="Tag3" decimals="-3" scale="3" format="ixt:num-dot-decimal">97,619</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<div style="border-left: none; border-right: none;">
<table style="width: 100%; margin-left: 0.1px; font-family: &quot;times new roman&quot;; font-size: 10pt; height: 60px;">
<tbody>
<tr style="height: 60px;">
<td style="vertical-align: top; width: 3%; height: 60px;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;(i)</span></td>
<td style="text-align: justify; vertical-align: top; width: 97%; height: 60px;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote13" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">As of December 31, 2022, the balance of reverse factoring was R$ <ix:nonFraction contextRef="I20221231" name="vsta:CurrentReverseFactoringSuppliers" unitRef="BRL" id="Tag3241" decimals="-3" scale="3" format="ixt:num-dot-decimal">155,469</ix:nonFraction> (R$ <ix:nonFraction contextRef="I20211231" name="vsta:CurrentReverseFactoringSuppliers" unitRef="BRL" id="Tag135" decimals="-3" scale="3" format="ixt:num-dot-decimal">97,619</ix:nonFraction> as of December 31, 2021), and the discount rates of assignment operations carried out by our suppliers with financial institutions had a weighted average of <ix:nonFraction contextRef="I20221231" name="vsta:WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction" unitRef="Pure" id="Tag3170" decimals="4" scale="-2" format="ixt:num-dot-decimal">1.27</ix:nonFraction>% per month (as of December 31, 2021, the weighted average was <ix:nonFraction contextRef="I20211231" name="vsta:WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction" unitRef="Pure" id="Tag2253" decimals="4" scale="-2" format="ixt:num-dot-decimal">1.05</ix:nonFraction>% per month) and a maximum payment term of <ix:nonNumeric contextRef="D20221231_3" name="vsta:MaximumMaturityPeriodOfReverseFactoring" id="Tag66" format="ixt-sec:durday">360</ix:nonNumeric> days. The balance is initially recognized net of the present value adjustment, which is subsequently recognized as a financial expense.</span></ix:footnote></span></td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
</div>
</ix:nonNumeric>
<div style="line-height: 1.2;">
<div id="t_ft_MFQ59YAGHS00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-46</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br/></div>
</div>
</div><div id="D7vh9b4f7fnxz05qgkangok" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; line-height: 1.2; text-align: left; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-weight: bold; float: none; line-height: inherit; display: inline !important;">Vasta</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-weight: bold; line-height: inherit;">&#160;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-weight: bold; float: none; line-height: inherit; display: inline !important;">Platform Limited</span></span></p>
<div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1.5pt solid windowtext; padding: 0in 0in 1pt; margin: 0px; text-indent: 0px;">
<p style="border: none; padding: 0in; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><span style="font-family: 'times new roman', times;"><b><span style="font-size: 10.0pt;">Consolidated Financial Statements as of December 31, 2022 and 2021</span></b></span></p>
<p style="border: none; padding: 0in; margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><span style="font-family: 'times new roman', times;"><b><span style="font-size: 10pt; color: #000000; text-decoration: none;">Notes to the Consolidated Financial Statements as of December 31, 2022</span></b></span></p>
</div>
<p style="font-size: 10pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfLeasesExplanatory" id="Tag96" escape="true">
<p style="margin: 0pt 0pt 8pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>17</span></span><span style="font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-weight: bold; line-height: inherit;">Lease liabilities</span></span></p>
<p style="font-size: 10pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The lease agreements have an average term of <ix:nonNumeric contextRef="D20221231_3" name="vsta:AverageTermOfLeaseAgreements" id="Tag331" format="ixt-sec:durwordsen">7 years</ix:nonNumeric>&#160;and weighted average rate of <ix:nonFraction contextRef="D20221231_3" name="vsta:LeaseAgreementsWeightedAverageDiscountRatePercent" unitRef="Pure" id="Tag183" decimals="4" scale="-2" format="ixt:num-dot-decimal">14.32</ix:nonFraction>% p.a.</span></p>
<p style="font-size: 10pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfLeaseLiabilitiesTableTextBlock" id="Tag221" escape="true">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="height: 172px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Opening balance </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag243" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,542</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20201231" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag332" decimals="-3" scale="3" format="ixt:num-dot-decimal">173,103</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Additions for new lease agreements (i) </span></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AdditionsToNewLeaseAgreements" unitRef="BRL" id="Tag104" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,002</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:AdditionsToNewLeaseAgreements" unitRef="BRL" id="Tag3020" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,513</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Renegotiation </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_3" name="vsta:RenegotiationOfLeaseLiabilities" unitRef="BRL" id="Tag338" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:RenegotiationOfLeaseLiabilities" unitRef="BRL" id="Tag260" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,439</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cancelled contracts </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:CancellationOfLeaseAgreements" unitRef="BRL" id="Tag103" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,180</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:CancellationOfLeaseAgreements" unitRef="BRL" id="Tag255" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,481</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Renegotiation - COVID-<span>19</span> impact </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16" unitRef="BRL" id="Tag330" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16" unitRef="BRL" id="Tag256" decimals="-3" scale="3" format="ixt:num-dot-decimal">448</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Interest </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:InterestExpenseRecognisedOnLeaseLiabilities" unitRef="BRL" id="Tag184" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,143</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:InterestExpenseRecognisedOnLeaseLiabilities" unitRef="BRL" id="Tag3398" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,984</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Payment of interest </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" unitRef="BRL" id="Tag334" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,941</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" unitRef="BRL" id="Tag340" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,692</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Payment of principal </span></p>
</td>
<td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" unitRef="BRL" id="Tag328" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,003</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" unitRef="BRL" id="Tag254" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,998</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Closing balance </span></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag252" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,563</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag337" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,542</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentLeaseLiabilities" unitRef="BRL" id="Tag329" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,151</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentLeaseLiabilities" unitRef="BRL" id="Tag344" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,636</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentLeaseLiabilities" unitRef="BRL" id="Tag3195" decimals="-3" scale="3" format="ixt:num-dot-decimal">117,412</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:NoncurrentLeaseLiabilities" unitRef="BRL" id="Tag342" decimals="-3" scale="3" format="ixt:num-dot-decimal">133,906</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag3038" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,563</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:LeaseLiabilities" unitRef="BRL" id="Tag333" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,542</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br/></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><span style="font-size: 10pt; font-family: 'times new roman', times;">(i)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Refers to new lease agreements which the Company has embedded part of its digital learning solutions. These lease agreements (digital learning) refer to lease terms of <ix:nonNumeric contextRef="D20221231_3" name="vsta:TermOfNewSubleaseAgreements" id="Tag137" format="ixt-sec:durwordsen">36 months</ix:nonNumeric>, with rates negotiated in the range of <ix:nonFraction contextRef="D20221231_3" name="vsta:LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" unitRef="Pure" id="Tag253" decimals="3" scale="-2" format="ixt:num-dot-decimal">10.3</ix:nonFraction>% p.a to <ix:nonFraction contextRef="D20221231_3" name="vsta:LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" unitRef="Pure" id="Tag343" decimals="3" scale="-2" format="ixt:num-dot-decimal">10.9</ix:nonFraction>% p.a.&#160;</span></p>
</td>
</tr>
</tbody>
</table>
</ix:nonNumeric>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Short-term leases (lease period of <ix:nonNumeric contextRef="D20221231_3" name="vsta:MaximumShortTermLeasePeriodOfLeaseAgreements" id="Tag102" format="ixt-sec:durwordsen">12 months</ix:nonNumeric>&#160;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. Fixed and variable lease payments, including those related to short-term contracts and to low-value assets, were the following for the years ended December 31, 2022 and <span>2021</span>:</span></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" id="Tag64" escape="true">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="4" style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> For the years ended December 31 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <span>2022</span> </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <span>2021</span> </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: rgb(189, 215, 238); width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Fixed Payments </span></p>
</td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" unitRef="BRL" id="Tag341" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,944</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" unitRef="BRL" id="Tag235" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,689</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 5px; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Payments related to short-term contracts and low value assets, variable price contracts (note <span>26</span>) </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" unitRef="BRL" id="Tag336" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,312</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" unitRef="BRL" id="Tag234" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,775</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AggregateFixedAndVariableLeasePayments" unitRef="BRL" id="Tag339" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,256</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:AggregateFixedAndVariableLeasePayments" unitRef="BRL" id="Tag232" decimals="-3" scale="3" format="ixt:num-dot-decimal">54,464</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
</ix:nonNumeric>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-47</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br/></div>
</div>
</div><div id="D7s0ad7mpzqwzpr493yru0e" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="font-size: 10pt; line-height: 150%; margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; float: none; display: inline !important;">Vasta</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">&#160;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; float: none; display: inline !important;">Platform Limited</span></span><br/></p>
<div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1.5pt solid windowtext; padding: 0in 0in 1pt;">
<p style="border: none; padding: 0in; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;"><b><span style="font-size: 10.0pt;">Consolidated Financial Statements as of December 31, 2022 and 2021</span></b></span></p>
<p style="border: none; padding: 0in; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;"><b><span style="font-size: 10pt; color: #000000; text-decoration: none;">Notes to the Consolidated Financial Statements as of December 31, 2022</span></b></span></p>
</div>
<p style="font-size: 10pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:DisclosureOfContractLiabilitiesAndDeferredIncomeTextBlock" id="Tag309" escape="true">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;"><span>18</span></span><span style="font-weight: bold;">&#160;</span> <span style="font-weight: bold;">&#160;</span> <span style="font-weight: bold;">&#160;</span><span style="font-weight: bold;">&#160; &#160;Contractual obligations</span><span style="font-weight: bold;">&#160;</span><span style="font-weight: bold;">and deferred income</span></span></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock" id="Tag308" escape="true">
<div id="t_ft_DRIVC27RR400000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 153px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Refund liability (i) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_RefundLiabilityMember" name="ifrs-full:DeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag216" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,533</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_RefundLiabilityMember" name="ifrs-full:DeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag194" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,122</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;">Contract of exclusivity for processing payroll</p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ContractOfExclusivityForProcessingPayrollMember" name="ifrs-full:DeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag3469" decimals="-3" scale="3" format="ixt:num-dot-decimal">587</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ContractOfExclusivityForProcessingPayrollMember" name="ifrs-full:DeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag219" decimals="-3" scale="3" format="ixt:num-dot-decimal">783</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Deferred income in leaseback agreement (ii) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_DeferredIncomeInLeasebackAgreementMember" name="ifrs-full:DeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag224" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,075</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_DeferredIncomeInLeasebackAgreementMember" name="ifrs-full:DeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag218" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,678</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other contractual obligations </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_OtherContractLiabilitiesMember" name="ifrs-full:DeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag214" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,657</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_OtherContractLiabilitiesMember" name="ifrs-full:DeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag118" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,582</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:DeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag215" decimals="-3" scale="3" format="ixt:num-dot-decimal">57,852</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:DeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag213" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,165</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Current </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities" unitRef="BRL" id="Tag212" decimals="-3" scale="3" format="ixt:num-dot-decimal">57,852</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities" unitRef="BRL" id="Tag94" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,037</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Non-current </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" unitRef="BRL" id="Tag193" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" unitRef="BRL" id="Tag195" decimals="-3" scale="3" format="ixt:num-dot-decimal">128</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:DeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag220" decimals="-3" scale="3" format="ixt:num-dot-decimal">57,852</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:DeferredIncomeIncludingContractLiabilities" unitRef="BRL" id="Tag3470" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,165</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div id="t_ft_8O1FCM3ANK00000000000000000000b">
<table cellpadding="0" width="100%" style="font-size: 10pt; border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; height: 44px; width: 100%;">
<tbody>
<tr style="height: 10px;">
<td style="padding-top: 7.5pt; width: 3%; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (i) </span></p>
</td>
<td style="padding-bottom: 7.5pt; padding-top: 7.5pt; width: 97%; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span><ix:footnote xml:lang="en-US" id="footnote44" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Refers to the customer&#8217;s right to return products, as mentioned in Note <span>11</span>, the Company business cycle is from September to September for each year, being the provision reduced in the end of business cycle and estimated in the fourth quarter. </span></ix:footnote></span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding: 0.75pt; height: 34px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (ii) </span></p>
</td>
<td style="padding: 0.75pt; height: 34px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span><ix:footnote xml:lang="en-US" id="footnote45" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'times new roman', times; font-size: 10pt;"> In March 2018, the predecessor Somos-Anglo entered into a sales and leaseback agreement of a property located at Avenida Jo&#227;o Dias in the city of S&#227;o Paulo in the amount of R$ <ix:nonFraction contextRef="D20180331_PredecessorsMember_DeferredIncomeInLeasebackAgreementMember" name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" unitRef="BRL" id="Tag1228" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,500</ix:nonFraction>. This transaction included deferred income of R$ <ix:nonFraction contextRef="I20180331_PredecessorsMember_DeferredIncomeInLeasebackAgreementMember" name="ifrs-full:DeferredIncomeOtherThanContractLiabilities" unitRef="BRL" id="Tag95" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,104</ix:nonFraction>, which has been appropriated according to the lease term of the property (<ix:nonNumeric contextRef="D20180331_PredecessorsMember_DeferredIncomeInLeasebackAgreementMember" name="vsta:LeaseTerm" id="Tag223" format="ixt-sec:durwordsen">120 months</ix:nonNumeric>).</span></ix:footnote></span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
</ix:nonNumeric>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
</div><div id="Dtkj5qiampjgyjvwtdqkjx" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:DisclosureOfAccountsPayableForBusinessCombinationTextBlock" id="Tag4" escape="true">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;">&#160;</span><span style="font-size: 10pt; font-weight: bold;"><span>19</span></span><span style="font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span><span style="font-size: 10pt; font-weight: bold;">Accounts payable for business combination and acquisition of associates</span></span></p>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock" id="Tag24" escape="true">
<div id="t_ft_PFBMCB7YKG00000000000000000000b">
<table cellpadding="0" style="height: 239px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 77%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Pluri </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20221231_AAndRComercioEServicosDeInformaticaLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag43" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,653</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <ix:nonFraction contextRef="I20211231_AAndRComercioEServicosDeInformaticaLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag30" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,251</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Mind Makers </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20221231_MindMakersEditoraEducacionalMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2459" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,915</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20211231_MindMakersEditoraEducacionalMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag8" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,044</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Livro F&#225;cil </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20221231_LivrariaLivroFacilLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag33" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,516</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <ix:nonFraction contextRef="I20211231_LivrariaLivroFacilLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag58" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,055</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Meritt </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20221231_MerittInformacaoEducacionalLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag50" decimals="-3" scale="3" format="ixt:num-dot-decimal">300</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20211231_MerittInformacaoEducacionalLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag26" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,347</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> SEL </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20221231_SociedadeEducationalDaLagoaLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag61" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,267</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<ix:nonFraction contextRef="I20211231_SociedadeEducationalDaLagoaLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag3244" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,935</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reda&#231;&#227;o Nota <span>1000</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20221231_Nota1000ServicosEducacionaisLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2820" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,030</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag41" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,230</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> EMME </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20221231_EmmeProducoesDeMateriaisEmMultimidiaLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag138" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,827</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag140" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,780</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Editora De Gouges </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<ix:nonFraction contextRef="I20221231_EditoraDeGougesSAMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag53" decimals="-3" scale="3" format="ixt:num-dot-decimal">514,299</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag9" decimals="-3" scale="3" format="ixt:num-dot-decimal">457,671</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Phidelis </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag59" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,976</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag56" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Educbank </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <ix:nonFraction contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag47" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,494</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_EducbankGestaoDePagamentosEducacionaisSAMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag60" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 13px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<ix:nonFraction contextRef="I20221231" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag795" decimals="-3" scale="3" format="ixt:num-dot-decimal">625,277</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <ix:nonFraction contextRef="I20211231" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag52" decimals="-3" scale="3" format="ixt:num-dot-decimal">532,313</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Current </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20221231" name="vsta:CurrentAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag21" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,007</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<ix:nonFraction contextRef="I20211231" name="vsta:CurrentAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag48" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,502</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Non-current </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<ix:nonFraction contextRef="I20221231" name="vsta:NonCurrentAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag42" decimals="-3" scale="3" format="ixt:num-dot-decimal">552,270</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <ix:nonFraction contextRef="I20211231" name="vsta:NonCurrentAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2422" decimals="-3" scale="3" format="ixt:num-dot-decimal">511,811</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<ix:nonFraction contextRef="I20221231" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag27" decimals="-3" scale="3" format="ixt:num-dot-decimal">625,277</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <ix:nonFraction contextRef="I20211231" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag76" decimals="-3" scale="3" format="ixt:num-dot-decimal">532,313</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<div>
<div>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-48</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
</div>
<div style="border-left: none; border-right: none;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><b><span style="line-height: inherit;"><span style="line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and&#160;<span>2021</span></span></span></b></span></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><span style="font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-weight: bold;"><span style="border-left: none; border-right: none;"><span>2</span></span></span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt;"><br/></p>
</div>
</ix:exclude>
</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;">The changes in the balance are as follows:</span><span style="font-size: 10pt;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;"><br/></span></span></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock" id="Tag5" escape="true">
<table cellpadding="0" style="height: 154px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Opening balance </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag54" decimals="-3" scale="3" format="ixt:num-dot-decimal">532,313</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag141" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,055</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AdditionsToAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag35" decimals="-3" scale="3" format="ixt:num-dot-decimal">120,344</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:AdditionsToAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2403" decimals="-3" scale="3" format="ixt:num-dot-decimal">703,257</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;">Cash payment</p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:CashPaymentForAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag28" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,939</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:CashPaymentForAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag1379" decimals="-3" scale="3" format="ixt:num-dot-decimal">205,280</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">Payments in installments</td>
<td style="vertical-align: top; text-align: right; height: 17px;">(<ix:nonFraction contextRef="D20221231_3" name="vsta:PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities" unitRef="BRL" id="Tag31" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,379</ix:nonFraction></td>
<td style="vertical-align: top; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: top; text-align: right; height: 17px;">(<ix:nonFraction contextRef="D20211231_3" name="vsta:PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities" unitRef="BRL" id="Tag2477" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,168</ix:nonFraction></td>
<td style="vertical-align: top; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest payment </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities" unitRef="BRL" id="Tag23" decimals="-3" scale="3" format="ixt:num-dot-decimal">603</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities" unitRef="BRL" id="Tag34" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,571</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest adjustment </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:InterestAdjustmentOnAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag6" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">65,725</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:InterestAdjustmentOnAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag65" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,158</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Remeasurement </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:RemeasurementOnAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag22" decimals="-3" scale="3" format="ixt:num-dot-decimal">184</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:RemeasurementOnAccountsPayableForBusinessCombination" unitRef="BRL" id="Tag1378" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,138</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Closing balance </span></p>
</td>
<td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag55" decimals="-3" scale="3" format="ixt:num-dot-decimal">625,277</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2825" decimals="-3" scale="3" format="ixt:num-dot-decimal">532,313</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"><br/></td>
</tr>
</tbody>
</table>
</ix:nonNumeric>
</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;"><br/></span></span></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfMaturitiesOfAccountsPayableForBusinessCombinationTableTextBlock" id="Tag3444" escape="true">
<p style="margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;">The maturity years of such balances as of December 31, </span><span style="font-size: 10pt;"><span>202</span></span><span style="font-size: 10pt;"><span>2</span></span><span style="font-size: 10pt;"> are shown in the table below:</span></span></p>
<div id="t_ft_KD40O1300W00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 120px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Maturity of installments </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 19%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> In up to <span>one</span> year </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag15" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,007</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 19%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="vsta:PercentageOfAccountsPayableForBusinessCombination" unitRef="Pure" id="Tag44" decimals="3" scale="-2" format="ixt:num-dot-decimal">11.7</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_NotLaterThanOneYearMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2483" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,502</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_NotLaterThanOneYearMember" name="vsta:PercentageOfAccountsPayableForBusinessCombination" unitRef="Pure" id="Tag2248" decimals="3" scale="-2" format="ixt:num-dot-decimal">3.9</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>One</span> to <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag37" decimals="-3" scale="3" format="ixt:num-dot-decimal">389,186</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="vsta:PercentageOfAccountsPayableForBusinessCombination" unitRef="Pure" id="Tag2415" decimals="3" scale="-2" format="ixt:num-dot-decimal">62.2</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag25" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,685</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="vsta:PercentageOfAccountsPayableForBusinessCombination" unitRef="Pure" id="Tag2843" decimals="3" scale="-2" format="ixt:num-dot-decimal">6.7</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>Two</span> to <span>three</span> years </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2414" decimals="-3" scale="3" format="ixt:num-dot-decimal">163,084</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="vsta:PercentageOfAccountsPayableForBusinessCombination" unitRef="Pure" id="Tag1381" decimals="3" scale="-2" format="ixt:num-dot-decimal">26.1</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2877" decimals="-3" scale="3" format="ixt:num-dot-decimal">166,730</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="vsta:PercentageOfAccountsPayableForBusinessCombination" unitRef="Pure" id="Tag46" decimals="3" scale="-2" format="ixt:num-dot-decimal">31.3</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>Three</span> years on </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_LaterThanThreeYearsAndNotLaterThanFourYearsMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag139" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_LaterThanThreeYearsAndNotLaterThanFourYearsMember" name="vsta:PercentageOfAccountsPayableForBusinessCombination" unitRef="Pure" id="Tag1786" decimals="2" scale="-2" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanThreeYearsAndNotLaterThanFourYearsMember" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag38" decimals="-3" scale="3" format="ixt:num-dot-decimal">309,396</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LaterThanThreeYearsAndNotLaterThanFourYearsMember" name="vsta:PercentageOfAccountsPayableForBusinessCombination" unitRef="Pure" id="Tag18" decimals="3" scale="-2" format="ixt:num-dot-decimal">58.1</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag2956" decimals="-3" scale="3" format="ixt:num-dot-decimal">625,277</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="vsta:PercentageOfAccountsPayableForBusinessCombination" unitRef="Pure" id="Tag13" decimals="3" scale="-2" format="ixt:num-dot-decimal">100.0</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> % </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:AccountsPayableForBusinessCombination" unitRef="BRL" id="Tag51" decimals="-3" scale="3" format="ixt:num-dot-decimal">532,313</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="vsta:PercentageOfAccountsPayableForBusinessCombination" unitRef="Pure" id="Tag3199" decimals="3" scale="-2" format="ixt:num-dot-decimal">100.0</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> % </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
</ix:nonNumeric>
<div><br/></div>
<div id="t_ft_Q5XILYUC3400000000000000000000b">
<table style="font-size: 10pt; width: 100%; font-family: 'times new roman';">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-49</span></span></td>
</tr>
</tbody>
</table>
</div>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
</div><div id="D3uwxadd0gm26mw6a2xlnhl" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfEmployeeBenefitsExplanatory" id="Tag63" escape="true">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Salaries and Social Contribution</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfSalariesAndSocialContributionTableTextBlock" id="Tag62" escape="true">
<div id="t_ft_DKY499CQ2O00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December </span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">31, 2022 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December </span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">31, 2021 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 77%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Salaries payable </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:SalariesPayableCurrent" unitRef="BRL" id="Tag483" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,351</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:SalariesPayableCurrent" unitRef="BRL" id="Tag478" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,348</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Social contribution payable (i) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:SocialContributionPayableCurrent" unitRef="BRL" id="Tag482" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,205</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:SocialContributionPayableCurrent" unitRef="BRL" id="Tag477" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,926</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Provision for vacation pay and <span>13</span>th salary </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:ProvisionForVacationPayAnd13ThSalaryCurrent" unitRef="BRL" id="Tag481" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,454</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:ProvisionForVacationPayAnd13ThSalaryCurrent" unitRef="BRL" id="Tag476" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,616</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Provision for profit sharing (ii) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="vsta:ProvisionForProfitSharingAndBonusCurrent" unitRef="BRL" id="Tag480" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,047</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:ProvisionForProfitSharingAndBonusCurrent" unitRef="BRL" id="Tag475" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,923</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Others </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231" name="vsta:OtherSalariesAndSocialContributionsCurrent" unitRef="BRL" id="Tag472" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="vsta:OtherSalariesAndSocialContributionsCurrent" unitRef="BRL" id="Tag474" decimals="-3" scale="3" format="ixt:num-dot-decimal">16</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentProvisionsForEmployeeBenefits" unitRef="BRL" id="Tag479" decimals="-3" scale="3" format="ixt:num-dot-decimal">100,057</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentProvisionsForEmployeeBenefits" unitRef="BRL" id="Tag473" decimals="-3" scale="3" format="ixt:num-dot-decimal">62,829</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;">&#160;</span></p>
<div id="t_ft_5GCRVPFLHS00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="text-align: justify; padding: 0px 0px 8px; width: 97%;"><span><ix:footnote xml:lang="en-US" id="footnote27" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">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<span style="line-height: inherit;">&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on a monthly basis</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span style="line-height: inherit;">&#160;</span>according to the Company&#8217;s share price</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</span></ix:footnote></span></td>
</tr>
<tr>
<td style="vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">(ii)</span><span style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</span></span></td>
<td style="text-align: justify;"><span><ix:footnote xml:lang="en-US" id="footnote28" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The provision for profit sharing is based on qualitative and quantitative metrics determined by Management.</span></ix:footnote></span></td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
</ix:nonNumeric>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><br/></p>
</div><ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfRelatedPartyExplanatory" id="Tag3217" escape="true">
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>21</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Related</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">parties</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As presented in note <span>1</span>, the Company is part of Cogna Group and some of the Company&#8217;s transactions and arrangements involve entities that belong to the Cogna Group. The effect of these transactions is reflected in these Consolidated Financial Statements, with these related parties segregated by nature of transaction measured on an arm&#8217;s length basis and determined by intercompany agreements and approved by the Company&#8217;s Management. Furthermore, all of them are settled in cash, except for certain intangibles described in item <span>21</span>(d).&#160;&#160; </span></p>
<p style="margin: 8pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balances and transactions between the Company and its associates have been eliminated in the Company&#8217;s Consolidated Financial Statements. The balances and transactions between related parties are shown below: </span></p>
<div id="t_ft_HUWE3UMIJ400000000000000000000b">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfBalancesWithRelatedPartiesTableTextBlock" id="Tag485" escape="true">
<div>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="16" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 75.5952%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.52381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Other receivables (i) </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.52381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Trade receivables (Note <span>10</span> and <span>21</span>C) </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.3512%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Indemnification asset </span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(note <span>21</span></span><span style="font-weight: bold; line-height: inherit;">b</span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.07738%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Other payments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.07738%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Suppliers </span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(note </span><span style="font-weight: bold; line-height: inherit;"><span>16</span></span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 8.92857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Bonds </span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(note </span><span style="font-weight: bold; line-height: inherit;"><span>15</span></span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cogna Educa&#231;&#227;o S.A. </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_CognaEducacaoSaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag3215" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_CognaEducacaoSaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag426" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 12.3512%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CognaEducacaoSaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag84" decimals="-3" scale="3" format="ixt:num-dot-decimal">180,417</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_CognaEducacaoSaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag589" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CognaEducacaoSaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag2525" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,828</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 8.92857%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CognaEducacaoSaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1289" decimals="-3" scale="3" format="ixt:num-dot-decimal">313,531</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora Atica S.A. </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_EditoraAticaSaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1780" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_EditoraAticaSaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag3210" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,754</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_EditoraAticaSaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1284" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_EditoraAticaSaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1293" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_EditoraAticaSaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag1282" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,778</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_EditoraAticaSaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag2550" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora E Distribuidora Educacional S.A. </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1435" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,722</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1290" decimals="-3" scale="3" format="ixt:num-dot-decimal">19</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1562" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1636" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag1773" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1723" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Educa&#231;&#227;o Inova&#231;&#227;o e Tecnologia S.A. </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_EducacaoInovacaoETecnologiaSaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag633" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_EducacaoInovacaoETecnologiaSaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1358" decimals="-3" scale="3" format="ixt:num-dot-decimal">389</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_EducacaoInovacaoETecnologiaSaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1539" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_EducacaoInovacaoETecnologiaSaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag2545" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_EducacaoInovacaoETecnologiaSaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag2534" decimals="-3" scale="3" format="ixt:num-dot-decimal">175</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_EducacaoInovacaoETecnologiaSaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1577" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Nice Participa&#231;&#245;es Ltda </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_NiceParticipacoesLtdaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1585" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NiceParticipacoesLtdaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1551" decimals="-3" scale="3" format="ixt:num-dot-decimal">37</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_NiceParticipacoesLtdaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1710" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_NiceParticipacoesLtdaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1715" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_NiceParticipacoesLtdaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag2518" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_NiceParticipacoesLtdaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1601" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Saraiva Educa&#231;&#227;o S.A. </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_SaraivaEducacaoSaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1614" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_SaraivaEducacaoSaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1538" decimals="-3" scale="3" format="ixt:num-dot-decimal">749</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_SaraivaEducacaoSaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1360" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_SaraivaEducacaoSaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag415" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_SaraivaEducacaoSaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag1540" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_SaraivaEducacaoSaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1403" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Idiomas S.A. </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_SomosIdiomasSaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1680" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_SomosIdiomasSaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag458" decimals="-3" scale="3" format="ixt:num-dot-decimal">229</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_SomosIdiomasSaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag2549" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_SomosIdiomasSaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag449" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_SomosIdiomasSaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag1412" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_SomosIdiomasSaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1645" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Others </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_OtherRelatedPartiesMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag611" decimals="-3" scale="3" format="ixt:num-dot-decimal">37</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_OtherRelatedPartiesMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag557" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_OtherRelatedPartiesMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1567" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_OtherRelatedPartiesMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag512" decimals="-3" scale="3" format="ixt:num-dot-decimal">54</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_OtherRelatedPartiesMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag1712" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_OtherRelatedPartiesMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1437" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag2538" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,759</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1564" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,177</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag617" decimals="-3" scale="3" format="ixt:num-dot-decimal">180,417</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1660" decimals="-3" scale="3" format="ixt:num-dot-decimal">54</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag1281" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,781</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1383" decimals="-3" scale="3" format="ixt:num-dot-decimal">313,531</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
<p style="margin:0pt"><br/></p>
<table style="height: 15px; width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;" cellpadding="0">
<tbody>
<tr style="margin-left: 0.1px; height: 15px;">
<td style="vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding: 0px; height: 15px; width: 3%;" valign="top"><span style="font-size: 10pt; line-height: inherit;">(i)</span></td>
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; width: 97%;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote39" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 10pt;">Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.</span></ix:footnote></span></td>
</tr>
</tbody>
</table>
<p style="margin:0pt"><br/></p>
</div>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<div id="t_ft_RFAEII35MO00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-50</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr>
<p style="margin:0pt" xmlns="http://www.w3.org/1999/xhtml"><br/></p>
</ix:exclude>
<div style="margin: 0px; text-indent: 0px;">
<table cellpadding="0" width="100%" style="font-size: 10pt; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; width: 100%; height: 587px; text-indent: 0px;">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td colspan="17" style="vertical-align: bottom; height: 17px; width: 71.9298%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 28.5088%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Other receivables (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Trade receivables (Note <span>10</span> and <span>21</span>c) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10.0877%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Indemnification asset (note <span>21</span>b) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Other payments (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Suppliers (note <span>16</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Bonds </span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(note </span><span style="font-weight: bold; line-height: inherit;"><span>15</span></span><span style="font-weight: bold; line-height: inherit;">)</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 11px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 28.5088%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Acel Adminstra&#231;&#227;o de Cursos Educacionais Ltda </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag586" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1347" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,482</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10.0877%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag431" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag620" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag601" decimals="-3" scale="3" format="ixt:num-dot-decimal">474</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1416" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 12px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 12px; width: 28.5088%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Anhanguera Educacional Participacoes S.A. </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_AnhangueraEducacionalParticipacoesSaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag572" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_AnhangueraEducacionalParticipacoesSaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag504" decimals="-3" scale="3" format="ixt:num-dot-decimal">413</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 10.0877%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_AnhangueraEducacionalParticipacoesSaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1652" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_AnhangueraEducacionalParticipacoesSaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1574" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_AnhangueraEducacionalParticipacoesSaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag1588" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_AnhangueraEducacionalParticipacoesSaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1382" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Centro Educacional Leonardo Da Vinci SS </span></p>
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<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag374" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
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<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag2527" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
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<td style="vertical-align: bottom; height: 17px; width: 10.0877%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1328" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1648" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag372" decimals="-3" scale="3" format="ixt:num-dot-decimal">6</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_CognaEducacaoSaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag464" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_CognaEducacaoSaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1359" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
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<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CognaEducacaoSaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1581" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,470</ix:nonFraction> </span></p>
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<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CognaEducacaoSaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag2515" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,021</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_CognaEducacaoSaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag1409" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CognaEducacaoSaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1766" decimals="-3" scale="3" format="ixt:num-dot-decimal">315,764</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_ColegioAmbientalLtdaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1646" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ColegioAmbientalLtdaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1771" decimals="-3" scale="3" format="ixt:num-dot-decimal">805</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_ColegioAmbientalLtdaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1275" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_ColegioAmbientalLtdaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1606" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_ColegioAmbientalLtdaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag1644" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_ColegioAmbientalLtdaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1688" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_ColegioJaoLtdaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag412" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ColegioJaoLtdaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1447" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,974</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_ColegioJaoLtdaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag435" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_ColegioJaoLtdaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1320" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ColegioJaoLtdaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag2553" decimals="-3" scale="3" format="ixt:num-dot-decimal">33</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_ColegioManauaraLatoSensuLtdaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1357" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ColegioManauaraLatoSensuLtdaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag2554" decimals="-3" scale="3" format="ixt:num-dot-decimal">458</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ColegioManauaraCidadeNovaLtdaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1693" decimals="-3" scale="3" format="ixt:num-dot-decimal">395</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_ColegioVisaoEireliMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1743" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ColegioVisaoEireliMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1596" decimals="-3" scale="3" format="ixt:num-dot-decimal">132</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ColegioVisaoEireliMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag576" decimals="-3" scale="3" format="ixt:num-dot-decimal">13</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ColegioCidadeLtdaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag613" decimals="-3" scale="3" format="ixt:num-dot-decimal">397</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_CursoEColegioCoqueiroLtdaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1741" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CursoEColegioCoqueiroLtdaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1612" decimals="-3" scale="3" format="ixt:num-dot-decimal">434</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_CursoEColegioCoqueiroLtdaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag430" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_CursoEColegioCoqueiroLtdaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag373" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CursoEColegioCoqueiroLtdaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag3164" decimals="-3" scale="3" format="ixt:num-dot-decimal">20</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_CursoEColegioCoqueiroLtdaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1331" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EcsaEscolaAChaveDoSaberLtdaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1559" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EcsaEscolaAChaveDoSaberLtdaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1342" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,444</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EcsaEscolaAChaveDoSaberLtdaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag609" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EcsaEscolaAChaveDoSaberLtdaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag558" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EcsaEscolaAChaveDoSaberLtdaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag507" decimals="-3" scale="3" format="ixt:num-dot-decimal">16</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EcsaEscolaAChaveDoSaberLtdaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag3156" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EditoraAticaSaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1664" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
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<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
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<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraAticaSaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag2522" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,207</ix:nonFraction> </span></p>
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<td style="vertical-align: bottom; height: 17px; width: 10.0877%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EditoraAticaSaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1656" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraAticaSaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1640" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,040</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraAticaSaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag1690" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,239</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EditoraAticaSaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag460" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1329" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1782" decimals="-3" scale="3" format="ixt:num-dot-decimal">436</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1361" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1696" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,754</ix:nonFraction> </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag1325" decimals="-3" scale="3" format="ixt:num-dot-decimal">88</ix:nonFraction> </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SomosOperacoesEscolaresSaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1311" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> SSE Servi&#231;os Educacionais Ltda. </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SseServicosEducacionaisLtdaMember" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1684" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SseServicosEducacionaisLtdaMember" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag515" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,602</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.0877%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SseServicosEducacionaisLtdaMember" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag511" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SseServicosEducacionaisLtdaMember" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1556" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SseServicosEducacionaisLtdaMember" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag516" decimals="-3" scale="3" format="ixt:num-dot-decimal">665</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_SseServicosEducacionaisLtdaMember" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1744" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 28.5088%; margin: 0px; text-indent: 0px; text-align: right;"></td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:OtherReceivablesRelatedParties" unitRef="BRL" id="Tag1643" decimals="-3" scale="3" format="ixt:num-dot-decimal">501</ix:nonFraction> </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:TradeReceivablesRelatedParties" unitRef="BRL" id="Tag1339" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,824</ix:nonFraction> </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 10.0877%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag564" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,470</ix:nonFraction> </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag486" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,271</ix:nonFraction> </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:TradeSuppliersRelatedParties" unitRef="BRL" id="Tag383" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,533</ix:nonFraction> </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:BondsPayableRelatedParties" unitRef="BRL" id="Tag1397" decimals="-3" scale="3" format="ixt:num-dot-decimal">315,764</ix:nonFraction> </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt 0pt 0pt 54pt; text-indent: -36pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="display: none; line-height: inherit;">(i)</span></span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&#160;</span></span></p>
<table style="width: 100%; margin: 0px; height: 20px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 3%;" valign="top"><span style="font-size: 10pt;">(i)</span></td>
<td style="height: 10px; width: 97%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span><ix:footnote xml:lang="en-US" id="footnote38" footnoteRole="http://www.xbrl.org/2003/role/footnote">Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.</ix:footnote></span></span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; padding-left: 0px; padding-right: 0px;"><span style="font-size: 10pt;"><span><ix:footnote xml:lang="en-US" id="footnote40" footnoteRole="http://www.xbrl.org/2003/role/footnote">Refers substantially to accounts payable by sharing expenses e.g property leasing, personnel and IT licenses shared with Cogna Group.</ix:footnote></span></span></p>
</td>
</tr>
</tbody>
</table>
</ix:nonNumeric>
</div>
<div>
<div id="t_ft_391YCX9ISW00000000000000000000b">
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-51</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr>
<div class="pageBreak" style="page-break-before: always;" xmlns="http://www.w3.org/1999/xhtml"><a href="#TOC"></a><br/></div>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr></ix:exclude>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" id="Tag3171" escape="true">
<div>
<div>
<table cellpadding="0" width="100%" style="height: 554px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;">
<tbody>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="10" style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2022 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="10" style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2021 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="11"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year ended December 31, 2020</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transactions held: </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Revenues </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Finance costs (i) note <span>15</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Cost Sharing (note <span>21</span>d) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Sublease (note <span>21</span>f) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Revenues </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Finance costs </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Cost Sharing (note <span>21</span>d) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Sublease (note <span>21</span>f) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Revenues</span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Finance costs</span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Cost Sharing (note<span>&#160;</span></span><span><span>21</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">d)</span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Sublease (note<span>&#160;</span></span><span><span>21</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">f)</span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 16%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Acel Administracao De Cursos Educacionais Ltda. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1779" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1558" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1307" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1711" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1604" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,790</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1714" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1628" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag489" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag566" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,230</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag375" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1341" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_AcelAdministracaoDeCursosEducacionaisLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1582" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Centro Educacional Leonardo Da Vinci SS </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1348" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1576" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1417" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag394" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1444" decimals="-3" scale="3" format="ixt:num-dot-decimal">41</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag568" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag454" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1283" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1728" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,319</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1301" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag390" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_CentroEducacionalLeonardoDaVinciSsMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1554" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Cogna Educa&#231;&#227;o S.A. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CognaEducacaoSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag446" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_CognaEducacaoSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1363" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,573</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CognaEducacaoSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1672" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CognaEducacaoSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1721" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CognaEducacaoSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1310" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_CognaEducacaoSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1579" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,859</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CognaEducacaoSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1280" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_CognaEducacaoSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag618" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_CognaEducacaoSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag554" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_CognaEducacaoSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag510" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,432</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_CognaEducacaoSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1739" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_CognaEducacaoSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1621" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Col&#233;gio Ambiental Ltda </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioAmbientalLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1752" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioAmbientalLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag442" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioAmbientalLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag547" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioAmbientalLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1315" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ColegioAmbientalLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1603" decimals="-3" scale="3" format="ixt:num-dot-decimal">496</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioAmbientalLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1303" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioAmbientalLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag563" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioAmbientalLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag413" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioAmbientalLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag605" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioAmbientalLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag90" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioAmbientalLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1406" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioAmbientalLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1666" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Col&#233;gio Cidade Ltda </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioCidadeLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1757" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioCidadeLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1570" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioCidadeLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1724" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioCidadeLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag528" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ColegioCidadeLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1587" decimals="-3" scale="3" format="ixt:num-dot-decimal">146</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioCidadeLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1313" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioCidadeLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag519" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioCidadeLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1630" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioCidadeLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag567" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioCidadeLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag2547" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioCidadeLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag456" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioCidadeLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1291" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Colegio JAO Ltda. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioJaoLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag459" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioJaoLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag494" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioJaoLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag410" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioJaoLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1394" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ColegioJaoLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag579" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,582</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioJaoLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1697" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioJaoLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1702" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioJaoLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1610" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_ColegioJaoLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag590" decimals="-3" scale="3" format="ixt:num-dot-decimal">387</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioJaoLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag2555" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioJaoLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag2533" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioJaoLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1590" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Col&#233;gio Manauara Lato Sensu Ltda. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioManauaraLatoSensuLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1623" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioManauaraLatoSensuLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1726" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioManauaraLatoSensuLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1419" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioManauaraLatoSensuLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag414" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ColegioManauaraLatoSensuLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1609" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,903</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioManauaraLatoSensuLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1294" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioManauaraLatoSensuLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1370" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioManauaraLatoSensuLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1704" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><ix:nonFraction contextRef="D20201231_ColegioManauaraLatoSensuLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag401" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,139</ix:nonFraction></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioManauaraLatoSensuLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1650" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioManauaraLatoSensuLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1428" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioManauaraLatoSensuLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag615" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Col&#233;gio Manauara Cidade Nova Ltda </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioManauaraCidadeNovaLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag495" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioManauaraCidadeNovaLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1542" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioManauaraCidadeNovaLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1391" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioManauaraCidadeNovaLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag607" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ColegioManauaraCidadeNovaLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag545" decimals="-3" scale="3" format="ixt:num-dot-decimal">275</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioManauaraCidadeNovaLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1561" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioManauaraCidadeNovaLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag518" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioManauaraCidadeNovaLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1679" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioManauaraCidadeNovaLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1580" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioManauaraCidadeNovaLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag3157" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Col&#233;gio Motivo Ltda. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioMotivoLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag524" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioMotivoLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1438" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioMotivoLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag450" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioMotivoLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag417" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ColegioMotivoLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1321" decimals="-3" scale="3" format="ixt:num-dot-decimal">35</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioMotivoLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag505" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioMotivoLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1709" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioMotivoLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1765" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_ColegioMotivoLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag2536" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,308</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioMotivoLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag3214" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioMotivoLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1323" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioMotivoLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag530" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Col&#233;gio Vis&#227;o Ltda </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioVisaoEireliMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1699" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioVisaoEireliMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag471" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioVisaoEireliMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag551" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ColegioVisaoEireliMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag405" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ColegioVisaoEireliMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1287" decimals="-3" scale="3" format="ixt:num-dot-decimal">287</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioVisaoEireliMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag562" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioVisaoEireliMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag433" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ColegioVisaoEireliMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1749" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_ColegioVisaoEireliMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1413" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
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</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_EcsaEscolaAChaveDoSaberLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1573" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_EcsaEscolaAChaveDoSaberLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1625" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_EcsaEscolaAChaveDoSaberLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1720" decimals="-3" scale="3" format="ixt:num-dot-decimal">657</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_EcsaEscolaAChaveDoSaberLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1548" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_EcsaEscolaAChaveDoSaberLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag497" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_EcsaEscolaAChaveDoSaberLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag2512" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Editora Atica S.A. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_EditoraAticaSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag593" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,286</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_EditoraAticaSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag407" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_EditoraAticaSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1776" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,757</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_EditoraAticaSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1678" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,551</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_EditoraAticaSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag2520" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,374</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_EditoraAticaSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag2546" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_EditoraAticaSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag432" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,130</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_EditoraAticaSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag434" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,153</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_EditoraAticaSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag392" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,287</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_EditoraAticaSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1549" decimals="-3" scale="3" format="ixt:num-dot-decimal">229</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_EditoraAticaSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag546" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,989</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_EditoraAticaSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag3212" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,364</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 12px;">
<td style="padding: 0px; vertical-align: middle; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Editora E Distribuidora Educacional SA. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag537" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1756" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1665" decimals="-3" scale="3" format="ixt:num-dot-decimal">29,475</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1306" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1327" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag604" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1602" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,384</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1629" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag523" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,841</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1592" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag493" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,144</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_EditoraEDistribuidoraEducacionalSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag393" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,489</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Editora Scipione SA. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_EditoraScipioneSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1302" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,096</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_EditoraScipioneSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1336" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_EditoraScipioneSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag437" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_EditoraScipioneSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1735" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_EditoraScipioneSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag469" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,341</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_EditoraScipioneSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag2508" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_EditoraScipioneSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1619" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_EditoraScipioneSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1426" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_EditoraScipioneSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1346" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,551</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_EditoraScipioneSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1734" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_EditoraScipioneSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1373" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_EditoraScipioneSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag569" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Escola Mater Christi </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_EscolaMaterChristiLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag470" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_EscolaMaterChristiLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1399" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_EscolaMaterChristiLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1742" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_EscolaMaterChristiLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1393" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_MaxiprintEditoraLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1685" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_MaxiprintEditoraLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1322" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_MaxiprintEditoraLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1591" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,107</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_MaxiprintEditoraLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1389" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_MaxiprintEditoraLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1324" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_MaxiprintEditoraLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1396" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_MaxiprintEditoraLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1716" decimals="-3" scale="3" format="ixt:num-dot-decimal">612</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_MaxiprintEditoraLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1555" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_MaxiprintEditoraLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag3216" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NucleoBrasileiroDeEstudosAvancadosLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1304" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NucleoBrasileiroDeEstudosAvancadosLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag553" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_NucleoBrasileiroDeEstudosAvancadosLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1687" decimals="-3" scale="3" format="ixt:num-dot-decimal">276</ix:nonFraction> </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NucleoBrasileiroDeEstudosAvancadosLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1356" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_NucleoBrasileiroDeEstudosAvancadosLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag585" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_NucleoBrasileiroDeEstudosAvancadosLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag541" decimals="-3" scale="3" format="ixt:num-dot-decimal">423</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_NucleoBrasileiroDeEstudosAvancadosLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag447" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_NucleoBrasileiroDeEstudosAvancadosLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1425" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
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</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_PapelariaBrasilianaLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag419" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_PapelariaBrasilianaLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag2528" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_PapelariaBrasilianaLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1659" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_PapelariaBrasilianaLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag443" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_PapelariaBrasilianaLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag2517" decimals="-3" scale="3" format="ixt:num-dot-decimal">249</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_PapelariaBrasilianaLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1288" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_PapelariaBrasilianaLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag496" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_PapelariaBrasilianaLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1670" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_PapelariaBrasilianaLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1415" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,287</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_PapelariaBrasilianaLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1751" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_PapelariaBrasilianaLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1408" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_PapelariaBrasilianaLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag2537" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Saber Servi&#231;os Educacionais S.A. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_SaberServicosEducacionaisSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1774" decimals="-3" scale="3" format="ixt:num-dot-decimal">41</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SaberServicosEducacionaisSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1627" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SaberServicosEducacionaisSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1755" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SaberServicosEducacionaisSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1385" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_SaberServicosEducacionaisSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1404" decimals="-3" scale="3" format="ixt:num-dot-decimal">900</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SaberServicosEducacionaisSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag487" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SaberServicosEducacionaisSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1759" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SaberServicosEducacionaisSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag2543" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_SaberServicosEducacionaisSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1350" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,254</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_SaberServicosEducacionaisSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag529" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,740</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SaberServicosEducacionaisSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag381" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_SaberServicosEducacionaisSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag506" decimals="-3" scale="3" format="ixt:num-dot-decimal">729</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Saraiva Educacao SA. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_SaraivaEducacaoSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1673" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,090</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SaraivaEducacaoSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1617" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SaraivaEducacaoSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1374" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_SaraivaEducacaoSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag498" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,905</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_SaraivaEducacaoSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1326" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,405</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SaraivaEducacaoSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1633" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SaraivaEducacaoSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1732" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_SaraivaEducacaoSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1352" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,528</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_SaraivaEducacaoSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1392" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,364</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SaraivaEducacaoSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1753" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SaraivaEducacaoSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1589" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_SaraivaEducacaoSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag2523" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,739</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Sistema P H De Ensino Ltda. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SistemaPHDeEnsinoLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1597" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SistemaPHDeEnsinoLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1300" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SistemaPHDeEnsinoLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag379" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SistemaPHDeEnsinoLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1754" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_SistemaPHDeEnsinoLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1605" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,417</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SistemaPHDeEnsinoLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag2067" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SistemaPHDeEnsinoLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1365" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SistemaPHDeEnsinoLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1657" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_SistemaPHDeEnsinoLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1285" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,776</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SistemaPHDeEnsinoLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1351" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SistemaPHDeEnsinoLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1545" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SistemaPHDeEnsinoLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag396" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Sociedade Educacional Alphaville SA </span></p>
</td>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalAlphavilleLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1671" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalAlphavilleLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag388" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalAlphavilleLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1364" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalAlphavilleLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1390" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_SociedadeEducacionalAlphavilleLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1317" decimals="-3" scale="3" format="ixt:num-dot-decimal">414</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalAlphavilleLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag3209" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalAlphavilleLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1424" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalAlphavilleLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag384" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_SociedadeEducacionalAlphavilleLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1653" decimals="-3" scale="3" format="ixt:num-dot-decimal">317</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalAlphavilleLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag440" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalAlphavilleLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag400" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalAlphavilleLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag606" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Sociedade Educacional Doze De Outubro Ltda </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalDozeDeOutubroLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1334" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalDozeDeOutubroLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag466" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalDozeDeOutubroLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1349" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalDozeDeOutubroLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1663" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_SociedadeEducacionalDozeDeOutubroLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag548" decimals="-3" scale="3" format="ixt:num-dot-decimal">360</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalDozeDeOutubroLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1418" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalDozeDeOutubroLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag461" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalDozeDeOutubroLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag2540" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_SociedadeEducacionalDozeDeOutubroLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag395" decimals="-3" scale="3" format="ixt:num-dot-decimal">295</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalDozeDeOutubroLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag429" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalDozeDeOutubroLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag422" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalDozeDeOutubroLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1546" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
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<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Sociedade Educacional Neodna Cuiaba Ltda. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalNeodnaCuiabaLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1658" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalNeodnaCuiabaLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1345" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalNeodnaCuiabaLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag3213" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalNeodnaCuiabaLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag411" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_SociedadeEducacionalNeodnaCuiabaLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1638" decimals="-3" scale="3" format="ixt:num-dot-decimal">224</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalNeodnaCuiabaLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag667" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalNeodnaCuiabaLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag527" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalNeodnaCuiabaLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag397" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_SociedadeEducacionalNeodnaCuiabaLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1694" decimals="-3" scale="3" format="ixt:num-dot-decimal">367</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalNeodnaCuiabaLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1312" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalNeodnaCuiabaLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1750" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalNeodnaCuiabaLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1552" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> SOE Opera&#231;&#245;es Escolares SA. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SoeOperacoesEscolaresSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1420" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SoeOperacoesEscolaresSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1746" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SoeOperacoesEscolaresSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1778" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_SoeOperacoesEscolaresSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag385" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_SoeOperacoesEscolaresSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1557" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,086</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_SoeOperacoesEscolaresSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1748" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalParanaLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag425" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalParanaLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag549" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalParanaLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag438" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_SomosIdiomasSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1635" decimals="-3" scale="3" format="ixt:num-dot-decimal">641</ix:nonFraction> </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_SomosIdiomasSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1731" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,591</ix:nonFraction> </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_SomosIdiomasSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1344" decimals="-3" scale="3" format="ixt:num-dot-decimal">258</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SoeOperacoesEscolaresSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1695" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SoeOperacoesEscolaresSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1330" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SoeOperacoesEscolaresSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag2510" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_SomosOperacoesEscolaresSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag2110" decimals="-3" scale="3" format="ixt:num-dot-decimal">243</ix:nonFraction> </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalParanaLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1584" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalParanaLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1547" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalParanaLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1698" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalParanaLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag2507" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalParanaLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag602" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalParanaLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag513" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalParanaLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1599" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;"> <ix:nonFraction contextRef="D20201231_SseServicosEducacionaisLtdaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag578" decimals="-3" scale="3" format="ixt:num-dot-decimal">795</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SseServicosEducacionaisLtdaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1707" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SseServicosEducacionaisLtdaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1683" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SseServicosEducacionaisLtdaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag2532" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;"> Sociedade Educacional Neodna Cuiaba Ltda. - EPP </span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag587" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag457" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1600" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1608" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1677" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag552" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag2539" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1421" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag538" decimals="-3" scale="3" format="ixt:num-dot-decimal">367</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag420" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag2558" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag588" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="background-color: #bdd7ee; height: 10px;">
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;"> Somos Educa&#231;&#227;o S.A. </span></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_SomosEducacaoSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag418" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_SomosEducacaoSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag399" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_SomosEducacaoSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag2506" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_SomosEducacaoSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag544" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_SomosEducacaoSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag389" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_SomosEducacaoSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1607" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_SomosEducacaoSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1340" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_SomosEducacaoSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1642" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SomosEducacaoSaMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag573" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_SomosEducacaoSaMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag428" decimals="-3" scale="3" format="ixt:num-dot-decimal">278</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SomosEducacaoSaMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1338" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_SomosEducacaoSaMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag556" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: left; margin: 0px; text-indent: 0px;"><span style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;"> Others </span></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1277" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag595" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1762" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag508" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_OtherRelatedPartiesMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag409" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_OtherRelatedPartiesMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1372" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_OtherRelatedPartiesMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1395" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20211231_OtherRelatedPartiesMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag591" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_OtherRelatedPartiesMember" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag3159" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_OtherRelatedPartiesMember" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1634" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><ix:nonFraction contextRef="D20201231_OtherRelatedPartiesMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1654" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_OtherRelatedPartiesMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag500" decimals="-3" scale="3" format="ixt:num-dot-decimal">362</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1682" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,682</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag2551" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,573</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag406" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,232</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag555" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,047</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1662" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,663</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag522" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,859</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag1738" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,514</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1770" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,939</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold; font-size: 8pt;"><ix:nonFraction contextRef="D20201231" name="vsta:RevenuesFromRelatedParties" unitRef="BRL" id="Tag1667" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,822</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold; font-size: 8pt;"><ix:nonFraction contextRef="D20201231" name="vsta:FinanceCostsToRelatedParties" unitRef="BRL" id="Tag1398" decimals="-3" scale="3" format="ixt:num-dot-decimal">55,679</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold; font-size: 8pt;"><ix:nonFraction contextRef="D20201231" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag599" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,133</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold; font-size: 8pt;"><ix:nonFraction contextRef="D20201231" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag608" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,683</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div id="t_ft_72CJ7Y350G00000000000000000000b">
<table cellpadding="0" style="height: 10px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; width: 3%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (i) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 97%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span><ix:footnote xml:lang="en-US" id="footnote37" footnoteRole="http://www.xbrl.org/2003/role/footnote"> Refers to debentures interest; see Note <span>15</span>. </ix:footnote></span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
</ix:nonNumeric>
</div>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt; line-height: 1.2;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ix:exclude>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;" xmlns="http://www.w3.org/1999/xhtml"><br/></p>
<div xmlns="http://www.w3.org/1999/xhtml">
<div id="t_ft_ACQJATJW1S00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-52</span></span></td>
</tr>
</tbody>
</table>
</div>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
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<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; text-indent: 0pt;">a.&#160;&#160;</span><span style="font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit;">Suppliers and other arrangements with related parties</span><br/></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br/></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In consequence to carve out process on December 31, 2019, Cogna&#8217;s associates also&#160;had some shared expenses such as property lease, expenses with personnel and software license, which continued even after the carve-out process was completed and still remain today. As of December 31, 2022, only shared expense transactions are part of these commitments, which amounted to R$<ix:nonFraction contextRef="I20221231_EditoraEDistribuidoraEducacionalSaMember_1" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag1355" decimals="-3" scale="3" format="ixt:num-dot-decimal">54</ix:nonFraction> (R$<ix:nonFraction contextRef="I20211231_EditoraEDistribuidoraEducacionalSaMember_1" name="vsta:OtherPaymentsDueToRelatedParties" unitRef="BRL" id="Tag597" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,271</ix:nonFraction> as of December 31, 2021). </span></p>
<p style="line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit;">b.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Indemnification asset</span></span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In December 2019, the Company and Cogna Group signed the agreement to legally bind the indemnification from the seller in connection with the acquisition of Somos by the Cogna Group, in order to indemnify the Company for any and all losses that may be incurred in connection with all contingencies or lawsuits related to&#160;Somos-Anglo up to the maximum amount of R$ <ix:nonFraction contextRef="I20221231" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag1620" decimals="-3" scale="3" format="ixt:num-dot-decimal">180,417</ix:nonFraction> as of December 31, 2022 (R$ <ix:nonFraction contextRef="I20211231" name="vsta:IndemnificationAssetRelatedParties" unitRef="BRL" id="Tag533" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,470</ix:nonFraction> as of December 31, 2021). See Provision for risks of tax, civil and labor losses and judicial deposits and escrow account footnote (note <span>22</span>).</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">c.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Trade receivables</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></div>
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<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries provide learning systems, textbooks, and complementary educational solutions to the Cogna Group which substantially comprises schools, publishers, language schools and stationery shops. All sales and services provided are based on intercompany contracts and its commercial conditions, which include price, margin and payment terms, were determined on an arm&#8217;s length basis.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-53</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
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<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">d.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Cost sharing agreements with related </span><span style="font-weight: bold; line-height: inherit;">parties</span></span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company expensed certain amounts based on an apportionment from Cogna Group related to shared services, including the shared service center, IT expenses, proprietary IT systems and legal and accounting activities, and shared warehouses and other logistic activities based on agreements. Those expenses, in the amount of R$ <ix:nonFraction contextRef="D20221231_RelatedPartiesMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag2514" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,232</ix:nonFraction> as of December 31, 2022 (R$ <ix:nonFraction contextRef="D20211231_RelatedPartiesMember" name="vsta:CostSharingExpensesToRelatedParties" unitRef="BRL" id="Tag3163" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,514</ix:nonFraction> for the year ended December 31, 2021) are related to these apportionments. </span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit;">e.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Brand and Copyrights sharing agreements with related </span><span style="font-weight: bold; line-height: inherit;">parties</span></span></div>
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<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In November and December 2019, the Company entered into brand and copyrights sharing agreements with related parties, as follows:</span></p>
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<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1.2; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (i) </span></p>
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<td style="padding: 0.75pt 0px 6pt; vertical-align: top; margin: 0px; text-indent: 0px; width: 95%; height: 10px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> On November 6, 2019, the Company entered into a trademark license agreement (as amended in <span>2020</span>) with EDE whereby the Company was granted at <ix:nonFraction contextRef="I20191106_RelatedPartiesMember_EditoraEDistribuidoraEducacionalSaMember_BrandNamesMember" name="ifrs-full:BrandNames" unitRef="BRL" id="Tag592" decimals="-3" scale="3" format="ixt-sec:numwordsen">no</ix:nonFraction> cost rights to use related to the trademark &#8220;Pit&#225;goras,&#8221; This agreement is valid for a period of <ix:nonNumeric contextRef="D20191106_RelatedPartiesMember_EditoraEDistribuidoraEducacionalSaMember_BrandNamesMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" id="Tag2509" format="ixt-sec:durwordsen">20 years</ix:nonNumeric>, automatically and successively renewable for the same period. </span></p>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (ii) </span></p>
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<td style="padding: 0.75pt 0px 6pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 34px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> On November 11, 2019, the Company and EDE (Cogna Group&#8217;s Parent Company) entered into a copyright license agreement whereby EDE agreed to grant a license, at <ix:nonFraction contextRef="I20191111_RelatedPartiesMember_EditoraEDistribuidoraEducacionalSaMember_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" name="ifrs-full:CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights" unitRef="BRL" id="Tag1781" decimals="-3" scale="3" format="ixt-sec:numwordsen">no</ix:nonFraction> cost, to the Company, for commercial exploitation and use of copyrights related to the educational platform materials. This agreement was valid for <ix:nonNumeric contextRef="D20191111_RelatedPartiesMember_EditoraEDistribuidoraEducacionalSaMember_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" id="Tag444" format="ixt-sec:durwordsen">three years</ix:nonNumeric>, and it has not been renewed.</span></p>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (iii) </span></p>
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<td style="padding-top: 0.75pt; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 40px;">
<p style="margin: 0px; text-align: justify; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> On December 6, 2019, the Company also entered into <ix:nonFraction contextRef="D20191206_RelatedPartiesMember_BrandNamesMember" name="vsta:NumberOfLicenseAgreements" unitRef="Number" id="Tag427" decimals="0" format="ixt-sec:numwordsen">two</ix:nonFraction> trademark license agreements (as amended in <span>2020</span>) whereby the rights to use related to certain trademarks, such as &#8220;Somos Educa&#231;&#227;o&#8221;, &#8220;Editora Atica&#8221;, &#8220;Editora Scipione,&#8221; &#8220;Atual Editora,&#8221; &#8220;Par Plataforma Educacional,&#8221; &#8220;Sistema Maxi de Ensino,&#8221; &#8220;Bilingual Experience,&#8221; &#8220;English Stars&#8221; and &#8220;Rede Crist&#227; de Educa&#231;&#227;o,&#8221; were granted at <ix:nonFraction contextRef="I20191206_RelatedPartiesMember_BrandNamesMember" name="ifrs-full:BrandNames" unitRef="BRL" id="Tag1414" decimals="-3" scale="3" format="ixt-sec:numwordsen">no</ix:nonFraction> cost to certain related parties, this agreement is valid for a period of <ix:nonNumeric contextRef="D20191111_RelatedPartiesMember_BrandNamesMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" id="Tag584" format="ixt-sec:durwordsen">20 years</ix:nonNumeric>, automatically and successively renewable for the same period<span style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">.</span></span></p>
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<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 8pt 0pt 8pt 0pt !important;">f.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Lease and sublease agreements with related parties</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></div>
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<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its related parties also shared the infrastructure of leased warehouses and other properties, which are direct expenses of the Cogna Group, The expenses related to these lease payments were recognized in the consolidated financial statements according to assumptions defined by Management based on utilization of these properties by the Company,</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">However, as part of its corporate restructuring (Note <span>1</span>), the Company entered into lease and sublease agreements with its related parties on December 5, 2019, to continue to share these leased warehouses and other properties, as follows:</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">f,<span>1</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Commercial lease agreement</span></span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Lessee Entity </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Counterparty to lease agreement (Lessor) </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Monthly payments </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Maturity </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Rate </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> State of the property in use </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora Scipione S.A.</span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$<ix:nonFraction contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraScipioneSaMember" name="vsta:OperatingLeaseTransactionMonthlyRentalPayments" unitRef="BRL" id="Tag3165" decimals="-3" scale="3" format="ixt:num-dot-decimal">44</ix:nonFraction> </span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraScipioneSaMember" name="vsta:LesseeOperatingLeasesTermOfContract" id="Tag1366" format="ixt-sec:durmonth">60</ix:nonNumeric> months from the agreement date </span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraScipioneSaMember" name="vsta:DescriptionOfRateUsedInCommercialLeaseAgreement" id="Tag581" escape="true">Inflation index</ix:nonNumeric> </span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 16%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraScipioneSaMember" name="vsta:DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" id="Tag402" escape="true">Pernambuco (Recife)</ix:nonNumeric> </span></p>
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<tr style="height: 33px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora &#193;tica S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$<ix:nonFraction contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember" name="vsta:OperatingLeaseTransactionMonthlyRentalPayments" unitRef="BRL" id="Tag1436" decimals="-3" scale="3" format="ixt:num-dot-decimal">37</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember" name="vsta:LesseeOperatingLeasesTermOfContract" id="Tag559" format="ixt-sec:durmonth">60</ix:nonNumeric> months from the agreement date </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember" name="vsta:DescriptionOfRateUsedInCommercialLeaseAgreement" id="Tag387" escape="true">Inflation index</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember" name="vsta:DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" id="Tag1566" escape="true">Bahia (Salvador)</ix:nonNumeric> </span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-54</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">f,<span>2</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Commercial sublease agreement</span></span></p>
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<tbody>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Entity (Sublessor) </span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Counterparty to the sublease agreement (Sublessee) </span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Monthly payments </span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Maturity </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Rate </span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> State of the property in use </span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora e Distribuidora Educacional S.A. (&#8220;EDE&#8221;) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$ <ix:nonFraction contextRef="D20221231_EditoraEDistribuidoraEducacionalSaMember_SomosSistemasDeEnsinoSaMember" name="vsta:SaleLeasebackTransactionsMonthlyRentalPayments" unitRef="BRL" id="Tag1441" decimals="-3" scale="3" format="ixt:num-dot-decimal">430</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_EditoraEDistribuidoraEducacionalSaMember_SomosSistemasDeEnsinoSaMember" name="vsta:CommercialSubleaseAgreementMaturityDate" id="Tag1760" format="ixt:date-monthname-day-year-en">September 30, 2025</ix:nonNumeric>.</span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_EditoraEDistribuidoraEducacionalSaMember_SomosSistemasDeEnsinoSaMember" name="vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement" id="Tag2519" escape="true">Inflation index</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 16%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_EditoraEDistribuidoraEducacionalSaMember_SomosSistemasDeEnsinoSaMember" name="vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" id="Tag378" escape="true">S&#227;o Paulo (S&#227;o Paulo)</ix:nonNumeric> </span></p>
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<tr style="height: 34px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora &#193;tica S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$<ix:nonFraction contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember" name="vsta:SaleLeasebackTransactionsMonthlyRentalPayments" unitRef="BRL" id="Tag82" decimals="-3" scale="3" format="ixt:num-dot-decimal">827</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember" name="vsta:CommercialSubleaseAgreementMaturityDate" id="Tag1700" format="ixt:date-monthname-day-year-en">September 30, 2025</ix:nonNumeric>.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember" name="vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement" id="Tag560" escape="true">Inflation index</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember" name="vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" id="Tag1410" escape="true">S&#227;o Paulo (S&#227;o Jos&#233; dos Campos)</ix:nonNumeric> </span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Idiomas S.A.</span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$ <ix:nonFraction contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SomosIdiomasSaMember" name="vsta:SaleLeasebackTransactionsMonthlyRentalPayments" unitRef="BRL" id="Tag1335" decimals="-3" scale="3" format="ixt:num-dot-decimal">53</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SomosIdiomasSaMember" name="vsta:CommercialSubleaseAgreementMaturityDate" id="Tag2544" format="ixt:date-monthname-day-year-en">September 30, 2025</ix:nonNumeric>.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SomosIdiomasSaMember" name="vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement" id="Tag1676" escape="true">Inflation index</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SomosIdiomasSaMember" name="vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" id="Tag616" escape="true">S&#227;o Paulo (S&#227;o Jos&#233; dos Campos)</ix:nonNumeric> </span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Saraiva Educa&#231;&#227;o S.A (&#8220;Saraiva&#8221;) </span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$ <ix:nonFraction contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SaraivaEducacaoSaMember" name="vsta:SaleLeasebackTransactionsMonthlyRentalPayments" unitRef="BRL" id="Tag1299" decimals="-3" scale="3" format="ixt:num-dot-decimal">207</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SaraivaEducacaoSaMember" name="vsta:CommercialSubleaseAgreementMaturityDate" id="Tag1727" format="ixt:date-monthname-day-year-en">September 30, 2025</ix:nonNumeric>.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SaraivaEducacaoSaMember" name="vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement" id="Tag451" escape="true">Inflation index</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SaraivaEducacaoSaMember" name="vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" id="Tag2521" escape="true">S&#227;o Paulo (S&#227;o Jos&#233; dos Campos)</ix:nonNumeric> </span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Livraria Livro F&#225;cil Ltda,(&#8220;Livro F&#225;cil&#8221;) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$ <ix:nonFraction contextRef="D20221231_SomosSistemasDeEnsinoSaMember_LivrariaLivroFacilLtdaMember" name="vsta:SaleLeasebackTransactionsMonthlyRentalPayments" unitRef="BRL" id="Tag403" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,160</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_LivrariaLivroFacilLtdaMember" name="vsta:CommercialSubleaseAgreementMaturityDate" id="Tag445" format="ixt:date-monthname-day-year-en">September 30, 2025</ix:nonNumeric>.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_LivrariaLivroFacilLtdaMember" name="vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement" id="Tag1783" escape="true">Inflation index</ix:nonNumeric> </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20221231_SomosSistemasDeEnsinoSaMember_LivrariaLivroFacilLtdaMember" name="vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" id="Tag575" escape="true">S&#227;o Paulo (S&#227;o Jos&#233; dos Campos)</ix:nonNumeric> </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-size: 10pt;">Income from these lease and sublease agreements with related parties was recognized in the Consolidated Financial Statements as of December 31, 2022 in the amount of R$ </span><ix:nonFraction contextRef="D20221231_RelatedPartiesMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag600" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,047</ix:nonFraction><span style="font-size: 10pt;"> (R$ </span><ix:nonFraction contextRef="D20211231_RelatedPartiesMember" name="vsta:SubleaseIncomeFromRelatedParties" unitRef="BRL" id="Tag1575" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,939</ix:nonFraction><span style="font-size: 10pt;"> for the year ended December 31, 2021).</span><br/></p>
<p style="margin: 0pt 0pt 8pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">g.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Compensation of key management personnel</span></span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For the year ended December 31, 2022, key management compensation, including charges and variable compensation amounted to R$ <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:KeyManagementPersonnelCompensation" unitRef="BRL" id="Tag1594" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,426</ix:nonFraction> (R$ <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:KeyManagementPersonnelCompensation" unitRef="BRL" id="Tag1705" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,990</ix:nonFraction> for the year ended December 31, 2021). The Audit Committee and Board of Directors were established in July 2020 as a result of the IPO.&#160; &#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following benefits are granted to the Company&#8217;s management members: healthcare plan, share-based compensation plan, discounts on monthly tuition of K-<span>12</span> in the Cogna Group&#8217;s schools, besides discounts over the Company&#8217; own products. </span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">See below the compensation of key management personnel by nature:</span></p>
<div id="t_ft_TQIGR8074000000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3.96566%; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">a)</span></td>
<td style="width: 96.0343%; text-align: justify;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Short term benefits - Short-term benefits include fixed compensation (salaries and fees, vacation, mandatory bonus, and &#8220;<span>13</span>th salary&#8221; bonus), payroll charges (Company share of contributions to social security &#8211; INSS) and variable compensation such as profit sharing, the short-term benefits, that included Bonus IPO. For the year ended December 31, 2022 amounted to R$ <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" unitRef="BRL" id="Tag612" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,786</ix:nonFraction> (R$ <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" unitRef="BRL" id="Tag2100" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,685</ix:nonFraction> for the year ended December 31, 2021), including payroll charges.</span></td>
</tr>
<tr>
<td style="width: 3.96566%; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">b)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></span></td>
<td style="width: 96.0343%; text-align: justify;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Long-term benefits - The Company also offered to certain key management personnel payment based on its restricted shares units &#8211; ILP, amounting to R$ <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" unitRef="BRL" id="Tag1669" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,640</ix:nonFraction> for the year ended December 31, 2022 (R$ <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" unitRef="BRL" id="Tag1286" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,305</ix:nonFraction> for the year ended December 31, 2021) including payroll charges.</span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" id="Tag1384" escape="true">
<p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Key management personnel compensation expenses comprised the following:</span></p>
<p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div id="t_ft_C72O3RC1WW00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 61px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 65%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Short-term employee benefits </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" unitRef="BRL" id="Tag1411" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,786</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" unitRef="BRL" id="Tag380" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,685</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" unitRef="BRL" id="Tag542" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,982</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Share-based compensation plan </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" unitRef="BRL" id="Tag398" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,640</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" unitRef="BRL" id="Tag1775" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,305</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" unitRef="BRL" id="Tag1631" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,594</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:KeyManagementPersonnelCompensation" unitRef="BRL" id="Tag1637" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,426</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:KeyManagementPersonnelCompensation" unitRef="BRL" id="Tag502" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,990</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:KeyManagementPersonnelCompensation" unitRef="BRL" id="Tag501" decimals="-3" scale="3" format="ixt:num-dot-decimal">40,576</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 8pt 0pt 8pt 0pt !important;">h.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Guarantees related to </span><span style="font-weight: bold; line-height: inherit;">finance</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On November 21, 2018, Mind Makers entered into a bank credit note in favor of Banco de Desenvolvimento de Minas Gerais SA - BDMG, for an aggregate amount of R$<ix:nonFraction contextRef="D20181121_MindMakersEditoraEducacionalMember" name="ifrs-full:ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" unitRef="BRL" id="Tag1316" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,676</ix:nonFraction> with maturity on November 15, 2026. A personal lien to secure this bank credit note was granted by certain individuals, including, our Chief Executive Officer. This liability was settled during <span>2022</span>.</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>

<div style="font-family: 'times new roman', times; font-size: 10pt;" xmlns="http://www.w3.org/1999/xhtml">
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-55</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;">2021</span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">2</span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br/></p>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:DisclosureOfProvisionForTaxCivilAndLaborLossesAndJudicialDepositsAndEscrowAccountsTextBlock" id="Tag1784" escape="true">
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>22</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Provision for tax, civil and labor losses and Judicial deposits and escrow accounts</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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. </span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In connection with the acquisition of Somos Group (Vasta&#8217;s predecessor) 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:&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">a.</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;"> Composition</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfContingentLiabilitiesExplanatory" id="Tag1785" escape="true">
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<table cellpadding="0" style="height: 222px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
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<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 77%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Proceedings whose likelihood of loss is probable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings (i) </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ContingentLiabilityArisingFromTaxProceedingsMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag1450" decimals="-3" scale="3" format="ixt:num-dot-decimal">622,440</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ContingentLiabilityArisingFromTaxProceedingsMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag1514" decimals="-3" scale="3" format="ixt:num-dot-decimal">607,084</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Labor proceedings (ii) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ContingentLiabilityArisingFromLaborProceedingsMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag1480" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,812</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ContingentLiabilityArisingFromLaborProceedingsMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag3126" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,159</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Civil proceedings </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ContingentLiabilityArisingFromCivilProceedingsMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag1449" decimals="-3" scale="3" format="ixt:num-dot-decimal">496</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ContingentLiabilityArisingFromCivilProceedingsMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag1516" decimals="-3" scale="3" format="ixt:num-dot-decimal">376</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag1535" decimals="-3" scale="3" format="ixt:num-dot-decimal">648,748</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag1498" decimals="-3" scale="3" format="ixt:num-dot-decimal">645,619</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Liabilities assumed in Business Combination </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Labor proceedings (ii)&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ContingentLiabilityArisingFromLaborProceedingsMember" name="ifrs-full:EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" unitRef="BRL" id="Tag1458" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,755</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_ContingentLiabilityArisingFromLaborProceedingsMember" name="ifrs-full:EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" unitRef="BRL" id="Tag1470" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Civil proceedings </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_ContingentLiabilityArisingFromCivilProceedingsMember" name="ifrs-full:EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" unitRef="BRL" id="Tag1469" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ContingentLiabilityArisingFromCivilProceedingsMember" name="ifrs-full:EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" unitRef="BRL" id="Tag1515" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,231</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ContingentLiabilityArisingFromTaxProceedingsMember" name="ifrs-full:EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" unitRef="BRL" id="Tag1505" decimals="-3" scale="3" format="ixt:num-dot-decimal">749</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20211231_ContingentLiabilityArisingFromTaxProceedingsMember" name="ifrs-full:EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" unitRef="BRL" id="Tag1481" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" unitRef="BRL" id="Tag1454" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,504</ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" unitRef="BRL" id="Tag3131" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,231</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="vertical-align: middle; rtant;height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Total of provision for tax, civil and labor losses&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1445" decimals="-3" scale="3" format="ixt:num-dot-decimal">651,252</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag3129" decimals="-3" scale="3" format="ixt:num-dot-decimal">646,850</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 10pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(i) <span><ix:footnote xml:lang="en-US" id="footnote30" footnoteRole="http://www.xbrl.org/2003/role/footnote">Primarily refers to income tax positions taken by Somos and the Company in connection with a corporate restructuring held by the predecessor in <span style="display: inline;">2010</span>, In <span style="display: inline;">2018</span>, 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 <span style="display: inline;">2018</span>, the Company reassessed this income tax position and recorded a liability, including interest and penalties.</ix:footnote></span></span></p>
<p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(ii) <span><ix:footnote xml:lang="en-US" id="footnote31" footnoteRole="http://www.xbrl.org/2003/role/footnote">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.</ix:footnote></span></span></p>
</ix:nonNumeric>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfChangesInProvisionForContingentLiabilitiesTableTextBlock" id="Tag1472" escape="true"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The changes in provision for the years ended December 31, 2022 and <span>2021</span> were as follows:</span>
<p style="margin:0pt"><br/></p>
<div id="t_ft_KSWZVJO5Y800000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 160px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.76672%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.93165%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.95061%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Business combination </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.10357%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Additions </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.01071%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Reversals </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 7.48618%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Interest </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.10013%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.33231%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-weight: bold;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Decem</span><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">ber 31, 2022 </span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 17.682%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.48588%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 8.76672%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1479" decimals="-3" scale="3" format="ixt:num-dot-decimal">607,084</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93165%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 9.95061%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1509" decimals="-3" scale="3" format="ixt:num-dot-decimal">749</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.10357%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1475" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,904</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.01071%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1513" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">27,790</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;">)</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 7.48618%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1446" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,261</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 8.10013%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1492" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,019</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;">)</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.33231%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1499" decimals="-3" scale="3" format="ixt:num-dot-decimal">623,189</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Labor proceedings </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.76672%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1459" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,159</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.93165%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.95061%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1457" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,755</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1512" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,376</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag3127" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">16,045</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;">)</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1482" decimals="-3" scale="3" format="ixt:num-dot-decimal">776</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10013%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1455" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">454</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;">)</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.33231%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1501" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,567</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Civil proceedings </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.76672%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1528" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,607</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.93165%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.95061%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1510" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1493" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">368</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1518" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,615</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;">)</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1495" decimals="-3" scale="3" format="ixt:num-dot-decimal">26</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.10013%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1522" decimals="-3" scale="3" format="ixt:num-dot-decimal">110</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.33231%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1452" decimals="-3" scale="3" format="ixt:num-dot-decimal">496</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.76672%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1463" decimals="-3" scale="3" format="ixt:num-dot-decimal">646,850</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.93165%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95061%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1497" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,504</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1484" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,648</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag3124" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">45,450</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><span style="font-weight: bold;">)</span></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1533" decimals="-3" scale="3" format="ixt:num-dot-decimal">42,063</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10013%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1466" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,363</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><span style="font-weight: bold;">)</span></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.33231%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1536" decimals="-3" scale="3" format="ixt:num-dot-decimal">651,252</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Reconciliation with profit or loss for the period </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.01071%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 7.48618%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Finance expense </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 8.76672%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:ChangesInProvisionDueToFinanceInterestExpense" unitRef="BRL" id="Tag3132" decimals="-3" scale="3" format="ixt:num-dot-decimal">42,063</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;">)</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; height: 17px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses" unitRef="BRL" id="Tag1532" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,648</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;">)</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" unitRef="BRL" id="Tag1494" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">21,747</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 8.76672%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome" unitRef="BRL" id="Tag1473" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">23,703</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; height: 10px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1525" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,648</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><span style="font-weight: bold;">)</span></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1451" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">45,450</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1526" decimals="-3" scale="3" format="ixt:num-dot-decimal">42,063</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><span style="font-weight: bold;">)</span></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
</tr>
</tbody>
</table>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:exclude>
<div style="font-family: 'times new roman', times; font-size: 10pt;" xmlns="http://www.w3.org/1999/xhtml"><br/></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;" xmlns="http://www.w3.org/1999/xhtml">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-56</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;">2021</span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">2</span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr></div>
</ix:exclude>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div id="t_ft_M3F2CHUFPC00000000000000000000b">
<table cellpadding="0" style="height: 156px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; &#160; &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Business combination </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Additions </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Reversals </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Payments </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 31%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1520" decimals="-3" scale="3" format="ixt:num-dot-decimal">575,724</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1485" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1460" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">16</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1527" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">262</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag3128" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,623</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1478" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">17</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ContingentLiabilityArisingFromTaxProceedingsMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1461" decimals="-3" scale="3" format="ixt:num-dot-decimal">607,084</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Labor proceedings </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1496" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,896</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1477" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1521" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,468</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1456" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,294</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1502" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,636</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1488" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">547</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ContingentLiabilityArisingFromLaborProceedingsMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1443" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,159</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Civil proceedings </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1504" decimals="-3" scale="3" format="ixt:num-dot-decimal">313</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1523" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,231</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1508" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">110</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1476" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">24</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1491" decimals="-3" scale="3" format="ixt:num-dot-decimal">41</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1507" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">64</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ContingentLiabilityArisingFromCivilProceedingsMember" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1530" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,607</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1529" decimals="-3" scale="3" format="ixt:num-dot-decimal">613,933</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1531" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,231</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1468" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,594</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1487" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,580</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag3155" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,300</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1474" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">628</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:NonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1467" decimals="-3" scale="3" format="ixt:num-dot-decimal">646,850</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Reconciliation with profit or loss for the period </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Finance costs </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:ChangesInProvisionDueToFinanceInterestExpense" unitRef="BRL" id="Tag1506" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,300</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses" unitRef="BRL" id="Tag1483" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,594</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" unitRef="BRL" id="Tag1465" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,580</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Total </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1500" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,594</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1442" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,580</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1471" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,300</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
</tbody>
</table>
</div>
</div>
</ix:nonNumeric>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; margin: 0pt 0pt 10pt !important; line-height: inherit;">b.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Judicial Deposits and Escrow Accounts</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Judicial deposits and escrow accounts recorded as non-current assets are as follows:</span></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfJudicialDepositsAndEscrowAccountsTableTextBlock" id="Tag1448" escape="true">
<div id="t_ft_W3MC1PAZB400000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 7.5pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ContingentAssetsArisingFromTaxProceedingsMember" name="ifrs-full:EstimatedFinancialEffectOfContingentAssets" unitRef="BRL" id="Tag1490" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,126</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ContingentAssetsArisingFromTaxProceedingsMember" name="ifrs-full:EstimatedFinancialEffectOfContingentAssets" unitRef="BRL" id="Tag1517" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,300</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Indemnification asset -Former owner </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ParentMember" name="ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag1503" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,801</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ParentMember" name="ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag1486" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,998</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Indemnification asset &#8211; Related parties (i) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag1511" decimals="-3" scale="3" format="ixt:num-dot-decimal">180,417</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag1453" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,470</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Escrow-account (ii) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ContingentAssetsArisingFromEscrowAccountMember" name="ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag1534" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,515</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ContingentAssetsArisingFromEscrowAccountMember" name="ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag1524" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,055</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 13.5pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:NonCurrentJudicialDepositsAndEscrowAccounts" unitRef="BRL" id="Tag1462" decimals="-3" scale="3" format="ixt:num-dot-decimal">194,859</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:NonCurrentJudicialDepositsAndEscrowAccounts" unitRef="BRL" id="Tag3130" decimals="-3" scale="3" format="ixt:num-dot-decimal">178,824</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(i) <span><ix:footnote xml:lang="en-US" id="footnote32" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;">Refers to an indemnification asset of the seller in connection with the acquisition of Somos (Vasta&#8217;s Predecessor) by Cogna Group (Vasta&#8217;s Parent Company) 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$<span style="display: inline;"><ix:nonFraction contextRef="I20221231_ParentMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag1519" decimals="-3" scale="3" format="ixt:num-dot-decimal">180,417</ix:nonFraction></span> (R$ <span style="display: inline;"><ix:nonFraction contextRef="I20211231_ParentMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate" unitRef="BRL" id="Tag1489" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,470</ix:nonFraction></span> on December 31, 2021). See Note <span style="display: inline;">21</span>. This asset is indexed to <ix:nonNumeric contextRef="D20221231_ParentMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag1464" escape="true">CDI (Certificates of&#160;Interbank&#160;Deposits).</ix:nonNumeric></span></ix:footnote></span></span></p>
<p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(ii) <span><ix:footnote xml:lang="en-US" id="footnote29" footnoteRole="http://www.xbrl.org/2003/role/footnote">Refers to guarantees received as a consequence of business combinations, in connection with contingencies whose likelihood of loss is probable, and for which the former owners are liable. According to the Sale Agreement, these former owners will reimburse the Company in case payments are required and if those contingencies materialize.</ix:footnote></span></span></p>
</ix:nonNumeric>
</div>
</ix:nonNumeric>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-57</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
</div><div id="Dlt692iigzpezjyaektyiv" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfIncomeTaxExplanatory" id="Tag1923" escape="true">
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 12pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>23</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Current and Deferred Income Tax and Social Contribution</span></span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 5pt 0pt !important;">a.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Reconciliation of income tax and social contribution</span></span><br/></div>
<p style="margin: 0pt 0pt 0pt 36pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The reconciliation of income tax and social contribution expense is as follows:</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfReconciliationOfIncomeTaxAndSocialContributionExpenseTableTextBlock" id="Tag1816" escape="true">
<div id="t_ft_CNYG07DS4W00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 237px;" width="100%">
<tbody>
<tr style="height: 11px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 11px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.04167%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 11px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.4881%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 11px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2020 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.47929%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.881%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Loss before income tax and social contribution for the year </span></p>
</td>
<td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLossBeforeTax" unitRef="BRL" id="Tag1902" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">105,687</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1.04167%; height: 16px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 1.04167%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ProfitLossBeforeTax" unitRef="BRL" id="Tag1833" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">155,843</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1.4881%; height: 16px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 1.04167%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ProfitLossBeforeTax" unitRef="BRL" id="Tag3153" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">71,053</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 16px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Nominal statutory rate of income tax and social contribution </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ApplicableTaxRate" unitRef="Pure" id="Tag1857" decimals="2" scale="-2" format="ixt:num-dot-decimal">34</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ApplicableTaxRate" unitRef="Pure" id="Tag1918" decimals="2" scale="-2" format="ixt:num-dot-decimal">34</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:ApplicableTaxRate" unitRef="Pure" id="Tag3154" decimals="2" scale="-2" format="ixt:num-dot-decimal">34</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> IRPJ and CSLL calculated at the nominal rates </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" unitRef="BRL" id="Tag1881" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">35,934</ix:nonFraction>&#160;</span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" unitRef="BRL" id="Tag1914" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">52,987</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" unitRef="BRL" id="Tag1919" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">24,158</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;">Share of loss equity-accounted investees</p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:TaxEffectOfShareOfProfitLossOfEquityMethodInvestments" unitRef="BRL" id="Tag1849" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,534</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_3" name="vsta:TaxEffectOfShareOfProfitLossOfEquityMethodInvestments" unitRef="BRL" id="Tag1896" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20201231" name="vsta:TaxEffectOfShareOfProfitLossOfEquityMethodInvestments" unitRef="BRL" id="Tag1866" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Permanent additions </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" unitRef="BRL" id="Tag1853" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,292</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" unitRef="BRL" id="Tag1870" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,265</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" unitRef="BRL" id="Tag1876" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,246</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Additional IRPJ </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_3" name="vsta:TaxEffectOfAdditionalCorporateIncomeTax" unitRef="BRL" id="Tag143" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:TaxEffectOfAdditionalCorporateIncomeTax" unitRef="BRL" id="Tag1830" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">24</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20201231" name="vsta:TaxEffectOfAdditionalCorporateIncomeTax" unitRef="BRL" id="Tag1850" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.881%; height: 15px; background-color: #bdd7ee;">Difference in presumed profit rate of subsidiary</td>
<td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;"><ix:nonFraction contextRef="D20221231_3" name="vsta:TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary" unitRef="BRL" id="Tag1847" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,617</ix:nonFraction></td>
<td style="vertical-align: middle; width: 1.04167%; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; width: 1.04167%; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;"><ix:nonFraction contextRef="D20211231_3" name="vsta:TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary" unitRef="BRL" id="Tag1906" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>
<td style="vertical-align: middle; width: 1.4881%; height: 15px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; width: 1.04167%; height: 15px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;"><ix:nonFraction contextRef="D20201231" name="vsta:TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary" unitRef="BRL" id="Tag1882" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>
<td style="vertical-align: middle; width: 1.47929%; height: 15px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax Contingencies IRPJ and CSLL </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:TaxEffectOfTaxContingencies" unitRef="BRL" id="Tag1828" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">23,703</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_3" name="vsta:TaxEffectOfTaxContingencies" unitRef="BRL" id="Tag3152" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20201231" name="vsta:TaxEffectOfTaxContingencies" unitRef="BRL" id="Tag1916" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Impairment write-off on tax loss carryforward </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_3" name="vsta:TaxEffectOfImpairmentWriteOffOnTaxLossCarryforward" unitRef="BRL" id="Tag1820" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,314</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> )&#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:TaxEffectOfImpairmentWriteOffOnTaxLossCarryforward" unitRef="BRL" id="Tag144" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,657</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20201231" name="vsta:TaxEffectOfImpairmentWriteOffOnTaxLossCarryforward" unitRef="BRL" id="Tag1824" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total IRPJ and CSLL </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="BRL" id="Tag1835" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">51,114</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="BRL" id="Tag1891" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">37,089</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="BRL" id="Tag1886" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,404</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Current IRPJ and CSLL in the result </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" unitRef="BRL" id="Tag1892" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">10,668</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" unitRef="BRL" id="Tag1855" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,297</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" unitRef="BRL" id="Tag1884" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,874</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Deferred IRPJ and CSLL in the result </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DeferredTaxExpenseIncome" unitRef="BRL" id="Tag1917" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">40,446</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:DeferredTaxExpenseIncome" unitRef="BRL" id="Tag1889" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">48,386</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:DeferredTaxExpenseIncome" unitRef="BRL" id="Tag1846" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">17,530</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 16px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="BRL" id="Tag1901" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">51,114</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="BRL" id="Tag1904" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">37,089</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="BRL" id="Tag1890" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,404</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.47929%; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Effective tax rate of Income and social contribution tax benefit </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AverageEffectiveTaxRate" unitRef="Pure" id="Tag1856" decimals="2" scale="-2" format="ixt:num-dot-decimal">48</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AverageEffectiveTaxRate" unitRef="Pure" id="Tag1875" decimals="2" scale="-2" format="ixt:num-dot-decimal">24</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:AverageEffectiveTaxRate" unitRef="Pure" id="Tag1832" decimals="2" scale="-2" format="ixt:num-dot-decimal">36</ix:nonFraction>% </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-size: 10pt;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 5pt 0pt !important;">b.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Deferred taxes</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Changes in deferred income tax and social contribution assets and liabilities are as follows:</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><br/></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 5pt 0pt !important;">i.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">December 31, 2022 </span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfDeferredTaxesExplanatory" id="Tag1819" escape="true">
<div style="border-left: none; border-right: none;">
<div id="t_ft_GEMKRDBDJK00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 201px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Effect on profit (loss) </span></p>
</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax/social contribution: </span></p>
</td>
<td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution losses carryforwards&#160;<sup>(ii)</sup></span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_UnusedTaxLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag145" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">307,319</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_UnusedTaxLossesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1893" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">114,921</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_UnusedTaxLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1863" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">422,240</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Temporary Differences: </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_AllowanceForCreditLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1907" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">13,010</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_AllowanceForCreditLossesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1909" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,461</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_AllowanceForCreditLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1910" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">20,471</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Provision for obsolete inventories </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231_ProvisionForObsoleteInventoriesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1871" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,262</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">)</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ProvisionForObsoleteInventoriesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1921" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,608</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ProvisionForObsoleteInventoriesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1844" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,346</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Imputed interest on suppliers </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231_ImputedInterestOnSuppliersMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1854" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,157</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">)</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ImputedInterestOnSuppliersMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1841" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,391</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">)</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_ImputedInterestOnSuppliersMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1895" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,548</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">)</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Provision for risks of tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ProvisionForRisksOfTaxCivilAndLaborLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1880" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">20,025</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ProvisionForRisksOfTaxCivilAndLaborLossesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1839" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">420</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ProvisionForRisksOfTaxCivilAndLaborLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1885" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">20,445</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Refund liabilities and right to returned goods </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_RefundLiabilitiesAndRightToReturnedGoodsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1826" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">9,470</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_RefundLiabilitiesAndRightToReturnedGoodsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1859" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,348</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_RefundLiabilitiesAndRightToReturnedGoodsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1894" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">15,818</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Lease Liabilities </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LeaseLiabilitiesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1903" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,660</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_LeaseLiabilitiesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag3482" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,276</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LeaseLiabilitiesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1865" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,936</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Fair value adjustments on business combination and goodwill amortization <sup>(i)</sup></span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1851" decimals="-3" scale="3" format="ixt:num-dot-decimal">248,628</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1887" decimals="-3" scale="3" format="ixt:num-dot-decimal">109,826</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1897" decimals="-3" scale="3" format="ixt:num-dot-decimal">358,454</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other temporary difference </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_OtherTemporaryDifferencesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1831" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,968</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_OtherTemporaryDifferencesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1913" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">18,628</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_OtherTemporaryDifferencesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1874" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">44,596</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Deferred Assets, net </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1879" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">130,405</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1848" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">40,446</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1915" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">170,851</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin:0pt"><br/></p>
<div id="t_ft_V898NU8ASW00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="vertical-align: top; text-align: justify; width: 97%;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote34" footnoteRole="http://www.xbrl.org/2003/role/footnote">Goodwill and fair value adjustments on business combination comprise <span>three</span> components, being (i) goodwill and fair value adjustment of prior business combination by Somos; (ii) amortization of fair value adjustment related to acquisition of the company; and (iii) deductibility of the acquisition goodwill for tax purposes as allowed by tax law.</ix:footnote></span></td>
</tr>
<tr>
<td style="vertical-align: top; width: 3%;"><span style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="vertical-align: top; text-align: justify; width: 97%;"><span><ix:footnote xml:lang="en-US" id="footnote35" footnoteRole="http://www.xbrl.org/2003/role/footnote">The Company&#8217;s income tax and social contribution loss carryforwards are primarily the result of tax amortization of goodwill and the amortization of certain intangibles recognized related to the business combination in <span>2018</span>. In accordance with Brazilian tax regulation, tax loss carryforwards have a limitation for use of <ix:nonFraction contextRef="D20221231_3" name="vsta:MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit" unitRef="Pure" id="Tag1840" decimals="2" scale="-2" format="ixt:num-dot-decimal">30</ix:nonFraction>% of taxable profit generated in each year and do not expire. The tax benefit is expected to be realized over an estimated <ix:nonNumeric contextRef="D20221231_3" name="vsta:EstimatedPeriodForTaxBenefitIsExpectedToBeRealizedFromFourthFiscalYear" id="Tag1864" format="ixt-sec:duryear">6</ix:nonNumeric> year period beginning in <span>2026</span>. </ix:footnote></span></td>
</tr>
</tbody>
</table>
</div>
</div>
<ix:exclude>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><br/></p>
<div xmlns="http://www.w3.org/1999/xhtml">
<div id="t_ft_ES31HY4J5S00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-58</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span>2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><br/></p>
</ix:exclude>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 5pt 0pt !important;">ii.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">December 31, </span><span style="font-weight: bold; line-height: inherit;"><span>2021</span></span><span style="font-weight: bold; line-height: inherit;"> and </span><span style="font-weight: bold; line-height: inherit;"><span>2020</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Changes in deferred income tax and social contribution assets and liabilities are as follows:&#160;&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_MA6HTF17B400000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 208px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Effect on profit (loss) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Deferred tax on business combination </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 53%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax/social contribution: </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution losses carryforwards </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_UnusedTaxLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag3150" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">182,257</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_UnusedTaxLossesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1852" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">125,062</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_UnusedTaxLossesMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1877" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_UnusedTaxLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1825" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">307,319</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Temporary Differences: </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_AllowanceForCreditLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1922" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">9,543</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_AllowanceForCreditLossesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1868" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,467</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_AllowanceForCreditLossesMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1843" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_AllowanceForCreditLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1898" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">13,010</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Provision for obsolete inventories </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_ProvisionForObsoleteInventoriesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1860" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,263</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ProvisionForObsoleteInventoriesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1872" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,525</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ProvisionForObsoleteInventoriesMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1822" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231_ProvisionForObsoleteInventoriesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1869" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,262</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Imputed interest on suppliers </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20201231_ImputedInterestOnSuppliersMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1920" decimals="-3" scale="3" format="ixt:num-dot-decimal">744</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ImputedInterestOnSuppliersMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1883" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,413</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ImputedInterestOnSuppliersMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1845" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231_ImputedInterestOnSuppliersMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1861" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,157</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Provision for risks of tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_ProvisionForRisksOfTaxCivilAndLaborLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1827" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">19,138</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ProvisionForRisksOfTaxCivilAndLaborLossesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1878" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">887</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ProvisionForRisksOfTaxCivilAndLaborLossesMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1873" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ProvisionForRisksOfTaxCivilAndLaborLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1905" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">20,025</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Refund liabilities and right to returned goods </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_RefundLiabilitiesAndRightToReturnedGoodsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1821" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">10,903</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_RefundLiabilitiesAndRightToReturnedGoodsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1858" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,433</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_RefundLiabilitiesAndRightToReturnedGoodsMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1908" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_RefundLiabilitiesAndRightToReturnedGoodsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1834" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">9,470</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Lease Liabilities </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_LeaseLiabilitiesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag3481" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,764</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_LeaseLiabilitiesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1888" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,896</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_LeaseLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1842" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_LeaseLiabilitiesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1862" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,660</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Fair value adjustments on business combination and goodwill amortization (i) </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20201231_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1912" decimals="-3" scale="3" format="ixt:num-dot-decimal">150,598</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1911" decimals="-3" scale="3" format="ixt:num-dot-decimal">90,588</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1838" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,442</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1829" decimals="-3" scale="3" format="ixt:num-dot-decimal">248,628</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other temporary difference </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_OtherTemporaryDifferencesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1899" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">10,020</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_OtherTemporaryDifferencesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1836" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">15,033</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_OtherTemporaryDifferencesMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="BRL" id="Tag3149" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">915</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_OtherTemporaryDifferencesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1837" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,968</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Deferred Assets, net </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1867" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">88,546</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="BRL" id="Tag1823" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">48,386</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="BRL" id="Tag1900" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,527</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="BRL" id="Tag3151" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">130,405</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_3M14SUU1KG00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(i)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></span></td>
<td style="text-align: justify; width: 97%;"><span><ix:footnote xml:lang="en-US" id="footnote33" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Goodwill</span> and fair value adjustments on business combination comprise <span>three</span> components, being (i) goodwill and fair value adjustment of prior business combination by predecessor Somos Anglo; (ii) amortization of fair value adjustment related to acquisition of the predecessor Somos Anglo by the successor Vasta; and (iii) deductibility of the acquisition goodwill for tax purpose allowed by tax law.</span></ix:footnote></span></td>
</tr>
</tbody>
</table>
</div>
</div>
</ix:nonNumeric>
</div>
</ix:nonNumeric>
</div><div id="Dkxzgbrzpsdc5gioo1mzf" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" id="Tag1924" escape="true">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt 28.35pt; text-indent: -28.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">24</span></span>&#160;<span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Shareholder&#8217;s Equity</span></span></p>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-weight: bold; line-height: inherit;"><span>4</span></span><span style="font-weight: bold; line-height: inherit;">a.</span> <span style="font-weight: bold; line-height: inherit;">&#160; </span><span style="font-weight: bold; line-height: inherit;">Share Capital </span></span></p>
<p style="margin: 0pt 0pt 0pt 7.1pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="line-height: inherit;">Considering the corporate restructuring mentioned in note <span>1.2</span>, in addition to the capital contributions made by Cogna during the periods, and the IPO that took place in <span>2020</span>, the Company holds Class A shares (issued and sold in the IPO), in addition to Class B shares (owned by Cogna).</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="line-height: inherit;">As of December 31, 2020, the Company had <ix:nonFraction contextRef="I20201231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag1928" decimals="0" format="ixt:num-dot-decimal">83,011,585</ix:nonFraction> <span>common shares issued and outstanding, of which </span> <ix:nonFraction contextRef="I20201231_ClassBSeries1CommonSharesMember_ParentMember" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag1948" decimals="0" format="ixt:num-dot-decimal">64,436,093</ix:nonFraction> <span>were Class B common shares and</span></span><span style="line-height: inherit;">&#160;<ix:nonFraction contextRef="I20201231_ClassACommonSharesMember_OtherRelatedPartiesMember" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag1984" decimals="0" format="ixt:num-dot-decimal">18,575,492</ix:nonFraction> <span>were Class A common shares.</span> </span></span></p>
<p style="margin: 0pt 0pt 0pt 7.1pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="line-height: inherit;">On June 22, </span><span style="line-height: inherit;"><span>2021</span></span><span style="line-height: inherit;">, the Board of Directors approved the issuance of <ix:nonFraction contextRef="I20210622_ClassACommonSharesMember" name="ifrs-full:SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" unitRef="Shares" id="Tag1973" decimals="0" format="ixt:num-dot-decimal">382,266</ix:nonFraction>&#160;class A common shares, at par value of US$<ix:nonFraction contextRef="I20210622_ClassACommonSharesMember" name="ifrs-full:ParValuePerShare" unitRef="BRLPerShare" id="Tag1962" decimals="5" format="ixt:num-dot-decimal">0.00005</ix:nonFraction> per share. As a result, the Company&#8217;s share capital on December 31, 2021 totals&#160;<ix:nonFraction contextRef="I20211231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag1951" decimals="0" format="ixt:num-dot-decimal">83,393,851</ix:nonFraction>&#160;shares, of which <ix:nonFraction contextRef="I20211231_ParentMember_ClassBSeries1CommonSharesMember" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag1937" decimals="0" format="ixt:num-dot-decimal">64,436,093</ix:nonFraction>&#160;Class B shares are owned by the&#160;</span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;"> Group and <ix:nonFraction contextRef="I20211231_OtherRelatedPartiesMember_ClassACommonSharesMember" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag1964" decimals="0" format="ixt:num-dot-decimal">18,957,758</ix:nonFraction> are owned by third parties.</span></span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ix:exclude>
<p style="margin: 0pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><br/></p>
<div xmlns="http://www.w3.org/1999/xhtml">
<div id="t_ft_GIA11BN6JK00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-59</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span><span>2021</span></span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span><span>2</span></span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
</ix:exclude>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span><span>Considering the ILP exercised during 2022, in addition to the remuneration of restricted shares recognized in the same period, on December 31, 2022, the Company's capital stock totals&#160;</span><ix:nonFraction contextRef="I20221231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag1968" decimals="0" format="ixt:num-dot-decimal">83,649,887</ix:nonFraction> shares, of which <ix:nonFraction contextRef="I20221231_ClassBSeries1CommonSharesMember_ParentMember" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag1938" decimals="0" format="ixt:num-dot-decimal">64,436,093</ix:nonFraction> are Class B shares owned by the Cogna Group and <ix:nonFraction contextRef="I20221231_ThirdPartyLawsuitsMember_ClassACommonSharesMember" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag1988" decimals="0" format="ixt:num-dot-decimal">18,213,794</ix:nonFraction><span>&#160;are Class A shares owned by third-parties and <ix:nonFraction contextRef="I20221231_ClassACommonSharesMember_TreasurySharesMember" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag1935" decimals="0" format="ixt:num-dot-decimal">1,000,000</ix:nonFraction> shares Class A are held in treasury.</span></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The Company&#8217;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 <ix:nonFraction contextRef="D20221231_3" name="vsta:MaximumPercentageOfSharesAuthorizedForIssuance" unitRef="Pure" id="Tag1959" decimals="2" scale="-2" format="ixt:num-dot-decimal">3</ix:nonFraction>% (<span>three</span> per cent) of the issued and outstanding shares of the Company. Thus, </span><span style="line-height: inherit;">during <span>2022</span></span><span style="line-height: inherit;"> the Company granted the following Class A shares to certain employees and executives: </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory" id="Tag3404" escape="true">
<div id="t_ft_LMD7MMBBHC00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 82px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Class A Shares (units) </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Class B Shares (units) </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ClassACommonSharesMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag1986" decimals="0" format="ixt:num-dot-decimal">18,957,758</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ClassBSeries1CommonSharesMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag157" decimals="0" format="ixt:num-dot-decimal">64,436,093</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag1952" decimals="0" format="ixt:num-dot-decimal">83,393,851</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Remuneration </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ILP exercised </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ClassACommonSharesMember" name="vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughLongTermCompensationPlanExercised" unitRef="Shares" id="Tag484" decimals="0" format="ixt:num-dot-decimal">184,117</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ClassBSeries1CommonSharesMember" name="vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughLongTermCompensationPlanExercised" unitRef="Shares" id="Tag1966" decimals="0" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughLongTermCompensationPlanExercised" unitRef="Shares" id="Tag1936" decimals="0" format="ixt:num-dot-decimal">184,117</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 15px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Premium recognized </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ClassACommonSharesMember" name="vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized" unitRef="Shares" id="Tag1953" decimals="0" format="ixt:num-dot-decimal">71,919</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ClassBSeries1CommonSharesMember" name="vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized" unitRef="Shares" id="Tag1956" decimals="0" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized" unitRef="Shares" id="Tag1926" decimals="0" format="ixt:num-dot-decimal">71,919</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ClassACommonSharesMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag1960" decimals="0" format="ixt:num-dot-decimal">19,213,794</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ClassBSeries1CommonSharesMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag1942" decimals="0" format="ixt:num-dot-decimal">64,436,093</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag1958" decimals="0" format="ixt:num-dot-decimal">83,649,887</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="line-height: inherit;">See below the Company&#8217;s description of each restricted share unit plan </span><span style="line-height: inherit;">vested</span><span style="line-height: inherit;"> and its corresponding changes disclosed in the Consolidated Statement of Changes in Equity, specifically in the &#8220;Share based compensation reserve (vested)&#8221;:</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div id="t_ft_JUYOMAU3UO00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 106px;">
<tbody>
<tr style="height: 52px;">
<td style="width: 3.88389%; vertical-align: top; text-align: left; height: 52px;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(i)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></span></td>
<td style="width: 96.1161%; text-align: justify; padding: 1px 1px 8px; height: 52px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The Company issued</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ClassACommonSharesMember" name="vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughBonusInitialPublicOffering" unitRef="Shares" id="Tag146" decimals="0" format="ixt:num-dot-decimal">298,268</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">class A</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">share units as part of Bonus IPO remuneration, which were granted to eligible executives and employees. These share</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">units represented R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember" name="vsta:IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity" unitRef="BRL" id="Tag1976" decimals="-3" scale="3" format="ixt:num-dot-decimal">29,124</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(net of withholding taxes) previously provisioned</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in Share Based Compensation Reserves (granted) and transferred to Share Based Compensation Reserves (vested) &#8211; exercised in the Consolidated Statement of Changes in Shareholders&#8217; Equity. The Bonus IPO was conditioned to a</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonNumeric contextRef="D20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember" name="vsta:ShareBasedPaymentArrangementsBonusInitialPublicOfferingLockupPeriod" id="Tag149" format="ixt-sec:duryear">1</ix:nonNumeric>-year lockup period</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">expired in July 2021.&#160;There were <ix:nonFraction contextRef="I20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember" name="vsta:NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering" unitRef="Shares" id="Tag1929" decimals="0" format="ixt-sec:numwordsen">no</ix:nonFraction> shares vested in <span>2022</span> in connection with the Bonus IPO. In <span>2021</span>, the corresponding payroll charges</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">amounted to </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$ <ix:nonFraction contextRef="D20211231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember" name="vsta:ExpenseFromBonusInitialPublicOffering" unitRef="BRL" id="Tag1983" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,456</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</span></span></td>
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<td style="width: 3.88389%; vertical-align: top; text-align: left; height: 44px;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="width: 96.1161%; text-align: justify; padding: 1px 1px 8px; height: 44px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">As result of the</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">carve-out process, as described in&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Note</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>1.2</span>, part of</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna&#8217;s</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">executives and employees (eligible) were transferred to the Company. Those eligible executives and employees were part of the</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Plan</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;and their plans were migrated to the</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Vasta</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">ILP Plan, as described in Note</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>4</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">c</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">. In as much as those eligible parties exercise their plan, the Company delivers a fixed quantity of share units to them. The amount provisioned previously in Share based Compensation Reserves (granted) in the Consolidated Statement of Changes in Shareholders&#8217; Equity on December 31,</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">is&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember" name="vsta:IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity" unitRef="BRL" id="Tag1950" decimals="-3" scale="3" format="ixt:num-dot-decimal">259</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember" name="vsta:IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity" unitRef="BRL" id="Tag1991" decimals="-3" scale="3" format="ixt:num-dot-decimal">58</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;on&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">December 31, 2021),&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">and</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">was transferred to Share based compensation reserves (vested) &#8211; exercised. The corresponding payroll charges</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">amounted to&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember" name="vsta:ExpenseFromLongTermCompensationPlanExercised" unitRef="BRL" id="Tag1980" decimals="-3" scale="3" format="ixt:num-dot-decimal">167</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;(R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember" name="vsta:ExpenseFromLongTermCompensationPlanExercised" unitRef="BRL" id="Tag1934" decimals="-3" scale="3" format="ixt:num-dot-decimal">70</ix:nonFraction> in <span>2021</span>)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</span></span></td>
</tr>
<tr style="height: 10px;">
<td style="width: 3.88389%; vertical-align: top; text-align: left; height: 10px;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</span></td>
<td style="width: 96.1161%; text-align: justify; height: 10px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The Company remunerated part of its executives based on restricted share units. The amount provisioned and paid</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">was&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$ </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember" name="vsta:IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity" unitRef="BRL" id="Tag1972" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,912</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"> (R$ </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember" name="vsta:IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity" unitRef="BRL" id="Tag1930" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,861</ix:nonFraction> in <span>2021</span>), </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">net of withholding taxes, see Share Based Compensation Reserves (granted) and subsequently vested to Share based compensation reserves (vested). Payroll charges </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"> in </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"> amounted </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"> to </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember" name="vsta:ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" unitRef="BRL" id="Tag1970" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,748</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;(R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember" name="vsta:ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" unitRef="BRL" id="Tag1977" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,538</ix:nonFraction> in <span>2021</span>).</span></span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt 0pt 0pt 14.2pt; text-align: justify; text-indent: -14.2pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="line-height: inherit;">The Company&#8217;s shareholders on December 31, </span><span style="line-height: inherit;"><span>202</span></span><span style="line-height: inherit;"><span>2</span></span><span style="line-height: inherit;"> are as follows:</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfIssuedCapitalExplanatory" id="Tag1946" escape="true">
<div id="t_ft_JMQMEYIFGG00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 85px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="7" style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> In units </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Company Shareholders </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Class A </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Class B </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cogna Group </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_ClassACommonSharesMember_ParentMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag2004" decimals="0" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ClassBSeries1CommonSharesMember_ParentMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag1925" decimals="0" format="ixt:num-dot-decimal">64,436,093</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;<ix:nonFraction contextRef="I20221231_ParentMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag1967" decimals="0" format="ixt:num-dot-decimal">64,436,093</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Free Float </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ClassACommonSharesMember_OtherRelatedPartiesMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag2011" decimals="0" format="ixt:num-dot-decimal">18,213,794</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_ClassBSeries1CommonSharesMember_OtherRelatedPartiesMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag1969" decimals="0" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_OtherRelatedPartiesMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag1933" decimals="0" format="ixt:num-dot-decimal">18,213,794</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Treasury shares (Note <span>24</span>d) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<ix:nonFraction contextRef="I20221231_ClassACommonSharesMember_TreasurySharesMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag1992" decimals="0" format="ixt:num-dot-decimal">1,000,000</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_ClassBSeries1CommonSharesMember_TreasurySharesMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag70" decimals="0" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;<ix:nonFraction contextRef="I20221231_TreasurySharesMember" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag1990" decimals="0" format="ixt:num-dot-decimal">1,000,000</ix:nonFraction> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total (%) </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ClassACommonSharesMember" name="vsta:PercentageOfOwnershipInterestHeldByShareholders" unitRef="Pure" id="Tag1996" decimals="2" scale="-2" format="ixt:num-dot-decimal">23</ix:nonFraction>% </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ClassBSeries1CommonSharesMember" name="vsta:PercentageOfOwnershipInterestHeldByShareholders" unitRef="Pure" id="Tag1981" decimals="2" scale="-2" format="ixt:num-dot-decimal">77</ix:nonFraction>% </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;<ix:nonFraction contextRef="I20221231" name="vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury" unitRef="Shares" id="Tag1974" decimals="0" format="ixt:num-dot-decimal">83,649,887</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
</tbody>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-weight: bold; line-height: inherit;"><span>4</span></span><span style="font-weight: bold; line-height: inherit;">b </span><span style="font-weight: bold; line-height: inherit;">Loss</span><span style="font-weight: bold; line-height: inherit;"> per share </span></span></p>
<p style="margin: 0pt 0pt 0pt 7.1pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The basic loss per share is measured by dividing the profit attributable to the Company&#8217;s shareholders by the weighted average common shares outstanding during the year. The Company considers as diluted earnings 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.</span></p>
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<p style="margin: 0pt 0pt 0pt 7.1pt; text-align: justify; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-60</span></span></td>
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</tbody>
</table>
</div>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span><span>2021</span></span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span><span>2</span></span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
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<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory" id="Tag3123" escape="true">
<div style="margin: 0px; text-indent: 0px;">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 72px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 64.8686%; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 14px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Loss Attributable to Shareholder&#180;s </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" unitRef="BRL" id="Tag1999" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">54,573</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 1.38313%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" unitRef="BRL" id="Tag1998" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">118,754</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" unitRef="BRL" id="Tag1987" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">45,649</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Weighted average number of ordinary shares outstanding (thousands) (i)&#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:WeightedAverageShares" unitRef="Shares" id="Tag1943" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,651</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:WeightedAverageShares" unitRef="Shares" id="Tag2010" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,254</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:WeightedAverageShares" unitRef="Shares" id="Tag1940" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,012</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Basic earning (loss) per share - R$&#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:BasicEarningsLossPerShare" unitRef="BRLPerShare" id="Tag1997" decimals="2" format="ixt:num-dot-decimal" sign="-">0.65</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:BasicEarningsLossPerShare" unitRef="BRLPerShare" id="Tag1995" decimals="2" format="ixt:num-dot-decimal" sign="-">1.44</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:BasicEarningsLossPerShare" unitRef="BRLPerShare" id="Tag1961" decimals="2" format="ixt:num-dot-decimal" sign="-">0.55</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Diluted earning (loss) per share - R$&#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DilutedEarningsLossPerShare" unitRef="BRLPerShare" id="Tag148" decimals="2" format="ixt:num-dot-decimal" sign="-">0.65</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 1.38313%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:DilutedEarningsLossPerShare" unitRef="BRLPerShare" id="Tag1994" decimals="2" format="ixt:num-dot-decimal" sign="-">1.44</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:DilutedEarningsLossPerShare" unitRef="BRLPerShare" id="Tag1957" decimals="2" format="ixt:num-dot-decimal" sign="-">0.55</ix:nonFraction> </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div id="t_ft_7EVB1U7DTC00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; height: 10px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; text-align: left; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="height: 10px; text-align: justify; width: 97%;"><span><ix:footnote xml:lang="en-US" id="footnote55" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company has not changed its number of voting rights since the IPO on July 31, 2020.</span></ix:footnote></span></td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-weight: bold; line-height: inherit;"><span>4</span></span><span style="font-weight: bold; line-height: inherit;">c Capital reserve - Share-based compensation (granted)</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="line-height: inherit;">The Company as of December 31, </span><span style="line-height: inherit;"><span>202</span></span><span style="line-height: inherit;"><span>2</span></span><span style="line-height: inherit;"> had <ix:nonFraction contextRef="D20221231_ReserveForShareBasedCompensationGrantedMember" name="vsta:NumberOfShareBasedCompensationPlans" unitRef="Pure" id="Tag1979" decimals="0" format="ixt-sec:numwordsen">two</ix:nonFraction>&#160;share based compensation plans and <ix:nonFraction contextRef="D20221231_ReserveForShareBasedCompensationGrantedMember" name="vsta:NumberOfBonusPlans" unitRef="Pure" id="Tag1931" decimals="0" format="ixt-sec:numwordsen">one</ix:nonFraction>&#160;bonus plan paid in restricted share units, being:</span><span style="line-height: inherit;">&#160;</span></span></p>
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<td style="width: 2.98446%; vertical-align: top; height: 95px; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">a)</span></td>
<td style="width: 97.0155%; text-align: justify; height: 95px; padding: 1px 1px 8px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;Plan - On September 3, 2018,&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;Group&#180; shareholders approved a restricted share-based compensation plan, which may grant rights to receive a maximum number of restricted shares not exceeding <ix:nonFraction contextRef="I20180903_ParentMember_ReserveForShareBasedCompensationGrantedMember_RestrictedShareBasedCompensationPlanMember" name="ifrs-full:SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" unitRef="Shares" id="Tag1817" decimals="0" format="ixt:num-dot-decimal">19,416,233</ix:nonFraction> shares, corresponding to <ix:nonFraction contextRef="D20180903_ParentMember_ReserveForShareBasedCompensationGrantedMember_RestrictedShareBasedCompensationPlanMember" name="vsta:MaximumPercentageOfSharesAuthorizedForIssuance" unitRef="Pure" id="Tag2013" decimals="3" scale="-2" format="ixt:num-dot-decimal">1.2</ix:nonFraction>% of&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;Group&#8217;s total share capital at the Plan&#8217;s approval date, excluding shares held in treasury on such date. This program should be wholly settled with delivery of&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna&#8217;s</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;shares.&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;Group&#180;s obligation to transfer the restricted shares under the Plan, in up to <ix:nonNumeric contextRef="D20180903_ParentMember_ReserveForShareBasedCompensationGrantedMember_RestrictedShareBasedCompensationPlanMember" name="vsta:MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" id="Tag1945" format="ixt-sec:durwordsen">10 days</ix:nonNumeric> from the end of the vesting period, is contingent upon the continuing employment relationship of the employee or officer, as appropriate, for a period of <ix:nonNumeric contextRef="D20180903_ParentMember_ReserveForShareBasedCompensationGrantedMember_RestrictedShareBasedCompensationPlanMember" name="vsta:PeriodOfContinuedEmploymentUnderServiceConditions" id="Tag1982" format="ixt-sec:durwordsen">three years</ix:nonNumeric> from the date the respective agreement is signed. The number of outstanding restricted shares as of December 31, </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"> was </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="I20221231_ParentMember_ReserveForShareBasedCompensationGrantedMember_RestrictedShareBasedCompensationPlanMember" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" unitRef="Pure" id="Tag2009" decimals="0" format="ixt-sec:numwordsen">zero</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;(<ix:nonFraction contextRef="I20211231_ParentMember_ReserveForShareBasedCompensationGrantedMember_RestrictedShareBasedCompensationPlanMember" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" unitRef="Pure" id="Tag1989" decimals="0" format="ixt:num-dot-decimal">155,919</ix:nonFraction> as of December 31, 202</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>1</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">) and the grant date fair value was R$<ix:nonFraction contextRef="D20221231_ParentMember_ReserveForShareBasedCompensationGrantedMember_RestrictedShareBasedCompensationPlanMember" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019" unitRef="BRLPerShare" id="Tag876" decimals="0" format="ixt:num-dot-decimal">10,58</ix:nonFraction>. The effect of events on compensation in the Consolidated Statement of Profit or Loss for the year ended December 31, 202</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;was R$&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ParentMember_ReserveForShareBasedCompensationGrantedMember_RestrictedShareBasedCompensationPlanMember" name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" unitRef="BRL" id="Tag1939" decimals="-3" scale="3" format="ixt:num-dot-decimal">557</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;including labor charges (R$&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ParentMember_ReserveForShareBasedCompensationGrantedMember_RestrictedShareBasedCompensationPlanMember" name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" unitRef="BRL" id="Tag1947" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,234</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">, including labor charges for the year ended December 31,&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>1</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">).</span></span></td>
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<td style="width: 2.98446%; vertical-align: top; height: 95px; text-align: left;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">b)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></span></td>
<td style="width: 97.0155%; text-align: justify; height: 95px; padding: 1px 1px 8px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Long Term Investment &#8211; (&#8220;ILP&#8221;) &#8211; Refers to <ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember_ReserveForShareBasedCompensationGrantedMember_LongTermInvestmentPlanMember_ClassACommonSharesMember" name="vsta:NumberOfTranchesGrantedUnderShareBasedPlan" unitRef="Pure" id="Tag2012" decimals="0" format="ixt-sec:numwordsen">two</ix:nonFraction> tranches granted being the first issued on July 23,</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2020</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">and November 10, 2020. The Company compensates part of its employees and management.</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">This plan will grant up to</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember_ReserveForShareBasedCompensationGrantedMember_LongTermInvestmentPlanMember_ClassACommonSharesMember" name="vsta:MaximumPercentageOfSharesAuthorizedForIssuance" unitRef="Pure" id="Tag1944" decimals="2" scale="-2" format="ixt:num-dot-decimal">3</ix:nonFraction>% of the Company&#8217;s class A share units.</span><span style="color: #000000; 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font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember_ReserveForShareBasedCompensationGrantedMember_LongTermInvestmentPlanMember_ClassACommonSharesMember" name="vsta:MaximumNumberOfTranchesAuthorizedForIssuanceOfShares" unitRef="Pure" id="Tag1993" decimals="0" format="ixt-sec:numwordsen">five</ix:nonFraction></span><span style="color: #000000; 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The plan has a</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">vesting period corresponding to</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonNumeric contextRef="D20221231_OtherRelatedPartiesMember_ReserveForShareBasedCompensationGrantedMember_LongTermInvestmentPlanMember_ClassACommonSharesMember" name="vsta:VestingPeriodUnderSharebasedPaymentArrangement" id="Tag1941" format="ixt-sec:durwordsen">5 years</ix:nonNumeric></span><span style="color: #000000; 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All taxes and contributions are paid by the Company without additional costs to employees and management.</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">This program should be wholly settled with the delivery of the shares.</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; 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word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>31</span>,</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; 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text-decoration-color: initial; line-height: inherit;">R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember_ReserveForShareBasedCompensationGrantedMember_LongTermInvestmentPlanMember_ClassACommonSharesMember" name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" unitRef="BRL" id="Tag1954" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,461</ix:nonFraction></span><span style="color: #000000; 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font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="I20221231_OtherRelatedPartiesMember_ReserveForShareBasedCompensationGrantedMember_LongTermInvestmentPlanMember_ClassACommonSharesMember" name="vsta:AccruedLaborChargesOnShareBasedPaymentArrangements" unitRef="BRL" id="Tag1965" decimals="-3" scale="3" format="ixt:num-dot-decimal">58</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">as labor charges in liabilities, due to share price fluctuation (R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20211231_OtherRelatedPartiesMember_ReserveForShareBasedCompensationGrantedMember_LongTermInvestmentPlanMember_ClassACommonSharesMember" name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" unitRef="BRL" id="Tag1949" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,372</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">being R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="D20211231_OtherRelatedPartiesMember_ReserveForShareBasedCompensationGrantedMember_LongTermInvestmentPlanMember_ClassACommonSharesMember" name="ifrs-full:ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" unitRef="BRL" id="Tag147" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,250</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in Shareholder&#8217;s the Equity and&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">a credit of</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><ix:nonFraction contextRef="I20211231_OtherRelatedPartiesMember_ReserveForShareBasedCompensationGrantedMember_LongTermInvestmentPlanMember_ClassACommonSharesMember" name="vsta:AccruedLaborChargesOnShareBasedPaymentArrangements" unitRef="BRL" id="Tag1985" decimals="-3" scale="3" format="ixt:num-dot-decimal">122</ix:nonFraction></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;as labor charges in liabilities for the year ended December</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>31</span>,</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>1</span>)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</span></span></td>
</tr>
<tr style="height: 14px;">
<td style="width: 2.98446%; vertical-align: top; height: 14px; text-align: left;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">c)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;&#160;</span></span><br/></td>
<td style="width: 97.0155%; text-align: justify; height: 14px;">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonus paid in restricted share units &#8211; &#8220;Premium recognized&#8221; - The Company granted and vested <ix:nonFraction contextRef="D20220430_OtherRelatedPartiesMember_ReserveForShareBasedCompensationGrantedMember_PerformanceBasedRestrictedShareUnitsBonusPalnMember" name="vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized" unitRef="Shares" id="Tag1963" decimals="0" format="ixt:num-dot-decimal">99,193</ix:nonFraction> shares on April, 2022 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$ <ix:nonFraction contextRef="D20220430_OtherRelatedPartiesMember_ReserveForShareBasedCompensationGrantedMember_PerformanceBasedRestrictedShareUnitsBonusPalnMember" name="vsta:IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity" unitRef="BRL" id="Tag1975" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,748</ix:nonFraction> (net of withholding taxes), of which R$ <ix:nonFraction contextRef="D20220430_OtherRelatedPartiesMember_ReserveForShareBasedCompensationGrantedMember_PerformanceBasedRestrictedShareUnitsBonusPalnMember" name="vsta:ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" unitRef="BRL" id="Tag1932" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,023</ix:nonFraction> corresponds to labor charges. </span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-61</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="line-height: inherit; font-weight: bold;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span style="cursor: default;"><span>2021</span></span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="cursor: default;"><span>2</span></span></span></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-weight: bold; line-height: inherit;"><span>4</span></span><span style="font-weight: bold; line-height: inherit;">d</span> <span style="font-weight: bold; line-height: inherit;">Vasta&#8217;s</span><span style="font-weight: bold; line-height: inherit;"> share Repurchase Program</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On</span><span style="line-height: inherit;"> <span>2021</span> 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 <ix:nonFraction contextRef="I20211231_ClassACommonSharesMember_TreasurySharesMember" name="vsta:NumberOfSharesAuthorizedForRepurchaseProgram" unitRef="Shares" id="Tag1927" decimals="0" format="ixt:num-dot-decimal">1,000,000</ix:nonFraction> 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, and on December 31, 2021, the Company had a balance of R$<ix:nonFraction contextRef="D20211231_TreasurySharesMember_ClassACommonSharesMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="BRL" id="Tag1978" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,880</ix:nonFraction> or <ix:nonFraction contextRef="D20211231_TreasurySharesMember_ClassACommonSharesMember" name="vsta:PurchaseOfTreasurySharesNumber" unitRef="Shares" id="Tag1971" decimals="0" format="ixt:num-dot-decimal">1,000,000</ix:nonFraction> shares in its possession.</span></span></p>
</ix:nonNumeric>
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<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt 28.35pt; text-indent: -28.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;"><span style="display: inline;">25</span></span><span style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-weight: bold;">Net Revenue from sales and Services</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The breakdown of net sales of the Company for the years ended December 31, 2022, <span>2021</span> and <span>2020</span> 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:</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-62</span></span></td>
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</div>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span style="cursor: default;">2021</span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="cursor: default;">2</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 8pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
</ix:exclude>
</div>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfProductsAndServicesExplanatory" id="Tag3443" escape="true">
<div style="margin: 0px; text-indent: 0px;">
<div style="margin: 0px; text-indent: 0px;">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 697px; text-indent: 0px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="2">
<p style="margin: 0pt; text-align: center; line-height: 1;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2022</span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="2">
<p style="margin: 0pt; text-align: center; line-height: 1;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2021</span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="2">
<p style="margin: 0pt; text-align: center; line-height: 1;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2020</span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Learning Systems </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_LearningSystemsMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2118" decimals="-3" scale="3" format="ixt:num-dot-decimal">878,468</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_LearningSystemsMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2132" decimals="-3" scale="3" format="ixt:num-dot-decimal">568,522</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_LearningSystemsMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag86" decimals="-3" scale="3" format="ixt:num-dot-decimal">608,200</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_LearningSystemsMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2119" decimals="-3" scale="3" format="ixt:num-dot-decimal">382</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_LearningSystemsMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag79" decimals="-3" scale="3" format="ixt:num-dot-decimal">219</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_LearningSystemsMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2117" decimals="-3" scale="3" format="ixt:num-dot-decimal">40</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_LearningSystemsMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag88" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,157</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_LearningSystemsMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag1787" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,302</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_LearningSystemsMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2170" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,603</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_LearningSystemsMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2091" decimals="-3" scale="3" format="ixt:num-dot-decimal">78,468</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_LearningSystemsMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2165" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,919</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_LearningSystemsMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2123" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,553</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_LearningSystemsMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag85" decimals="-3" scale="3" format="ixt:num-dot-decimal">786,461</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_LearningSystemsMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2129" decimals="-3" scale="3" format="ixt:num-dot-decimal">512,082</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231_LearningSystemsMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2145" decimals="-3" scale="3" format="ixt:num-dot-decimal">582,004</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Textbooks </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_TextbooksMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2090" decimals="-3" scale="3" format="ixt:num-dot-decimal">228,094</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_TextbooksMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2079" decimals="-3" scale="3" format="ixt:num-dot-decimal">212,708</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_TextbooksMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag77" decimals="-3" scale="3" format="ixt:num-dot-decimal">308,298</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_TextbooksMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2138" decimals="-3" scale="3" format="ixt:num-dot-decimal">214</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_TextbooksMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag83" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,608</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_TextbooksMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag80" decimals="-3" scale="3" format="ixt:num-dot-decimal">250</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_TextbooksMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2128" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,120</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_TextbooksMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag1790" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_TextbooksMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2078" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_TextbooksMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2105" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,401</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_TextbooksMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2116" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,330</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_TextbooksMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2120" decimals="-3" scale="3" format="ixt:num-dot-decimal">72,488</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_TextbooksMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2149" decimals="-3" scale="3" format="ixt:num-dot-decimal">195,359</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_TextbooksMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2161" decimals="-3" scale="3" format="ixt:num-dot-decimal">169,770</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231_TextbooksMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2126" decimals="-3" scale="3" format="ixt:num-dot-decimal">235,560</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px; padding: 0px 5px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Complementary Education Services </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ComplementaryEducationServicesMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2072" decimals="-3" scale="3" format="ixt:num-dot-decimal">159,207</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ComplementaryEducationServicesMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2125" decimals="-3" scale="3" format="ixt:num-dot-decimal">148,817</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_ComplementaryEducationServicesMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2115" decimals="-3" scale="3" format="ixt:num-dot-decimal">63,491</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ComplementaryEducationServicesMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2133" decimals="-3" scale="3" format="ixt:num-dot-decimal">193</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ComplementaryEducationServicesMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2112" decimals="-3" scale="3" format="ixt:num-dot-decimal">961</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_ComplementaryEducationServicesMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag91" decimals="-3" scale="3" format="ixt:num-dot-decimal">17</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ComplementaryEducationServicesMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2081" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,415</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_ComplementaryEducationServicesMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2076" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_ComplementaryEducationServicesMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2163" decimals="-3" scale="3" format="ixt:num-dot-decimal">6</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ComplementaryEducationServicesMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2070" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,755</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ComplementaryEducationServicesMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2088" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,459</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_ComplementaryEducationServicesMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2087" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,880</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ComplementaryEducationServicesMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2153" decimals="-3" scale="3" format="ixt:num-dot-decimal">141,844</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_ComplementaryEducationServicesMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2099" decimals="-3" scale="3" format="ixt:num-dot-decimal">137,397</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231_ComplementaryEducationServicesMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2127" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,588</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Other services </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_OtherServicesMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2101" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,727</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_OtherServicesMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2140" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,498</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_OtherServicesMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag1815" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,118</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_OtherServicesMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2074" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,046</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_OtherServicesMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2071" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,034</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_OtherServicesMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2075" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,864</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_OtherServicesMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2137" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,681</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_OtherServicesMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag87" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,464</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231_OtherServicesMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2094" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,254</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Total Content &amp; EdTech </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2166" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,304,496</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ContentAndEdTechPlatformMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag1789" decimals="-3" scale="3" format="ixt:num-dot-decimal">964,545</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_ContentAndEdTechPlatformMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2102" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,014,107</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2144" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,835</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ContentAndEdTechPlatformMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2164" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,822</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_ContentAndEdTechPlatformMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2113" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,171</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2095" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,692</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ContentAndEdTechPlatformMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2151" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,302</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_ContentAndEdTechPlatformMember" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2068" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,609</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2142" decimals="-3" scale="3" format="ixt:num-dot-decimal">125,624</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ContentAndEdTechPlatformMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2065" decimals="-3" scale="3" format="ixt:num-dot-decimal">93,708</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_ContentAndEdTechPlatformMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2103" decimals="-3" scale="3" format="ixt:num-dot-decimal">92,921</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2167" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,155,345</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_ContentAndEdTechPlatformMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2080" decimals="-3" scale="3" format="ixt:num-dot-decimal">850,713</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231_ContentAndEdTechPlatformMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2159" decimals="-3" scale="3" format="ixt:num-dot-decimal">908,406</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> E-commerce </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ECommerceDigitalServicesPlatformMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2092" decimals="-3" scale="3" format="ixt:num-dot-decimal">113,569</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ECommerceDigitalServicesPlatformMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2162" decimals="-3" scale="3" format="ixt:num-dot-decimal">100,084</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_ECommerceDigitalServicesPlatformMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2121" decimals="-3" scale="3" format="ixt:num-dot-decimal">97,632</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ECommerceDigitalServicesPlatformMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2171" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,873</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ECommerceDigitalServicesPlatformMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2130" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,473</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_ECommerceDigitalServicesPlatformMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2106" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,261</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ECommerceDigitalServicesPlatformMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2155" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,533</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ECommerceDigitalServicesPlatformMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2107" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,595</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_ECommerceDigitalServicesPlatformMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag1791" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,149</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ECommerceDigitalServicesPlatformMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag1812" decimals="-3" scale="3" format="ixt:num-dot-decimal">106,163</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_ECommerceDigitalServicesPlatformMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2097" decimals="-3" scale="3" format="ixt:num-dot-decimal">95,016</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231_ECommerceDigitalServicesPlatformMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2093" decimals="-3" scale="3" format="ixt:num-dot-decimal">89,222</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Other digital services </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_OtherDigitalServicesPlatformMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2069" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,026</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_OtherDigitalServicesPlatformMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2150" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,850</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_OtherDigitalServicesPlatformMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag89" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_OtherDigitalServicesPlatformMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag1813" decimals="-3" scale="3" format="ixt:num-dot-decimal">254</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_OtherDigitalServicesPlatformMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag1814" decimals="-3" scale="3" format="ixt:num-dot-decimal">160</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231_OtherDigitalServicesPlatformMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2139" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_OtherDigitalServicesPlatformMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2146" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,772</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_OtherDigitalServicesPlatformMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2168" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,690</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="D20201231_OtherDigitalServicesPlatformMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag81" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Total Digital Services </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_DigitalServicesPlatformMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2143" decimals="-3" scale="3" format="ixt:num-dot-decimal">116,595</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_DigitalServicesPlatformMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2156" decimals="-3" scale="3" format="ixt:num-dot-decimal">101,934</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231_DigitalServicesPlatformMember" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2141" decimals="-3" scale="3" format="ixt:num-dot-decimal">97,632</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_DigitalServicesPlatformMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2169" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,127</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_DigitalServicesPlatformMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2134" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,633</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_DigitalServicesPlatformMember" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2136" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,261</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_DigitalServicesPlatformMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2084" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,533</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_DigitalServicesPlatformMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2089" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,595</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231_DigitalServicesPlatformMember" name="vsta:SalesReturns" unitRef="BRL" id="Tag2147" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,149</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_DigitalServicesPlatformMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag1788" decimals="-3" scale="3" format="ixt:num-dot-decimal">108,935</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_DigitalServicesPlatformMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2158" decimals="-3" scale="3" format="ixt:num-dot-decimal">96,706</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231_DigitalServicesPlatformMember" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2160" decimals="-3" scale="3" format="ixt:num-dot-decimal">89,222</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2172" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,421,091</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:GrossRevenue" unitRef="BRL" id="Tag2096" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,066,479</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:GrossRevenue" unitRef="BRL" id="Tag1811" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,111,739</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2085" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,962</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2109" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,455</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" unitRef="BRL" id="Tag2098" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,432</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2104" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,692</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2073" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,302</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:SalesDiscounts" unitRef="BRL" id="Tag2131" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,609</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:SalesReturns" unitRef="BRL" id="Tag2108" decimals="-3" scale="3" format="ixt:num-dot-decimal">131,157</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:SalesReturns" unitRef="BRL" id="Tag2154" decimals="-3" scale="3" format="ixt:num-dot-decimal">96,303</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:SalesReturns" unitRef="BRL" id="Tag2152" decimals="-3" scale="3" format="ixt:num-dot-decimal">99,070</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2124" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,264,280</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2157" decimals="-3" scale="3" format="ixt:num-dot-decimal">947,419</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2077" decimals="-3" scale="3" format="ixt:num-dot-decimal">997,628</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Sales </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:RevenueFromSaleOfGoods" unitRef="BRL" id="Tag2148" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,229,827</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:RevenueFromSaleOfGoods" unitRef="BRL" id="Tag2111" decimals="-3" scale="3" format="ixt:num-dot-decimal">914,266</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:RevenueFromSaleOfGoods" unitRef="BRL" id="Tag78" decimals="-3" scale="3" format="ixt:num-dot-decimal">967,374</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Service </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:RevenueFromRenderingOfServices" unitRef="BRL" id="Tag2086" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,453</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:RevenueFromRenderingOfServices" unitRef="BRL" id="Tag2066" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,153</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:RevenueFromRenderingOfServices" unitRef="BRL" id="Tag2082" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,254</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2083" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,264,280</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2122" decimals="-3" scale="3" format="ixt:num-dot-decimal">947,419</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2135" decimals="-3" scale="3" format="ixt:num-dot-decimal">997,628</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
</div>
</ix:nonNumeric>
</ix:nonNumeric>
</div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-63</span></span></td>
</tr>
</tbody>
</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
</div>
</div>
</div>
</div><div id="Dmtfma6uk1v9s876dn4k2t" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span style="cursor: default;"><span>2021</span></span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="cursor: default;"><span>2</span></span></span><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&#160;&#160;</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfExpensesByNatureExplanatory" id="Tag2064" escape="true">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;"><span>26</span></span><span style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-weight: bold;">Costs and Expenses by Nature</span></span></p>
<div id="t_ft_XSCTIT5WXS00000000000000000000b">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfCostsAndExpensesByNatureTableTextBlock" id="Tag75" escape="true">
<div>
<div>
<table cellpadding="0" style="height: 445px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 65%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Salaries and payroll charges </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:EmployeeBenefitsExpense" unitRef="BRL" id="Tag2049" decimals="-3" scale="3" format="ixt:num-dot-decimal">281,894</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:EmployeeBenefitsExpense" unitRef="BRL" id="Tag2183" decimals="-3" scale="3" format="ixt:num-dot-decimal">274,581</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:EmployeeBenefitsExpense" unitRef="BRL" id="Tag2055" decimals="-3" scale="3" format="ixt:num-dot-decimal">279,523</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Raw materials and productions costs </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:RawMaterialsAndConsumablesUsed" unitRef="BRL" id="Tag2243" decimals="-3" scale="3" format="ixt:num-dot-decimal">201,700</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:RawMaterialsAndConsumablesUsed" unitRef="BRL" id="Tag2182" decimals="-3" scale="3" format="ixt:num-dot-decimal">185,862</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:RawMaterialsAndConsumablesUsed" unitRef="BRL" id="Tag2201" decimals="-3" scale="3" format="ixt:num-dot-decimal">216,791</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Editorial costs </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:EditorialCosts" unitRef="BRL" id="Tag2235" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,329</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:EditorialCosts" unitRef="BRL" id="Tag2181" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,705</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:EditorialCosts" unitRef="BRL" id="Tag2200" decimals="-3" scale="3" format="ixt:num-dot-decimal">52,794</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Depreciation and amortization </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="BRL" id="Tag2241" decimals="-3" scale="3" format="ixt:num-dot-decimal">268,714</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="BRL" id="Tag2180" decimals="-3" scale="3" format="ixt:num-dot-decimal">211,156</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="BRL" id="Tag2199" decimals="-3" scale="3" format="ixt:num-dot-decimal">174,088</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Copyright </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:CopyrightExpenses" unitRef="BRL" id="Tag2062" decimals="-3" scale="3" format="ixt:num-dot-decimal">72,348</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:CopyrightExpenses" unitRef="BRL" id="Tag2179" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,885</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:CopyrightExpenses" unitRef="BRL" id="Tag2198" decimals="-3" scale="3" format="ixt:num-dot-decimal">59,597</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Advertising and publicity </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdvertisingExpense" unitRef="BRL" id="Tag2191" decimals="-3" scale="3" format="ixt:num-dot-decimal">99,834</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdvertisingExpense" unitRef="BRL" id="Tag2178" decimals="-3" scale="3" format="ixt:num-dot-decimal">77,655</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:AdvertisingExpense" unitRef="BRL" id="Tag2197" decimals="-3" scale="3" format="ixt:num-dot-decimal">88,965</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Utilities, cleaning and security </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:UtilitiesCleaningAndSecurityExpenses" unitRef="BRL" id="Tag2237" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,087</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:UtilitiesCleaningAndSecurityExpenses" unitRef="BRL" id="Tag2177" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,505</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:UtilitiesCleaningAndSecurityExpenses" unitRef="BRL" id="Tag2196" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,499</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Rent and condominium fees </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:RentAndCondominiumFees" unitRef="BRL" id="Tag2190" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,312</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:RentAndCondominiumFees" unitRef="BRL" id="Tag2208" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,775</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:RentAndCondominiumFees" unitRef="BRL" id="Tag2195" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,278</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Third-party services </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:ThirdPartyServices" unitRef="BRL" id="Tag2189" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,667</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:ThirdPartyServices" unitRef="BRL" id="Tag2239" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,758</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:ThirdPartyServices" unitRef="BRL" id="Tag2194" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,904</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Travel </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:TravelExpense" unitRef="BRL" id="Tag2233" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,577</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:TravelExpense" unitRef="BRL" id="Tag2240" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,747</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:TravelExpense" unitRef="BRL" id="Tag2193" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,760</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Consulting and advisory services </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfessionalFeesExpense" unitRef="BRL" id="Tag2227" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,166</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ProfessionalFeesExpense" unitRef="BRL" id="Tag2207" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,395</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ProfessionalFeesExpense" unitRef="BRL" id="Tag2234" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,269</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2231" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,904</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2056" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,726</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2188" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,015</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Material </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:MaterialsExpenses" unitRef="BRL" id="Tag2186" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,263</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:MaterialsExpenses" unitRef="BRL" id="Tag2203" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,523</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:MaterialsExpenses" unitRef="BRL" id="Tag2059" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,708</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes and contributions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:TaxesAndContributions" unitRef="BRL" id="Tag2228" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,777</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:TaxesAndContributions" unitRef="BRL" id="Tag2229" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,808</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:TaxesAndContributions" unitRef="BRL" id="Tag2060" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,066</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reversal for tax, civil and labor risks </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:ReversalProvisionForTaxCivilAndLaborRisks" unitRef="BRL" id="Tag2244" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,099</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:ReversalProvisionForTaxCivilAndLaborRisks" unitRef="BRL" id="Tag2215" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,986</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:ReversalProvisionForTaxCivilAndLaborRisks" unitRef="BRL" id="Tag2051" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,092</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Provision for obsolete inventories </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:ProvisionForObsoleteInventories" unitRef="BRL" id="Tag2185" decimals="-3" scale="3" format="ixt:num-dot-decimal">40,924</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:ProvisionForObsoleteInventories" unitRef="BRL" id="Tag2230" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,117</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:ProvisionForObsoleteInventories" unitRef="BRL" id="Tag2187" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,057</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Income from lease and sublease agreements with related parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" unitRef="BRL" id="Tag2236" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,047</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" unitRef="BRL" id="Tag2176" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,939</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" unitRef="BRL" id="Tag2053" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,683</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other income, net </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:MiscellaneousOtherOperatingIncomeExpense" unitRef="BRL" id="Tag2054" decimals="-3" scale="3" format="ixt:num-dot-decimal">662</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:MiscellaneousOtherOperatingIncomeExpense" unitRef="BRL" id="Tag2052" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,554</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:MiscellaneousOtherOperatingIncomeExpense" unitRef="BRL" id="Tag2050" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,283</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ExpenseByNature" unitRef="BRL" id="Tag2184" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,183,688</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ExpenseByNature" unitRef="BRL" id="Tag2202" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,018,719</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ExpenseByNature" unitRef="BRL" id="Tag2226" decimals="-3" scale="3" format="ixt:num-dot-decimal">970,256</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cost of goods sold and services </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2063" decimals="-3" scale="3" format="ixt:num-dot-decimal">473,135</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">)</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2211" decimals="-3" scale="3" format="ixt:num-dot-decimal">396,829</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">)</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2061" decimals="-3" scale="3" format="ixt:num-dot-decimal">378,003</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Commercial expenses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2214" decimals="-3" scale="3" format="ixt:num-dot-decimal">194,043</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2210" decimals="-3" scale="3" format="ixt:num-dot-decimal">164,439</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2206" decimals="-3" scale="3" format="ixt:num-dot-decimal">165,169</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> General and administrative expenses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2192" decimals="-3" scale="3" format="ixt:num-dot-decimal">471,626</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2209" decimals="-3" scale="3" format="ixt:num-dot-decimal">430,279</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2058" decimals="-3" scale="3" format="ixt:num-dot-decimal">406,352</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment loss on accounts receivable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2242" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,904</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2174" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,726</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2205" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,015</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other operating income, net </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="BRL" id="Tag2232" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,020</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="BRL" id="Tag2213" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,554</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="BRL" id="Tag2175" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,283</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ExpenseByNature" unitRef="BRL" id="Tag2212" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,183,688</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ExpenseByNature" unitRef="BRL" id="Tag2057" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,018,719</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ExpenseByNature" unitRef="BRL" id="Tag2204" decimals="-3" scale="3" format="ixt:num-dot-decimal">970,256</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
</tbody>
</table>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-64</span></span></td>
</tr>
</tbody>
</table>
</div>
</div>
<div xmlns="http://www.w3.org/1999/xhtml"><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><br/></div>
</div>
</ix:exclude>
</div>
</div>
</ix:nonNumeric>
</div>
</ix:nonNumeric>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><br/></span></p>
</div><div id="Dd4v5uw7n7ymdkw8obzfuln" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span style="cursor: default;"><span><span>2021</span></span></span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="cursor: default;"><span><span>2</span></span></span></span><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&#160;&#160;</span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;"></hr>
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory" id="Tag2267" escape="true">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 6pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;"><span>27</span></span><span style="font-weight: bold;">&#160;</span> <span style="font-weight: bold;">&#160;</span> <span style="font-weight: bold;">&#160;</span><span style="font-weight: bold;">&#160;</span><span style="font-weight: bold;">Finance result</span></span></p>
<div id="t_ft_PQEW1JHQN400000000000000000000b">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:ScheduleOfFinanceResultNetTableTextBlock" id="Tag2266" escape="true">
<div>
<table cellpadding="0" style="height: 270px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Finance income </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Income from financial investments and marketable securities (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:IncomeFromFinancialInvestmentsAndMarketableSecurities" unitRef="BRL" id="Tag3140" decimals="-3" scale="3" format="ixt:num-dot-decimal">54,954</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="vsta:IncomeFromFinancialInvestmentsAndMarketableSecurities" unitRef="BRL" id="Tag2275" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,719</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="vsta:IncomeFromFinancialInvestmentsAndMarketableSecurities" unitRef="BRL" id="Tag1802" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,907</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Income finance from indemnification assets and contingencies (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="vsta:FinanceIncomeFromIndemnificationAssetsAndContingencies" unitRef="BRL" id="Tag2269" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,077</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="vsta:FinanceIncomeFromIndemnificationAssetsAndContingencies" unitRef="BRL" id="Tag2294" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,818</ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="vsta:FinanceIncomeFromIndemnificationAssetsAndContingencies" unitRef="BRL" id="Tag1807" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,476</ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other finance income </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherFinanceIncome" unitRef="BRL" id="Tag3145" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,526</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:OtherFinanceIncome" unitRef="BRL" id="Tag3141" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,103</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:OtherFinanceIncome" unitRef="BRL" id="Tag3143" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,601</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:FinanceIncome" unitRef="BRL" id="Tag2296" decimals="-3" scale="3" format="ixt:num-dot-decimal">88,557</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:FinanceIncome" unitRef="BRL" id="Tag3147" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,640</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:FinanceIncome" unitRef="BRL" id="Tag3142" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,984</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Finance costs </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on bonds and financing </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:InterestExpenseOnBonds" unitRef="BRL" id="Tag1801" decimals="-3" scale="3" format="ixt:num-dot-decimal">108,896</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:InterestExpenseOnBonds" unitRef="BRL" id="Tag2286" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,549</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:InterestExpenseOnBonds" unitRef="BRL" id="Tag1804" decimals="-3" scale="3" format="ixt:num-dot-decimal">52,935</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on account payables for business combinations</span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:InterestExpenseOnAccountPayablesForBusinessCombinations" unitRef="BRL" id="Tag2278" decimals="-3" scale="3" format="ixt:num-dot-decimal">65,725</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_3" name="vsta:InterestExpenseOnAccountPayablesForBusinessCombinations" unitRef="BRL" id="Tag2290" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,158</ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20201231" name="vsta:InterestExpenseOnAccountPayablesForBusinessCombinations" unitRef="BRL" id="Tag2282" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,568</ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Imputed interest on suppliers </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:ImputedInterestOnSuppliers" unitRef="BRL" id="Tag2291" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,810</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:ImputedInterestOnSuppliers" unitRef="BRL" id="Tag2289" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,609</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:ImputedInterestOnSuppliers" unitRef="BRL" id="Tag2297" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,286</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on Loans from related parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="vsta:InterestOnLoansFromRelatedParties" unitRef="BRL" id="Tag2279" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:InterestOnLoansFromRelatedParties" unitRef="BRL" id="Tag2284" decimals="-3" scale="3" format="ixt:num-dot-decimal">157</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:InterestOnLoansFromRelatedParties" unitRef="BRL" id="Tag2276" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,344</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Bank and collection fees </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:InterestExpenseOnBankLoansAndOverdrafts" unitRef="BRL" id="Tag2285" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,891</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:InterestExpenseOnBankLoansAndOverdrafts" unitRef="BRL" id="Tag2283" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,587</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:InterestExpenseOnBankLoansAndOverdrafts" unitRef="BRL" id="Tag2280" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,771</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on provision for tax, civil and labor losses</span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:InterestOnProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag1805" decimals="-3" scale="3" format="ixt:num-dot-decimal">52,891</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:InterestOnProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag3146" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,300</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="vsta:InterestOnProvisionForTaxCivilAndLaborLosses" unitRef="BRL" id="Tag2274" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,297</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on Lease Liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:InterestExpenseOnLeaseLiabilities" unitRef="BRL" id="Tag2288" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,143</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:InterestExpenseOnLeaseLiabilities" unitRef="BRL" id="Tag3144" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,984</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:InterestExpenseOnLeaseLiabilities" unitRef="BRL" id="Tag2272" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,077</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other finance costs&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherFinanceCost" unitRef="BRL" id="Tag2292" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,968</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:OtherFinanceCost" unitRef="BRL" id="Tag3148" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,839</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:OtherFinanceCost" unitRef="BRL" id="Tag2295" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,131</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:FinanceCosts" unitRef="BRL" id="Tag2268" decimals="-3" scale="3" format="ixt:num-dot-decimal">270,324</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:FinanceCosts" unitRef="BRL" id="Tag2271" decimals="-3" scale="3" format="ixt:num-dot-decimal">120,183</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:FinanceCosts" unitRef="BRL" id="Tag2270" decimals="-3" scale="3" format="ixt:num-dot-decimal">119,409</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Financial Result (net) </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:FinanceIncomeCost" unitRef="BRL" id="Tag2287" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">181,767</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:FinanceIncomeCost" unitRef="BRL" id="Tag2277" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">84,543</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:FinanceIncomeCost" unitRef="BRL" id="Tag1806" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">98,425</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div id="t_ft_QL3SN4CX2O00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: &quot;times new roman&quot;; font-size: 10pt; height: 21px;">
<tbody>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; text-align: left; width: 3%;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span><span style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'times new roman', times; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</span></span></td>
<td style="text-align: justify; height: 10px; width: 97%;"><span><ix:footnote xml:lang="en-US" id="footnote24" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Refers to income from marketable securities indexed at <ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag1803" escape="true">CDI</ix:nonNumeric>.</span></ix:footnote></span></td>
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<tr style="height: 11px;">
<td style="vertical-align: top; height: 11px; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="text-align: justify; height: 11px;"><span><ix:footnote xml:lang="en-US" id="footnote25" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Refers to an indemnification asset in the amount of R$ <ix:nonFraction contextRef="D20221231_ParentMember_SomosSistemasDeEnsinoSaMember" name="vsta:FinanceIncomeFromIndemnificationAsset" unitRef="BRL" id="Tag2293" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,249</ix:nonFraction>&#160;in connection with the acquisition of&#160;</span>Somos<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;(</span>Vasta&#8217;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Predecessor) by&#160;</span>Cogna<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Group (</span>Vasta&#8217;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Parent Company), as mentioned in the note <span style="border-left: none; border-right: none;">21</span>b, and reversal of interest on provision for tax losses in the amount of R$ <ix:nonFraction contextRef="D20221231_3" name="vsta:FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses" unitRef="BRL" id="Tag2281" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,828</ix:nonFraction>.</span></span></ix:footnote></span></td>
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</ix:nonNumeric>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>28</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;"> Segment Reporting</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Information reported to the Chief Operating Decision Maker (CODM) for the purposes of resource allocation and assessment of segment performance is focused on revenue, &#8220;profit (loss) before finance result and tax&#8221;, assets and liabilities segregated by the nature of the services provided to the Company&#8217;s customers. Thus, the reportable segments are: (i) Content &amp; EdTech Platform; and (ii) Digital Services.</span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Content &amp; EdTech platform derives its results from core and complementary educational content solutions through digital and printed content, including textbooks, learning systems and other complementary educational services.</span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Digital Services aims to unify the entire school administrative ecosystem, allowing private schools to add multiple learning strategies and help them to focus on education, through the physical and digital e-commerce platform (Livro F&#225;cil) and other digital services of the Company. Operations related to this segment began with the acquisition of Livro F&#225;cil. In August 2021, the Company acquired EMME, which has its digital platform aimed at the production of educational marketing material for the Company's partner schools. Additionally, in January 2022, the Company acquired MVP and Phidelis, see note <span>5</span>.</span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Due to the nature of the Company&#8217;s e-commerce platform, the Content &amp; EdTech Platform segment sells its printed and digital content to the Digital Services segment. These transactions are priced on an arm&#8217;s length basis and are to be settled in cash.&#160; However, the eliminations made in preparing the consolidated financial statements are included in the measure of the segment&#8217;s profit or loss that is used by the CODM, and therefore the amounts presented herein are net of such intersegment&#160;transactions.</span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="background-color: #ffffff; line-height: inherit;">T</span><span style="background-color: #ffffff; line-height: inherit;">he following table presents the Company&#8217;s revenue, its reconciliation to &#8220;profit (loss) before finance result and tax&#8221;, assets and liabilities by reportable segment. No other information is used by the CODM when assessing segment performance:</span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-65</span></span></td>
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<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span style="cursor: default;"><span><span>2021</span></span></span></span></span></span></b></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="cursor: default;"><span><span>2</span></span></span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr></ix:exclude>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<td colspan="7" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Content &amp;&#160;</span><span style="font-weight: bold;">EdTech</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;Platform</span></span><br/></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Digital Services Platform </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 11px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
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<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net revenue from sales and services </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember_1" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2371" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,155,345</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DigitalServicesPlatformMember_1" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2383" decimals="-3" scale="3" format="ixt:num-dot-decimal">108,935</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2375" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,264,280</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cost of goods sold and services </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember_1" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2365" decimals="-3" scale="3" format="ixt:num-dot-decimal">375,167</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_DigitalServicesPlatformMember_1" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2380" decimals="-3" scale="3" format="ixt:num-dot-decimal">97,968</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2357" decimals="-3" scale="3" format="ixt:num-dot-decimal">473,135</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">)</td>
</tr>
<tr style="height: 14px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Operating income (expenses) </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember_1" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2377" decimals="-3" scale="3" format="ixt:num-dot-decimal">445,330</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_DigitalServicesPlatformMember_1" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2384" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,295</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2343" decimals="-3" scale="3" format="ixt:num-dot-decimal">471,626</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Commercial expenses </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember_1" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2334" decimals="-3" scale="3" format="ixt:num-dot-decimal">183,118</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_DigitalServicesPlatformMember_1" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2372" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,926</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2363" decimals="-3" scale="3" format="ixt:num-dot-decimal">194,043</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other operating income, net </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember_1" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="BRL" id="Tag2381" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,260</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_DigitalServicesPlatformMember_1" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="BRL" id="Tag2382" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,240</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="BRL" id="Tag2385" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,020</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Impairment losses on trade receivables </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember_1" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2368" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,769</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_DigitalServicesPlatformMember_1" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2369" decimals="-3" scale="3" format="ixt:num-dot-decimal">135</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2350" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,904</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">Share of loss equity-accounted investees</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;">(<ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember_1" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="BRL" id="Tag129" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,512</ix:nonFraction></td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><span style="font-weight: bold;"><ix:nonFraction contextRef="D20221231_DigitalServicesPlatformMember_1" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="BRL" id="Tag127" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><span style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="BRL" id="Tag128" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,512</ix:nonFraction></span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Profit (loss) before finance result and taxes </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ContentAndEdTechPlatformMember_1" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="BRL" id="Tag2360" decimals="-3" scale="3" format="ixt:num-dot-decimal">103,709</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_DigitalServicesPlatformMember_1" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="BRL" id="Tag2332" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">27,629</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="BRL" id="Tag2376" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,080</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Assets </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ContentAndEdTechPlatformMember" name="ifrs-full:Assets" unitRef="BRL" id="Tag2364" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,438,094</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_DigitalServicesPlatformMember" name="ifrs-full:Assets" unitRef="BRL" id="Tag2374" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,497</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Assets" unitRef="BRL" id="Tag2370" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,520,591</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Current and non-current liabilities </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ContentAndEdTechPlatformMember" name="ifrs-full:Liabilities" unitRef="BRL" id="Tag2378" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,852,390</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_DigitalServicesPlatformMember" name="ifrs-full:Liabilities" unitRef="BRL" id="Tag2358" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,521</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Liabilities" unitRef="BRL" id="Tag2373" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,890,911</ix:nonFraction> </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="background-color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="height: 190px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span><br/></p>
</td>
<td colspan="7" style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 10px;"></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Content &amp; EdTech Platform </span></p>
</td>
<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Digital Services </span></p>
</td>
<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 65%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net revenue from sales and services </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ContentAndEdTechPlatformMember_1" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2362" decimals="-3" scale="3" format="ixt:num-dot-decimal">850,713</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; width: 1%; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_DigitalServicesPlatformMember_1" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2352" decimals="-3" scale="3" format="ixt:num-dot-decimal">96,706</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2346" decimals="-3" scale="3" format="ixt:num-dot-decimal">947,419</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cost of goods sold and services </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ContentAndEdTechPlatformMember_1" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2336" decimals="-3" scale="3" format="ixt:num-dot-decimal">327,651</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_DigitalServicesPlatformMember_1" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2335" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,178</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2306" decimals="-3" scale="3" format="ixt:num-dot-decimal">396,829</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Operating income (expenses) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ContentAndEdTechPlatformMember_1" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2337" decimals="-3" scale="3" format="ixt:num-dot-decimal">413,746</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_DigitalServicesPlatformMember_1" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2339" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,533</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2304" decimals="-3" scale="3" format="ixt:num-dot-decimal">430,279</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Commercial expenses </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ContentAndEdTechPlatformMember_1" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2356" decimals="-3" scale="3" format="ixt:num-dot-decimal">147,664</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_DigitalServicesPlatformMember_1" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2348" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,775</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2340" decimals="-3" scale="3" format="ixt:num-dot-decimal">164,439</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other operating income </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ContentAndEdTechPlatformMember_1" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="BRL" id="Tag2344" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,469</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_DigitalServicesPlatformMember_1" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="BRL" id="Tag2305" decimals="-3" scale="3" format="ixt:num-dot-decimal">85</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="BRL" id="Tag2354" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,554</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ContentAndEdTechPlatformMember_1" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2341" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,344</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_DigitalServicesPlatformMember_1" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2307" decimals="-3" scale="3" format="ixt:num-dot-decimal">382</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2330" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,726</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Loss before finance result and taxes </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_ContentAndEdTechPlatformMember_1" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="BRL" id="Tag2355" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">65,223</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_DigitalServicesPlatformMember_1" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="BRL" id="Tag2351" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,077</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_3" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="BRL" id="Tag2333" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">71,300</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_ContentAndEdTechPlatformMember" name="ifrs-full:Assets" unitRef="BRL" id="Tag2349" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,207,084</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_DigitalServicesPlatformMember" name="ifrs-full:Assets" unitRef="BRL" id="Tag2338" decimals="-3" scale="3" format="ixt:num-dot-decimal">126,323</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Assets" unitRef="BRL" id="Tag2345" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,333,407</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Current and non-current liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_ContentAndEdTechPlatformMember" name="ifrs-full:Liabilities" unitRef="BRL" id="Tag2331" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,605,351</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_DigitalServicesPlatformMember" name="ifrs-full:Liabilities" unitRef="BRL" id="Tag2353" decimals="-3" scale="3" format="ixt:num-dot-decimal">62,847</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Liabilities" unitRef="BRL" id="Tag2342" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,668,198</ix:nonFraction> </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="background-color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 216px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="7" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; margin-left: 0.1px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><br/></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Content &amp; EdTech Platform </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Digital Services </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net revenue from sales and services&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_ContentAndEdTechPlatformMember_1" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2347" decimals="-3" scale="3" format="ixt:num-dot-decimal">908,406</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_DigitalServicesPlatformMember_1" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2312" decimals="-3" scale="3" format="ixt:num-dot-decimal">89,222</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:Revenue" unitRef="BRL" id="Tag2320" decimals="-3" scale="3" format="ixt:num-dot-decimal">997,628</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cost of goods sold and services </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20201231_ContentAndEdTechPlatformMember_1" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2321" decimals="-3" scale="3" format="ixt:num-dot-decimal">301,882</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20201231_DigitalServicesPlatformMember_1" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2328" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,121</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:CostOfSales" unitRef="BRL" id="Tag2359" decimals="-3" scale="3" format="ixt:num-dot-decimal">378,003</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Operating income (expenses) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20201231_ContentAndEdTechPlatformMember_1" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2315" decimals="-3" scale="3" format="ixt:num-dot-decimal">387,023</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20201231_DigitalServicesPlatformMember_1" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2319" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,329</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:GeneralAndAdministrativeExpense" unitRef="BRL" id="Tag2387" decimals="-3" scale="3" format="ixt:num-dot-decimal">406,352</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Commercial expenses </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20201231_ContentAndEdTechPlatformMember_1" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2361" decimals="-3" scale="3" format="ixt:num-dot-decimal">152,659</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20201231_DigitalServicesPlatformMember_1" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2322" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,510</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20201231" name="vsta:CommercialExpenses" unitRef="BRL" id="Tag2314" decimals="-3" scale="3" format="ixt:num-dot-decimal">165,169</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other operating income </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231_ContentAndEdTechPlatformMember_1" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="BRL" id="Tag2318" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,283</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20201231_DigitalServicesPlatformMember_1" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="BRL" id="Tag2392" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="BRL" id="Tag2316" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,283</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20201231_ContentAndEdTechPlatformMember_1" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2310" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,015</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20201231_DigitalServicesPlatformMember_1" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2317" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20201231" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" unitRef="BRL" id="Tag2308" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,015</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Profit (Loss) before finance result and taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="D20201231_ContentAndEdTechPlatformMember_1" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="BRL" id="Tag3194" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,110</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20201231_DigitalServicesPlatformMember_1" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="BRL" id="Tag2326" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">18,738</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="D20201231" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="BRL" id="Tag2313" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,372</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Assets </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_ContentAndEdTechPlatformMember" name="ifrs-full:Assets" unitRef="BRL" id="Tag2329" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,848,198</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_DigitalServicesPlatformMember" name="ifrs-full:Assets" unitRef="BRL" id="Tag2325" decimals="-3" scale="3" format="ixt:num-dot-decimal">130,072</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20201231" name="ifrs-full:Assets" unitRef="BRL" id="Tag2324" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,978,270</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Current and non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_ContentAndEdTechPlatformMember" name="ifrs-full:Liabilities" unitRef="BRL" id="Tag2327" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,141,107</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20201231_DigitalServicesPlatformMember" name="ifrs-full:Liabilities" unitRef="BRL" id="Tag2311" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,847</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20201231" name="ifrs-full:Liabilities" unitRef="BRL" id="Tag2323" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,192,953</ix:nonFraction> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</ix:nonNumeric>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div>
<div style="border-left: none; border-right: none;">
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<div style="border-left: none; border-right: none;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-66</span></span></td>
</tr>
</tbody>
</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div>
</div>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-align: left;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Vasta&#160;Platform Limited</span></span></p>
<div style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; border-top: none; border-right: none; border-left: none; border-image: initial; padding: 0in 0in 1pt; line-height: 1.2; margin: 0px;" xmlns="http://www.w3.org/1999/xhtml">
<p style="margin: 0px; border: none; padding: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; line-height: 1.2;"><b><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">Consolidated Financial Statements as of December 31, 2022 and<span style="line-height: inherit;">&#160;</span><span style="cursor: default; line-height: inherit;"><span style="cursor: default;"><span><span>2021</span></span></span></span></span></span></b></p>
</div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;" xmlns="http://www.w3.org/1999/xhtml"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Notes to the Consolidated Financial Statements as of December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="cursor: default;"><span><span style="border-left: none; border-right: none;">2</span></span></span></span></p>
<hr style="border-bottom-color: #000000; border-top-color: #000000;" xmlns="http://www.w3.org/1999/xhtml"></hr>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;" xmlns="http://www.w3.org/1999/xhtml"><br/></p>
</ix:exclude>
</div>
</div>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Segments&#8217; profit represents the profit earned by each segment without finance results and income tax expense. This is the measure reported to the CODM for the purpose of resource allocation and assessment of segment performance.&#160;</span></p>
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</ix:nonNumeric>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="background-color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p><div id="Dparni9yrtthbyf1ya1nz4o" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20221231_3" name="vsta:DisclosureOfNonCashTransactionsTextBlock" id="Tag2397" escape="true">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>29</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Non-cash</span><span style="font-weight: bold; line-height: inherit;"> transactions </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-cash transactions for the years ended December 31, 2022, <span>2021</span> and <span>2020</span> are, respectively: (i) Additions of right of use assets and lease liabilities in the amount of R$ <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="BRL" id="Tag2428" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,002</ix:nonFraction>, R$ <ix:nonFraction contextRef="D20211231_3" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="BRL" id="Tag2427" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,513</ix:nonFraction> and R$ <ix:nonFraction contextRef="D20201231" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="BRL" id="Tag2426" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,925</ix:nonFraction> (Note <span>17</span>), (ii) Disposals of contracts of right of use assets and lease liabilities in the amount of R$ <ix:nonFraction contextRef="D20221231_3" name="vsta:CancellationOfLeaseAgreements" unitRef="BRL" id="Tag2400" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,180</ix:nonFraction>, R$ <ix:nonFraction contextRef="D20211231_3" name="vsta:CancellationOfLeaseAgreements" unitRef="BRL" id="Tag2424" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,481</ix:nonFraction> and R$ <ix:nonFraction contextRef="D20201231" name="vsta:CancellationOfLeaseAgreements" unitRef="BRL" id="Tag2425" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,429</ix:nonFraction> (Note <span>17</span>), and (iii) Accounts payable assumed in the acquisition of Phidelis, during year <span>2022</span>, in the amount of R$ <ix:nonFraction contextRef="I20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" name="ifrs-full:LiabilitiesIncurred" unitRef="BRL" id="Tag2421" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,733</ix:nonFraction> (net of the cash paid), SEL, in the amount of R$ <ix:nonFraction contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember" name="ifrs-full:LiabilitiesIncurred" unitRef="BRL" id="Tag2420" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,876</ix:nonFraction>, Reda&#231;&#227;o Nota <span>1000</span>, in the amount of R$ <ix:nonFraction contextRef="I20211231_Nota1000ServicosEducacionaisSAMember" name="ifrs-full:LiabilitiesIncurred" unitRef="BRL" id="Tag2423" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,294</ix:nonFraction>, EMME, in the amount of R$ <ix:nonFraction contextRef="I20211231_EmmeProducoesDeMateriaisEmMultimidiaMember" name="ifrs-full:LiabilitiesIncurred" unitRef="BRL" id="Tag2401" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,253</ix:nonFraction>, De Gouges, in the amount of R$ <ix:nonFraction contextRef="I20211231_EditoraDeGougesSAMember" name="ifrs-full:LiabilitiesIncurred" unitRef="BRL" id="Tag2406" decimals="-3" scale="3" format="ixt:num-dot-decimal">451,554</ix:nonFraction>, and Pluri, in the amount of R$ <ix:nonFraction contextRef="I20211231_AAndRComercioEServicosDeInformaticaLtdaMember" name="ifrs-full:LiabilitiesIncurred" unitRef="BRL" id="Tag2399" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,347</ix:nonFraction>, Mind Makers, in the amount of R$ <ix:nonFraction contextRef="I20211231_MindMakersEditoraEducacionalMember" name="ifrs-full:LiabilitiesIncurred" unitRef="BRL" id="Tag2398" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,621</ix:nonFraction>, Meritt, in the amount R$ <ix:nonFraction contextRef="I20211231_MerittInformacaoEducacionalLtdaMember" name="ifrs-full:LiabilitiesIncurred" unitRef="BRL" id="Tag130" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,330</ix:nonFraction>&#160;(during year <span>2021</span>). See note <span>5</span>.</span></p>
</ix:nonNumeric>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br/></p>
</div><div id="Dlmr1y81o4kjhucl88f6vi" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory" id="Tag2809" escape="true">
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">3</span><span style="font-weight: bold; line-height: inherit;"><span>0</span></span><span style="font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-weight: bold; line-height: inherit;">Subsequent events</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Anglo Start Acquisition</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company, through its subsidiary Somos Sistemas de Ensino S.A (&#8220;Somos&#8221;), acquired a <ix:nonFraction contextRef="I20230303_MajorBusinessCombinationMember_EscolaStartLtdaMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" unitRef="Pure" id="Tag3139" decimals="2" scale="-2" format="ixt:num-dot-decimal">51</ix:nonFraction>% interest in the capital of &#8220;Escola Start Ltda.&#8221;, (&#8220;Start&#8221;), on March 3, 2023. </span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The purchase price of R$<ix:nonFraction contextRef="I20230303_MajorBusinessCombinationMember_EscolaStartLtdaMember_SomosSistemasDeEnsinoSaMember" name="vsta:ConsiderationToBeTransferredAcquisitionDateFairValue" unitRef="BRL" id="Tag3138" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,454</ix:nonFraction> will be paid in <span>two</span> (<ix:nonFraction contextRef="I20230303_MajorBusinessCombinationMember_EscolaStartLtdaMember_SomosSistemasDeEnsinoSaMember" name="vsta:NumberOfInstallmentsForConsiderationPayment" unitRef="Pure" id="Tag3134" decimals="0" format="ixt:num-dot-decimal">2</ix:nonFraction>) installments, a fixed installment of R$<ix:nonFraction contextRef="I20230303_MajorBusinessCombinationMember_EscolaStartLtdaMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:CashTransferred" unitRef="BRL" id="Tag3137" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,100</ix:nonFraction> in cash on the acquisition date and a variable installment of R$<ix:nonFraction contextRef="I20230303_MajorBusinessCombinationMember_EscolaStartLtdaMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:LiabilitiesIncurred" unitRef="BRL" id="Tag3135" decimals="-3" scale="3" format="ixt:num-dot-decimal">354</ix:nonFraction>, subject to price adjustment depending on the calculation of financial indicators defined as contract and corrected by <ix:nonNumeric contextRef="D20230303_MajorBusinessCombinationMember_EscolaStartLtdaMember_SomosSistemasDeEnsinoSaMember" name="ifrs-full:BorrowingsInterestRateBasis" id="Tag3381" escape="true">100% of the CDI</ix:nonNumeric>, to be paid in May 2023. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On the same date, a purchase option agreement was entered into for the acquisition of the remaining shares issued by Anglo Start held by the minority shareholder, representing <ix:nonFraction contextRef="D20230303_MajorBusinessCombinationMember_EscolaStartLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" unitRef="Pure" id="Tag3303" decimals="2" scale="-2" format="ixt:num-dot-decimal">49</ix:nonFraction>% of the share capital, as of January 2028, through which the amount of R$<ix:nonFraction contextRef="I20230303_MajorBusinessCombinationMember_EscolaStartLtdaMember" name="ifrs-full:NoncontrollingInterests" unitRef="BRL" id="Tag3136" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,700</ix:nonFraction>.</span></p>
</ix:nonNumeric>
<p style="margin: 0px; text-align: center; line-height: 1.2; text-indent: 0px;"><br/></p>
<p style="margin: 0pt 0pt 12pt; text-align: center; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* * * * * * * * * * * * * * * * * * *</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-67</span></span></td>
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</table>
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<TYPE>EX-101.PRE
<SEQUENCE>23
<FILENAME>vsta-20221231_pre.xml
<DESCRIPTION>PRESENTATION
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<XBRL>
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>24
<FILENAME>vsta-20221231_cal.xml
<DESCRIPTION>CALCULATION
<TEXT>
<XBRL>
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="vsta_IncreaseDecreaseInFinancialLiabilities" xlink:to="vsta_IncreaseDecreaseInAccountsPayableForBusinessCombination" xlink:title="Calculation : vsta_IncreaseDecreaseInFinancialLiabilities to vsta_IncreaseDecreaseInAccountsPayableForBusinessCombination" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseInAmountOfLeaseLiabilities" xlink:label="vsta_IncreaseDecreaseInAmountOfLeaseLiabilities" xlink:title="vsta_IncreaseDecreaseInAmountOfLeaseLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="vsta_IncreaseDecreaseInFinancialLiabilities" xlink:to="vsta_IncreaseDecreaseInAmountOfLeaseLiabilities" xlink:title="Calculation : vsta_IncreaseDecreaseInFinancialLiabilities to vsta_IncreaseDecreaseInAmountOfLeaseLiabilities" order="1" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseInAmountOfBorrowings" xlink:label="vsta_IncreaseDecreaseInAmountOfBorrowings" xlink:title="vsta_IncreaseDecreaseInAmountOfBorrowings" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="vsta_IncreaseDecreaseInFinancialLiabilities" xlink:to="vsta_IncreaseDecreaseInAmountOfBorrowings" xlink:title="Calculation : vsta_IncreaseDecreaseInFinancialLiabilities to vsta_IncreaseDecreaseInAmountOfBorrowings" order="2" weight="1" use="optional" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="ifrs-full_CurrentTradeReceivables" xlink:title="ifrs-full_CurrentTradeReceivables" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradeReceivableGrossCurrent" xlink:label="vsta_TradeReceivableGrossCurrent" xlink:title="vsta_TradeReceivableGrossCurrent" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradeReceivableRelatedPartiesCurrent" xlink:label="vsta_TradeReceivableRelatedPartiesCurrent" xlink:title="vsta_TradeReceivableRelatedPartiesCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentTradeReceivables" xlink:to="vsta_TradeReceivableRelatedPartiesCurrent" xlink:title="Calculation : ifrs-full_CurrentTradeReceivables to vsta_TradeReceivableRelatedPartiesCurrent" order="1" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ProvisionForImpairmentOfTradeReceivables" xlink:label="vsta_ProvisionForImpairmentOfTradeReceivables" xlink:title="vsta_ProvisionForImpairmentOfTradeReceivables" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentTradeReceivables" xlink:to="vsta_ProvisionForImpairmentOfTradeReceivables" xlink:title="Calculation : ifrs-full_CurrentTradeReceivables to vsta_ProvisionForImpairmentOfTradeReceivables" order="2" weight="-1" use="optional" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LifetimeExpectedCreditLosses" xlink:label="vsta_LifetimeExpectedCreditLosses" xlink:title="vsta_LifetimeExpectedCreditLosses" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="vsta_ProvisionForImpairmentOfTradeReceivables" xlink:to="vsta_LifetimeExpectedCreditLosses" xlink:title="Calculation : vsta_ProvisionForImpairmentOfTradeReceivables to vsta_LifetimeExpectedCreditLosses" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" xlink:label="vsta_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" xlink:title="vsta_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="vsta_ProvisionForImpairmentOfTradeReceivables" xlink:to="vsta_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" xlink:title="Calculation : vsta_ProvisionForImpairmentOfTradeReceivables to vsta_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" order="1" weight="1" use="optional" />
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  <link:calculationLink xlink:type="extended" xlink:role="http://www.vastaedu.com.br/role/InventoriesDetails">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Inventories" xlink:label="ifrs-full_Inventories" xlink:title="ifrs-full_Inventories" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinishedGoods" xlink:label="ifrs-full_FinishedGoods" xlink:title="ifrs-full_FinishedGoods" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_WorkInProgress" xlink:label="ifrs-full_WorkInProgress" xlink:title="ifrs-full_WorkInProgress" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_WorkInProgress" xlink:title="Calculation : ifrs-full_Inventories to ifrs-full_WorkInProgress" order="1" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RawMaterials" xlink:label="ifrs-full_RawMaterials" xlink:title="ifrs-full_RawMaterials" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_RawMaterials" xlink:title="Calculation : ifrs-full_Inventories to ifrs-full_RawMaterials" order="2" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ImportsInProgress" xlink:label="vsta_ImportsInProgress" xlink:title="vsta_ImportsInProgress" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Inventories" xlink:to="vsta_ImportsInProgress" xlink:title="Calculation : ifrs-full_Inventories to vsta_ImportsInProgress" order="3" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherInventories" xlink:label="ifrs-full_OtherInventories" xlink:title="ifrs-full_OtherInventories" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_OtherInventories" xlink:title="Calculation : ifrs-full_Inventories to ifrs-full_OtherInventories" order="4" weight="1" use="optional" />
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  <link:calculationLink xlink:type="extended" xlink:role="http://www.vastaedu.com.br/role/SuppliersDetails">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:title="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LocalSuppliers" xlink:label="vsta_LocalSuppliers" xlink:title="vsta_LocalSuppliers" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="vsta_LocalSuppliers" xlink:title="Calculation : ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers to vsta_LocalSuppliers" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RelatedPartiesSuppliers" xlink:label="vsta_RelatedPartiesSuppliers" xlink:title="vsta_RelatedPartiesSuppliers" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="vsta_RelatedPartiesSuppliers" xlink:title="Calculation : ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers to vsta_RelatedPartiesSuppliers" order="1" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CopyrightSuppliers" xlink:label="vsta_CopyrightSuppliers" xlink:title="vsta_CopyrightSuppliers" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="vsta_CopyrightSuppliers" xlink:title="Calculation : ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers to vsta_CopyrightSuppliers" order="2" weight="1" use="optional" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="ifrs-full_CurrentLeaseLiabilities" xlink:title="ifrs-full_CurrentLeaseLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_LeaseLiabilities" xlink:to="ifrs-full_CurrentLeaseLiabilities" xlink:title="Calculation : ifrs-full_LeaseLiabilities to ifrs-full_CurrentLeaseLiabilities" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentLeaseLiabilities" xlink:label="ifrs-full_NoncurrentLeaseLiabilities" xlink:title="ifrs-full_NoncurrentLeaseLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_LeaseLiabilities" xlink:to="ifrs-full_NoncurrentLeaseLiabilities" xlink:title="Calculation : ifrs-full_LeaseLiabilities to ifrs-full_NoncurrentLeaseLiabilities" order="1" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AggregateFixedAndVariableLeasePayments" xlink:label="vsta_AggregateFixedAndVariableLeasePayments" xlink:title="vsta_AggregateFixedAndVariableLeasePayments" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:label="ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:title="ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="vsta_AggregateFixedAndVariableLeasePayments" xlink:to="ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:title="Calculation : vsta_AggregateFixedAndVariableLeasePayments to ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:label="ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:title="ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="vsta_AggregateFixedAndVariableLeasePayments" xlink:to="ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:title="Calculation : vsta_AggregateFixedAndVariableLeasePayments to ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" order="1" weight="1" use="optional" />
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  <link:calculationLink xlink:type="extended" xlink:role="http://www.vastaedu.com.br/role/ContractualobligationsanddeferredincomeDetails">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DeferredIncomeIncludingContractLiabilities" xlink:label="ifrs-full_DeferredIncomeIncludingContractLiabilities" xlink:title="ifrs-full_DeferredIncomeIncludingContractLiabilities" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:label="ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:title="ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_DeferredIncomeIncludingContractLiabilities" xlink:to="ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:title="Calculation : ifrs-full_DeferredIncomeIncludingContractLiabilities to ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" xlink:label="ifrs-full_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" xlink:title="ifrs-full_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_DeferredIncomeIncludingContractLiabilities" xlink:to="ifrs-full_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" xlink:title="Calculation : ifrs-full_DeferredIncomeIncludingContractLiabilities to ifrs-full_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" order="1" weight="1" use="optional" />
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  <link:calculationLink xlink:type="extended" xlink:role="http://www.vastaedu.com.br/role/AccountspayableforbusinesscombinationandacquisitionofassociatesDetails">
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AccountsPayableForBusinessCombination" xlink:label="vsta_AccountsPayableForBusinessCombination" xlink:title="vsta_AccountsPayableForBusinessCombination" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentAccountsPayableForBusinessCombination" xlink:label="vsta_CurrentAccountsPayableForBusinessCombination" xlink:title="vsta_CurrentAccountsPayableForBusinessCombination" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="vsta_AccountsPayableForBusinessCombination" xlink:to="vsta_CurrentAccountsPayableForBusinessCombination" xlink:title="Calculation : vsta_AccountsPayableForBusinessCombination to vsta_CurrentAccountsPayableForBusinessCombination" order="0" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="vsta_AccountsPayableForBusinessCombination" xlink:to="vsta_NonCurrentAccountsPayableForBusinessCombination" xlink:title="Calculation : vsta_AccountsPayableForBusinessCombination to vsta_NonCurrentAccountsPayableForBusinessCombination" order="1" weight="1" use="optional" />
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  <link:calculationLink xlink:type="extended" xlink:role="http://www.vastaedu.com.br/role/SalariesandSocialContributionDetails">
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SalariesPayableCurrent" xlink:label="vsta_SalariesPayableCurrent" xlink:title="vsta_SalariesPayableCurrent" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:to="vsta_SocialContributionPayableCurrent" xlink:title="Calculation : ifrs-full_CurrentProvisionsForEmployeeBenefits to vsta_SocialContributionPayableCurrent" order="1" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:to="vsta_ProvisionForVacationPayAnd13ThSalaryCurrent" xlink:title="Calculation : ifrs-full_CurrentProvisionsForEmployeeBenefits to vsta_ProvisionForVacationPayAnd13ThSalaryCurrent" order="2" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ProvisionForProfitSharingAndBonusCurrent" xlink:label="vsta_ProvisionForProfitSharingAndBonusCurrent" xlink:title="vsta_ProvisionForProfitSharingAndBonusCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:to="vsta_ProvisionForProfitSharingAndBonusCurrent" xlink:title="Calculation : ifrs-full_CurrentProvisionsForEmployeeBenefits to vsta_ProvisionForProfitSharingAndBonusCurrent" order="3" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherSalariesAndSocialContributionsCurrent" xlink:label="vsta_OtherSalariesAndSocialContributionsCurrent" xlink:title="vsta_OtherSalariesAndSocialContributionsCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:to="vsta_OtherSalariesAndSocialContributionsCurrent" xlink:title="Calculation : ifrs-full_CurrentProvisionsForEmployeeBenefits to vsta_OtherSalariesAndSocialContributionsCurrent" order="4" weight="1" use="optional" />
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  <link:calculationLink xlink:type="extended" xlink:role="http://www.vastaedu.com.br/role/RelatedpartiesDetails5">
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfShareOfProfitLossOfEquityMethodInvestments" xlink:to="label_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments" xlink:title="Label : TaxEffectOfShareOfProfitLossOfEquityMethodInvestments to label_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments_1" xml:lang="en-US" id="label_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments_1">Tax effect of share of profit (loss) of equity method investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfShareOfProfitLossOfEquityMethodInvestments" xlink:to="label_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments_1" xlink:title="Label : TaxEffectOfShareOfProfitLossOfEquityMethodInvestments to label_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" xlink:label="InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" xlink:title="InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" xml:lang="en-US" id="label_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities">The cash outflow for payment of interest on leases, classified as operating activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" xlink:to="label_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" xlink:title="Label : InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities to label_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BorrowingsIssue1Member" xlink:label="BorrowingsIssue1Member" xlink:title="BorrowingsIssue1Member" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsIssue1Member" xml:lang="en-US" id="label_BorrowingsIssue1Member">SSED21 &#x2013; 6th. SOMOS &#x2013; 2nd. S&#xE9;rie</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue1Member" xlink:to="label_BorrowingsIssue1Member" xlink:title="Label : BorrowingsIssue1Member to label_BorrowingsIssue1Member" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfFinanceIncomeCostTable" xlink:label="DisclosureOfFinanceIncomeCostTable" xlink:title="DisclosureOfFinanceIncomeCostTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeCostTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfFinanceIncomeCostTable" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeCostTable">Schedule disclosing information related to finance income (cost).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeCostTable" xlink:to="label_DisclosureOfFinanceIncomeCostTable" xlink:title="Label : DisclosureOfFinanceIncomeCostTable to label_DisclosureOfFinanceIncomeCostTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeCostTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFinanceIncomeCostTable_1" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeCostTable_1">Disclosure of finance income (cost) [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeCostTable" xlink:to="label_DisclosureOfFinanceIncomeCostTable_1" xlink:title="Label : DisclosureOfFinanceIncomeCostTable to label_DisclosureOfFinanceIncomeCostTable_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_EscolaStartLtdaMember" xlink:label="EscolaStartLtdaMember" xlink:title="EscolaStartLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_EscolaStartLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EscolaStartLtdaMember" xml:lang="en-US" id="label_EscolaStartLtdaMember">Escola Start Ltda. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EscolaStartLtdaMember" xlink:to="label_EscolaStartLtdaMember" xlink:title="Label : EscolaStartLtdaMember to label_EscolaStartLtdaMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfFinanceIncomeCostLineItems" xlink:label="DisclosureOfFinanceIncomeCostLineItems" xlink:title="DisclosureOfFinanceIncomeCostLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeCostLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFinanceIncomeCostLineItems" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeCostLineItems">Finance result</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeCostLineItems" xlink:to="label_DisclosureOfFinanceIncomeCostLineItems" xlink:title="Label : DisclosureOfFinanceIncomeCostLineItems to label_DisclosureOfFinanceIncomeCostLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeCostLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinanceIncomeCostLineItems_1" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeCostLineItems_1">Disclosure of finance income (cost) [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeCostLineItems" xlink:to="label_DisclosureOfFinanceIncomeCostLineItems_1" xlink:title="Label : DisclosureOfFinanceIncomeCostLineItems to label_DisclosureOfFinanceIncomeCostLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeCostTable_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinanceIncomeCostTable_2" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeCostTable_2">Disclosure of finance income (cost) [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeCostTable" xlink:to="label_DisclosureOfFinanceIncomeCostTable_2" xlink:title="Label : DisclosureOfFinanceIncomeCostTable to label_DisclosureOfFinanceIncomeCostTable_2" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue1Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsIssue1Member_1" xml:lang="en-US" id="label_BorrowingsIssue1Member_1">Borrowings issue 1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue1Member" xlink:to="label_BorrowingsIssue1Member_1" xlink:title="Label : BorrowingsIssue1Member to label_BorrowingsIssue1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue1Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsIssue1Member_2" xml:lang="en-US" id="label_BorrowingsIssue1Member_2">This member stands for the information pertaining to "Borrowings issue 1".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue1Member" xlink:to="label_BorrowingsIssue1Member_2" xlink:title="Label : BorrowingsIssue1Member to label_BorrowingsIssue1Member_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:label="PercentageOfVotingEquityInterestsAcquired" xlink:title="PercentageOfVotingEquityInterestsAcquired" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingEquityInterestsAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfVotingEquityInterestsAcquired" xml:lang="en-US" id="label_PercentageOfVotingEquityInterestsAcquired">Percentage of voting equity interests acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingEquityInterestsAcquired" xlink:to="label_PercentageOfVotingEquityInterestsAcquired" xlink:title="Label : PercentageOfVotingEquityInterestsAcquired to label_PercentageOfVotingEquityInterestsAcquired" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CoverAbstract" xlink:label="CoverAbstract" xlink:title="CoverAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CoverAbstract" xml:lang="en-US" id="label_CoverAbstract">Cover page.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CoverAbstract" xlink:to="label_CoverAbstract" xlink:title="Label : CoverAbstract to label_CoverAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentInformationTable" xlink:label="DocumentInformationTable" xlink:title="DocumentInformationTable" />
    <link:label xlink:type="resource" xlink:label="label_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentInformationTable" xml:lang="en-US" id="label_DocumentInformationTable">Document Information [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentInformationTable" xlink:to="label_DocumentInformationTable" xlink:title="Label : DocumentInformationTable to label_DocumentInformationTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfShareCapitalAxis" xlink:label="ClassesOfShareCapitalAxis" xlink:title="ClassesOfShareCapitalAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfShareCapitalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfShareCapitalAxis" xml:lang="en-US" id="label_ClassesOfShareCapitalAxis">Classes of share capital [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfShareCapitalAxis" xlink:to="label_ClassesOfShareCapitalAxis" xlink:title="Label : ClassesOfShareCapitalAxis to label_ClassesOfShareCapitalAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfShareCapitalMember" xlink:label="ClassesOfShareCapitalMember" xlink:title="ClassesOfShareCapitalMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfShareCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfShareCapitalMember" xml:lang="en-US" id="label_ClassesOfShareCapitalMember">Share capital [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfShareCapitalMember" xlink:to="label_ClassesOfShareCapitalMember" xlink:title="Label : ClassesOfShareCapitalMember to label_ClassesOfShareCapitalMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ClassACommonSharesMember" xlink:label="ClassACommonSharesMember" xlink:title="ClassACommonSharesMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassACommonSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ClassACommonSharesMember" xml:lang="en-US" id="label_ClassACommonSharesMember">This member stands for equity instruments that are class A common shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassACommonSharesMember" xlink:to="label_ClassACommonSharesMember" xlink:title="Label : ClassACommonSharesMember to label_ClassACommonSharesMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassACommonSharesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassACommonSharesMember_1" xml:lang="en-US" id="label_ClassACommonSharesMember_1">Class A common shares [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassACommonSharesMember" xlink:to="label_ClassACommonSharesMember_1" xlink:title="Label : ClassACommonSharesMember to label_ClassACommonSharesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ClassACommonSharesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClassACommonSharesMember_2" xml:lang="en-US" id="label_ClassACommonSharesMember_2">Class&#xA0;A common shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassACommonSharesMember" xlink:to="label_ClassACommonSharesMember_2" xlink:title="Label : ClassACommonSharesMember to label_ClassACommonSharesMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ClassBSeries1CommonSharesMember" xlink:label="ClassBSeries1CommonSharesMember" xlink:title="ClassBSeries1CommonSharesMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassBSeries1CommonSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ClassBSeries1CommonSharesMember" xml:lang="en-US" id="label_ClassBSeries1CommonSharesMember">This member stands for equity instruments that are class B common shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassBSeries1CommonSharesMember" xlink:to="label_ClassBSeries1CommonSharesMember" xlink:title="Label : ClassBSeries1CommonSharesMember to label_ClassBSeries1CommonSharesMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassBSeries1CommonSharesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassBSeries1CommonSharesMember_1" xml:lang="en-US" id="label_ClassBSeries1CommonSharesMember_1">Class B common shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassBSeries1CommonSharesMember" xlink:to="label_ClassBSeries1CommonSharesMember_1" xlink:title="Label : ClassBSeries1CommonSharesMember to label_ClassBSeries1CommonSharesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ClassBSeries1CommonSharesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClassBSeries1CommonSharesMember_2" xml:lang="en-US" id="label_ClassBSeries1CommonSharesMember_2">Class B common shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassBSeries1CommonSharesMember" xlink:to="label_ClassBSeries1CommonSharesMember_2" xlink:title="Label : ClassBSeries1CommonSharesMember to label_ClassBSeries1CommonSharesMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressesAddressTypeAxis" xlink:label="EntityAddressesAddressTypeAxis" xlink:title="EntityAddressesAddressTypeAxis" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressesAddressTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressesAddressTypeAxis" xml:lang="en-US" id="label_EntityAddressesAddressTypeAxis">Entity Addresses, Address Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressesAddressTypeAxis" xlink:to="label_EntityAddressesAddressTypeAxis" xlink:title="Label : EntityAddressesAddressTypeAxis to label_EntityAddressesAddressTypeAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AddressTypeDomain" xlink:label="AddressTypeDomain" xlink:title="AddressTypeDomain" />
    <link:label xlink:type="resource" xlink:label="label_AddressTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AddressTypeDomain" xml:lang="en-US" id="label_AddressTypeDomain">Address Type [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AddressTypeDomain" xlink:to="label_AddressTypeDomain" xlink:title="Label : AddressTypeDomain to label_AddressTypeDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_BusinessContactMember" xlink:label="BusinessContactMember" xlink:title="BusinessContactMember" />
    <link:label xlink:type="resource" xlink:label="label_BusinessContactMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessContactMember" xml:lang="en-US" id="label_BusinessContactMember">Business Contact [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessContactMember" xlink:to="label_BusinessContactMember" xlink:title="Label : BusinessContactMember to label_BusinessContactMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentInformationLineItems" xlink:label="DocumentInformationLineItems" xlink:title="DocumentInformationLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentInformationLineItems" xml:lang="en-US" id="label_DocumentInformationLineItems">Document Information [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentInformationLineItems" xlink:to="label_DocumentInformationLineItems" xlink:title="Label : DocumentInformationLineItems to label_DocumentInformationLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:label xlink:type="resource" xlink:label="label_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentType" xml:lang="en-US" id="label_DocumentType">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="label_DocumentType" xlink:title="Label : DocumentType to label_DocumentType" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="label_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmendmentFlag" xml:lang="en-US" id="label_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="label_AmendmentFlag" xlink:title="Label : AmendmentFlag to label_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentDescription" xlink:label="AmendmentDescription" xlink:title="AmendmentDescription" />
    <link:label xlink:type="resource" xlink:label="label_AmendmentDescription" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmendmentDescription" xml:lang="en-US" id="label_AmendmentDescription">Amendment Description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentDescription" xlink:to="label_AmendmentDescription" xlink:title="Label : AmendmentDescription to label_AmendmentDescription" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="label_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentPeriodEndDate" xml:lang="en-US" id="label_DocumentPeriodEndDate">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="label_DocumentPeriodEndDate" xlink:title="Label : DocumentPeriodEndDate to label_DocumentPeriodEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="label_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentFiscalYearFocus" xml:lang="en-US" id="label_DocumentFiscalYearFocus">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="label_DocumentFiscalYearFocus" xlink:title="Label : DocumentFiscalYearFocus to label_DocumentFiscalYearFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="label_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentFiscalPeriodFocus" xml:lang="en-US" id="label_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="label_DocumentFiscalPeriodFocus" xlink:title="Label : DocumentFiscalPeriodFocus to label_DocumentFiscalPeriodFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentRegistrationStatement" xlink:label="DocumentRegistrationStatement" xlink:title="DocumentRegistrationStatement" />
    <link:label xlink:type="resource" xlink:label="label_DocumentRegistrationStatement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentRegistrationStatement" xml:lang="en-US" id="label_DocumentRegistrationStatement">Document Registration Statement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentRegistrationStatement" xlink:to="label_DocumentRegistrationStatement" xlink:title="Label : DocumentRegistrationStatement to label_DocumentRegistrationStatement" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentAnnualReport" xlink:label="DocumentAnnualReport" xlink:title="DocumentAnnualReport" />
    <link:label xlink:type="resource" xlink:label="label_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentAnnualReport" xml:lang="en-US" id="label_DocumentAnnualReport">Document Annual Report</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentAnnualReport" xlink:to="label_DocumentAnnualReport" xlink:title="Label : DocumentAnnualReport to label_DocumentAnnualReport" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentTransitionReport" xlink:label="DocumentTransitionReport" xlink:title="DocumentTransitionReport" />
    <link:label xlink:type="resource" xlink:label="label_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentTransitionReport" xml:lang="en-US" id="label_DocumentTransitionReport">Document Transition Report</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentTransitionReport" xlink:to="label_DocumentTransitionReport" xlink:title="Label : DocumentTransitionReport to label_DocumentTransitionReport" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentShellCompanyReport" xlink:label="DocumentShellCompanyReport" xlink:title="DocumentShellCompanyReport" />
    <link:label xlink:type="resource" xlink:label="label_DocumentShellCompanyReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentShellCompanyReport" xml:lang="en-US" id="label_DocumentShellCompanyReport">Document Shell Company Report</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentShellCompanyReport" xlink:to="label_DocumentShellCompanyReport" xlink:title="Label : DocumentShellCompanyReport to label_DocumentShellCompanyReport" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="label_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityRegistrantName" xml:lang="en-US" id="label_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="label_EntityRegistrantName" xlink:title="Label : EntityRegistrantName to label_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="label_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCentralIndexKey" xml:lang="en-US" id="label_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="label_EntityCentralIndexKey" xlink:title="Label : EntityCentralIndexKey to label_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CurrentFiscalYearEndDate" xlink:label="CurrentFiscalYearEndDate" xlink:title="CurrentFiscalYearEndDate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentFiscalYearEndDate" xml:lang="en-US" id="label_CurrentFiscalYearEndDate">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFiscalYearEndDate" xlink:to="label_CurrentFiscalYearEndDate" xlink:title="Label : CurrentFiscalYearEndDate to label_CurrentFiscalYearEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="label_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityFileNumber" xml:lang="en-US" id="label_EntityFileNumber">Entity File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="label_EntityFileNumber" xlink:title="Label : EntityFileNumber to label_EntityFileNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="label_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityIncorporationStateCountryCode" xml:lang="en-US" id="label_EntityIncorporationStateCountryCode">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="label_EntityIncorporationStateCountryCode" xlink:title="Label : EntityIncorporationStateCountryCode to label_EntityIncorporationStateCountryCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_ContactPersonnelName" xlink:label="ContactPersonnelName" xlink:title="ContactPersonnelName" />
    <link:label xlink:type="resource" xlink:label="label_ContactPersonnelName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContactPersonnelName" xml:lang="en-US" id="label_ContactPersonnelName">Contact Personnel Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContactPersonnelName" xlink:to="label_ContactPersonnelName" xlink:title="Label : ContactPersonnelName to label_ContactPersonnelName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressAddressLine1" xml:lang="en-US" id="label_EntityAddressAddressLine1">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="label_EntityAddressAddressLine1" xlink:title="Label : EntityAddressAddressLine1 to label_EntityAddressAddressLine1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressAddressLine2" xml:lang="en-US" id="label_EntityAddressAddressLine2">Entity Address, Address Line Two</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine2" xlink:to="label_EntityAddressAddressLine2" xlink:title="Label : EntityAddressAddressLine2 to label_EntityAddressAddressLine2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressCityOrTown" xml:lang="en-US" id="label_EntityAddressCityOrTown">Entity Address, City or Town</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCityOrTown" xlink:to="label_EntityAddressCityOrTown" xlink:title="Label : EntityAddressCityOrTown to label_EntityAddressCityOrTown" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressPostalZipCode" xml:lang="en-US" id="label_EntityAddressPostalZipCode">Entity Address, Postal Zip Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressPostalZipCode" xlink:to="label_EntityAddressPostalZipCode" xlink:title="Label : EntityAddressPostalZipCode to label_EntityAddressPostalZipCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressCountry" xml:lang="en-US" id="label_EntityAddressCountry">Entity Address, Country</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCountry" xlink:to="label_EntityAddressCountry" xlink:title="Label : EntityAddressCountry to label_EntityAddressCountry" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="label_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CityAreaCode" xml:lang="en-US" id="label_CityAreaCode">City Area Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CityAreaCode" xlink:to="label_CityAreaCode" xlink:title="Label : CityAreaCode to label_CityAreaCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="label_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LocalPhoneNumber" xml:lang="en-US" id="label_LocalPhoneNumber">Local Phone Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalPhoneNumber" xlink:to="label_LocalPhoneNumber" xlink:title="Label : LocalPhoneNumber to label_LocalPhoneNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
    <link:label xlink:type="resource" xlink:label="label_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Security12bTitle" xml:lang="en-US" id="label_Security12bTitle">Title of 12(b) Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12bTitle" xlink:to="label_Security12bTitle" xlink:title="Label : Security12bTitle to label_Security12bTitle" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="label_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradingSymbol" xml:lang="en-US" id="label_TradingSymbol">Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="label_TradingSymbol" xlink:title="Label : TradingSymbol to label_TradingSymbol" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
    <link:label xlink:type="resource" xlink:label="label_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SecurityExchangeName" xml:lang="en-US" id="label_SecurityExchangeName">Security Exchange Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecurityExchangeName" xlink:to="label_SecurityExchangeName" xlink:title="Label : SecurityExchangeName to label_SecurityExchangeName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="EntityCommonStockSharesOutstanding" xlink:title="EntityCommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCommonStockSharesOutstanding" xml:lang="en-US" id="label_EntityCommonStockSharesOutstanding">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonStockSharesOutstanding" xlink:to="label_EntityCommonStockSharesOutstanding" xlink:title="Label : EntityCommonStockSharesOutstanding to label_EntityCommonStockSharesOutstanding" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="EntityWellKnownSeasonedIssuer" xlink:title="EntityWellKnownSeasonedIssuer" />
    <link:label xlink:type="resource" xlink:label="label_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityWellKnownSeasonedIssuer" xml:lang="en-US" id="label_EntityWellKnownSeasonedIssuer">Entity Well-known Seasoned Issuer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityWellKnownSeasonedIssuer" xlink:to="label_EntityWellKnownSeasonedIssuer" xlink:title="Label : EntityWellKnownSeasonedIssuer to label_EntityWellKnownSeasonedIssuer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityVoluntaryFilers" xlink:label="EntityVoluntaryFilers" xlink:title="EntityVoluntaryFilers" />
    <link:label xlink:type="resource" xlink:label="label_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityVoluntaryFilers" xml:lang="en-US" id="label_EntityVoluntaryFilers">Entity Voluntary Filers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityVoluntaryFilers" xlink:to="label_EntityVoluntaryFilers" xlink:title="Label : EntityVoluntaryFilers to label_EntityVoluntaryFilers" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCurrentReportingStatus" xlink:label="EntityCurrentReportingStatus" xlink:title="EntityCurrentReportingStatus" />
    <link:label xlink:type="resource" xlink:label="label_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCurrentReportingStatus" xml:lang="en-US" id="label_EntityCurrentReportingStatus">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCurrentReportingStatus" xlink:to="label_EntityCurrentReportingStatus" xlink:title="Label : EntityCurrentReportingStatus to label_EntityCurrentReportingStatus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityInteractiveDataCurrent" xlink:label="EntityInteractiveDataCurrent" xlink:title="EntityInteractiveDataCurrent" />
    <link:label xlink:type="resource" xlink:label="label_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityInteractiveDataCurrent" xml:lang="en-US" id="label_EntityInteractiveDataCurrent">Entity Interactive Data Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityInteractiveDataCurrent" xlink:to="label_EntityInteractiveDataCurrent" xlink:title="Label : EntityInteractiveDataCurrent to label_EntityInteractiveDataCurrent" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFilerCategory" xlink:label="EntityFilerCategory" xlink:title="EntityFilerCategory" />
    <link:label xlink:type="resource" xlink:label="label_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityFilerCategory" xml:lang="en-US" id="label_EntityFilerCategory">Entity Filer Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFilerCategory" xlink:to="label_EntityFilerCategory" xlink:title="Label : EntityFilerCategory to label_EntityFilerCategory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityEmergingGrowthCompany" xml:lang="en-US" id="label_EntityEmergingGrowthCompany">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="label_EntityEmergingGrowthCompany" xlink:title="Label : EntityEmergingGrowthCompany to label_EntityEmergingGrowthCompany" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityExTransitionPeriod" xlink:label="EntityExTransitionPeriod" xlink:title="EntityExTransitionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EntityExTransitionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityExTransitionPeriod" xml:lang="en-US" id="label_EntityExTransitionPeriod">Entity Ex Transition Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityExTransitionPeriod" xlink:to="label_EntityExTransitionPeriod" xlink:title="Label : EntityExTransitionPeriod to label_EntityExTransitionPeriod" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_IcfrAuditorAttestationFlag" xlink:label="IcfrAuditorAttestationFlag" xlink:title="IcfrAuditorAttestationFlag" />
    <link:label xlink:type="resource" xlink:label="label_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IcfrAuditorAttestationFlag" xml:lang="en-US" id="label_IcfrAuditorAttestationFlag">ICFR Auditor Attestation Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IcfrAuditorAttestationFlag" xlink:to="label_IcfrAuditorAttestationFlag" xlink:title="Label : IcfrAuditorAttestationFlag to label_IcfrAuditorAttestationFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentAccountingStandard" xlink:label="DocumentAccountingStandard" xlink:title="DocumentAccountingStandard" />
    <link:label xlink:type="resource" xlink:label="label_DocumentAccountingStandard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentAccountingStandard" xml:lang="en-US" id="label_DocumentAccountingStandard">Document Accounting Standard</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentAccountingStandard" xlink:to="label_DocumentAccountingStandard" xlink:title="Label : DocumentAccountingStandard to label_DocumentAccountingStandard" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityShellCompany" xlink:label="EntityShellCompany" xlink:title="EntityShellCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityShellCompany" xml:lang="en-US" id="label_EntityShellCompany">Entity Shell Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityShellCompany" xlink:to="label_EntityShellCompany" xlink:title="Label : EntityShellCompany to label_EntityShellCompany" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditorName" xlink:label="AuditorName" xlink:title="AuditorName" />
    <link:label xlink:type="resource" xlink:label="label_AuditorName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorName" xml:lang="en-US" id="label_AuditorName">Auditor Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorName" xlink:to="label_AuditorName" xlink:title="Label : AuditorName to label_AuditorName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditorFirmId" xlink:label="AuditorFirmId" xlink:title="AuditorFirmId" />
    <link:label xlink:type="resource" xlink:label="label_AuditorFirmId" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorFirmId" xml:lang="en-US" id="label_AuditorFirmId">Auditor Firm ID</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorFirmId" xlink:to="label_AuditorFirmId" xlink:title="Label : AuditorFirmId to label_AuditorFirmId" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditorLocation" xlink:label="AuditorLocation" xlink:title="AuditorLocation" />
    <link:label xlink:type="resource" xlink:label="label_AuditorLocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorLocation" xml:lang="en-US" id="label_AuditorLocation">Auditor Location</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorLocation" xlink:to="label_AuditorLocation" xlink:title="Label : AuditorLocation to label_AuditorLocation" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfFinancialPositionAbstract" xml:lang="en-US" id="label_StatementOfFinancialPositionAbstract">Consolidated Statement of Financial Position</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="label_StatementOfFinancialPositionAbstract" xlink:title="Label : StatementOfFinancialPositionAbstract to label_StatementOfFinancialPositionAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsAbstract" xml:lang="en-US" id="label_AssetsAbstract">Assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="label_AssetsAbstract" xlink:title="Label : AssetsAbstract to label_AssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssetsAbstract_1" xml:lang="en-US" id="label_AssetsAbstract_1">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="label_AssetsAbstract_1" xlink:title="Label : AssetsAbstract to label_AssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="CurrentAssetsAbstract" xlink:title="CurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAssetsAbstract" xml:lang="en-US" id="label_CurrentAssetsAbstract">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsAbstract" xlink:to="label_CurrentAssetsAbstract" xlink:title="Label : CurrentAssetsAbstract to label_CurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAssetsAbstract_1" xml:lang="en-US" id="label_CurrentAssetsAbstract_1">Current assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsAbstract" xlink:to="label_CurrentAssetsAbstract_1" xlink:title="Label : CurrentAssetsAbstract to label_CurrentAssetsAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssetsAbstract_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentAssetsAbstract_2" xml:lang="en-US" id="label_CurrentAssetsAbstract_2">Current Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsAbstract" xlink:to="label_CurrentAssetsAbstract_2" xlink:title="Label : CurrentAssetsAbstract to label_CurrentAssetsAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="CashAndCashEquivalents" xlink:title="CashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_CashAndCashEquivalents" xml:lang="en-US" id="label_CashAndCashEquivalents">Cash and cash equivalents at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_CashAndCashEquivalents_1" xml:lang="en-US" id="label_CashAndCashEquivalents_1">Cash and cash equivalents at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_1" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalents_2" xml:lang="en-US" id="label_CashAndCashEquivalents_2">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_2" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_2" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalents_3" xml:lang="en-US" id="label_CashAndCashEquivalents_3">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_3" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_3" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashAndCashEquivalents_4" xml:lang="en-US" id="label_CashAndCashEquivalents_4">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_4" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_4" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentMarketableSecurities" xlink:label="CurrentMarketableSecurities" xlink:title="CurrentMarketableSecurities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentMarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentMarketableSecurities" xml:lang="en-US" id="label_CurrentMarketableSecurities">The amount of current marketable securities that are not classified as cash and cash equivalents.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentMarketableSecurities" xlink:to="label_CurrentMarketableSecurities" xlink:title="Label : CurrentMarketableSecurities to label_CurrentMarketableSecurities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentMarketableSecurities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentMarketableSecurities_1" xml:lang="en-US" id="label_CurrentMarketableSecurities_1">Marketable securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentMarketableSecurities" xlink:to="label_CurrentMarketableSecurities_1" xlink:title="Label : CurrentMarketableSecurities to label_CurrentMarketableSecurities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentMarketableSecurities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentMarketableSecurities_2" xml:lang="en-US" id="label_CurrentMarketableSecurities_2">Current marketable securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentMarketableSecurities" xlink:to="label_CurrentMarketableSecurities_2" xlink:title="Label : CurrentMarketableSecurities to label_CurrentMarketableSecurities_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentMarketableSecurities_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentMarketableSecurities_3" xml:lang="en-US" id="label_CurrentMarketableSecurities_3">Marketable securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentMarketableSecurities" xlink:to="label_CurrentMarketableSecurities_3" xlink:title="Label : CurrentMarketableSecurities to label_CurrentMarketableSecurities_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="CurrentTradeReceivables" xlink:title="CurrentTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTradeReceivables" xml:lang="en-US" id="label_CurrentTradeReceivables">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivables_1" xml:lang="en-US" id="label_CurrentTradeReceivables_1">Current trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables_1" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentTradeReceivables_2" xml:lang="en-US" id="label_CurrentTradeReceivables_2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables_2" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentTradeReceivables_3" xml:lang="en-US" id="label_CurrentTradeReceivables_3">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables_3" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Inventories" xlink:label="Inventories" xlink:title="Inventories" />
    <link:label xlink:type="resource" xlink:label="label_Inventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Inventories" xml:lang="en-US" id="label_Inventories">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventories" xlink:to="label_Inventories" xlink:title="Label : Inventories to label_Inventories" />
    <link:label xlink:type="resource" xlink:label="label_Inventories_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Inventories_1" xml:lang="en-US" id="label_Inventories_1">Current inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventories" xlink:to="label_Inventories_1" xlink:title="Label : Inventories to label_Inventories_1" />
    <link:label xlink:type="resource" xlink:label="label_Inventories_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Inventories_2" xml:lang="en-US" id="label_Inventories_2">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventories" xlink:to="label_Inventories_2" xlink:title="Label : Inventories to label_Inventories_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:label="CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:title="CurrentReceivablesFromTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesFromTaxesOtherThanIncomeTax" xml:lang="en-US" id="label_CurrentReceivablesFromTaxesOtherThanIncomeTax">Current receivables from taxes other than income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:title="Label : CurrentReceivablesFromTaxesOtherThanIncomeTax to label_CurrentReceivablesFromTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1" xml:lang="en-US" id="label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1">Taxes recoverable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1" xlink:title="Label : CurrentReceivablesFromTaxesOtherThanIncomeTax to label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentTaxAssetsCurrent" xlink:label="CurrentTaxAssetsCurrent" xlink:title="CurrentTaxAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxAssetsCurrent" xml:lang="en-US" id="label_CurrentTaxAssetsCurrent">Current tax assets, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssetsCurrent" xlink:to="label_CurrentTaxAssetsCurrent" xlink:title="Label : CurrentTaxAssetsCurrent to label_CurrentTaxAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssetsCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTaxAssetsCurrent_1" xml:lang="en-US" id="label_CurrentTaxAssetsCurrent_1">Income tax and social contribution recoverable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssetsCurrent" xlink:to="label_CurrentTaxAssetsCurrent_1" xlink:title="Label : CurrentTaxAssetsCurrent to label_CurrentTaxAssetsCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentPrepayments" xlink:label="CurrentPrepayments" xlink:title="CurrentPrepayments" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPrepayments" xml:lang="en-US" id="label_CurrentPrepayments">Current prepayments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepayments" xlink:to="label_CurrentPrepayments" xlink:title="Label : CurrentPrepayments to label_CurrentPrepayments" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepayments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentPrepayments_1" xml:lang="en-US" id="label_CurrentPrepayments_1">Prepayments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepayments" xlink:to="label_CurrentPrepayments_1" xlink:title="Label : CurrentPrepayments to label_CurrentPrepayments_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherCurrentReceivables" xlink:label="OtherCurrentReceivables" xlink:title="OtherCurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentReceivables" xml:lang="en-US" id="label_OtherCurrentReceivables">Other current receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentReceivables" xlink:to="label_OtherCurrentReceivables" xlink:title="Label : OtherCurrentReceivables to label_OtherCurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentReceivables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherCurrentReceivables_1" xml:lang="en-US" id="label_OtherCurrentReceivables_1">Other receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentReceivables" xlink:to="label_OtherCurrentReceivables_1" xlink:title="Label : OtherCurrentReceivables to label_OtherCurrentReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:label="TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:title="TradeAndOtherCurrentReceivablesDueFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xml:lang="en-US" id="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties">Related parties &#x2013; other receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:to="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:title="Label : TradeAndOtherCurrentReceivablesDueFromRelatedParties to label_TradeAndOtherCurrentReceivablesDueFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties_1" xml:lang="en-US" id="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties_1">Current receivables due from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:to="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties_1" xlink:title="Label : TradeAndOtherCurrentReceivablesDueFromRelatedParties to label_TradeAndOtherCurrentReceivablesDueFromRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties_2" xml:lang="en-US" id="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties_2">Related parties &#x2013; other receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:to="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties_2" xlink:title="Label : TradeAndOtherCurrentReceivablesDueFromRelatedParties to label_TradeAndOtherCurrentReceivablesDueFromRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentAssets" xlink:label="CurrentAssets" xlink:title="CurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAssets" xml:lang="en-US" id="label_CurrentAssets">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets" xlink:title="Label : CurrentAssets to label_CurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssets_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentAssets_1" xml:lang="en-US" id="label_CurrentAssets_1">Total current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets_1" xlink:title="Label : CurrentAssets to label_CurrentAssets_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="NoncurrentAssetsAbstract" xlink:title="NoncurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssetsAbstract" xml:lang="en-US" id="label_NoncurrentAssetsAbstract">Non-current assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsAbstract" xlink:to="label_NoncurrentAssetsAbstract" xlink:title="Label : NoncurrentAssetsAbstract to label_NoncurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentAssetsAbstract_1" xml:lang="en-US" id="label_NoncurrentAssetsAbstract_1">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsAbstract" xlink:to="label_NoncurrentAssetsAbstract_1" xlink:title="Label : NoncurrentAssetsAbstract to label_NoncurrentAssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NonCurrentJudicialDepositsAndEscrowAccounts" xlink:label="NonCurrentJudicialDepositsAndEscrowAccounts" xlink:title="NonCurrentJudicialDepositsAndEscrowAccounts" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentJudicialDepositsAndEscrowAccounts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentJudicialDepositsAndEscrowAccounts" xml:lang="en-US" id="label_NonCurrentJudicialDepositsAndEscrowAccounts">The amount of non-current judicial deposits and escrow accounts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentJudicialDepositsAndEscrowAccounts" xlink:to="label_NonCurrentJudicialDepositsAndEscrowAccounts" xlink:title="Label : NonCurrentJudicialDepositsAndEscrowAccounts to label_NonCurrentJudicialDepositsAndEscrowAccounts" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentJudicialDepositsAndEscrowAccounts_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentJudicialDepositsAndEscrowAccounts_1" xml:lang="en-US" id="label_NonCurrentJudicialDepositsAndEscrowAccounts_1">Judicial deposits and escrow accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentJudicialDepositsAndEscrowAccounts" xlink:to="label_NonCurrentJudicialDepositsAndEscrowAccounts_1" xlink:title="Label : NonCurrentJudicialDepositsAndEscrowAccounts to label_NonCurrentJudicialDepositsAndEscrowAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentJudicialDepositsAndEscrowAccounts_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentJudicialDepositsAndEscrowAccounts_2" xml:lang="en-US" id="label_NonCurrentJudicialDepositsAndEscrowAccounts_2">Non-current judicial deposits and escrow accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentJudicialDepositsAndEscrowAccounts" xlink:to="label_NonCurrentJudicialDepositsAndEscrowAccounts_2" xlink:title="Label : NonCurrentJudicialDepositsAndEscrowAccounts to label_NonCurrentJudicialDepositsAndEscrowAccounts_2" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentJudicialDepositsAndEscrowAccounts_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NonCurrentJudicialDepositsAndEscrowAccounts_3" xml:lang="en-US" id="label_NonCurrentJudicialDepositsAndEscrowAccounts_3">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentJudicialDepositsAndEscrowAccounts" xlink:to="label_NonCurrentJudicialDepositsAndEscrowAccounts_3" xlink:title="Label : NonCurrentJudicialDepositsAndEscrowAccounts to label_NonCurrentJudicialDepositsAndEscrowAccounts_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NetDeferredTaxAssets" xlink:label="NetDeferredTaxAssets" xlink:title="NetDeferredTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_NetDeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetDeferredTaxAssets" xml:lang="en-US" id="label_NetDeferredTaxAssets">Deferred income tax and social contribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDeferredTaxAssets" xlink:to="label_NetDeferredTaxAssets" xlink:title="Label : NetDeferredTaxAssets to label_NetDeferredTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_NetDeferredTaxAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetDeferredTaxAssets_1" xml:lang="en-US" id="label_NetDeferredTaxAssets_1">Net deferred tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDeferredTaxAssets" xlink:to="label_NetDeferredTaxAssets_1" xlink:title="Label : NetDeferredTaxAssets to label_NetDeferredTaxAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_NetDeferredTaxAssets_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NetDeferredTaxAssets_2" xml:lang="en-US" id="label_NetDeferredTaxAssets_2">Deferred Income Tax and Social Contribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDeferredTaxAssets" xlink:to="label_NetDeferredTaxAssets_2" xlink:title="Label : NetDeferredTaxAssets to label_NetDeferredTaxAssets_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="PropertyPlantAndEquipment" xlink:title="PropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PropertyPlantAndEquipment" xml:lang="en-US" id="label_PropertyPlantAndEquipment">Property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipment_1" xml:lang="en-US" id="label_PropertyPlantAndEquipment_1">Property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment_1" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertyPlantAndEquipment_2" xml:lang="en-US" id="label_PropertyPlantAndEquipment_2">Property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment_2" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment_2" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment_3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_PropertyPlantAndEquipment_3" xml:lang="en-US" id="label_PropertyPlantAndEquipment_3">Beginning balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment_3" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment_3" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment_4" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_PropertyPlantAndEquipment_4" xml:lang="en-US" id="label_PropertyPlantAndEquipment_4">Ending balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment_4" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment_4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="IntangibleAssetsAndGoodwill" xlink:title="IntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_IntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill">Balance at end of the period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_IntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_1">Balance at beginning of the period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill_1" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsAndGoodwill_2" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_2">Intangible assets and goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill_2" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill_2" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsAndGoodwill_3" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_3">Intangible assets and goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill_3" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentAssets" xlink:label="NoncurrentAssets" xlink:title="NoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentAssets" xml:lang="en-US" id="label_NoncurrentAssets">Total non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssets_1" xml:lang="en-US" id="label_NoncurrentAssets_1">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets_1" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentAssets_2" xml:lang="en-US" id="label_NoncurrentAssets_2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets_2" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Assets" xlink:label="Assets" xlink:title="Assets" />
    <link:label xlink:type="resource" xlink:label="label_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Assets" xml:lang="en-US" id="label_Assets">Total Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets" xlink:title="Label : Assets to label_Assets" />
    <link:label xlink:type="resource" xlink:label="label_Assets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Assets_1" xml:lang="en-US" id="label_Assets_1">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets_1" xlink:title="Label : Assets to label_Assets_1" />
    <link:label xlink:type="resource" xlink:label="label_Assets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Assets_2" xml:lang="en-US" id="label_Assets_2">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets_2" xlink:title="Label : Assets to label_Assets_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LiabilitiesAbstract" xlink:label="LiabilitiesAbstract" xlink:title="LiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesAbstract" xml:lang="en-US" id="label_LiabilitiesAbstract">Liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:to="label_LiabilitiesAbstract" xlink:title="Label : LiabilitiesAbstract to label_LiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilitiesAbstract_1" xml:lang="en-US" id="label_LiabilitiesAbstract_1">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:to="label_LiabilitiesAbstract_1" xlink:title="Label : LiabilitiesAbstract to label_LiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="CurrentLiabilitiesAbstract" xlink:title="CurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilitiesAbstract" xml:lang="en-US" id="label_CurrentLiabilitiesAbstract">Current liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesAbstract" xlink:to="label_CurrentLiabilitiesAbstract" xlink:title="Label : CurrentLiabilitiesAbstract to label_CurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentLiabilitiesAbstract_1" xml:lang="en-US" id="label_CurrentLiabilitiesAbstract_1">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesAbstract" xlink:to="label_CurrentLiabilitiesAbstract_1" xlink:title="Label : CurrentLiabilitiesAbstract to label_CurrentLiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">Bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1">Bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2">Current borrowings and current portion of non-current borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3">Bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4">Current bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="CurrentLeaseLiabilities" xlink:title="CurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentLeaseLiabilities" xml:lang="en-US" id="label_CurrentLeaseLiabilities">Lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities" xlink:title="Label : CurrentLeaseLiabilities to label_CurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLeaseLiabilities_1" xml:lang="en-US" id="label_CurrentLeaseLiabilities_1">Current lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities_1" xlink:title="Label : CurrentLeaseLiabilities to label_CurrentLeaseLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentLeaseLiabilities_2" xml:lang="en-US" id="label_CurrentLeaseLiabilities_2">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities_2" xlink:title="Label : CurrentLeaseLiabilities to label_CurrentLeaseLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:label="TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:title="TradeAndOtherCurrentPayablesToTradeSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeAndOtherCurrentPayablesToTradeSuppliers" xml:lang="en-US" id="label_TradeAndOtherCurrentPayablesToTradeSuppliers">Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="label_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:title="Label : TradeAndOtherCurrentPayablesToTradeSuppliers to label_TradeAndOtherCurrentPayablesToTradeSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayablesToTradeSuppliers_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherCurrentPayablesToTradeSuppliers_1" xml:lang="en-US" id="label_TradeAndOtherCurrentPayablesToTradeSuppliers_1">Current trade payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="label_TradeAndOtherCurrentPayablesToTradeSuppliers_1" xlink:title="Label : TradeAndOtherCurrentPayablesToTradeSuppliers to label_TradeAndOtherCurrentPayablesToTradeSuppliers_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayablesToTradeSuppliers_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_TradeAndOtherCurrentPayablesToTradeSuppliers_2" xml:lang="en-US" id="label_TradeAndOtherCurrentPayablesToTradeSuppliers_2">Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="label_TradeAndOtherCurrentPayablesToTradeSuppliers_2" xlink:title="Label : TradeAndOtherCurrentPayablesToTradeSuppliers to label_TradeAndOtherCurrentPayablesToTradeSuppliers_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:label="CurrentTaxLiabilitiesCurrent" xlink:title="CurrentTaxLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxLiabilitiesCurrent" xml:lang="en-US" id="label_CurrentTaxLiabilitiesCurrent">Current tax liabilities, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxLiabilitiesCurrent" xlink:to="label_CurrentTaxLiabilitiesCurrent" xlink:title="Label : CurrentTaxLiabilitiesCurrent to label_CurrentTaxLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxLiabilitiesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTaxLiabilitiesCurrent_1" xml:lang="en-US" id="label_CurrentTaxLiabilitiesCurrent_1">Income tax and social contribution payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxLiabilitiesCurrent" xlink:to="label_CurrentTaxLiabilitiesCurrent_1" xlink:title="Label : CurrentTaxLiabilitiesCurrent to label_CurrentTaxLiabilitiesCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:label="CurrentProvisionsForEmployeeBenefits" xlink:title="CurrentProvisionsForEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionsForEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentProvisionsForEmployeeBenefits" xml:lang="en-US" id="label_CurrentProvisionsForEmployeeBenefits">Salaries and social contributions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionsForEmployeeBenefits" xlink:to="label_CurrentProvisionsForEmployeeBenefits" xlink:title="Label : CurrentProvisionsForEmployeeBenefits to label_CurrentProvisionsForEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionsForEmployeeBenefits_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentProvisionsForEmployeeBenefits_1" xml:lang="en-US" id="label_CurrentProvisionsForEmployeeBenefits_1">Current provisions for employee benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionsForEmployeeBenefits" xlink:to="label_CurrentProvisionsForEmployeeBenefits_1" xlink:title="Label : CurrentProvisionsForEmployeeBenefits to label_CurrentProvisionsForEmployeeBenefits_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionsForEmployeeBenefits_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentProvisionsForEmployeeBenefits_2" xml:lang="en-US" id="label_CurrentProvisionsForEmployeeBenefits_2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionsForEmployeeBenefits" xlink:to="label_CurrentProvisionsForEmployeeBenefits_2" xlink:title="Label : CurrentProvisionsForEmployeeBenefits to label_CurrentProvisionsForEmployeeBenefits_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:label="CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:title="CurrentDeferredIncomeIncludingCurrentContractLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentDeferredIncomeIncludingCurrentContractLiabilities" xml:lang="en-US" id="label_CurrentDeferredIncomeIncludingCurrentContractLiabilities">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:to="label_CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:title="Label : CurrentDeferredIncomeIncludingCurrentContractLiabilities to label_CurrentDeferredIncomeIncludingCurrentContractLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDeferredIncomeIncludingCurrentContractLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDeferredIncomeIncludingCurrentContractLiabilities_1" xml:lang="en-US" id="label_CurrentDeferredIncomeIncludingCurrentContractLiabilities_1">Current deferred income including current contract liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:to="label_CurrentDeferredIncomeIncludingCurrentContractLiabilities_1" xlink:title="Label : CurrentDeferredIncomeIncludingCurrentContractLiabilities to label_CurrentDeferredIncomeIncludingCurrentContractLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDeferredIncomeIncludingCurrentContractLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentDeferredIncomeIncludingCurrentContractLiabilities_2" xml:lang="en-US" id="label_CurrentDeferredIncomeIncludingCurrentContractLiabilities_2">Contractual obligations and deferred income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDeferredIncomeIncludingCurrentContractLiabilities" xlink:to="label_CurrentDeferredIncomeIncludingCurrentContractLiabilities_2" xlink:title="Label : CurrentDeferredIncomeIncludingCurrentContractLiabilities to label_CurrentDeferredIncomeIncludingCurrentContractLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentAccountsPayableForBusinessCombination" xlink:label="CurrentAccountsPayableForBusinessCombination" xlink:title="CurrentAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAccountsPayableForBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentAccountsPayableForBusinessCombination" xml:lang="en-US" id="label_CurrentAccountsPayableForBusinessCombination">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAccountsPayableForBusinessCombination" xlink:to="label_CurrentAccountsPayableForBusinessCombination" xlink:title="Label : CurrentAccountsPayableForBusinessCombination to label_CurrentAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAccountsPayableForBusinessCombination_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAccountsPayableForBusinessCombination_1" xml:lang="en-US" id="label_CurrentAccountsPayableForBusinessCombination_1">Current accounts payable for business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAccountsPayableForBusinessCombination" xlink:to="label_CurrentAccountsPayableForBusinessCombination_1" xlink:title="Label : CurrentAccountsPayableForBusinessCombination to label_CurrentAccountsPayableForBusinessCombination_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAccountsPayableForBusinessCombination_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAccountsPayableForBusinessCombination_2" xml:lang="en-US" id="label_CurrentAccountsPayableForBusinessCombination_2">Accounts payable for business combination and acquisition of associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAccountsPayableForBusinessCombination" xlink:to="label_CurrentAccountsPayableForBusinessCombination_2" xlink:title="Label : CurrentAccountsPayableForBusinessCombination to label_CurrentAccountsPayableForBusinessCombination_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAccountsPayableForBusinessCombination_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentAccountsPayableForBusinessCombination_3" xml:lang="en-US" id="label_CurrentAccountsPayableForBusinessCombination_3">The amount of current accounts payable for business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAccountsPayableForBusinessCombination" xlink:to="label_CurrentAccountsPayableForBusinessCombination_3" xlink:title="Label : CurrentAccountsPayableForBusinessCombination to label_CurrentAccountsPayableForBusinessCombination_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherCurrentLiabilities" xlink:label="OtherCurrentLiabilities" xlink:title="OtherCurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentLiabilities" xml:lang="en-US" id="label_OtherCurrentLiabilities">Other current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentLiabilities" xlink:to="label_OtherCurrentLiabilities" xlink:title="Label : OtherCurrentLiabilities to label_OtherCurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherCurrentLiabilities_1" xml:lang="en-US" id="label_OtherCurrentLiabilities_1">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentLiabilities" xlink:to="label_OtherCurrentLiabilities_1" xlink:title="Label : OtherCurrentLiabilities to label_OtherCurrentLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentOtherLiabilitiesRelatedParties" xlink:label="CurrentOtherLiabilitiesRelatedParties" xlink:title="CurrentOtherLiabilitiesRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_CurrentOtherLiabilitiesRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentOtherLiabilitiesRelatedParties" xml:lang="en-US" id="label_CurrentOtherLiabilitiesRelatedParties">Current other liabilities - related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentOtherLiabilitiesRelatedParties" xlink:to="label_CurrentOtherLiabilitiesRelatedParties" xlink:title="Label : CurrentOtherLiabilitiesRelatedParties to label_CurrentOtherLiabilitiesRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_CurrentOtherLiabilitiesRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentOtherLiabilitiesRelatedParties_1" xml:lang="en-US" id="label_CurrentOtherLiabilitiesRelatedParties_1">Other liabilities - related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentOtherLiabilitiesRelatedParties" xlink:to="label_CurrentOtherLiabilitiesRelatedParties_1" xlink:title="Label : CurrentOtherLiabilitiesRelatedParties to label_CurrentOtherLiabilitiesRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentOtherLiabilitiesRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentOtherLiabilitiesRelatedParties_2" xml:lang="en-US" id="label_CurrentOtherLiabilitiesRelatedParties_2">The amount of other current payables due to related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentOtherLiabilitiesRelatedParties" xlink:to="label_CurrentOtherLiabilitiesRelatedParties_2" xlink:title="Label : CurrentOtherLiabilitiesRelatedParties to label_CurrentOtherLiabilitiesRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentLoansFromRelatedParties" xlink:label="CurrentLoansFromRelatedParties" xlink:title="CurrentLoansFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLoansFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentLoansFromRelatedParties" xml:lang="en-US" id="label_CurrentLoansFromRelatedParties">Loans from related parties (Note 20)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLoansFromRelatedParties" xlink:to="label_CurrentLoansFromRelatedParties" xlink:title="Label : CurrentLoansFromRelatedParties to label_CurrentLoansFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLoansFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLoansFromRelatedParties_1" xml:lang="en-US" id="label_CurrentLoansFromRelatedParties_1">Current loans from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLoansFromRelatedParties" xlink:to="label_CurrentLoansFromRelatedParties_1" xlink:title="Label : CurrentLoansFromRelatedParties to label_CurrentLoansFromRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLoansFromRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentLoansFromRelatedParties_2" xml:lang="en-US" id="label_CurrentLoansFromRelatedParties_2">Loans from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLoansFromRelatedParties" xlink:to="label_CurrentLoansFromRelatedParties_2" xlink:title="Label : CurrentLoansFromRelatedParties to label_CurrentLoansFromRelatedParties_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLoansFromRelatedParties_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentLoansFromRelatedParties_3" xml:lang="en-US" id="label_CurrentLoansFromRelatedParties_3">The amount of current loans payables due to related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLoansFromRelatedParties" xlink:to="label_CurrentLoansFromRelatedParties_3" xlink:title="Label : CurrentLoansFromRelatedParties to label_CurrentLoansFromRelatedParties_3" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLoansFromRelatedParties_4" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentLoansFromRelatedParties_4" xml:lang="en-US" id="label_CurrentLoansFromRelatedParties_4">Loans from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLoansFromRelatedParties" xlink:to="label_CurrentLoansFromRelatedParties_4" xlink:title="Label : CurrentLoansFromRelatedParties to label_CurrentLoansFromRelatedParties_4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentLiabilities" xlink:label="CurrentLiabilities" xlink:title="CurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilities" xml:lang="en-US" id="label_CurrentLiabilities">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities" xlink:title="Label : CurrentLiabilities to label_CurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentLiabilities_1" xml:lang="en-US" id="label_CurrentLiabilities_1">Total current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities_1" xlink:title="Label : CurrentLiabilities to label_CurrentLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="NoncurrentLiabilitiesAbstract" xlink:title="NoncurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLiabilitiesAbstract" xml:lang="en-US" id="label_NoncurrentLiabilitiesAbstract">Non-current liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesAbstract" xlink:to="label_NoncurrentLiabilitiesAbstract" xlink:title="Label : NoncurrentLiabilitiesAbstract to label_NoncurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentLiabilitiesAbstract_1" xml:lang="en-US" id="label_NoncurrentLiabilitiesAbstract_1">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesAbstract" xlink:to="label_NoncurrentLiabilitiesAbstract_1" xlink:title="Label : NoncurrentLiabilitiesAbstract to label_NoncurrentLiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LongtermBorrowings" xlink:label="LongtermBorrowings" xlink:title="LongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_LongtermBorrowings" xml:lang="en-US" id="label_LongtermBorrowings">Bonds and financing at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_LongtermBorrowings_1" xml:lang="en-US" id="label_LongtermBorrowings_1">Financing and Lease Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_1" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongtermBorrowings_2" xml:lang="en-US" id="label_LongtermBorrowings_2">Bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_2" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongtermBorrowings_3" xml:lang="en-US" id="label_LongtermBorrowings_3">Non-current portion of non-current borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_3" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_3" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LongtermBorrowings_4" xml:lang="en-US" id="label_LongtermBorrowings_4">Financing and Lease Liabilities - Mind Makers (Note 14)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_4" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_4" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_5" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xlink:title="label_LongtermBorrowings_5" xml:lang="en-US" id="label_LongtermBorrowings_5">Total non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_5" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_5" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentLeaseLiabilities" xlink:label="NoncurrentLeaseLiabilities" xlink:title="NoncurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_NoncurrentLeaseLiabilities" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities">Lease Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities" xlink:title="Label : NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentLeaseLiabilities_1" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities_1">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities_1" xlink:title="Label : NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLeaseLiabilities_2" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities_2">Non-current lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities_2" xlink:title="Label : NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities_2" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentLeaseLiabilities_3" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities_3">Lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities_3" xlink:title="Label : NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NonCurrentAccountsPayableForBusinessCombination" xlink:label="NonCurrentAccountsPayableForBusinessCombination" xlink:title="NonCurrentAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentAccountsPayableForBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NonCurrentAccountsPayableForBusinessCombination" xml:lang="en-US" id="label_NonCurrentAccountsPayableForBusinessCombination">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentAccountsPayableForBusinessCombination" xlink:to="label_NonCurrentAccountsPayableForBusinessCombination" xlink:title="Label : NonCurrentAccountsPayableForBusinessCombination to label_NonCurrentAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentAccountsPayableForBusinessCombination_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_NonCurrentAccountsPayableForBusinessCombination_1" xml:lang="en-US" id="label_NonCurrentAccountsPayableForBusinessCombination_1">Accounts Payable for business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentAccountsPayableForBusinessCombination" xlink:to="label_NonCurrentAccountsPayableForBusinessCombination_1" xlink:title="Label : NonCurrentAccountsPayableForBusinessCombination to label_NonCurrentAccountsPayableForBusinessCombination_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentAccountsPayableForBusinessCombination_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentAccountsPayableForBusinessCombination_2" xml:lang="en-US" id="label_NonCurrentAccountsPayableForBusinessCombination_2">The amount of non-current accounts payable for business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentAccountsPayableForBusinessCombination" xlink:to="label_NonCurrentAccountsPayableForBusinessCombination_2" xlink:title="Label : NonCurrentAccountsPayableForBusinessCombination to label_NonCurrentAccountsPayableForBusinessCombination_2" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentAccountsPayableForBusinessCombination_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentAccountsPayableForBusinessCombination_3" xml:lang="en-US" id="label_NonCurrentAccountsPayableForBusinessCombination_3">Accounts payable for business combination and acquisition of associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentAccountsPayableForBusinessCombination" xlink:to="label_NonCurrentAccountsPayableForBusinessCombination_3" xlink:title="Label : NonCurrentAccountsPayableForBusinessCombination to label_NonCurrentAccountsPayableForBusinessCombination_3" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentAccountsPayableForBusinessCombination_4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentAccountsPayableForBusinessCombination_4" xml:lang="en-US" id="label_NonCurrentAccountsPayableForBusinessCombination_4">Non-current accounts payable for business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentAccountsPayableForBusinessCombination" xlink:to="label_NonCurrentAccountsPayableForBusinessCombination_4" xlink:title="Label : NonCurrentAccountsPayableForBusinessCombination to label_NonCurrentAccountsPayableForBusinessCombination_4" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentAccountsPayableForBusinessCombination_5" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NonCurrentAccountsPayableForBusinessCombination_5" xml:lang="en-US" id="label_NonCurrentAccountsPayableForBusinessCombination_5">Total non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentAccountsPayableForBusinessCombination" xlink:to="label_NonCurrentAccountsPayableForBusinessCombination_5" xlink:title="Label : NonCurrentAccountsPayableForBusinessCombination to label_NonCurrentAccountsPayableForBusinessCombination_5" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NonCurrentProvisionForTaxCivilAndLaborLosses" xlink:label="NonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="NonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborLosses" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborLosses" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborLosses">Total of provision for tax, civil and labor losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborLosses to label_NonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborLosses_1" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborLosses_1">The amount of non-current provision for tax, civil and labor losses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborLosses to label_NonCurrentProvisionForTaxCivilAndLaborLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborLosses_2" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborLosses_2">Provision for tax, civil and labor losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborLosses to label_NonCurrentProvisionForTaxCivilAndLaborLosses_2" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborLosses_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborLosses_3" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborLosses_3">Non-current provision for tax, civil and labor losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborLosses_3" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborLosses to label_NonCurrentProvisionForTaxCivilAndLaborLosses_3" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborLosses_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborLosses_4" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborLosses_4">Provision for risks of tax, civil and labor losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborLosses_4" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborLosses to label_NonCurrentProvisionForTaxCivilAndLaborLosses_4" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborLosses_5" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborLosses_5" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborLosses_5">Beginning balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborLosses_5" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborLosses to label_NonCurrentProvisionForTaxCivilAndLaborLosses_5" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborLosses_6" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborLosses_6" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborLosses_6">Ending balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborLosses_6" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborLosses to label_NonCurrentProvisionForTaxCivilAndLaborLosses_6" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" xlink:label="NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" xlink:title="NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" xml:lang="en-US" id="label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities">Non-current deferred income including non-current contract liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" xlink:to="label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" xlink:title="Label : NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities to label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities_1" xml:lang="en-US" id="label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities_1">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" xlink:to="label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities_1" xlink:title="Label : NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities to label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities_2" xml:lang="en-US" id="label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities_2">Contractual obligations and deferred income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities" xlink:to="label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities_2" xlink:title="Label : NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities to label_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherNoncurrentLiabilities" xlink:label="OtherNoncurrentLiabilities" xlink:title="OtherNoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentLiabilities" xml:lang="en-US" id="label_OtherNoncurrentLiabilities">Other non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentLiabilities" xlink:to="label_OtherNoncurrentLiabilities" xlink:title="Label : OtherNoncurrentLiabilities to label_OtherNoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherNoncurrentLiabilities_1" xml:lang="en-US" id="label_OtherNoncurrentLiabilities_1">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentLiabilities" xlink:to="label_OtherNoncurrentLiabilities_1" xlink:title="Label : OtherNoncurrentLiabilities to label_OtherNoncurrentLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="NoncurrentLiabilities" xlink:title="NoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLiabilities" xml:lang="en-US" id="label_NoncurrentLiabilities">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities" xlink:title="Label : NoncurrentLiabilities to label_NoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentLiabilities_1" xml:lang="en-US" id="label_NoncurrentLiabilities_1">Total non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities_1" xlink:title="Label : NoncurrentLiabilities to label_NoncurrentLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EquityAbstract" xlink:label="EquityAbstract" xlink:title="EquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_EquityAbstract" xml:lang="en-US" id="label_EquityAbstract">Parent's Net Investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAbstract" xlink:to="label_EquityAbstract" xlink:title="Label : EquityAbstract to label_EquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EquityAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAbstract_1" xml:lang="en-US" id="label_EquityAbstract_1">Equity [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAbstract" xlink:to="label_EquityAbstract_1" xlink:title="Label : EquityAbstract to label_EquityAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_EquityAbstract_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityAbstract_2" xml:lang="en-US" id="label_EquityAbstract_2">Shareholder's Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAbstract" xlink:to="label_EquityAbstract_2" xlink:title="Label : EquityAbstract to label_EquityAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IssuedCapital" xlink:label="IssuedCapital" xlink:title="IssuedCapital" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapital" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IssuedCapital" xml:lang="en-US" id="label_IssuedCapital">Share capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapital" xlink:to="label_IssuedCapital" xlink:title="Label : IssuedCapital to label_IssuedCapital" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapital_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuedCapital_1" xml:lang="en-US" id="label_IssuedCapital_1">Issued capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapital" xlink:to="label_IssuedCapital_1" xlink:title="Label : IssuedCapital to label_IssuedCapital_1" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapital_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssuedCapital_2" xml:lang="en-US" id="label_IssuedCapital_2">Share capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapital" xlink:to="label_IssuedCapital_2" xlink:title="Label : IssuedCapital to label_IssuedCapital_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CapitalReserve" xlink:label="CapitalReserve" xlink:title="CapitalReserve" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReserve" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CapitalReserve" xml:lang="en-US" id="label_CapitalReserve">Capital reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReserve" xlink:to="label_CapitalReserve" xlink:title="Label : CapitalReserve to label_CapitalReserve" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReserve_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalReserve_1" xml:lang="en-US" id="label_CapitalReserve_1">Capital reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReserve" xlink:to="label_CapitalReserve_1" xlink:title="Label : CapitalReserve to label_CapitalReserve_1" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReserve_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CapitalReserve_2" xml:lang="en-US" id="label_CapitalReserve_2">Capital Reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReserve" xlink:to="label_CapitalReserve_2" xlink:title="Label : CapitalReserve to label_CapitalReserve_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TreasuryShares" xlink:label="TreasuryShares" xlink:title="TreasuryShares" />
    <link:label xlink:type="resource" xlink:label="label_TreasuryShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasuryShares" xml:lang="en-US" id="label_TreasuryShares">Treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryShares" xlink:to="label_TreasuryShares" xlink:title="Label : TreasuryShares to label_TreasuryShares" />
    <link:label xlink:type="resource" xlink:label="label_TreasuryShares_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TreasuryShares_1" xml:lang="en-US" id="label_TreasuryShares_1">Treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryShares" xlink:to="label_TreasuryShares_1" xlink:title="Label : TreasuryShares to label_TreasuryShares_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RetainedEarnings" xlink:label="RetainedEarnings" xlink:title="RetainedEarnings" />
    <link:label xlink:type="resource" xlink:label="label_RetainedEarnings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetainedEarnings" xml:lang="en-US" id="label_RetainedEarnings">Retained earnings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarnings" xlink:to="label_RetainedEarnings" xlink:title="Label : RetainedEarnings to label_RetainedEarnings" />
    <link:label xlink:type="resource" xlink:label="label_RetainedEarnings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RetainedEarnings_1" xml:lang="en-US" id="label_RetainedEarnings_1">Accumulated losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarnings" xlink:to="label_RetainedEarnings_1" xlink:title="Label : RetainedEarnings to label_RetainedEarnings_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Equity" xlink:label="Equity" xlink:title="Equity" />
    <link:label xlink:type="resource" xlink:label="label_Equity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Equity" xml:lang="en-US" id="label_Equity">Total equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity" xlink:title="Label : Equity to label_Equity" />
    <link:label xlink:type="resource" xlink:label="label_Equity_1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_Equity_1" xml:lang="en-US" id="label_Equity_1">Equity at end of the period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_1" xlink:title="Label : Equity to label_Equity_1" />
    <link:label xlink:type="resource" xlink:label="label_Equity_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_Equity_2" xml:lang="en-US" id="label_Equity_2">Equity at beginning of the period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_2" xlink:title="Label : Equity to label_Equity_2" />
    <link:label xlink:type="resource" xlink:label="label_Equity_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Equity_3" xml:lang="en-US" id="label_Equity_3">Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_3" xlink:title="Label : Equity to label_Equity_3" />
    <link:label xlink:type="resource" xlink:label="label_Equity_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Equity_4" xml:lang="en-US" id="label_Equity_4">Total Shareholder's Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_4" xlink:title="Label : Equity to label_Equity_4" />
    <link:label xlink:type="resource" xlink:label="label_Equity_5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Equity_5" xml:lang="en-US" id="label_Equity_5">Company&#x2019;s shareholders&#x2019; equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_5" xlink:title="Label : Equity to label_Equity_5" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EquityAndLiabilities" xlink:label="EquityAndLiabilities" xlink:title="EquityAndLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EquityAndLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_EquityAndLiabilities" xml:lang="en-US" id="label_EquityAndLiabilities">Total Liabilities and Shareholder's Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAndLiabilities" xlink:to="label_EquityAndLiabilities" xlink:title="Label : EquityAndLiabilities to label_EquityAndLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EquityAndLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAndLiabilities_1" xml:lang="en-US" id="label_EquityAndLiabilities_1">Equity and liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAndLiabilities" xlink:to="label_EquityAndLiabilities_1" xlink:title="Label : EquityAndLiabilities to label_EquityAndLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:label="StatementOfComprehensiveIncomeAbstract" xlink:title="StatementOfComprehensiveIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfComprehensiveIncomeAbstract" xml:lang="en-US" id="label_StatementOfComprehensiveIncomeAbstract">Consolidated Statement of Profit or Loss and Other Comprehensive Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfComprehensiveIncomeAbstract" xlink:to="label_StatementOfComprehensiveIncomeAbstract" xlink:title="Label : StatementOfComprehensiveIncomeAbstract to label_StatementOfComprehensiveIncomeAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Revenue" xlink:label="Revenue" xlink:title="Revenue" />
    <link:label xlink:type="resource" xlink:label="label_Revenue" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_Revenue" xml:lang="en-US" id="label_Revenue">Net revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue" xlink:title="Label : Revenue to label_Revenue" />
    <link:label xlink:type="resource" xlink:label="label_Revenue_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Revenue_1" xml:lang="en-US" id="label_Revenue_1">Net revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_1" xlink:title="Label : Revenue to label_Revenue_1" />
    <link:label xlink:type="resource" xlink:label="label_Revenue_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Revenue_2" xml:lang="en-US" id="label_Revenue_2">Net revenue from sales and services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_2" xlink:title="Label : Revenue to label_Revenue_2" />
    <link:label xlink:type="resource" xlink:label="label_Revenue_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Revenue_3" xml:lang="en-US" id="label_Revenue_3">Revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_3" xlink:title="Label : Revenue to label_Revenue_3" />
    <link:label xlink:type="resource" xlink:label="label_Revenue_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Revenue_4" xml:lang="en-US" id="label_Revenue_4">Net revenue from sales and services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_4" xlink:title="Label : Revenue to label_Revenue_4" />
    <link:label xlink:type="resource" xlink:label="label_Revenue_5" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:title="label_Revenue_5" xml:lang="en-US" id="label_Revenue_5">Net revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_5" xlink:title="Label : Revenue to label_Revenue_5" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RevenueFromSaleOfGoods" xlink:label="RevenueFromSaleOfGoods" xlink:title="RevenueFromSaleOfGoods" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromSaleOfGoods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueFromSaleOfGoods" xml:lang="en-US" id="label_RevenueFromSaleOfGoods">Revenue from sale of goods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromSaleOfGoods" xlink:to="label_RevenueFromSaleOfGoods" xlink:title="Label : RevenueFromSaleOfGoods to label_RevenueFromSaleOfGoods" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromSaleOfGoods_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueFromSaleOfGoods_1" xml:lang="en-US" id="label_RevenueFromSaleOfGoods_1">Sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromSaleOfGoods" xlink:to="label_RevenueFromSaleOfGoods_1" xlink:title="Label : RevenueFromSaleOfGoods to label_RevenueFromSaleOfGoods_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RevenueFromRenderingOfServices" xlink:label="RevenueFromRenderingOfServices" xlink:title="RevenueFromRenderingOfServices" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromRenderingOfServices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueFromRenderingOfServices" xml:lang="en-US" id="label_RevenueFromRenderingOfServices">Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromRenderingOfServices" xlink:to="label_RevenueFromRenderingOfServices" xlink:title="Label : RevenueFromRenderingOfServices to label_RevenueFromRenderingOfServices" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromRenderingOfServices_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueFromRenderingOfServices_1" xml:lang="en-US" id="label_RevenueFromRenderingOfServices_1">Revenue from rendering of services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromRenderingOfServices" xlink:to="label_RevenueFromRenderingOfServices_1" xlink:title="Label : RevenueFromRenderingOfServices to label_RevenueFromRenderingOfServices_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromRenderingOfServices_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RevenueFromRenderingOfServices_2" xml:lang="en-US" id="label_RevenueFromRenderingOfServices_2">Service</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromRenderingOfServices" xlink:to="label_RevenueFromRenderingOfServices_2" xlink:title="Label : RevenueFromRenderingOfServices to label_RevenueFromRenderingOfServices_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" xlink:label="AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" xlink:title="AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" xml:lang="en-US" id="label_AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected">Adjustments for Interest on marketable securities incurred and not collected</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" xlink:to="label_AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" xlink:title="Label : AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected to label_AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CostOfSales" xlink:label="CostOfSales" xlink:title="CostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSales" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CostOfSales" xml:lang="en-US" id="label_CostOfSales">Cost of goods sold and services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSales" xlink:to="label_CostOfSales" xlink:title="Label : CostOfSales to label_CostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSales_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSales_1" xml:lang="en-US" id="label_CostOfSales_1">Cost of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSales" xlink:to="label_CostOfSales_1" xlink:title="Label : CostOfSales to label_CostOfSales_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GrossProfit" xlink:label="GrossProfit" xlink:title="GrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_GrossProfit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossProfit" xml:lang="en-US" id="label_GrossProfit">Gross profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossProfit" xlink:to="label_GrossProfit" xlink:title="Label : GrossProfit to label_GrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_GrossProfit_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_GrossProfit_1" xml:lang="en-US" id="label_GrossProfit_1">Gross profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossProfit" xlink:to="label_GrossProfit_1" xlink:title="Label : GrossProfit to label_GrossProfit_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OperatingIncomeExpensesAbstract" xlink:label="OperatingIncomeExpensesAbstract" xlink:title="OperatingIncomeExpensesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OperatingIncomeExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingIncomeExpensesAbstract" xml:lang="en-US" id="label_OperatingIncomeExpensesAbstract">Operating Income (Expenses) [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeExpensesAbstract" xlink:to="label_OperatingIncomeExpensesAbstract" xlink:title="Label : OperatingIncomeExpensesAbstract to label_OperatingIncomeExpensesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OperatingIncomeExpensesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OperatingIncomeExpensesAbstract_1" xml:lang="en-US" id="label_OperatingIncomeExpensesAbstract_1">Operating income (expenses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeExpensesAbstract" xlink:to="label_OperatingIncomeExpensesAbstract_1" xlink:title="Label : OperatingIncomeExpensesAbstract to label_OperatingIncomeExpensesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeneralAndAdministrativeExpense" xml:lang="en-US" id="label_GeneralAndAdministrativeExpense">General and administrative expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpense" xlink:to="label_GeneralAndAdministrativeExpense" xlink:title="Label : GeneralAndAdministrativeExpense to label_GeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeExpense_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_GeneralAndAdministrativeExpense_1" xml:lang="en-US" id="label_GeneralAndAdministrativeExpense_1">General and administrative expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpense" xlink:to="label_GeneralAndAdministrativeExpense_1" xlink:title="Label : GeneralAndAdministrativeExpense to label_GeneralAndAdministrativeExpense_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CommercialExpenses" xlink:label="CommercialExpenses" xlink:title="CommercialExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CommercialExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommercialExpenses" xml:lang="en-US" id="label_CommercialExpenses">The amount of expense relating to commercial activities of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialExpenses" xlink:to="label_CommercialExpenses" xlink:title="Label : CommercialExpenses to label_CommercialExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CommercialExpenses_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CommercialExpenses_1" xml:lang="en-US" id="label_CommercialExpenses_1">Commercial expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialExpenses" xlink:to="label_CommercialExpenses_1" xlink:title="Label : CommercialExpenses to label_CommercialExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_CommercialExpenses_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialExpenses_2" xml:lang="en-US" id="label_CommercialExpenses_2">Commercial expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialExpenses" xlink:to="label_CommercialExpenses_2" xlink:title="Label : CommercialExpenses to label_CommercialExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherIncome" xlink:label="OtherIncome" xlink:title="OtherIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherIncome" xml:lang="en-US" id="label_OtherIncome">Other income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncome" xlink:to="label_OtherIncome" xlink:title="Label : OtherIncome to label_OtherIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherIncome_1" xml:lang="en-US" id="label_OtherIncome_1">Other operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncome" xlink:to="label_OtherIncome_1" xlink:title="Label : OtherIncome to label_OtherIncome_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:label="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:title="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xml:lang="en-US" id="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables">Impairment loss (reversal of impairment loss) recognised in profit or loss, trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:title="Label : ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables to label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables_1" xml:lang="en-US" id="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables_1">Impairment losses on trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables_1" xlink:title="Label : ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables to label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables_2" xml:lang="en-US" id="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables_2">Impairment loss on accounts receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables_2" xlink:title="Label : ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables to label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="ProfitLossFromOperatingActivities" xlink:title="ProfitLossFromOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLossFromOperatingActivities" xml:lang="en-US" id="label_ProfitLossFromOperatingActivities">Profit (loss) before finance result and taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromOperatingActivities" xlink:to="label_ProfitLossFromOperatingActivities" xlink:title="Label : ProfitLossFromOperatingActivities to label_ProfitLossFromOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromOperatingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossFromOperatingActivities_1" xml:lang="en-US" id="label_ProfitLossFromOperatingActivities_1">Profit (loss) from operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromOperatingActivities" xlink:to="label_ProfitLossFromOperatingActivities_1" xlink:title="Label : ProfitLossFromOperatingActivities to label_ProfitLossFromOperatingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FinanceIncomeCostAbstract" xlink:label="FinanceIncomeCostAbstract" xlink:title="FinanceIncomeCostAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceIncomeCostAbstract" xml:lang="en-US" id="label_FinanceIncomeCostAbstract">Finance result</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCostAbstract" xlink:to="label_FinanceIncomeCostAbstract" xlink:title="Label : FinanceIncomeCostAbstract to label_FinanceIncomeCostAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCostAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncomeCostAbstract_1" xml:lang="en-US" id="label_FinanceIncomeCostAbstract_1">Finance Income (Cost) [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCostAbstract" xlink:to="label_FinanceIncomeCostAbstract_1" xlink:title="Label : FinanceIncomeCostAbstract to label_FinanceIncomeCostAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCostAbstract_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FinanceIncomeCostAbstract_2" xml:lang="en-US" id="label_FinanceIncomeCostAbstract_2">Finance results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCostAbstract" xlink:to="label_FinanceIncomeCostAbstract_2" xlink:title="Label : FinanceIncomeCostAbstract to label_FinanceIncomeCostAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinanceIncome" xlink:label="FinanceIncome" xlink:title="FinanceIncome" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceIncome" xml:lang="en-US" id="label_FinanceIncome">Finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncome" xlink:to="label_FinanceIncome" xlink:title="Label : FinanceIncome to label_FinanceIncome" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncome_1" xml:lang="en-US" id="label_FinanceIncome_1">Finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncome" xlink:to="label_FinanceIncome_1" xlink:title="Label : FinanceIncome to label_FinanceIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncome_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinanceIncome_2" xml:lang="en-US" id="label_FinanceIncome_2">Finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncome" xlink:to="label_FinanceIncome_2" xlink:title="Label : FinanceIncome to label_FinanceIncome_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinanceCosts" xlink:label="FinanceCosts" xlink:title="FinanceCosts" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCosts" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_FinanceCosts" xml:lang="en-US" id="label_FinanceCosts">Finance costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCosts" xlink:to="label_FinanceCosts" xlink:title="Label : FinanceCosts to label_FinanceCosts" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCosts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceCosts_1" xml:lang="en-US" id="label_FinanceCosts_1">Finance costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCosts" xlink:to="label_FinanceCosts_1" xlink:title="Label : FinanceCosts to label_FinanceCosts_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCosts_2" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_FinanceCosts_2" xml:lang="en-US" id="label_FinanceCosts_2">Finance costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCosts" xlink:to="label_FinanceCosts_2" xlink:title="Label : FinanceCosts to label_FinanceCosts_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinanceIncomeCost" xlink:label="FinanceIncomeCost" xlink:title="FinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncomeCost" xml:lang="en-US" id="label_FinanceIncomeCost">Finance income (cost)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="label_FinanceIncomeCost" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCost_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinanceIncomeCost_1" xml:lang="en-US" id="label_FinanceIncomeCost_1">Total finance result</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="label_FinanceIncomeCost_1" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ProfitLossBeforeTax" xlink:title="ProfitLossBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProfitLossBeforeTax" xml:lang="en-US" id="label_ProfitLossBeforeTax">(Loss) Profit before income tax and social contribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLossBeforeTax_1" xml:lang="en-US" id="label_ProfitLossBeforeTax_1">Loss before income tax and social contribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax_1" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossBeforeTax_2" xml:lang="en-US" id="label_ProfitLossBeforeTax_2">Profit (loss) before tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax_2" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax_2" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossBeforeTax_3" xml:lang="en-US" id="label_ProfitLossBeforeTax_3">Loss before income tax and social contribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax_3" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="IncomeTaxExpenseContinuingOperations" xlink:title="IncomeTaxExpenseContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncomeTaxExpenseContinuingOperations" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations">Total income tax and social contribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="label_IncomeTaxExpenseContinuingOperations" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseContinuingOperations_1" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_IncomeTaxExpenseContinuingOperations_1" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations_1">Total IRPJ and CSLL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="label_IncomeTaxExpenseContinuingOperations_1" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseContinuingOperations_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxExpenseContinuingOperations_2" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations_2">Tax expense (income)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="label_IncomeTaxExpenseContinuingOperations_2" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations_2" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseContinuingOperations_3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_IncomeTaxExpenseContinuingOperations_3" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations_3">Income tax and social contribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="label_IncomeTaxExpenseContinuingOperations_3" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:label="CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:title="CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xml:lang="en-US" id="label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods">Current tax expense (income) and adjustments for current tax of prior periods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:to="label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:title="Label : CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods to label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_1" xml:lang="en-US" id="label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_1">Current IRPJ and CSLL in the result</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:to="label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_1" xlink:title="Label : CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods to label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_2" xml:lang="en-US" id="label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_2">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:to="label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_2" xlink:title="Label : CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods to label_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DeferredTaxExpenseIncome" xlink:label="DeferredTaxExpenseIncome" xlink:title="DeferredTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxExpenseIncome" xml:lang="en-US" id="label_DeferredTaxExpenseIncome">Deferred tax expense (income)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxExpenseIncome" xlink:to="label_DeferredTaxExpenseIncome" xlink:title="Label : DeferredTaxExpenseIncome to label_DeferredTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxExpenseIncome_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DeferredTaxExpenseIncome_1" xml:lang="en-US" id="label_DeferredTaxExpenseIncome_1">Deferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxExpenseIncome" xlink:to="label_DeferredTaxExpenseIncome_1" xlink:title="Label : DeferredTaxExpenseIncome to label_DeferredTaxExpenseIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxExpenseIncome_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_DeferredTaxExpenseIncome_2" xml:lang="en-US" id="label_DeferredTaxExpenseIncome_2">Deferred IRPJ and CSLL in the result</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxExpenseIncome" xlink:to="label_DeferredTaxExpenseIncome_2" xlink:title="Label : DeferredTaxExpenseIncome to label_DeferredTaxExpenseIncome_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProfitLoss" xlink:label="ProfitLoss" xlink:title="ProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLoss" xml:lang="en-US" id="label_ProfitLoss">Loss for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss" xlink:title="Label : ProfitLoss to label_ProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLoss_1" xml:lang="en-US" id="label_ProfitLoss_1">Profit (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss_1" xlink:title="Label : ProfitLoss to label_ProfitLoss_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLoss_2" xml:lang="en-US" id="label_ProfitLoss_2">Loss for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss_2" xlink:title="Label : ProfitLoss to label_ProfitLoss_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="OtherComprehensiveIncome" xlink:title="OtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncome" xml:lang="en-US" id="label_OtherComprehensiveIncome">Other comprehensive income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncome" xlink:to="label_OtherComprehensiveIncome" xlink:title="Label : OtherComprehensiveIncome to label_OtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncome_1" xml:lang="en-US" id="label_OtherComprehensiveIncome_1">Other comprehensive income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncome" xlink:to="label_OtherComprehensiveIncome_1" xlink:title="Label : OtherComprehensiveIncome to label_OtherComprehensiveIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncome_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherComprehensiveIncome_2" xml:lang="en-US" id="label_OtherComprehensiveIncome_2">Other comprehensive (loss) for the year / period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncome" xlink:to="label_OtherComprehensiveIncome_2" xlink:title="Label : OtherComprehensiveIncome to label_OtherComprehensiveIncome_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ComprehensiveIncome" xlink:title="ComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncome" xml:lang="en-US" id="label_ComprehensiveIncome">Comprehensive income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome" xlink:title="Label : ComprehensiveIncome to label_ComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncome_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ComprehensiveIncome_1" xml:lang="en-US" id="label_ComprehensiveIncome_1">Total comprehensive loss for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome_1" xlink:title="Label : ComprehensiveIncome to label_ComprehensiveIncome_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="EarningsPerShareAbstract" xlink:title="EarningsPerShareAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareAbstract" xml:lang="en-US" id="label_EarningsPerShareAbstract">Earnings per share [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareAbstract" xlink:to="label_EarningsPerShareAbstract" xlink:title="Label : EarningsPerShareAbstract to label_EarningsPerShareAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EarningsPerShareAbstract_1" xml:lang="en-US" id="label_EarningsPerShareAbstract_1">Loss per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareAbstract" xlink:to="label_EarningsPerShareAbstract_1" xlink:title="Label : EarningsPerShareAbstract to label_EarningsPerShareAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BasicEarningsLossPerShare" xlink:label="BasicEarningsLossPerShare" xlink:title="BasicEarningsLossPerShare" />
    <link:label xlink:type="resource" xlink:label="label_BasicEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BasicEarningsLossPerShare" xml:lang="en-US" id="label_BasicEarningsLossPerShare">Basic</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShare" xlink:to="label_BasicEarningsLossPerShare" xlink:title="Label : BasicEarningsLossPerShare to label_BasicEarningsLossPerShare" />
    <link:label xlink:type="resource" xlink:label="label_BasicEarningsLossPerShare_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BasicEarningsLossPerShare_1" xml:lang="en-US" id="label_BasicEarningsLossPerShare_1">Basic earnings (loss) per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShare" xlink:to="label_BasicEarningsLossPerShare_1" xlink:title="Label : BasicEarningsLossPerShare to label_BasicEarningsLossPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_BasicEarningsLossPerShare_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BasicEarningsLossPerShare_2" xml:lang="en-US" id="label_BasicEarningsLossPerShare_2">Basic earning (loss) per share - R$</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShare" xlink:to="label_BasicEarningsLossPerShare_2" xlink:title="Label : BasicEarningsLossPerShare to label_BasicEarningsLossPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DilutedEarningsLossPerShare" xlink:label="DilutedEarningsLossPerShare" xlink:title="DilutedEarningsLossPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DilutedEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DilutedEarningsLossPerShare" xml:lang="en-US" id="label_DilutedEarningsLossPerShare">Diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutedEarningsLossPerShare" xlink:to="label_DilutedEarningsLossPerShare" xlink:title="Label : DilutedEarningsLossPerShare to label_DilutedEarningsLossPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DilutedEarningsLossPerShare_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DilutedEarningsLossPerShare_1" xml:lang="en-US" id="label_DilutedEarningsLossPerShare_1">Diluted earnings (loss) per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutedEarningsLossPerShare" xlink:to="label_DilutedEarningsLossPerShare_1" xlink:title="Label : DilutedEarningsLossPerShare to label_DilutedEarningsLossPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_DilutedEarningsLossPerShare_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DilutedEarningsLossPerShare_2" xml:lang="en-US" id="label_DilutedEarningsLossPerShare_2">Diluted earning (loss) per share - R$</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutedEarningsLossPerShare" xlink:to="label_DilutedEarningsLossPerShare_2" xlink:title="Label : DilutedEarningsLossPerShare to label_DilutedEarningsLossPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="StatementOfChangesInEquityAbstract" xlink:title="StatementOfChangesInEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityAbstract" xml:lang="en-US" id="label_StatementOfChangesInEquityAbstract">Consolidated Statement of Changes in Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityAbstract" xlink:to="label_StatementOfChangesInEquityAbstract" xlink:title="Label : StatementOfChangesInEquityAbstract to label_StatementOfChangesInEquityAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="StatementOfChangesInEquityTable" xlink:title="StatementOfChangesInEquityTable" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityTable" xml:lang="en-US" id="label_StatementOfChangesInEquityTable">Statement of changes in equity [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityTable" xlink:to="label_StatementOfChangesInEquityTable" xlink:title="Label : StatementOfChangesInEquityTable to label_StatementOfChangesInEquityTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ComponentsOfEquityAxis" xlink:title="ComponentsOfEquityAxis" />
    <link:label xlink:type="resource" xlink:label="label_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComponentsOfEquityAxis" xml:lang="en-US" id="label_ComponentsOfEquityAxis">Components of equity [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComponentsOfEquityAxis" xlink:to="label_ComponentsOfEquityAxis" xlink:title="Label : ComponentsOfEquityAxis to label_ComponentsOfEquityAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EquityMember" xlink:label="EquityMember" xlink:title="EquityMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityMember" xml:lang="en-US" id="label_EquityMember">Equity [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMember" xlink:to="label_EquityMember" xlink:title="Label : EquityMember to label_EquityMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NetInvestmentOfParentCompanyMember" xlink:label="NetInvestmentOfParentCompanyMember" xlink:title="NetInvestmentOfParentCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_NetInvestmentOfParentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NetInvestmentOfParentCompanyMember" xml:lang="en-US" id="label_NetInvestmentOfParentCompanyMember">Parent's Net Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetInvestmentOfParentCompanyMember" xlink:to="label_NetInvestmentOfParentCompanyMember" xlink:title="Label : NetInvestmentOfParentCompanyMember to label_NetInvestmentOfParentCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_NetInvestmentOfParentCompanyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetInvestmentOfParentCompanyMember_1" xml:lang="en-US" id="label_NetInvestmentOfParentCompanyMember_1">Net investment of parent company [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetInvestmentOfParentCompanyMember" xlink:to="label_NetInvestmentOfParentCompanyMember_1" xlink:title="Label : NetInvestmentOfParentCompanyMember to label_NetInvestmentOfParentCompanyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NetInvestmentOfParentCompanyMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetInvestmentOfParentCompanyMember_2" xml:lang="en-US" id="label_NetInvestmentOfParentCompanyMember_2">Parent Company's Net Investment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetInvestmentOfParentCompanyMember" xlink:to="label_NetInvestmentOfParentCompanyMember_2" xlink:title="Label : NetInvestmentOfParentCompanyMember to label_NetInvestmentOfParentCompanyMember_2" />
    <link:label xlink:type="resource" xlink:label="label_NetInvestmentOfParentCompanyMember_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetInvestmentOfParentCompanyMember_3" xml:lang="en-US" id="label_NetInvestmentOfParentCompanyMember_3">This member stands for a component of equity representing net investment of parent company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetInvestmentOfParentCompanyMember" xlink:to="label_NetInvestmentOfParentCompanyMember_3" xlink:title="Label : NetInvestmentOfParentCompanyMember to label_NetInvestmentOfParentCompanyMember_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IssuedCapitalMember" xlink:label="IssuedCapitalMember" xlink:title="IssuedCapitalMember" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapitalMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IssuedCapitalMember" xml:lang="en-US" id="label_IssuedCapitalMember">Shares issued upon legal reorganization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapitalMember" xlink:to="label_IssuedCapitalMember" xlink:title="Label : IssuedCapitalMember to label_IssuedCapitalMember" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapitalMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuedCapitalMember_1" xml:lang="en-US" id="label_IssuedCapitalMember_1">Issued capital [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapitalMember" xlink:to="label_IssuedCapitalMember_1" xlink:title="Label : IssuedCapitalMember to label_IssuedCapitalMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapitalMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssuedCapitalMember_2" xml:lang="en-US" id="label_IssuedCapitalMember_2">Share capital [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapitalMember" xlink:to="label_IssuedCapitalMember_2" xlink:title="Label : IssuedCapitalMember to label_IssuedCapitalMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ShareIssuanceCostsMember" xlink:label="ShareIssuanceCostsMember" xlink:title="ShareIssuanceCostsMember" />
    <link:label xlink:type="resource" xlink:label="label_ShareIssuanceCostsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareIssuanceCostsMember" xml:lang="en-US" id="label_ShareIssuanceCostsMember">This member stands for a component of equity representing share issuance costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareIssuanceCostsMember" xlink:to="label_ShareIssuanceCostsMember" xlink:title="Label : ShareIssuanceCostsMember to label_ShareIssuanceCostsMember" />
    <link:label xlink:type="resource" xlink:label="label_ShareIssuanceCostsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareIssuanceCostsMember_1" xml:lang="en-US" id="label_ShareIssuanceCostsMember_1">Share issuance costs [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareIssuanceCostsMember" xlink:to="label_ShareIssuanceCostsMember_1" xlink:title="Label : ShareIssuanceCostsMember to label_ShareIssuanceCostsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ShareIssuanceCostsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareIssuanceCostsMember_2" xml:lang="en-US" id="label_ShareIssuanceCostsMember_2">Share issuance costs [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareIssuanceCostsMember" xlink:to="label_ShareIssuanceCostsMember_2" xlink:title="Label : ShareIssuanceCostsMember to label_ShareIssuanceCostsMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ReserveForShareBasedCompensationGrantedMember" xlink:label="ReserveForShareBasedCompensationGrantedMember" xlink:title="ReserveForShareBasedCompensationGrantedMember" />
    <link:label xlink:type="resource" xlink:label="label_ReserveForShareBasedCompensationGrantedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReserveForShareBasedCompensationGrantedMember" xml:lang="en-US" id="label_ReserveForShareBasedCompensationGrantedMember">Reserve For Share Based Compensation Granted [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveForShareBasedCompensationGrantedMember" xlink:to="label_ReserveForShareBasedCompensationGrantedMember" xlink:title="Label : ReserveForShareBasedCompensationGrantedMember to label_ReserveForShareBasedCompensationGrantedMember" />
    <link:label xlink:type="resource" xlink:label="label_ReserveForShareBasedCompensationGrantedMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReserveForShareBasedCompensationGrantedMember_1" xml:lang="en-US" id="label_ReserveForShareBasedCompensationGrantedMember_1">Share-based compensation reserve for granted [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveForShareBasedCompensationGrantedMember" xlink:to="label_ReserveForShareBasedCompensationGrantedMember_1" xlink:title="Label : ReserveForShareBasedCompensationGrantedMember to label_ReserveForShareBasedCompensationGrantedMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ReserveForShareBasedCompensationGrantedMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ReserveForShareBasedCompensationGrantedMember_2" xml:lang="en-US" id="label_ReserveForShareBasedCompensationGrantedMember_2">This member stands for a component of equity resulting from share-based payments granted.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveForShareBasedCompensationGrantedMember" xlink:to="label_ReserveForShareBasedCompensationGrantedMember_2" xlink:title="Label : ReserveForShareBasedCompensationGrantedMember to label_ReserveForShareBasedCompensationGrantedMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ReserveForShareBasedCompensationVestedMember" xlink:label="ReserveForShareBasedCompensationVestedMember" xlink:title="ReserveForShareBasedCompensationVestedMember" />
    <link:label xlink:type="resource" xlink:label="label_ReserveForShareBasedCompensationVestedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReserveForShareBasedCompensationVestedMember" xml:lang="en-US" id="label_ReserveForShareBasedCompensationVestedMember">Reserve For Share Based Compensation Vested [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveForShareBasedCompensationVestedMember" xlink:to="label_ReserveForShareBasedCompensationVestedMember" xlink:title="Label : ReserveForShareBasedCompensationVestedMember to label_ReserveForShareBasedCompensationVestedMember" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TreasurySharesMember" xlink:label="TreasurySharesMember" xlink:title="TreasurySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_TreasurySharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasurySharesMember" xml:lang="en-US" id="label_TreasurySharesMember">Treasury shares [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesMember" xlink:to="label_TreasurySharesMember" xlink:title="Label : TreasurySharesMember to label_TreasurySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_TreasurySharesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TreasurySharesMember_1" xml:lang="en-US" id="label_TreasurySharesMember_1">Treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesMember" xlink:to="label_TreasurySharesMember_1" xlink:title="Label : TreasurySharesMember to label_TreasurySharesMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="label_RetainedEarningsMember" xlink:title="Label : RetainedEarningsMember to label_RetainedEarningsMember" />
    <link:label xlink:type="resource" xlink:label="label_RetainedEarningsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetainedEarningsMember_1" xml:lang="en-US" id="label_RetainedEarningsMember_1">Retained earnings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="label_RetainedEarningsMember_1" xlink:title="Label : RetainedEarningsMember to label_RetainedEarningsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RetainedEarningsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RetainedEarningsMember_2" xml:lang="en-US" id="label_RetainedEarningsMember_2">Accumulated losses [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="label_RetainedEarningsMember_2" xlink:title="Label : RetainedEarningsMember to label_RetainedEarningsMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CumulativeEffectAtDateOfInitialApplicationAxis" xlink:label="CumulativeEffectAtDateOfInitialApplicationAxis" xlink:title="CumulativeEffectAtDateOfInitialApplicationAxis" />
    <link:label xlink:type="resource" xlink:label="label_CumulativeEffectAtDateOfInitialApplicationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CumulativeEffectAtDateOfInitialApplicationAxis" xml:lang="en-US" id="label_CumulativeEffectAtDateOfInitialApplicationAxis">Cumulative effect at date of initial application [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CumulativeEffectAtDateOfInitialApplicationAxis" xlink:to="label_CumulativeEffectAtDateOfInitialApplicationAxis" xlink:title="Label : CumulativeEffectAtDateOfInitialApplicationAxis to label_CumulativeEffectAtDateOfInitialApplicationAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:label="OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:title="OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" />
    <link:label xlink:type="resource" xlink:label="label_OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xml:lang="en-US" id="label_OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember">Opening balance before adjustment, cumulative effect at date of initial application [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:to="label_OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:title="Label : OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember to label_OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember" xlink:label="IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember" xlink:title="IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember" xml:lang="en-US" id="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember">Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember" xlink:to="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember" xlink:title="Label : IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember to label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember" xlink:to="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember_1" xlink:title="Label : IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember to label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:label="OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:title="OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" />
    <link:label xlink:type="resource" xlink:label="label_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xml:lang="en-US" id="label_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember">Opening balance after adjustment, cumulative effect at date of initial application [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember_1" xml:lang="en-US" id="label_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember_1">Adjusted opening balance [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:to="label_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember_1" xlink:title="Label : OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember to label_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="StatementOfChangesInEquityLineItems" xlink:title="StatementOfChangesInEquityLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityLineItems" xlink:to="label_StatementOfChangesInEquityLineItems" xlink:title="Label : StatementOfChangesInEquityLineItems to label_StatementOfChangesInEquityLineItems" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityLineItems_1" xml:lang="en-US" id="label_StatementOfChangesInEquityLineItems_1">Statement of changes in equity [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityLineItems" xlink:to="label_StatementOfChangesInEquityLineItems_1" xlink:title="Label : StatementOfChangesInEquityLineItems to label_StatementOfChangesInEquityLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityLineItems_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StatementOfChangesInEquityLineItems_2" xml:lang="en-US" id="label_StatementOfChangesInEquityLineItems_2">Consolidated Statement of Changes in Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityLineItems" xlink:to="label_StatementOfChangesInEquityLineItems_2" xlink:title="Label : StatementOfChangesInEquityLineItems to label_StatementOfChangesInEquityLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseThroughCapitalizationOfBonds" xlink:label="IncreaseDecreaseThroughCapitalizationOfBonds" xlink:title="IncreaseDecreaseThroughCapitalizationOfBonds" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughCapitalizationOfBonds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughCapitalizationOfBonds" xml:lang="en-US" id="label_IncreaseDecreaseThroughCapitalizationOfBonds">Increase (decrease) through Capitalization of bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughCapitalizationOfBonds" xlink:to="label_IncreaseDecreaseThroughCapitalizationOfBonds" xlink:title="Label : IncreaseDecreaseThroughCapitalizationOfBonds to label_IncreaseDecreaseThroughCapitalizationOfBonds" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseThroughContributionOfBondsFromParentCompany" xlink:label="IncreaseDecreaseThroughContributionOfBondsFromParentCompany" xlink:title="IncreaseDecreaseThroughContributionOfBondsFromParentCompany" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughContributionOfBondsFromParentCompany" xlink:to="label_IncreaseDecreaseThroughContributionOfBondsFromParentCompany" xlink:title="Label : IncreaseDecreaseThroughContributionOfBondsFromParentCompany to label_IncreaseDecreaseThroughContributionOfBondsFromParentCompany" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:label="IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:title="IncreaseDecreaseThroughSharebasedPaymentTransactions" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DeferredTaxExpenseArisingFromWritedownOrReversalOfWritedownOfDeferredTaxAsset" xlink:label="DeferredTaxExpenseArisingFromWritedownOrReversalOfWritedownOfDeferredTaxAsset" xlink:title="DeferredTaxExpenseArisingFromWritedownOrReversalOfWritedownOfDeferredTaxAsset" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet" xlink:to="label_IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet_3" xlink:title="Label : IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet to label_IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners" xlink:label="IncreaseDecreaseThroughOtherContributionsByOwners" xlink:title="IncreaseDecreaseThroughOtherContributionsByOwners" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughOtherContributionsByOwners" xlink:to="label_IncreaseDecreaseThroughOtherContributionsByOwners_1" xlink:title="Label : IncreaseDecreaseThroughOtherContributionsByOwners to label_IncreaseDecreaseThroughOtherContributionsByOwners_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ComprehensiveIncomeAbstract" xlink:label="ComprehensiveIncomeAbstract" xlink:title="ComprehensiveIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeAbstract" xml:lang="en-US" id="label_ComprehensiveIncomeAbstract">Comprehensive income [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAbstract" xlink:to="label_ComprehensiveIncomeAbstract" xlink:title="Label : ComprehensiveIncomeAbstract to label_ComprehensiveIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComprehensiveIncomeAbstract_1" xml:lang="en-US" id="label_ComprehensiveIncomeAbstract_1">Comprehensive loss for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAbstract" xlink:to="label_ComprehensiveIncomeAbstract_1" xlink:title="Label : ComprehensiveIncomeAbstract to label_ComprehensiveIncomeAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ChangesInEquityAbstract" xlink:label="ChangesInEquityAbstract" xlink:title="ChangesInEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInEquityAbstract" xml:lang="en-US" id="label_ChangesInEquityAbstract">Changes in equity [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInEquityAbstract" xlink:to="label_ChangesInEquityAbstract" xlink:title="Label : ChangesInEquityAbstract to label_ChangesInEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInEquityAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChangesInEquityAbstract_1" xml:lang="en-US" id="label_ChangesInEquityAbstract_1">Shareholders' contribution and distributions to shareholders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInEquityAbstract" xlink:to="label_ChangesInEquityAbstract_1" xlink:title="Label : ChangesInEquityAbstract to label_ChangesInEquityAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IssueOfEquity" xlink:label="IssueOfEquity" xlink:title="IssueOfEquity" />
    <link:label xlink:type="resource" xlink:label="label_IssueOfEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssueOfEquity" xml:lang="en-US" id="label_IssueOfEquity">Issuance of common shares at initial public offering (Note 1.2)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssueOfEquity" xlink:to="label_IssueOfEquity" xlink:title="Label : IssueOfEquity to label_IssueOfEquity" />
    <link:label xlink:type="resource" xlink:label="label_IssueOfEquity_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssueOfEquity_1" xml:lang="en-US" id="label_IssueOfEquity_1">Issue of equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssueOfEquity" xlink:to="label_IssueOfEquity_1" xlink:title="Label : IssueOfEquity to label_IssueOfEquity_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" xlink:label="IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" xlink:title="IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" xml:lang="en-US" id="label_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued">Increase (decrease) through Share based compensation granted and issued</link:label>
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    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued_1">The increase (decrease) in equity resulting from share based compensation granted and issued.</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ShareIssueRelatedCost" xlink:label="ShareIssueRelatedCost" xlink:title="ShareIssueRelatedCost" />
    <link:label xlink:type="resource" xlink:label="label_ShareIssueRelatedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareIssueRelatedCost" xml:lang="en-US" id="label_ShareIssueRelatedCost">Share issue related cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareIssueRelatedCost" xlink:to="label_ShareIssueRelatedCost" xlink:title="Label : ShareIssueRelatedCost to label_ShareIssueRelatedCost" />
    <link:label xlink:type="resource" xlink:label="label_ShareIssueRelatedCost_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ShareIssueRelatedCost_1" xml:lang="en-US" id="label_ShareIssueRelatedCost_1">Share issuance costs, net of taxes</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ShareIssueRelatedCost_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareIssueRelatedCost_2" xml:lang="en-US" id="label_ShareIssueRelatedCost_2">Share issuance costs, net of taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareIssueRelatedCost" xlink:to="label_ShareIssueRelatedCost_2" xlink:title="Label : ShareIssueRelatedCost to label_ShareIssueRelatedCost_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseThroughShareBasedCompensationVestedEquity" xlink:label="IncreaseDecreaseThroughShareBasedCompensationVestedEquity" xlink:title="IncreaseDecreaseThroughShareBasedCompensationVestedEquity" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughShareBasedCompensationVestedEquity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughShareBasedCompensationVestedEquity" xml:lang="en-US" id="label_IncreaseDecreaseThroughShareBasedCompensationVestedEquity">The increase (decrease) in equity resulting from share-based compensation vested.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughShareBasedCompensationVestedEquity_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughShareBasedCompensationVestedEquity_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughShareBasedCompensationVestedEquity_1">Increase (Decrease) Through Share Based Compensation Vested Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughShareBasedCompensationVestedEquity" xlink:to="label_IncreaseDecreaseThroughShareBasedCompensationVestedEquity_1" xlink:title="Label : IncreaseDecreaseThroughShareBasedCompensationVestedEquity to label_IncreaseDecreaseThroughShareBasedCompensationVestedEquity_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughShareBasedCompensationVestedEquity_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughShareBasedCompensationVestedEquity_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughShareBasedCompensationVestedEquity_2">Share based compensation vested (Note 23)</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BorrowingsIssue7Member" xlink:label="BorrowingsIssue7Member" xlink:title="BorrowingsIssue7Member" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue7Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsIssue7Member" xml:lang="en-US" id="label_BorrowingsIssue7Member">Bonds, 5th Issuance, 1st series [member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PurchaseOfTreasuryShares" xlink:label="PurchaseOfTreasuryShares" xlink:title="PurchaseOfTreasuryShares" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfTreasuryShares" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PurchaseOfTreasuryShares" xml:lang="en-US" id="label_PurchaseOfTreasuryShares">Acquisition of shares upon repurchase program</link:label>
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    <link:label xlink:type="resource" xlink:label="label_PurchaseOfTreasuryShares_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseOfTreasuryShares_1" xml:lang="en-US" id="label_PurchaseOfTreasuryShares_1">Purchase of treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfTreasuryShares" xlink:to="label_PurchaseOfTreasuryShares_1" xlink:title="Label : PurchaseOfTreasuryShares to label_PurchaseOfTreasuryShares_1" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfTreasuryShares_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PurchaseOfTreasuryShares_2" xml:lang="en-US" id="label_PurchaseOfTreasuryShares_2">Acquisition of shares (Note 23d)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfTreasuryShares" xlink:to="label_PurchaseOfTreasuryShares_2" xlink:title="Label : PurchaseOfTreasuryShares to label_PurchaseOfTreasuryShares_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners" xlink:label="IncreaseDecreaseThroughTransactionsWithOwners" xlink:title="IncreaseDecreaseThroughTransactionsWithOwners" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables" xlink:label="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables" xlink:title="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses" xlink:label="AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses" xlink:title="AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForInterestOnProvisionForTaxCivilAndLaborLosses" xlink:label="AdjustmentsForInterestOnProvisionForTaxCivilAndLaborLosses" xlink:title="AdjustmentsForInterestOnProvisionForTaxCivilAndLaborLosses" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForProvisionReversalForObsoleteInventories" xlink:label="AdjustmentsForProvisionReversalForObsoleteInventories" xlink:title="AdjustmentsForProvisionReversalForObsoleteInventories" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForInterestOnBondsAndFinancing" xlink:label="AdjustmentsForInterestOnBondsAndFinancing" xlink:title="AdjustmentsForInterestOnBondsAndFinancing" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForInterestOnAccountsPayableForBusinessCombination" xlink:label="AdjustmentsForInterestOnAccountsPayableForBusinessCombination" xlink:title="AdjustmentsForInterestOnAccountsPayableForBusinessCombination" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:label="ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:title="ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForInterestOnLeaseLiabilities" xlink:label="AdjustmentsForInterestOnLeaseLiabilities" xlink:title="AdjustmentsForInterestOnLeaseLiabilities" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForDisposalsOfRightOfUseAssetsAndLeaseLiabilities" xlink:label="AdjustmentsForDisposalsOfRightOfUseAssetsAndLeaseLiabilities" xlink:title="AdjustmentsForDisposalsOfRightOfUseAssetsAndLeaseLiabilities" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="AdjustmentsForDecreaseIncreaseInInventories" xlink:title="AdjustmentsForDecreaseIncreaseInInventories" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForDecreaseIncreaseInPrepayments" xlink:label="AdjustmentsForDecreaseIncreaseInPrepayments" xlink:title="AdjustmentsForDecreaseIncreaseInPrepayments" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInPrepayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInPrepayments" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInPrepayments">Adjustments for decrease (increase) in Prepayments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInPrepayments" xlink:to="label_AdjustmentsForDecreaseIncreaseInPrepayments" xlink:title="Label : AdjustmentsForDecreaseIncreaseInPrepayments to label_AdjustmentsForDecreaseIncreaseInPrepayments" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForDecreaseIncreaseInTaxesRecoverable" xlink:label="AdjustmentsForDecreaseIncreaseInTaxesRecoverable" xlink:title="AdjustmentsForDecreaseIncreaseInTaxesRecoverable" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInTaxesRecoverable" xlink:to="label_AdjustmentsForDecreaseIncreaseInTaxesRecoverable_1" xlink:title="Label : AdjustmentsForDecreaseIncreaseInTaxesRecoverable to label_AdjustmentsForDecreaseIncreaseInTaxesRecoverable_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInTaxesRecoverable" xlink:to="label_AdjustmentsForDecreaseIncreaseInTaxesRecoverable_2" xlink:title="Label : AdjustmentsForDecreaseIncreaseInTaxesRecoverable to label_AdjustmentsForDecreaseIncreaseInTaxesRecoverable_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForDecreaseIncreaseInJudicialDepositsAndEscrowAccounts" xlink:label="AdjustmentsForDecreaseIncreaseInJudicialDepositsAndEscrowAccounts" xlink:title="AdjustmentsForDecreaseIncreaseInJudicialDepositsAndEscrowAccounts" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:label="AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:title="AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:label="AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:title="AdjustmentsForIncreaseDecreaseInTradeAccountPayable" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForIncreaseDecreaseInTaxLiabilities" xlink:label="AdjustmentsForIncreaseDecreaseInTaxLiabilities" xlink:title="AdjustmentsForIncreaseDecreaseInTaxLiabilities" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperations" xlink:label="CashFlowsFromUsedInOperations" xlink:title="CashFlowsFromUsedInOperations" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:label="IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:title="IncomeTaxesPaidRefundClassifiedAsOperatingActivities" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" xlink:label="PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" xlink:title="PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities" xlink:label="PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities" xlink:title="PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ProceedsFromCapitalContributionClassifiedAsFinancingActivities" xlink:label="ProceedsFromCapitalContributionClassifiedAsFinancingActivities" xlink:title="ProceedsFromCapitalContributionClassifiedAsFinancingActivities" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashRepaymentsOfAdvancesAndLoansFromRelatedParties" xlink:label="CashRepaymentsOfAdvancesAndLoansFromRelatedParties" xlink:title="CashRepaymentsOfAdvancesAndLoansFromRelatedParties" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashRepaymentsOfAdvancesAndLoansFromRelatedParties" xlink:to="label_CashRepaymentsOfAdvancesAndLoansFromRelatedParties" xlink:title="Label : CashRepaymentsOfAdvancesAndLoansFromRelatedParties to label_CashRepaymentsOfAdvancesAndLoansFromRelatedParties" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:label="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:title="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xml:lang="en-US" id="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">Payment of principal</link:label>
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    <link:label xlink:type="resource" xlink:label="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1">Payments of lease liabilities, classified as financing activities</link:label>
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    <link:label xlink:type="resource" xlink:label="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_2" xml:lang="en-US" id="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_2">Lease liabilities paid</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany" xlink:label="CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany" xlink:title="CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany" xml:lang="en-US" id="label_CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany">Cash flows from (used in) increase (decrease) in Net Investment from Parent Company</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProceedsFromIssueOfOrdinaryShares" xlink:label="ProceedsFromIssueOfOrdinaryShares" xlink:title="ProceedsFromIssueOfOrdinaryShares" />
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    <link:label xlink:type="resource" xlink:label="label_ProceedsFromIssueOfOrdinaryShares_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromIssueOfOrdinaryShares_1" xml:lang="en-US" id="label_ProceedsFromIssueOfOrdinaryShares_1">Proceeds from issue of ordinary shares</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PaymentsForShareIssueCosts" xlink:label="PaymentsForShareIssueCosts" xlink:title="PaymentsForShareIssueCosts" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForShareIssueCosts" xlink:to="label_PaymentsForShareIssueCosts_1" xlink:title="Label : PaymentsForShareIssueCosts to label_PaymentsForShareIssueCosts_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:label="PaymentsToAcquireOrRedeemEntitysShares" xlink:title="PaymentsToAcquireOrRedeemEntitysShares" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsToAcquireOrRedeemEntitysShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsToAcquireOrRedeemEntitysShares" xml:lang="en-US" id="label_PaymentsToAcquireOrRedeemEntitysShares">Payments to acquire or redeem entity's shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireOrRedeemEntitysShares" xlink:to="label_PaymentsToAcquireOrRedeemEntitysShares" xlink:title="Label : PaymentsToAcquireOrRedeemEntitysShares to label_PaymentsToAcquireOrRedeemEntitysShares" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:title="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US" id="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">Payment of borrowings principal</link:label>
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    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1">Payments of bonds and financing</link:label>
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    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2" xml:lang="en-US" id="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2">Repayments of borrowings, classified as financing activities</link:label>
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    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_3" xml:lang="en-US" id="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_3">Payment of principal</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:label="ProceedsFromIssueOfBondsNotesAndDebentures" xlink:title="ProceedsFromIssueOfBondsNotesAndDebentures" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssueOfBondsNotesAndDebentures" xlink:to="label_ProceedsFromIssueOfBondsNotesAndDebentures_2" xlink:title="Label : ProceedsFromIssueOfBondsNotesAndDebentures to label_ProceedsFromIssueOfBondsNotesAndDebentures_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities" xlink:label="PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities" xlink:title="PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities" xml:lang="en-US" id="label_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities">Payments For Accounts Payable For Business Combination Classified As Financing Activities</link:label>
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    <link:label xlink:type="resource" xlink:label="label_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities_1">Payments of accounts payable for business combination and acquisition of associates</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:label="DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:title="DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_1" xml:lang="en-US" id="label_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_1">Shareholder's Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:to="label_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_1" xlink:title="Label : DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory to label_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RevenueAbstract" xlink:label="RevenueAbstract" xlink:title="RevenueAbstract" />
    <link:label xlink:type="resource" xlink:label="label_RevenueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueAbstract" xml:lang="en-US" id="label_RevenueAbstract">Net Revenue from sales and Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueAbstract" xlink:to="label_RevenueAbstract" xlink:title="Label : RevenueAbstract to label_RevenueAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfRevenueExplanatory" xlink:label="DisclosureOfRevenueExplanatory" xlink:title="DisclosureOfRevenueExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRevenueExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRevenueExplanatory" xml:lang="en-US" id="label_DisclosureOfRevenueExplanatory">Disclosure of revenue [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRevenueExplanatory" xlink:to="label_DisclosureOfRevenueExplanatory" xlink:title="Label : DisclosureOfRevenueExplanatory to label_DisclosureOfRevenueExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRevenueExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfRevenueExplanatory_1" xml:lang="en-US" id="label_DisclosureOfRevenueExplanatory_1">Net Revenue from sales and Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRevenueExplanatory" xlink:to="label_DisclosureOfRevenueExplanatory_1" xlink:title="Label : DisclosureOfRevenueExplanatory to label_DisclosureOfRevenueExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ExpenseByNatureAbstract" xlink:label="ExpenseByNatureAbstract" xlink:title="ExpenseByNatureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseByNatureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseByNatureAbstract" xml:lang="en-US" id="label_ExpenseByNatureAbstract">Costs and Expenses by Nature</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseByNatureAbstract" xlink:to="label_ExpenseByNatureAbstract" xlink:title="Label : ExpenseByNatureAbstract to label_ExpenseByNatureAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfExpensesByNatureExplanatory" xlink:label="DisclosureOfExpensesByNatureExplanatory" xlink:title="DisclosureOfExpensesByNatureExplanatory" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfExpensesByNatureExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfExpensesByNatureExplanatory_1" xml:lang="en-US" id="label_DisclosureOfExpensesByNatureExplanatory_1">Costs and Expenses by Nature</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfFinanceIncomeCostAbstract" xlink:label="DisclosureOfFinanceIncomeCostAbstract" xlink:title="DisclosureOfFinanceIncomeCostAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeCostAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinanceIncomeCostAbstract" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeCostAbstract">Finance result</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory" xlink:label="DisclosureOfFinanceIncomeExpenseExplanatory" xlink:title="DisclosureOfFinanceIncomeExpenseExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeExpenseExplanatory" xlink:to="label_DisclosureOfFinanceIncomeExpenseExplanatory" xlink:title="Label : DisclosureOfFinanceIncomeExpenseExplanatory to label_DisclosureOfFinanceIncomeExpenseExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeExpenseExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFinanceIncomeExpenseExplanatory_1" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeExpenseExplanatory_1">Finance result</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeExpenseExplanatory" xlink:to="label_DisclosureOfFinanceIncomeExpenseExplanatory_1" xlink:title="Label : DisclosureOfFinanceIncomeExpenseExplanatory to label_DisclosureOfFinanceIncomeExpenseExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:label="DisclosureOfOperatingSegmentsAbstract" xlink:title="DisclosureOfOperatingSegmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOperatingSegmentsAbstract" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsAbstract">Segment Reporting</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsAbstract" xlink:to="label_DisclosureOfOperatingSegmentsAbstract" xlink:title="Label : DisclosureOfOperatingSegmentsAbstract to label_DisclosureOfOperatingSegmentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:label="DisclosureOfEntitysReportableSegmentsExplanatory" xlink:title="DisclosureOfEntitysReportableSegmentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEntitysReportableSegmentsExplanatory" xml:lang="en-US" id="label_DisclosureOfEntitysReportableSegmentsExplanatory">Disclosure of entity's operating segments [text block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEntitysReportableSegmentsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEntitysReportableSegmentsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfEntitysReportableSegmentsExplanatory_1">Segment Reporting</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfNonCashTransactionsAbstract" xlink:label="DisclosureOfNonCashTransactionsAbstract" xlink:title="DisclosureOfNonCashTransactionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonCashTransactionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonCashTransactionsAbstract" xml:lang="en-US" id="label_DisclosureOfNonCashTransactionsAbstract">Non-cash transactions</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfNonCashTransactionsTextBlock" xlink:label="DisclosureOfNonCashTransactionsTextBlock" xlink:title="DisclosureOfNonCashTransactionsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonCashTransactionsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonCashTransactionsTextBlock" xml:lang="en-US" id="label_DisclosureOfNonCashTransactionsTextBlock">Disclosure of non-cash transactions [Text Block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonCashTransactionsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNonCashTransactionsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfNonCashTransactionsTextBlock_1">Non-cash transactions</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract">Subsequent events</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1" xml:lang="en-US" id="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1">Subsequent events</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfAuthorisationOfFinancialStatementsAbstract" xlink:label="DisclosureOfAuthorisationOfFinancialStatementsAbstract" xlink:title="DisclosureOfAuthorisationOfFinancialStatementsAbstract" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory" xlink:label="DisclosureOfDetailedInformationAboutBorrowingsExplanatory" xlink:title="DisclosureOfDetailedInformationAboutBorrowingsExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfBondsDescriptionTableTextBlock" xlink:label="ScheduleOfBondsDescriptionTableTextBlock" xlink:title="ScheduleOfBondsDescriptionTableTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfBondsAndFinancingMaturitiesTableTextBlock" xlink:label="ScheduleOfBondsAndFinancingMaturitiesTableTextBlock" xlink:title="ScheduleOfBondsAndFinancingMaturitiesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfBondsAndFinancingMaturitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfBondsAndFinancingMaturitiesTableTextBlock" xml:lang="en-US" id="label_ScheduleOfBondsAndFinancingMaturitiesTableTextBlock">Schedule of bonds and financing maturities [Table Text Block]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfBondsAndFinancingMaturitiesTableTextBlock" xlink:to="label_ScheduleOfBondsAndFinancingMaturitiesTableTextBlock_2" xlink:title="Label : ScheduleOfBondsAndFinancingMaturitiesTableTextBlock to label_ScheduleOfBondsAndFinancingMaturitiesTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfTradeSuppliersTableTextBlock" xlink:label="ScheduleOfTradeSuppliersTableTextBlock" xlink:title="ScheduleOfTradeSuppliersTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfTradeSuppliersTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfTradeSuppliersTableTextBlock" xml:lang="en-US" id="label_ScheduleOfTradeSuppliersTableTextBlock">Schedule of trade suppliers [Table Text Block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ScheduleOfTradeSuppliersTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ScheduleOfTradeSuppliersTableTextBlock_1" xml:lang="en-US" id="label_ScheduleOfTradeSuppliersTableTextBlock_1">Tabular disclosure of the components of trade suppliers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfTradeSuppliersTableTextBlock" xlink:to="label_ScheduleOfTradeSuppliersTableTextBlock_1" xlink:title="Label : ScheduleOfTradeSuppliersTableTextBlock to label_ScheduleOfTradeSuppliersTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfTradeSuppliersTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ScheduleOfTradeSuppliersTableTextBlock_2" xml:lang="en-US" id="label_ScheduleOfTradeSuppliersTableTextBlock_2">Schedule of trade suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfTradeSuppliersTableTextBlock" xlink:to="label_ScheduleOfTradeSuppliersTableTextBlock_2" xlink:title="Label : ScheduleOfTradeSuppliersTableTextBlock to label_ScheduleOfTradeSuppliersTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfLeaseLiabilitiesTableTextBlock" xlink:label="ScheduleOfLeaseLiabilitiesTableTextBlock" xlink:title="ScheduleOfLeaseLiabilitiesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfLeaseLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfLeaseLiabilitiesTableTextBlock" xml:lang="en-US" id="label_ScheduleOfLeaseLiabilitiesTableTextBlock">Schedule of lease liabilities [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfLeaseLiabilitiesTableTextBlock" xlink:to="label_ScheduleOfLeaseLiabilitiesTableTextBlock" xlink:title="Label : ScheduleOfLeaseLiabilitiesTableTextBlock to label_ScheduleOfLeaseLiabilitiesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfLeaseLiabilitiesTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ScheduleOfLeaseLiabilitiesTableTextBlock_1" xml:lang="en-US" id="label_ScheduleOfLeaseLiabilitiesTableTextBlock_1">Tabular disclosure of lease liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfLeaseLiabilitiesTableTextBlock" xlink:to="label_ScheduleOfLeaseLiabilitiesTableTextBlock_1" xlink:title="Label : ScheduleOfLeaseLiabilitiesTableTextBlock to label_ScheduleOfLeaseLiabilitiesTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfLeaseLiabilitiesTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ScheduleOfLeaseLiabilitiesTableTextBlock_2" xml:lang="en-US" id="label_ScheduleOfLeaseLiabilitiesTableTextBlock_2">Schedule of lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfLeaseLiabilitiesTableTextBlock" xlink:to="label_ScheduleOfLeaseLiabilitiesTableTextBlock_2" xlink:title="Label : ScheduleOfLeaseLiabilitiesTableTextBlock to label_ScheduleOfLeaseLiabilitiesTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" xlink:label="ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" xlink:title="ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" xml:lang="en-US" id="label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock">Schedule of fixed and variable lease payments [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" xlink:to="label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" xlink:title="Label : ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock to label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock_1" xml:lang="en-US" id="label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock_1">Tabular disclosure of fixed and variable lease payments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" xlink:to="label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock_1" xlink:title="Label : ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock to label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock_2" xml:lang="en-US" id="label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock_2">Schedule of fixed and variable lease payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" xlink:to="label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock_2" xlink:title="Label : ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock to label_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock" xlink:label="ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock" xlink:title="ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock" xml:lang="en-US" id="label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock">Schedule of contractual obligations and deferred income</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock_1" xml:lang="en-US" id="label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock_1">Tabular disclosure of contract liabilities and deferred income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock" xlink:to="label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock_1" xlink:title="Label : ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock to label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock_2" xml:lang="en-US" id="label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock_2">Schedule of contract liabilities and deferred income [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock" xlink:to="label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock_2" xlink:title="Label : ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock to label_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock" xlink:label="ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock" xlink:title="ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock" xml:lang="en-US" id="label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock">Schedule of accounts payable for business combination [Table Text Block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock_1" xml:lang="en-US" id="label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock_1">Tabular disclosure of accounts payable for business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock" xlink:to="label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock_1" xlink:title="Label : ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock to label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock_2" xml:lang="en-US" id="label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock_2">Schedule of accounts payable for business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock" xlink:to="label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock_2" xlink:title="Label : ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock to label_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock" xlink:label="ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock" xlink:title="ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock" xml:lang="en-US" id="label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock">Schedule of changes in accounts payable for business combination [Table Text Block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock_1" xml:lang="en-US" id="label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock_1">Tabular disclosure of changes in accounts payable for business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock" xlink:to="label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock_1" xlink:title="Label : ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock to label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock_2" xml:lang="en-US" id="label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock_2">Schedule of changes in accounts payable for business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock" xlink:to="label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock_2" xlink:title="Label : ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock to label_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfMaturitiesOfAccountsPayableForBusinessCombinationTableTextBlock" xlink:label="ScheduleOfMaturitiesOfAccountsPayableForBusinessCombinationTableTextBlock" xlink:title="ScheduleOfMaturitiesOfAccountsPayableForBusinessCombinationTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfMaturitiesOfAccountsPayableForBusinessCombinationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfMaturitiesOfAccountsPayableForBusinessCombinationTableTextBlock" xml:lang="en-US" id="label_ScheduleOfMaturitiesOfAccountsPayableForBusinessCombinationTableTextBlock">Schedule of maturities of accounts payable for business combination [Table Text Block]</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfChangesInProvisionForContingentLiabilitiesTableTextBlock" xlink:label="ScheduleOfChangesInProvisionForContingentLiabilitiesTableTextBlock" xlink:title="ScheduleOfChangesInProvisionForContingentLiabilitiesTableTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIssuedCapitalExplanatory" xlink:to="label_DisclosureOfIssuedCapitalExplanatory" xlink:title="Label : DisclosureOfIssuedCapitalExplanatory to label_DisclosureOfIssuedCapitalExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIssuedCapitalExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfIssuedCapitalExplanatory_1" xml:lang="en-US" id="label_DisclosureOfIssuedCapitalExplanatory_1">Schedule of Company&#x2019;s shareholders</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:label="DisclosureOfEarningsPerShareExplanatory" xlink:title="DisclosureOfEarningsPerShareExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfProductsAndServicesExplanatory" xlink:label="DisclosureOfProductsAndServicesExplanatory" xlink:title="DisclosureOfProductsAndServicesExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfProductsAndServicesExplanatory" xlink:to="label_DisclosureOfProductsAndServicesExplanatory" xlink:title="Label : DisclosureOfProductsAndServicesExplanatory to label_DisclosureOfProductsAndServicesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfProductsAndServicesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfProductsAndServicesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfProductsAndServicesExplanatory_1">Schedule of revenue by categories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfProductsAndServicesExplanatory" xlink:to="label_DisclosureOfProductsAndServicesExplanatory_1" xlink:title="Label : DisclosureOfProductsAndServicesExplanatory to label_DisclosureOfProductsAndServicesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfCostsAndExpensesByNatureTableTextBlock" xlink:label="ScheduleOfCostsAndExpensesByNatureTableTextBlock" xlink:title="ScheduleOfCostsAndExpensesByNatureTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfCostsAndExpensesByNatureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfCostsAndExpensesByNatureTableTextBlock" xml:lang="en-US" id="label_ScheduleOfCostsAndExpensesByNatureTableTextBlock">Schedule of costs and expenses by nature [Table Text Block]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfCostsAndExpensesByNatureTableTextBlock" xlink:to="label_ScheduleOfCostsAndExpensesByNatureTableTextBlock_1" xlink:title="Label : ScheduleOfCostsAndExpensesByNatureTableTextBlock to label_ScheduleOfCostsAndExpensesByNatureTableTextBlock_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfCostsAndExpensesByNatureTableTextBlock" xlink:to="label_ScheduleOfCostsAndExpensesByNatureTableTextBlock_2" xlink:title="Label : ScheduleOfCostsAndExpensesByNatureTableTextBlock to label_ScheduleOfCostsAndExpensesByNatureTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfFinanceResultNetTableTextBlock" xlink:label="ScheduleOfFinanceResultNetTableTextBlock" xlink:title="ScheduleOfFinanceResultNetTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfFinanceResultNetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfFinanceResultNetTableTextBlock" xml:lang="en-US" id="label_ScheduleOfFinanceResultNetTableTextBlock">Schedule of finance result (net) [Table Text Block]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfFinanceResultNetTableTextBlock" xlink:to="label_ScheduleOfFinanceResultNetTableTextBlock_1" xlink:title="Label : ScheduleOfFinanceResultNetTableTextBlock to label_ScheduleOfFinanceResultNetTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfFinanceResultNetTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ScheduleOfFinanceResultNetTableTextBlock_2" xml:lang="en-US" id="label_ScheduleOfFinanceResultNetTableTextBlock_2">Schedule of finance result (net)</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:label="DisclosureOfOperatingSegmentsExplanatory" xlink:title="DisclosureOfOperatingSegmentsExplanatory" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfOperatingSegmentsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsExplanatory_1">Schedule of business' revenue, its reconciliation to "profit (loss) before finance result and tax", assets and liabilities by reportable segment</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:label="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:title="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:title="Label : DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems to label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_1" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_1">Subsequent events</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfGeneralInformationAboutEntityTable" xlink:label="DisclosureOfGeneralInformationAboutEntityTable" xlink:title="DisclosureOfGeneralInformationAboutEntityTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralInformationAboutEntityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGeneralInformationAboutEntityTable" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutEntityTable">Disclosure of general information about entity [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralInformationAboutEntityTable" xlink:to="label_DisclosureOfGeneralInformationAboutEntityTable" xlink:title="Label : DisclosureOfGeneralInformationAboutEntityTable to label_DisclosureOfGeneralInformationAboutEntityTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralInformationAboutEntityTable_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfGeneralInformationAboutEntityTable_1" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutEntityTable_1">Schedule disclosing information related to general information about entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralInformationAboutEntityTable" xlink:to="label_DisclosureOfGeneralInformationAboutEntityTable_1" xlink:title="Label : DisclosureOfGeneralInformationAboutEntityTable to label_DisclosureOfGeneralInformationAboutEntityTable_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="CategoriesOfRelatedPartiesAxis" xlink:title="CategoriesOfRelatedPartiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfRelatedPartiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoriesOfRelatedPartiesAxis" xml:lang="en-US" id="label_CategoriesOfRelatedPartiesAxis">Categories of related parties [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfRelatedPartiesAxis" xlink:to="label_CategoriesOfRelatedPartiesAxis" xlink:title="Label : CategoriesOfRelatedPartiesAxis to label_CategoriesOfRelatedPartiesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:label="EntitysTotalForRelatedPartiesMember" xlink:title="EntitysTotalForRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForRelatedPartiesMember" xml:lang="en-US" id="label_EntitysTotalForRelatedPartiesMember">Entity's total for related parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForRelatedPartiesMember" xlink:to="label_EntitysTotalForRelatedPartiesMember" xlink:title="Label : EntitysTotalForRelatedPartiesMember to label_EntitysTotalForRelatedPartiesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ParentMember" xlink:label="ParentMember" xlink:title="ParentMember" />
    <link:label xlink:type="resource" xlink:label="label_ParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ParentMember" xml:lang="en-US" id="label_ParentMember">Parent [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParentMember" xlink:to="label_ParentMember" xlink:title="Label : ParentMember to label_ParentMember" />
    <link:label xlink:type="resource" xlink:label="label_ParentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ParentMember_1" xml:lang="en-US" id="label_ParentMember_1">Cogna Group</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParentMember" xlink:to="label_ParentMember_1" xlink:title="Label : ParentMember to label_ParentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ParentMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ParentMember_2" xml:lang="en-US" id="label_ParentMember_2">Parent Entity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParentMember" xlink:to="label_ParentMember_2" xlink:title="Label : ParentMember to label_ParentMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FinanceIncomeFromIndemnificationAsset" xlink:label="FinanceIncomeFromIndemnificationAsset" xlink:title="FinanceIncomeFromIndemnificationAsset" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeFromIndemnificationAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncomeFromIndemnificationAsset" xml:lang="en-US" id="label_FinanceIncomeFromIndemnificationAsset">Finance income from indemnification asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeFromIndemnificationAsset" xlink:to="label_FinanceIncomeFromIndemnificationAsset" xlink:title="Label : FinanceIncomeFromIndemnificationAsset to label_FinanceIncomeFromIndemnificationAsset" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeFromIndemnificationAsset" xlink:to="label_FinanceIncomeFromIndemnificationAsset_1" xlink:title="Label : FinanceIncomeFromIndemnificationAsset to label_FinanceIncomeFromIndemnificationAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeFromIndemnificationAsset_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceIncomeFromIndemnificationAsset_2" xml:lang="en-US" id="label_FinanceIncomeFromIndemnificationAsset_2">Income finance from indemnification asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeFromIndemnificationAsset" xlink:to="label_FinanceIncomeFromIndemnificationAsset_2" xlink:title="Label : FinanceIncomeFromIndemnificationAsset to label_FinanceIncomeFromIndemnificationAsset_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="SignificantInvestmentsInSubsidiariesAxis" xlink:title="SignificantInvestmentsInSubsidiariesAxis" />
    <link:label xlink:type="resource" xlink:label="label_SignificantInvestmentsInSubsidiariesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantInvestmentsInSubsidiariesAxis" xml:lang="en-US" id="label_SignificantInvestmentsInSubsidiariesAxis">Subsidiaries [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantInvestmentsInSubsidiariesAxis" xlink:to="label_SignificantInvestmentsInSubsidiariesAxis" xlink:title="Label : SignificantInvestmentsInSubsidiariesAxis to label_SignificantInvestmentsInSubsidiariesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="EntitysTotalForSubsidiariesMember" xlink:title="EntitysTotalForSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForSubsidiariesMember" xml:lang="en-US" id="label_EntitysTotalForSubsidiariesMember">Entity's total for subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForSubsidiariesMember" xlink:to="label_EntitysTotalForSubsidiariesMember" xlink:title="Label : EntitysTotalForSubsidiariesMember to label_EntitysTotalForSubsidiariesMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SomosSistemasDeEnsinoSaMember" xlink:label="SomosSistemasDeEnsinoSaMember" xlink:title="SomosSistemasDeEnsinoSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SomosSistemasDeEnsinoSaMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_SomosSistemasDeEnsinoSaMember" xml:lang="en-US" id="label_SomosSistemasDeEnsinoSaMember">Somos Sistemas [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosSistemasDeEnsinoSaMember" xlink:to="label_SomosSistemasDeEnsinoSaMember" xlink:title="Label : SomosSistemasDeEnsinoSaMember to label_SomosSistemasDeEnsinoSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SomosSistemasDeEnsinoSaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SomosSistemasDeEnsinoSaMember_1" xml:lang="en-US" id="label_SomosSistemasDeEnsinoSaMember_1">Somos Sistemas De Ensino S.A. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosSistemasDeEnsinoSaMember" xlink:to="label_SomosSistemasDeEnsinoSaMember_1" xlink:title="Label : SomosSistemasDeEnsinoSaMember to label_SomosSistemasDeEnsinoSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SomosSistemasDeEnsinoSaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SomosSistemasDeEnsinoSaMember_2" xml:lang="en-US" id="label_SomosSistemasDeEnsinoSaMember_2">This member stands for information pertaining to Somos Sistemas de Ensino SA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosSistemasDeEnsinoSaMember" xlink:to="label_SomosSistemasDeEnsinoSaMember_2" xlink:title="Label : SomosSistemasDeEnsinoSaMember to label_SomosSistemasDeEnsinoSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="BorrowingsByNameAxis" xlink:title="BorrowingsByNameAxis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsByNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsByNameAxis" xml:lang="en-US" id="label_BorrowingsByNameAxis">Borrowings by name [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameAxis" xlink:to="label_BorrowingsByNameAxis" xlink:title="Label : BorrowingsByNameAxis to label_BorrowingsByNameAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BorrowingsByNameMember" xlink:label="BorrowingsByNameMember" xlink:title="BorrowingsByNameMember" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsByNameMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsByNameMember" xml:lang="en-US" id="label_BorrowingsByNameMember">Borrowings by name [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameMember" xlink:to="label_BorrowingsByNameMember" xlink:title="Label : BorrowingsByNameMember to label_BorrowingsByNameMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BondMember" xlink:label="BondMember" xlink:title="BondMember" />
    <link:label xlink:type="resource" xlink:label="label_BondMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BondMember" xml:lang="en-US" id="label_BondMember">This member stands for information pertaining to Bonds issued.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondMember" xlink:to="label_BondMember" xlink:title="Label : BondMember to label_BondMember" />
    <link:label xlink:type="resource" xlink:label="label_BondMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BondMember_1" xml:lang="en-US" id="label_BondMember_1">Bonds [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondMember" xlink:to="label_BondMember_1" xlink:title="Label : BondMember to label_BondMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BondMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BondMember_2" xml:lang="en-US" id="label_BondMember_2">Bond [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondMember" xlink:to="label_BondMember_2" xlink:title="Label : BondMember to label_BondMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfGeneralInformationAboutEntityLineItems" xlink:label="DisclosureOfGeneralInformationAboutEntityLineItems" xlink:title="DisclosureOfGeneralInformationAboutEntityLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralInformationAboutEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfGeneralInformationAboutEntityLineItems" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutEntityLineItems">General Information</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralInformationAboutEntityLineItems" xlink:to="label_DisclosureOfGeneralInformationAboutEntityLineItems" xlink:title="Label : DisclosureOfGeneralInformationAboutEntityLineItems to label_DisclosureOfGeneralInformationAboutEntityLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralInformationAboutEntityLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGeneralInformationAboutEntityLineItems_1" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutEntityLineItems_1">Disclosure of general information about entity [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralInformationAboutEntityLineItems" xlink:to="label_DisclosureOfGeneralInformationAboutEntityLineItems_1" xlink:title="Label : DisclosureOfGeneralInformationAboutEntityLineItems to label_DisclosureOfGeneralInformationAboutEntityLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralInformationAboutEntityLineItems_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DisclosureOfGeneralInformationAboutEntityLineItems_2" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutEntityLineItems_2">The Company and Basis of Presentation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralInformationAboutEntityLineItems" xlink:to="label_DisclosureOfGeneralInformationAboutEntityLineItems_2" xlink:title="Label : DisclosureOfGeneralInformationAboutEntityLineItems to label_DisclosureOfGeneralInformationAboutEntityLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfReportableSegments1" xlink:label="NumberOfReportableSegments1" xlink:title="NumberOfReportableSegments1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfReportableSegments1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfReportableSegments1" xml:lang="en-US" id="label_NumberOfReportableSegments1">Number of Reportable Segments 1</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfReportableSegments1" xlink:to="label_NumberOfReportableSegments1" xlink:title="Label : NumberOfReportableSegments1 to label_NumberOfReportableSegments1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfReportableSegments1_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfReportableSegments1_1" xml:lang="en-US" id="label_NumberOfReportableSegments1_1">Number of segments reported by the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfReportableSegments1" xlink:to="label_NumberOfReportableSegments1_1" xlink:title="Label : NumberOfReportableSegments1 to label_NumberOfReportableSegments1_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfReportableSegments1_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfReportableSegments1_2" xml:lang="en-US" id="label_NumberOfReportableSegments1_2">Number of Reportable Segments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfReportableSegments1" xlink:to="label_NumberOfReportableSegments1_2" xlink:title="Label : NumberOfReportableSegments1 to label_NumberOfReportableSegments1_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BusinessCombinationPurchasePriceAmount" xlink:label="BusinessCombinationPurchasePriceAmount" xlink:title="BusinessCombinationPurchasePriceAmount" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationPurchasePriceAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessCombinationPurchasePriceAmount" xml:lang="en-US" id="label_BusinessCombinationPurchasePriceAmount">Business Combination, Purchase Price, Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationPurchasePriceAmount" xlink:to="label_BusinessCombinationPurchasePriceAmount" xlink:title="Label : BusinessCombinationPurchasePriceAmount to label_BusinessCombinationPurchasePriceAmount" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationPurchasePriceAmount_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BusinessCombinationPurchasePriceAmount_1" xml:lang="en-US" id="label_BusinessCombinationPurchasePriceAmount_1">The amount of purchase price in business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationPurchasePriceAmount" xlink:to="label_BusinessCombinationPurchasePriceAmount_1" xlink:title="Label : BusinessCombinationPurchasePriceAmount to label_BusinessCombinationPurchasePriceAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationPurchasePriceAmount_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BusinessCombinationPurchasePriceAmount_2" xml:lang="en-US" id="label_BusinessCombinationPurchasePriceAmount_2">Business Combination, Purchase Price, Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationPurchasePriceAmount" xlink:to="label_BusinessCombinationPurchasePriceAmount_2" xlink:title="Label : BusinessCombinationPurchasePriceAmount to label_BusinessCombinationPurchasePriceAmount_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashTransferred" xlink:label="CashTransferred" xlink:title="CashTransferred" />
    <link:label xlink:type="resource" xlink:label="label_CashTransferred" xlink:role="http://www.xbrl.org/2003/role/presentationGuidance" xlink:title="label_CashTransferred" xml:lang="en-US" id="label_CashTransferred">Consideration paid in cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashTransferred" xlink:to="label_CashTransferred" xlink:title="Label : CashTransferred to label_CashTransferred" />
    <link:label xlink:type="resource" xlink:label="label_CashTransferred_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CashTransferred_1" xml:lang="en-US" id="label_CashTransferred_1">Amount payable upon signing the agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashTransferred" xlink:to="label_CashTransferred_1" xlink:title="Label : CashTransferred to label_CashTransferred_1" />
    <link:label xlink:type="resource" xlink:label="label_CashTransferred_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashTransferred_2" xml:lang="en-US" id="label_CashTransferred_2">Cash transferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashTransferred" xlink:to="label_CashTransferred_2" xlink:title="Label : CashTransferred to label_CashTransferred_2" />
    <link:label xlink:type="resource" xlink:label="label_CashTransferred_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashTransferred_3" xml:lang="en-US" id="label_CashTransferred_3">Consideration paid in cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashTransferred" xlink:to="label_CashTransferred_3" xlink:title="Label : CashTransferred to label_CashTransferred_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount" xlink:label="BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount" xlink:title="BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount" xml:lang="en-US" id="label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount">Business Combination, Consideration paid as deposit in restricted escrow account</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount" xlink:to="label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount" xlink:title="Label : BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount to label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount_1" xml:lang="en-US" id="label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount_1">The amount of consideration paid in business combination as deposit in restricted escrow account.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount" xlink:to="label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount_1" xlink:title="Label : BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount to label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount_1" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount_2" xml:lang="en-US" id="label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount_2">Business Combination, Consideration paid as deposit in restricted escrow account</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount" xlink:to="label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount_2" xlink:title="Label : BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount to label_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:label="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:title="AcquisitiondateFairValueOfTotalConsiderationTransferred" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitiondateFairValueOfTotalConsiderationTransferred" xml:lang="en-US" id="label_AcquisitiondateFairValueOfTotalConsiderationTransferred">Consideration transferred, acquisition-date fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="label_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:title="Label : AcquisitiondateFairValueOfTotalConsiderationTransferred to label_AcquisitiondateFairValueOfTotalConsiderationTransferred" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1" xml:lang="en-US" id="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1">Purchase consideration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1" xlink:title="Label : AcquisitiondateFairValueOfTotalConsiderationTransferred to label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_2" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xlink:title="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_2" xml:lang="en-US" id="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_2">Total Consideration transferred (B)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_2" xlink:title="Label : AcquisitiondateFairValueOfTotalConsiderationTransferred to label_AcquisitiondateFairValueOfTotalConsiderationTransferred_2" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_3" xml:lang="en-US" id="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_3">Acquisition total cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_3" xlink:title="Label : AcquisitiondateFairValueOfTotalConsiderationTransferred to label_AcquisitiondateFairValueOfTotalConsiderationTransferred_3" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_4" xlink:role="http://www.xbrl.org/2003/role/positiveVerboseLabel" xlink:title="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_4" xml:lang="en-US" id="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_4">Investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_4" xlink:title="Label : AcquisitiondateFairValueOfTotalConsiderationTransferred to label_AcquisitiondateFairValueOfTotalConsiderationTransferred_4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:label="DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:title="DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" xml:lang="en-US" id="label_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory">Disclosure of investments accounted for using equity method [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:to="label_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:title="Label : DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory to label_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:label="ProportionOfOwnershipInterestInSubsidiary" xlink:title="ProportionOfOwnershipInterestInSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProportionOfOwnershipInterestInSubsidiary" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInSubsidiary">Interest %</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInSubsidiary" xlink:title="Label : ProportionOfOwnershipInterestInSubsidiary to label_ProportionOfOwnershipInterestInSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInSubsidiary_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestInSubsidiary_1" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInSubsidiary_1">Interest in subsidaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInSubsidiary_1" xlink:title="Label : ProportionOfOwnershipInterestInSubsidiary to label_ProportionOfOwnershipInterestInSubsidiary_1" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInSubsidiary_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestInSubsidiary_2" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInSubsidiary_2">Proportion of ownership interest in subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInSubsidiary_2" xlink:title="Label : ProportionOfOwnershipInterestInSubsidiary to label_ProportionOfOwnershipInterestInSubsidiary_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ShareIssuePricePerShare" xlink:label="ShareIssuePricePerShare" xlink:title="ShareIssuePricePerShare" />
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    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalDaLagoaLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SociedadeEducacionalDaLagoaLtdaMember_1" xml:lang="en-US" id="label_SociedadeEducacionalDaLagoaLtdaMember_1">Represents Sociedade Educacional da Lagoa Ltda.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_Nota1000ServicosEducacionaisSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Nota1000ServicosEducacionaisSAMember" xml:lang="en-US" id="label_Nota1000ServicosEducacionaisSAMember">This member stands for the information pertaining to Nota 1000 Servi&#xE7;os Educacionais S.A. (&#x201C;Reda&#xE7;&#xE3;o Nota 1000&#x201D;), an acquiree of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Nota1000ServicosEducacionaisSAMember" xlink:to="label_Nota1000ServicosEducacionaisSAMember" xlink:title="Label : Nota1000ServicosEducacionaisSAMember to label_Nota1000ServicosEducacionaisSAMember" />
    <link:label xlink:type="resource" xlink:label="label_Nota1000ServicosEducacionaisSAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Nota1000ServicosEducacionaisSAMember_1" xml:lang="en-US" id="label_Nota1000ServicosEducacionaisSAMember_1">Reda&#xE7;&#xE3;o Nota 1000</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Nota1000ServicosEducacionaisSAMember" xlink:to="label_Nota1000ServicosEducacionaisSAMember_2" xlink:title="Label : Nota1000ServicosEducacionaisSAMember to label_Nota1000ServicosEducacionaisSAMember_2" />
    <link:label xlink:type="resource" xlink:label="label_Nota1000ServicosEducacionaisSAMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Nota1000ServicosEducacionaisSAMember_3" xml:lang="en-US" id="label_Nota1000ServicosEducacionaisSAMember_3">Nota 1000 Servi&#xE7;os Educacionais Ltda ("Reda&#xE7;&#xE3;o Nota 1000")</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Nota1000ServicosEducacionaisSAMember" xlink:to="label_Nota1000ServicosEducacionaisSAMember_3" xlink:title="Label : Nota1000ServicosEducacionaisSAMember to label_Nota1000ServicosEducacionaisSAMember_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_EmmeProducoesDeMateriaisEmMultimidiaMember" xlink:label="EmmeProducoesDeMateriaisEmMultimidiaMember" xlink:title="EmmeProducoesDeMateriaisEmMultimidiaMember" />
    <link:label xlink:type="resource" xlink:label="label_EmmeProducoesDeMateriaisEmMultimidiaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmmeProducoesDeMateriaisEmMultimidiaMember" xml:lang="en-US" id="label_EmmeProducoesDeMateriaisEmMultimidiaMember">This member stands for the information pertaining to EMME &#x2013; Produ&#xE7;&#xF5;es de Materiais em Multim&#xED;dia (&#x201C;EMME&#x201D;), an acquiree of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmmeProducoesDeMateriaisEmMultimidiaMember" xlink:to="label_EmmeProducoesDeMateriaisEmMultimidiaMember" xlink:title="Label : EmmeProducoesDeMateriaisEmMultimidiaMember to label_EmmeProducoesDeMateriaisEmMultimidiaMember" />
    <link:label xlink:type="resource" xlink:label="label_EmmeProducoesDeMateriaisEmMultimidiaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmmeProducoesDeMateriaisEmMultimidiaMember_1" xml:lang="en-US" id="label_EmmeProducoesDeMateriaisEmMultimidiaMember_1">EMME</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmmeProducoesDeMateriaisEmMultimidiaMember" xlink:to="label_EmmeProducoesDeMateriaisEmMultimidiaMember_1" xlink:title="Label : EmmeProducoesDeMateriaisEmMultimidiaMember to label_EmmeProducoesDeMateriaisEmMultimidiaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EmmeProducoesDeMateriaisEmMultimidiaMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmmeProducoesDeMateriaisEmMultimidiaMember_2" xml:lang="en-US" id="label_EmmeProducoesDeMateriaisEmMultimidiaMember_2">Emme Producoes De Materiais Em Multimidia [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmmeProducoesDeMateriaisEmMultimidiaMember" xlink:to="label_EmmeProducoesDeMateriaisEmMultimidiaMember_2" xlink:title="Label : EmmeProducoesDeMateriaisEmMultimidiaMember to label_EmmeProducoesDeMateriaisEmMultimidiaMember_2" />
    <link:label xlink:type="resource" xlink:label="label_EmmeProducoesDeMateriaisEmMultimidiaMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_EmmeProducoesDeMateriaisEmMultimidiaMember_3" xml:lang="en-US" id="label_EmmeProducoesDeMateriaisEmMultimidiaMember_3">EMME &#x2013; Produ&#xE7;&#xF5;es de Materiais em Multim&#xED;dia Ltda (&#x201C;EMME&#x201D;)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmmeProducoesDeMateriaisEmMultimidiaMember" xlink:to="label_EmmeProducoesDeMateriaisEmMultimidiaMember_3" xlink:title="Label : EmmeProducoesDeMateriaisEmMultimidiaMember to label_EmmeProducoesDeMateriaisEmMultimidiaMember_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_EditoraDeGougesSAMember" xlink:label="EditoraDeGougesSAMember" xlink:title="EditoraDeGougesSAMember" />
    <link:label xlink:type="resource" xlink:label="label_EditoraDeGougesSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EditoraDeGougesSAMember" xml:lang="en-US" id="label_EditoraDeGougesSAMember">Editora De Gouges S A [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditoraDeGougesSAMember" xlink:to="label_EditoraDeGougesSAMember" xlink:title="Label : EditoraDeGougesSAMember to label_EditoraDeGougesSAMember" />
    <link:label xlink:type="resource" xlink:label="label_EditoraDeGougesSAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EditoraDeGougesSAMember_1" xml:lang="en-US" id="label_EditoraDeGougesSAMember_1">De Gouges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditoraDeGougesSAMember" xlink:to="label_EditoraDeGougesSAMember_1" xlink:title="Label : EditoraDeGougesSAMember to label_EditoraDeGougesSAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EditoraDeGougesSAMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EditoraDeGougesSAMember_2" xml:lang="en-US" id="label_EditoraDeGougesSAMember_2">This member stands for the information pertaining to "Editora De Gouges SA &#x2013; Learning System Eleva - (&#x201C;De Gouges&#x201D;)".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditoraDeGougesSAMember" xlink:to="label_EditoraDeGougesSAMember_2" xlink:title="Label : EditoraDeGougesSAMember to label_EditoraDeGougesSAMember_2" />
    <link:label xlink:type="resource" xlink:label="label_EditoraDeGougesSAMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_EditoraDeGougesSAMember_3" xml:lang="en-US" id="label_EditoraDeGougesSAMember_3">Editora De Gouges S.A ("De Gouges")</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditoraDeGougesSAMember" xlink:to="label_EditoraDeGougesSAMember_3" xlink:title="Label : EditoraDeGougesSAMember to label_EditoraDeGougesSAMember_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SalesReturnTermFromDeliveryDate" xlink:label="SalesReturnTermFromDeliveryDate" xlink:title="SalesReturnTermFromDeliveryDate" />
    <link:label xlink:type="resource" xlink:label="label_SalesReturnTermFromDeliveryDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SalesReturnTermFromDeliveryDate" xml:lang="en-US" id="label_SalesReturnTermFromDeliveryDate">Sales Return Term from Delivery Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesReturnTermFromDeliveryDate" xlink:to="label_SalesReturnTermFromDeliveryDate" xlink:title="Label : SalesReturnTermFromDeliveryDate to label_SalesReturnTermFromDeliveryDate" />
    <link:label xlink:type="resource" xlink:label="label_SalesReturnTermFromDeliveryDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SalesReturnTermFromDeliveryDate_1" xml:lang="en-US" id="label_SalesReturnTermFromDeliveryDate_1">Sales return term from delivery date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesReturnTermFromDeliveryDate" xlink:to="label_SalesReturnTermFromDeliveryDate_1" xlink:title="Label : SalesReturnTermFromDeliveryDate to label_SalesReturnTermFromDeliveryDate_1" />
    <link:label xlink:type="resource" xlink:label="label_SalesReturnTermFromDeliveryDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SalesReturnTermFromDeliveryDate_2" xml:lang="en-US" id="label_SalesReturnTermFromDeliveryDate_2">The sales return term from delivery date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesReturnTermFromDeliveryDate" xlink:to="label_SalesReturnTermFromDeliveryDate_2" xlink:title="Label : SalesReturnTermFromDeliveryDate to label_SalesReturnTermFromDeliveryDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_VestingPeriodOfRestrictedPlan" xlink:label="VestingPeriodOfRestrictedPlan" xlink:title="VestingPeriodOfRestrictedPlan" />
    <link:label xlink:type="resource" xlink:label="label_VestingPeriodOfRestrictedPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VestingPeriodOfRestrictedPlan" xml:lang="en-US" id="label_VestingPeriodOfRestrictedPlan">Vesting Period of Restricted Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VestingPeriodOfRestrictedPlan" xlink:to="label_VestingPeriodOfRestrictedPlan" xlink:title="Label : VestingPeriodOfRestrictedPlan to label_VestingPeriodOfRestrictedPlan" />
    <link:label xlink:type="resource" xlink:label="label_VestingPeriodOfRestrictedPlan_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VestingPeriodOfRestrictedPlan_1" xml:lang="en-US" id="label_VestingPeriodOfRestrictedPlan_1">The vesting period for restricted share plan.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_VestingPeriodOfRestrictedPlan_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_VestingPeriodOfRestrictedPlan_2" xml:lang="en-US" id="label_VestingPeriodOfRestrictedPlan_2">Vesting period for restricted share plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VestingPeriodOfRestrictedPlan" xlink:to="label_VestingPeriodOfRestrictedPlan_2" xlink:title="Label : VestingPeriodOfRestrictedPlan to label_VestingPeriodOfRestrictedPlan_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentMember" xlink:to="label_PropertyPlantAndEquipmentMember" xlink:title="Label : PropertyPlantAndEquipmentMember to label_PropertyPlantAndEquipmentMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PropertyBuildingsAndLeaseholdImprovementsMember" xlink:label="PropertyBuildingsAndLeaseholdImprovementsMember" xlink:title="PropertyBuildingsAndLeaseholdImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_PropertyBuildingsAndLeaseholdImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertyBuildingsAndLeaseholdImprovementsMember" xml:lang="en-US" id="label_PropertyBuildingsAndLeaseholdImprovementsMember">Property, buildings and leasehold improvements [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyBuildingsAndLeaseholdImprovementsMember" xlink:to="label_PropertyBuildingsAndLeaseholdImprovementsMember" xlink:title="Label : PropertyBuildingsAndLeaseholdImprovementsMember to label_PropertyBuildingsAndLeaseholdImprovementsMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyBuildingsAndLeaseholdImprovementsMember" xlink:to="label_PropertyBuildingsAndLeaseholdImprovementsMember_2" xlink:title="Label : PropertyBuildingsAndLeaseholdImprovementsMember to label_PropertyBuildingsAndLeaseholdImprovementsMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComputerEquipmentMember" xlink:to="label_ComputerEquipmentMember" xlink:title="Label : ComputerEquipmentMember to label_ComputerEquipmentMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComputerEquipmentMember" xlink:to="label_ComputerEquipmentMember_1" xlink:title="Label : ComputerEquipmentMember to label_ComputerEquipmentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ComputerEquipmentMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ComputerEquipmentMember_2" xml:lang="en-US" id="label_ComputerEquipmentMember_2">IT equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComputerEquipmentMember" xlink:to="label_ComputerEquipmentMember_2" xlink:title="Label : ComputerEquipmentMember to label_ComputerEquipmentMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FixturesAndFittingsMember" xlink:label="FixturesAndFittingsMember" xlink:title="FixturesAndFittingsMember" />
    <link:label xlink:type="resource" xlink:label="label_FixturesAndFittingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FixturesAndFittingsMember" xml:lang="en-US" id="label_FixturesAndFittingsMember">Furniture, equipment and fittings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixturesAndFittingsMember" xlink:to="label_FixturesAndFittingsMember" xlink:title="Label : FixturesAndFittingsMember to label_FixturesAndFittingsMember" />
    <link:label xlink:type="resource" xlink:label="label_FixturesAndFittingsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixturesAndFittingsMember_1" xml:lang="en-US" id="label_FixturesAndFittingsMember_1">Fixtures and fittings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixturesAndFittingsMember" xlink:to="label_FixturesAndFittingsMember_1" xlink:title="Label : FixturesAndFittingsMember to label_FixturesAndFittingsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RightofuseAssetsMember" xlink:label="RightofuseAssetsMember" xlink:title="RightofuseAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RightofuseAssetsMember" xml:lang="en-US" id="label_RightofuseAssetsMember">Right of use assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsMember" xlink:to="label_RightofuseAssetsMember" xlink:title="Label : RightofuseAssetsMember to label_RightofuseAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RightofuseAssetsMember_1" xml:lang="en-US" id="label_RightofuseAssetsMember_1">Right-of-use assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsMember" xlink:to="label_RightofuseAssetsMember_1" xlink:title="Label : RightofuseAssetsMember to label_RightofuseAssetsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RightofuseAssetsMember_2" xml:lang="en-US" id="label_RightofuseAssetsMember_2">Right of use assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsMember" xlink:to="label_RightofuseAssetsMember_2" xlink:title="Label : RightofuseAssetsMember to label_RightofuseAssetsMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:label xlink:type="resource" xlink:label="label_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RangeAxis" xml:lang="en-US" id="label_RangeAxis">Statistical Measurement [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeAxis" xlink:to="label_RangeAxis" xlink:title="Label : RangeAxis to label_RangeAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RangesMember" xlink:label="RangesMember" xlink:title="RangesMember" />
    <link:label xlink:type="resource" xlink:label="label_RangesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RangesMember" xml:lang="en-US" id="label_RangesMember">Ranges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangesMember" xlink:to="label_RangesMember" xlink:title="Label : RangesMember to label_RangesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BottomOfRangeMember" xlink:label="BottomOfRangeMember" xlink:title="BottomOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BottomOfRangeMember" xml:lang="en-US" id="label_BottomOfRangeMember">Bottom of range</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BottomOfRangeMember" xlink:to="label_BottomOfRangeMember" xlink:title="Label : BottomOfRangeMember to label_BottomOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_BottomOfRangeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BottomOfRangeMember_1" xml:lang="en-US" id="label_BottomOfRangeMember_1">Bottom of range [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BottomOfRangeMember" xlink:to="label_BottomOfRangeMember_1" xlink:title="Label : BottomOfRangeMember to label_BottomOfRangeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BottomOfRangeMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BottomOfRangeMember_2" xml:lang="en-US" id="label_BottomOfRangeMember_2">Minimum [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BottomOfRangeMember" xlink:to="label_BottomOfRangeMember_2" xlink:title="Label : BottomOfRangeMember to label_BottomOfRangeMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TopOfRangeMember" xlink:label="TopOfRangeMember" xlink:title="TopOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_TopOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TopOfRangeMember" xml:lang="en-US" id="label_TopOfRangeMember">Maximum [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TopOfRangeMember" xlink:to="label_TopOfRangeMember" xlink:title="Label : TopOfRangeMember to label_TopOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_TopOfRangeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TopOfRangeMember_1" xml:lang="en-US" id="label_TopOfRangeMember_1">Top of range [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TopOfRangeMember" xlink:to="label_TopOfRangeMember_1" xlink:title="Label : TopOfRangeMember to label_TopOfRangeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TopOfRangeMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TopOfRangeMember_2" xml:lang="en-US" id="label_TopOfRangeMember_2">Top of range [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TopOfRangeMember" xlink:to="label_TopOfRangeMember_2" xlink:title="Label : TopOfRangeMember to label_TopOfRangeMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:label="DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:title="DisclosureOfPropertyPlantAndEquipmentLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentLineItems" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentLineItems">Disclosure of detailed information about property, plant and equipment [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentLineItems to label_DisclosureOfPropertyPlantAndEquipmentLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentLineItems_1" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentLineItems_1">Property, Plant and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentLineItems_1" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentLineItems to label_DisclosureOfPropertyPlantAndEquipmentLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:label="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:title="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xml:lang="en-US" id="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">Useful life measured as period of time, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:to="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:title="Label : UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment to label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1" xml:lang="en-US" id="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1">Estimated useful lives (in years)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:to="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1" xlink:title="Label : UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment to label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:label="DisclosureOfIntangibleAssetsTable" xlink:title="DisclosureOfIntangibleAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfIntangibleAssetsTable" xml:lang="en-US" id="label_DisclosureOfIntangibleAssetsTable">Disclosure of detailed information about intangible assets [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsTable" xlink:to="label_DisclosureOfIntangibleAssetsTable" xlink:title="Label : DisclosureOfIntangibleAssetsTable to label_DisclosureOfIntangibleAssetsTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:label="ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:title="ClassesOfIntangibleAssetsOtherThanGoodwillAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xml:lang="en-US" id="label_ClassesOfIntangibleAssetsOtherThanGoodwillAxis">Classes of intangible assets other than goodwill [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="label_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:title="Label : ClassesOfIntangibleAssetsOtherThanGoodwillAxis to label_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:label="IntangibleAssetsOtherThanGoodwillMember" xlink:title="IntangibleAssetsOtherThanGoodwillMember" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsOtherThanGoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsOtherThanGoodwillMember" xml:lang="en-US" id="label_IntangibleAssetsOtherThanGoodwillMember">Intangible assets other than goodwill [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsOtherThanGoodwillMember" xlink:to="label_IntangibleAssetsOtherThanGoodwillMember" xlink:title="Label : IntangibleAssetsOtherThanGoodwillMember to label_IntangibleAssetsOtherThanGoodwillMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ComputerSoftwareMember" xlink:label="ComputerSoftwareMember" xlink:title="ComputerSoftwareMember" />
    <link:label xlink:type="resource" xlink:label="label_ComputerSoftwareMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ComputerSoftwareMember" xml:lang="en-US" id="label_ComputerSoftwareMember">Software [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComputerSoftwareMember" xlink:to="label_ComputerSoftwareMember" xlink:title="Label : ComputerSoftwareMember to label_ComputerSoftwareMember" />
    <link:label xlink:type="resource" xlink:label="label_ComputerSoftwareMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComputerSoftwareMember_1" xml:lang="en-US" id="label_ComputerSoftwareMember_1">Computer software [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComputerSoftwareMember" xlink:to="label_ComputerSoftwareMember_1" xlink:title="Label : ComputerSoftwareMember to label_ComputerSoftwareMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ComputerSoftwareMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComputerSoftwareMember_2" xml:lang="en-US" id="label_ComputerSoftwareMember_2">Software [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComputerSoftwareMember" xlink:to="label_ComputerSoftwareMember_2" xlink:title="Label : ComputerSoftwareMember to label_ComputerSoftwareMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BrandNamesMember" xlink:label="BrandNamesMember" xlink:title="BrandNamesMember" />
    <link:label xlink:type="resource" xlink:label="label_BrandNamesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BrandNamesMember" xml:lang="en-US" id="label_BrandNamesMember">Trademarks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrandNamesMember" xlink:to="label_BrandNamesMember" xlink:title="Label : BrandNamesMember to label_BrandNamesMember" />
    <link:label xlink:type="resource" xlink:label="label_BrandNamesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BrandNamesMember_1" xml:lang="en-US" id="label_BrandNamesMember_1">Brand names [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrandNamesMember" xlink:to="label_BrandNamesMember_1" xlink:title="Label : BrandNamesMember to label_BrandNamesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BrandNamesMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BrandNamesMember_2" xml:lang="en-US" id="label_BrandNamesMember_2">Trademark license</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrandNamesMember" xlink:to="label_BrandNamesMember_2" xlink:title="Label : BrandNamesMember to label_BrandNamesMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:label="CustomerrelatedIntangibleAssetsMember" xlink:title="CustomerrelatedIntangibleAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_CustomerrelatedIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CustomerrelatedIntangibleAssetsMember" xml:lang="en-US" id="label_CustomerrelatedIntangibleAssetsMember">Customer portfolio [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerrelatedIntangibleAssetsMember" xlink:to="label_CustomerrelatedIntangibleAssetsMember" xlink:title="Label : CustomerrelatedIntangibleAssetsMember to label_CustomerrelatedIntangibleAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_CustomerrelatedIntangibleAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CustomerrelatedIntangibleAssetsMember_1" xml:lang="en-US" id="label_CustomerrelatedIntangibleAssetsMember_1">Customer-related intangible assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerrelatedIntangibleAssetsMember" xlink:to="label_CustomerrelatedIntangibleAssetsMember_1" xlink:title="Label : CustomerrelatedIntangibleAssetsMember to label_CustomerrelatedIntangibleAssetsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CustomerrelatedIntangibleAssetsMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CustomerrelatedIntangibleAssetsMember_2" xml:lang="en-US" id="label_CustomerrelatedIntangibleAssetsMember_2">Customer Portfolio [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerrelatedIntangibleAssetsMember" xlink:to="label_CustomerrelatedIntangibleAssetsMember_2" xlink:title="Label : CustomerrelatedIntangibleAssetsMember to label_CustomerrelatedIntangibleAssetsMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CapitalisedDevelopmentExpenditureMember" xlink:label="CapitalisedDevelopmentExpenditureMember" xlink:title="CapitalisedDevelopmentExpenditureMember" />
    <link:label xlink:type="resource" xlink:label="label_CapitalisedDevelopmentExpenditureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CapitalisedDevelopmentExpenditureMember" xml:lang="en-US" id="label_CapitalisedDevelopmentExpenditureMember">Platform content [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalisedDevelopmentExpenditureMember" xlink:to="label_CapitalisedDevelopmentExpenditureMember" xlink:title="Label : CapitalisedDevelopmentExpenditureMember to label_CapitalisedDevelopmentExpenditureMember" />
    <link:label xlink:type="resource" xlink:label="label_CapitalisedDevelopmentExpenditureMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalisedDevelopmentExpenditureMember_1" xml:lang="en-US" id="label_CapitalisedDevelopmentExpenditureMember_1">Capitalised development expenditure [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalisedDevelopmentExpenditureMember" xlink:to="label_CapitalisedDevelopmentExpenditureMember_1" xlink:title="Label : CapitalisedDevelopmentExpenditureMember to label_CapitalisedDevelopmentExpenditureMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" xlink:label="CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" xlink:title="CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" />
    <link:label xlink:type="resource" xlink:label="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" xml:lang="en-US" id="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember">Copyrights [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" xlink:to="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" xlink:title="Label : CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember to label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" />
    <link:label xlink:type="resource" xlink:label="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember_1" xml:lang="en-US" id="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember_1">Copyrights, patents and other industrial property rights, service and operating rights [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" xlink:to="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember_1" xlink:title="Label : CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember to label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember_2" xml:lang="en-US" id="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember_2">Copyright license</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" xlink:to="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember_2" xlink:title="Label : CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember to label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:label="DisclosureOfIntangibleAssetsLineItems" xlink:title="DisclosureOfIntangibleAssetsLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsLineItems" xlink:to="label_DisclosureOfIntangibleAssetsLineItems" xlink:title="Label : DisclosureOfIntangibleAssetsLineItems to label_DisclosureOfIntangibleAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIntangibleAssetsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfIntangibleAssetsLineItems_1" xml:lang="en-US" id="label_DisclosureOfIntangibleAssetsLineItems_1">Intangible Assets and Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsLineItems" xlink:to="label_DisclosureOfIntangibleAssetsLineItems_1" xlink:title="Label : DisclosureOfIntangibleAssetsLineItems to label_DisclosureOfIntangibleAssetsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:label="UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:title="UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill">Useful life measured as period of time, intangible assets other than goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:to="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:title="Label : UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill to label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_1" xml:lang="en-US" id="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_1">Agreement term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:to="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_1" xlink:title="Label : UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill to label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_1" />
    <link:label xlink:type="resource" xlink:label="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_2" xml:lang="en-US" id="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_2">Estimated useful lives (in years)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:to="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_2" xlink:title="Label : UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill to label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NominalStatutoryRateForCalculatingCorporateIncomeTax" xlink:label="NominalStatutoryRateForCalculatingCorporateIncomeTax" xlink:title="NominalStatutoryRateForCalculatingCorporateIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_NominalStatutoryRateForCalculatingCorporateIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NominalStatutoryRateForCalculatingCorporateIncomeTax" xml:lang="en-US" id="label_NominalStatutoryRateForCalculatingCorporateIncomeTax">Nominal Statutory Rate for Calculating Corporate Income Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NominalStatutoryRateForCalculatingCorporateIncomeTax" xlink:to="label_NominalStatutoryRateForCalculatingCorporateIncomeTax" xlink:title="Label : NominalStatutoryRateForCalculatingCorporateIncomeTax to label_NominalStatutoryRateForCalculatingCorporateIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_NominalStatutoryRateForCalculatingCorporateIncomeTax_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NominalStatutoryRateForCalculatingCorporateIncomeTax_1" xml:lang="en-US" id="label_NominalStatutoryRateForCalculatingCorporateIncomeTax_1">Nominal statutory rates for calculating IRPJ (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NominalStatutoryRateForCalculatingCorporateIncomeTax" xlink:to="label_NominalStatutoryRateForCalculatingCorporateIncomeTax_1" xlink:title="Label : NominalStatutoryRateForCalculatingCorporateIncomeTax to label_NominalStatutoryRateForCalculatingCorporateIncomeTax_1" />
    <link:label xlink:type="resource" xlink:label="label_NominalStatutoryRateForCalculatingCorporateIncomeTax_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NominalStatutoryRateForCalculatingCorporateIncomeTax_2" xml:lang="en-US" id="label_NominalStatutoryRateForCalculatingCorporateIncomeTax_2">Represents the percentage of nominal statutory rate for calculating corporate income tax.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NominalStatutoryRateForCalculatingCorporateIncomeTax" xlink:to="label_NominalStatutoryRateForCalculatingCorporateIncomeTax_2" xlink:title="Label : NominalStatutoryRateForCalculatingCorporateIncomeTax to label_NominalStatutoryRateForCalculatingCorporateIncomeTax_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" xlink:label="NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" xlink:title="NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" />
    <link:label xlink:type="resource" xlink:label="label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" xml:lang="en-US" id="label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome">Nominal Statutory Rate for Calculating Social Contribution on Net Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" xlink:to="label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" xlink:title="Label : NominalStatutoryRateForCalculatingSocialContributionOnNetIncome to label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" />
    <link:label xlink:type="resource" xlink:label="label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome_1" xml:lang="en-US" id="label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome_1">Nominal statutory rates for calculating CSLL (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" xlink:to="label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome_1" xlink:title="Label : NominalStatutoryRateForCalculatingSocialContributionOnNetIncome to label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome_2" xml:lang="en-US" id="label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome_2">Represents the percentage of nominal statutory rate for calculating social contribution on net income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" xlink:to="label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome_2" xlink:title="Label : NominalStatutoryRateForCalculatingSocialContributionOnNetIncome to label_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:label="DisclosureOfClassesOfShareCapitalTable" xlink:title="DisclosureOfClassesOfShareCapitalTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfClassesOfShareCapitalTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfClassesOfShareCapitalTable" xml:lang="en-US" id="label_DisclosureOfClassesOfShareCapitalTable">Disclosure of classes of share capital [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfClassesOfShareCapitalTable" xlink:to="label_DisclosureOfClassesOfShareCapitalTable" xlink:title="Label : DisclosureOfClassesOfShareCapitalTable to label_DisclosureOfClassesOfShareCapitalTable" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ClassBCommonSharesMember" xlink:label="ClassBCommonSharesMember" xlink:title="ClassBCommonSharesMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassBCommonSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClassBCommonSharesMember" xml:lang="en-US" id="label_ClassBCommonSharesMember">Class B common shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassBCommonSharesMember" xlink:to="label_ClassBCommonSharesMember" xlink:title="Label : ClassBCommonSharesMember to label_ClassBCommonSharesMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassBCommonSharesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassBCommonSharesMember_1" xml:lang="en-US" id="label_ClassBCommonSharesMember_1">Class B Common Shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassBCommonSharesMember" xlink:to="label_ClassBCommonSharesMember_1" xlink:title="Label : ClassBCommonSharesMember to label_ClassBCommonSharesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ClassBCommonSharesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ClassBCommonSharesMember_2" xml:lang="en-US" id="label_ClassBCommonSharesMember_2">This member stands for equity instruments that are class B common shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassBCommonSharesMember" xlink:to="label_ClassBCommonSharesMember_2" xlink:title="Label : ClassBCommonSharesMember to label_ClassBCommonSharesMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:label="DisclosureOfClassesOfShareCapitalLineItems" xlink:title="DisclosureOfClassesOfShareCapitalLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfClassesOfShareCapitalLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfClassesOfShareCapitalLineItems" xml:lang="en-US" id="label_DisclosureOfClassesOfShareCapitalLineItems">Disclosure of classes of share capital [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfClassesOfShareCapitalLineItems" xlink:to="label_DisclosureOfClassesOfShareCapitalLineItems" xlink:title="Label : DisclosureOfClassesOfShareCapitalLineItems to label_DisclosureOfClassesOfShareCapitalLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfClassesOfShareCapitalLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfClassesOfShareCapitalLineItems_1" xml:lang="en-US" id="label_DisclosureOfClassesOfShareCapitalLineItems_1">Share Capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfClassesOfShareCapitalLineItems" xlink:to="label_DisclosureOfClassesOfShareCapitalLineItems_1" xlink:title="Label : DisclosureOfClassesOfShareCapitalLineItems to label_DisclosureOfClassesOfShareCapitalLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="NumberOfSharesOutstanding" xlink:title="NumberOfSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesOutstanding" xml:lang="en-US" id="label_NumberOfSharesOutstanding">Common shares issued and outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOutstanding" xlink:to="label_NumberOfSharesOutstanding" xlink:title="Label : NumberOfSharesOutstanding to label_NumberOfSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOutstanding_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesOutstanding_1" xml:lang="en-US" id="label_NumberOfSharesOutstanding_1">Number of shares outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOutstanding" xlink:to="label_NumberOfSharesOutstanding_1" xlink:title="Label : NumberOfSharesOutstanding to label_NumberOfSharesOutstanding_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOutstanding_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NumberOfSharesOutstanding_2" xml:lang="en-US" id="label_NumberOfSharesOutstanding_2">Share capital (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOutstanding" xlink:to="label_NumberOfSharesOutstanding_2" xlink:title="Label : NumberOfSharesOutstanding to label_NumberOfSharesOutstanding_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:label="MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:title="MaximumMaturityPeriodOfCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumMaturityPeriodOfCashAndCashEquivalents" xml:lang="en-US" id="label_MaximumMaturityPeriodOfCashAndCashEquivalents">Maximum Maturity Period Of Cash And Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:to="label_MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:title="Label : MaximumMaturityPeriodOfCashAndCashEquivalents to label_MaximumMaturityPeriodOfCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMaturityPeriodOfCashAndCashEquivalents_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumMaturityPeriodOfCashAndCashEquivalents_1" xml:lang="en-US" id="label_MaximumMaturityPeriodOfCashAndCashEquivalents_1">Maximum maturity period of cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:to="label_MaximumMaturityPeriodOfCashAndCashEquivalents_1" xlink:title="Label : MaximumMaturityPeriodOfCashAndCashEquivalents to label_MaximumMaturityPeriodOfCashAndCashEquivalents_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMaturityPeriodOfCashAndCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumMaturityPeriodOfCashAndCashEquivalents_2" xml:lang="en-US" id="label_MaximumMaturityPeriodOfCashAndCashEquivalents_2">The maximum maturity period of cash and cash equivalents.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:to="label_MaximumMaturityPeriodOfCashAndCashEquivalents_2" xlink:title="Label : MaximumMaturityPeriodOfCashAndCashEquivalents to label_MaximumMaturityPeriodOfCashAndCashEquivalents_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PeriodOfLeaseTermOfShortTermLeases" xlink:label="PeriodOfLeaseTermOfShortTermLeases" xlink:title="PeriodOfLeaseTermOfShortTermLeases" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfLeaseTermOfShortTermLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOfLeaseTermOfShortTermLeases" xml:lang="en-US" id="label_PeriodOfLeaseTermOfShortTermLeases">Period Of Lease Term Of Short Term Leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfLeaseTermOfShortTermLeases" xlink:to="label_PeriodOfLeaseTermOfShortTermLeases" xlink:title="Label : PeriodOfLeaseTermOfShortTermLeases to label_PeriodOfLeaseTermOfShortTermLeases" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfLeaseTermOfShortTermLeases_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodOfLeaseTermOfShortTermLeases_1" xml:lang="en-US" id="label_PeriodOfLeaseTermOfShortTermLeases_1">Period of lease term of short-term leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfLeaseTermOfShortTermLeases" xlink:to="label_PeriodOfLeaseTermOfShortTermLeases_1" xlink:title="Label : PeriodOfLeaseTermOfShortTermLeases to label_PeriodOfLeaseTermOfShortTermLeases_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfLeaseTermOfShortTermLeases_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOfLeaseTermOfShortTermLeases_2" xml:lang="en-US" id="label_PeriodOfLeaseTermOfShortTermLeases_2">The period of lease term of short-term leases upon lease contract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfLeaseTermOfShortTermLeases" xlink:to="label_PeriodOfLeaseTermOfShortTermLeases_2" xlink:title="Label : PeriodOfLeaseTermOfShortTermLeases to label_PeriodOfLeaseTermOfShortTermLeases_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PurchaseOfTreasurySharesNumber" xlink:label="PurchaseOfTreasurySharesNumber" xlink:title="PurchaseOfTreasurySharesNumber" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfTreasurySharesNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseOfTreasurySharesNumber" xml:lang="en-US" id="label_PurchaseOfTreasurySharesNumber">Purchase Of Treasury Shares Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfTreasurySharesNumber" xlink:to="label_PurchaseOfTreasurySharesNumber" xlink:title="Label : PurchaseOfTreasurySharesNumber to label_PurchaseOfTreasurySharesNumber" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfTreasurySharesNumber_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PurchaseOfTreasurySharesNumber_1" xml:lang="en-US" id="label_PurchaseOfTreasurySharesNumber_1">Number of shres acquired upon repurchase program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfTreasurySharesNumber" xlink:to="label_PurchaseOfTreasurySharesNumber_1" xlink:title="Label : PurchaseOfTreasurySharesNumber to label_PurchaseOfTreasurySharesNumber_1" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfTreasurySharesNumber_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PurchaseOfTreasurySharesNumber_2" xml:lang="en-US" id="label_PurchaseOfTreasurySharesNumber_2">The number of treasury shares purchased for repurchase program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfTreasurySharesNumber" xlink:to="label_PurchaseOfTreasurySharesNumber_2" xlink:title="Label : PurchaseOfTreasurySharesNumber to label_PurchaseOfTreasurySharesNumber_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:label="MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:title="MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems" />
    <link:label xlink:type="resource" xlink:label="label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xml:lang="en-US" id="label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems">Minimum Period of contract for sale of textbooks and learning systems (in years)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:to="label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:title="Label : MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems to label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems" />
    <link:label xlink:type="resource" xlink:label="label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems_1" xml:lang="en-US" id="label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems_1">Minimum Period of Contract for Sale of Textbooks and Learning Systems</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:to="label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems_1" xlink:title="Label : MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems to label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems_1" />
    <link:label xlink:type="resource" xlink:label="label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems_2" xml:lang="en-US" id="label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems_2">Represents the minimum Period of contract for sale of textbooks and learning systems.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:to="label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems_2" xlink:title="Label : MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems to label_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:label="MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:title="MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xml:lang="en-US" id="label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems">Maximum Period of Contract for Sale of Textbooks and Learning Systems</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:to="label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:title="Label : MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems to label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems_1" xml:lang="en-US" id="label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems_1">Maximum Period of contract for sale of textbooks and learning systems (in years)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:to="label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems_1" xlink:title="Label : MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems to label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems_2" xml:lang="en-US" id="label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems_2">Represents the maximum Period of contract for sale of textbooks and learning systems.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" xlink:to="label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems_2" xlink:title="Label : MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems to label_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011" xlink:label="TaxEffectOfRevenuesExemptFromTaxation2011" xlink:title="TaxEffectOfRevenuesExemptFromTaxation2011" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfRevenuesExemptFromTaxation2011" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxEffectOfRevenuesExemptFromTaxation2011" xml:lang="en-US" id="label_TaxEffectOfRevenuesExemptFromTaxation2011">Tax effect of revenues exempt from taxation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfRevenuesExemptFromTaxation2011" xlink:to="label_TaxEffectOfRevenuesExemptFromTaxation2011" xlink:title="Label : TaxEffectOfRevenuesExemptFromTaxation2011 to label_TaxEffectOfRevenuesExemptFromTaxation2011" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfRevenuesExemptFromTaxation2011_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxEffectOfRevenuesExemptFromTaxation2011_1" xml:lang="en-US" id="label_TaxEffectOfRevenuesExemptFromTaxation2011_1">Tax effect of revenues exempt from taxation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfRevenuesExemptFromTaxation2011" xlink:to="label_TaxEffectOfRevenuesExemptFromTaxation2011_1" xlink:title="Label : TaxEffectOfRevenuesExemptFromTaxation2011 to label_TaxEffectOfRevenuesExemptFromTaxation2011_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NominalStatutoryRateOnServiceRevenues" xlink:label="NominalStatutoryRateOnServiceRevenues" xlink:title="NominalStatutoryRateOnServiceRevenues" />
    <link:label xlink:type="resource" xlink:label="label_NominalStatutoryRateOnServiceRevenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NominalStatutoryRateOnServiceRevenues" xml:lang="en-US" id="label_NominalStatutoryRateOnServiceRevenues">Nominal Statutory Rate on Service Revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NominalStatutoryRateOnServiceRevenues" xlink:to="label_NominalStatutoryRateOnServiceRevenues" xlink:title="Label : NominalStatutoryRateOnServiceRevenues to label_NominalStatutoryRateOnServiceRevenues" />
    <link:label xlink:type="resource" xlink:label="label_NominalStatutoryRateOnServiceRevenues_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NominalStatutoryRateOnServiceRevenues_1" xml:lang="en-US" id="label_NominalStatutoryRateOnServiceRevenues_1">Nominal statutory rate on service revenues (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NominalStatutoryRateOnServiceRevenues" xlink:to="label_NominalStatutoryRateOnServiceRevenues_1" xlink:title="Label : NominalStatutoryRateOnServiceRevenues to label_NominalStatutoryRateOnServiceRevenues_1" />
    <link:label xlink:type="resource" xlink:label="label_NominalStatutoryRateOnServiceRevenues_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NominalStatutoryRateOnServiceRevenues_2" xml:lang="en-US" id="label_NominalStatutoryRateOnServiceRevenues_2">Represents the percentage of nominal statutory rate on service revenues.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NominalStatutoryRateOnServiceRevenues" xlink:to="label_NominalStatutoryRateOnServiceRevenues_2" xlink:title="Label : NominalStatutoryRateOnServiceRevenues to label_NominalStatutoryRateOnServiceRevenues_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MunicipalServiceTaxStatutoryRate" xlink:label="MunicipalServiceTaxStatutoryRate" xlink:title="MunicipalServiceTaxStatutoryRate" />
    <link:label xlink:type="resource" xlink:label="label_MunicipalServiceTaxStatutoryRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MunicipalServiceTaxStatutoryRate" xml:lang="en-US" id="label_MunicipalServiceTaxStatutoryRate">Municipal Service Tax Statutory Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MunicipalServiceTaxStatutoryRate" xlink:to="label_MunicipalServiceTaxStatutoryRate" xlink:title="Label : MunicipalServiceTaxStatutoryRate to label_MunicipalServiceTaxStatutoryRate" />
    <link:label xlink:type="resource" xlink:label="label_MunicipalServiceTaxStatutoryRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MunicipalServiceTaxStatutoryRate_1" xml:lang="en-US" id="label_MunicipalServiceTaxStatutoryRate_1">Municipal service tax, statutory rate (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MunicipalServiceTaxStatutoryRate" xlink:to="label_MunicipalServiceTaxStatutoryRate_1" xlink:title="Label : MunicipalServiceTaxStatutoryRate to label_MunicipalServiceTaxStatutoryRate_1" />
    <link:label xlink:type="resource" xlink:label="label_MunicipalServiceTaxStatutoryRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MunicipalServiceTaxStatutoryRate_2" xml:lang="en-US" id="label_MunicipalServiceTaxStatutoryRate_2">Represents the percentage of statutory rate for municipal service tax.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MunicipalServiceTaxStatutoryRate" xlink:to="label_MunicipalServiceTaxStatutoryRate_2" xlink:title="Label : MunicipalServiceTaxStatutoryRate to label_MunicipalServiceTaxStatutoryRate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_MaturityAxis" xlink:label="MaturityAxis" xlink:title="MaturityAxis" />
    <link:label xlink:type="resource" xlink:label="label_MaturityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityAxis" xml:lang="en-US" id="label_MaturityAxis">Maturity [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityAxis" xlink:to="label_MaturityAxis" xlink:title="Label : MaturityAxis to label_MaturityAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AggregatedTimeBandsMember" xlink:label="AggregatedTimeBandsMember" xlink:title="AggregatedTimeBandsMember" />
    <link:label xlink:type="resource" xlink:label="label_AggregatedTimeBandsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AggregatedTimeBandsMember" xml:lang="en-US" id="label_AggregatedTimeBandsMember">Aggregated time bands [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregatedTimeBandsMember" xlink:to="label_AggregatedTimeBandsMember" xlink:title="Label : AggregatedTimeBandsMember to label_AggregatedTimeBandsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:label="LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:title="LaterThanOneYearAndNotLaterThanThreeYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneYearAndNotLaterThanThreeYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanThreeYearsMember">Later than one year and not later than three years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:title="Label : LaterThanOneYearAndNotLaterThanThreeYearsMember to label_LaterThanOneYearAndNotLaterThanThreeYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanThreeYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanOneYearAndNotLaterThanThreeYearsMember_1" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanThreeYearsMember_1">2023 and 2024</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanThreeYearsMember_1" xlink:title="Label : LaterThanOneYearAndNotLaterThanThreeYearsMember to label_LaterThanOneYearAndNotLaterThanThreeYearsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanOneYearMember" xlink:label="LaterThanOneYearMember" xlink:title="LaterThanOneYearMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanOneYearMember" xml:lang="en-US" id="label_LaterThanOneYearMember">Over 360 days</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearMember" xlink:to="label_LaterThanOneYearMember" xlink:title="Label : LaterThanOneYearMember to label_LaterThanOneYearMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:label="LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:title="LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xml:lang="en-US" id="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember">From 91 to 180 days</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:to="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:title="Label : LaterThanThreeMonthsAndNotLaterThanSixMonthsMember to label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember" xlink:label="LaterThanSixMonthsAndNotLaterThanOneYearMember" xlink:title="LaterThanSixMonthsAndNotLaterThanOneYearMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanSixMonthsAndNotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanSixMonthsAndNotLaterThanOneYearMember" xml:lang="en-US" id="label_LaterThanSixMonthsAndNotLaterThanOneYearMember">From 181 to 360 days</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanSixMonthsAndNotLaterThanOneYearMember" xlink:to="label_LaterThanSixMonthsAndNotLaterThanOneYearMember" xlink:title="Label : LaterThanSixMonthsAndNotLaterThanOneYearMember to label_LaterThanSixMonthsAndNotLaterThanOneYearMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:label="LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:title="LaterThanOneMonthAndNotLaterThanTwoMonthsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xml:lang="en-US" id="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember">From 31 to 60 days</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:to="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:title="Label : LaterThanOneMonthAndNotLaterThanTwoMonthsMember to label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:label="LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:title="LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xml:lang="en-US" id="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember">From 61 to 90 days</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:to="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:title="Label : LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember to label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" xlink:label="AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" xlink:title="AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" xml:lang="en-US" id="label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred">Business Combination, Remaining consideration to be transferred, acquisition-date fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" xlink:to="label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" xlink:title="Label : AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred to label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred_1" xml:lang="en-US" id="label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred_1">The fair value, at acquisition date, of the remaining consideration to be transferred in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" xlink:to="label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred_1" xlink:title="Label : AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred to label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred_1" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred_2" xml:lang="en-US" id="label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred_2">Acquisition Date Fair Value Business Combination Remaining Consideration to be Transferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" xlink:to="label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred_2" xlink:title="Label : AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred to label_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MinimumAmountOfContractRevenueRequired" xlink:label="MinimumAmountOfContractRevenueRequired" xlink:title="MinimumAmountOfContractRevenueRequired" />
    <link:label xlink:type="resource" xlink:label="label_MinimumAmountOfContractRevenueRequired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumAmountOfContractRevenueRequired" xml:lang="en-US" id="label_MinimumAmountOfContractRevenueRequired">Minimum Amount Of Contract Revenue Required</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumAmountOfContractRevenueRequired" xlink:to="label_MinimumAmountOfContractRevenueRequired" xlink:title="Label : MinimumAmountOfContractRevenueRequired to label_MinimumAmountOfContractRevenueRequired" />
    <link:label xlink:type="resource" xlink:label="label_MinimumAmountOfContractRevenueRequired_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinimumAmountOfContractRevenueRequired_1" xml:lang="en-US" id="label_MinimumAmountOfContractRevenueRequired_1">Minimum amount of contract revenue required</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumAmountOfContractRevenueRequired" xlink:to="label_MinimumAmountOfContractRevenueRequired_1" xlink:title="Label : MinimumAmountOfContractRevenueRequired to label_MinimumAmountOfContractRevenueRequired_1" />
    <link:label xlink:type="resource" xlink:label="label_MinimumAmountOfContractRevenueRequired_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MinimumAmountOfContractRevenueRequired_2" xml:lang="en-US" id="label_MinimumAmountOfContractRevenueRequired_2">The minimum amount of contract revenue required with in specific period in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumAmountOfContractRevenueRequired" xlink:to="label_MinimumAmountOfContractRevenueRequired_2" xlink:title="Label : MinimumAmountOfContractRevenueRequired to label_MinimumAmountOfContractRevenueRequired_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PeriodOfConsiderationTermsDividedInInstallments" xlink:label="PeriodOfConsiderationTermsDividedInInstallments" xlink:title="PeriodOfConsiderationTermsDividedInInstallments" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfConsiderationTermsDividedInInstallments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodOfConsiderationTermsDividedInInstallments" xml:lang="en-US" id="label_PeriodOfConsiderationTermsDividedInInstallments">Period for remaining consideration to be transferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfConsiderationTermsDividedInInstallments" xlink:to="label_PeriodOfConsiderationTermsDividedInInstallments" xlink:title="Label : PeriodOfConsiderationTermsDividedInInstallments to label_PeriodOfConsiderationTermsDividedInInstallments" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfConsiderationTermsDividedInInstallments_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOfConsiderationTermsDividedInInstallments_1" xml:lang="en-US" id="label_PeriodOfConsiderationTermsDividedInInstallments_1">The period for remaining consideration to be transferred in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfConsiderationTermsDividedInInstallments" xlink:to="label_PeriodOfConsiderationTermsDividedInInstallments_1" xlink:title="Label : PeriodOfConsiderationTermsDividedInInstallments to label_PeriodOfConsiderationTermsDividedInInstallments_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfConsiderationTermsDividedInInstallments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOfConsiderationTermsDividedInInstallments_2" xml:lang="en-US" id="label_PeriodOfConsiderationTermsDividedInInstallments_2">Period of Consideration Terms Divided in Installments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfConsiderationTermsDividedInInstallments" xlink:to="label_PeriodOfConsiderationTermsDividedInInstallments_2" xlink:title="Label : PeriodOfConsiderationTermsDividedInInstallments to label_PeriodOfConsiderationTermsDividedInInstallments_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BorrowingsInterestRateBasis" xlink:label="BorrowingsInterestRateBasis" xlink:title="BorrowingsInterestRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsInterestRateBasis" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BorrowingsInterestRateBasis" xml:lang="en-US" id="label_BorrowingsInterestRateBasis">Financials charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRateBasis" xlink:to="label_BorrowingsInterestRateBasis" xlink:title="Label : BorrowingsInterestRateBasis to label_BorrowingsInterestRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsInterestRateBasis_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsInterestRateBasis_1" xml:lang="en-US" id="label_BorrowingsInterestRateBasis_1">Borrowings, interest rate basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRateBasis" xlink:to="label_BorrowingsInterestRateBasis_1" xlink:title="Label : BorrowingsInterestRateBasis to label_BorrowingsInterestRateBasis_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsInterestRateBasis_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsInterestRateBasis_2" xml:lang="en-US" id="label_BorrowingsInterestRateBasis_2">Interest rate basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRateBasis" xlink:to="label_BorrowingsInterestRateBasis_2" xlink:title="Label : BorrowingsInterestRateBasis to label_BorrowingsInterestRateBasis_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BusinessCombinationConsiderationPaymentsFinalDueDate" xlink:label="BusinessCombinationConsiderationPaymentsFinalDueDate" xlink:title="BusinessCombinationConsiderationPaymentsFinalDueDate" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationConsiderationPaymentsFinalDueDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BusinessCombinationConsiderationPaymentsFinalDueDate" xml:lang="en-US" id="label_BusinessCombinationConsiderationPaymentsFinalDueDate">Consideration payments final due date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationConsiderationPaymentsFinalDueDate" xlink:to="label_BusinessCombinationConsiderationPaymentsFinalDueDate" xlink:title="Label : BusinessCombinationConsiderationPaymentsFinalDueDate to label_BusinessCombinationConsiderationPaymentsFinalDueDate" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationConsiderationPaymentsFinalDueDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BusinessCombinationConsiderationPaymentsFinalDueDate_1" xml:lang="en-US" id="label_BusinessCombinationConsiderationPaymentsFinalDueDate_1">The date on which the acquirer to pay final installments to obtains control of the acquiree in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationConsiderationPaymentsFinalDueDate" xlink:to="label_BusinessCombinationConsiderationPaymentsFinalDueDate_1" xlink:title="Label : BusinessCombinationConsiderationPaymentsFinalDueDate to label_BusinessCombinationConsiderationPaymentsFinalDueDate_1" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationConsiderationPaymentsFinalDueDate_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessCombinationConsiderationPaymentsFinalDueDate_2" xml:lang="en-US" id="label_BusinessCombinationConsiderationPaymentsFinalDueDate_2">Business Combination, Consideration Payments Final Due Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationConsiderationPaymentsFinalDueDate" xlink:to="label_BusinessCombinationConsiderationPaymentsFinalDueDate_2" xlink:title="Label : BusinessCombinationConsiderationPaymentsFinalDueDate to label_BusinessCombinationConsiderationPaymentsFinalDueDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:label="ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:title="ContingentConsiderationRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ContingentConsiderationRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_ContingentConsiderationRecognisedAsOfAcquisitionDate">Earn-out clause amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:to="label_ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:title="Label : ContingentConsiderationRecognisedAsOfAcquisitionDate to label_ContingentConsiderationRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_ContingentConsiderationRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentConsiderationRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_ContingentConsiderationRecognisedAsOfAcquisitionDate_1">Possible increase in purchase consideration due to additional earn-outs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:to="label_ContingentConsiderationRecognisedAsOfAcquisitionDate_1" xlink:title="Label : ContingentConsiderationRecognisedAsOfAcquisitionDate to label_ContingentConsiderationRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_ContingentConsiderationRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentConsiderationRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_ContingentConsiderationRecognisedAsOfAcquisitionDate_2">Contingent consideration recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:to="label_ContingentConsiderationRecognisedAsOfAcquisitionDate_2" xlink:title="Label : ContingentConsiderationRecognisedAsOfAcquisitionDate to label_ContingentConsiderationRecognisedAsOfAcquisitionDate_2" />
    <link:label xlink:type="resource" xlink:label="label_ContingentConsiderationRecognisedAsOfAcquisitionDate_3" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_ContingentConsiderationRecognisedAsOfAcquisitionDate_3" xml:lang="en-US" id="label_ContingentConsiderationRecognisedAsOfAcquisitionDate_3">Contingent consideration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentConsiderationRecognisedAsOfAcquisitionDate" xlink:to="label_ContingentConsiderationRecognisedAsOfAcquisitionDate_3" xlink:title="Label : ContingentConsiderationRecognisedAsOfAcquisitionDate to label_ContingentConsiderationRecognisedAsOfAcquisitionDate_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SalesDiscounts" xlink:label="SalesDiscounts" xlink:title="SalesDiscounts" />
    <link:label xlink:type="resource" xlink:label="label_SalesDiscounts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SalesDiscounts" xml:lang="en-US" id="label_SalesDiscounts">The amount of discounts on sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesDiscounts" xlink:to="label_SalesDiscounts" xlink:title="Label : SalesDiscounts to label_SalesDiscounts" />
    <link:label xlink:type="resource" xlink:label="label_SalesDiscounts_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_SalesDiscounts_1" xml:lang="en-US" id="label_SalesDiscounts_1">Discounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesDiscounts" xlink:to="label_SalesDiscounts_1" xlink:title="Label : SalesDiscounts to label_SalesDiscounts_1" />
    <link:label xlink:type="resource" xlink:label="label_SalesDiscounts_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SalesDiscounts_2" xml:lang="en-US" id="label_SalesDiscounts_2">Sales Discounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesDiscounts" xlink:to="label_SalesDiscounts_2" xlink:title="Label : SalesDiscounts to label_SalesDiscounts_2" />
    <link:label xlink:type="resource" xlink:label="label_SalesDiscounts_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SalesDiscounts_3" xml:lang="en-US" id="label_SalesDiscounts_3">Discounts on sale price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesDiscounts" xlink:to="label_SalesDiscounts_3" xlink:title="Label : SalesDiscounts to label_SalesDiscounts_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MaximumPeriodForDiscountsOnSalePrice" xlink:label="MaximumPeriodForDiscountsOnSalePrice" xlink:title="MaximumPeriodForDiscountsOnSalePrice" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodForDiscountsOnSalePrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumPeriodForDiscountsOnSalePrice" xml:lang="en-US" id="label_MaximumPeriodForDiscountsOnSalePrice">Maximum Period for Discounts on Sale Price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodForDiscountsOnSalePrice" xlink:to="label_MaximumPeriodForDiscountsOnSalePrice" xlink:title="Label : MaximumPeriodForDiscountsOnSalePrice to label_MaximumPeriodForDiscountsOnSalePrice" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodForDiscountsOnSalePrice_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumPeriodForDiscountsOnSalePrice_1" xml:lang="en-US" id="label_MaximumPeriodForDiscountsOnSalePrice_1">Maximum period for discounts on sale price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodForDiscountsOnSalePrice" xlink:to="label_MaximumPeriodForDiscountsOnSalePrice_1" xlink:title="Label : MaximumPeriodForDiscountsOnSalePrice to label_MaximumPeriodForDiscountsOnSalePrice_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodForDiscountsOnSalePrice_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumPeriodForDiscountsOnSalePrice_2" xml:lang="en-US" id="label_MaximumPeriodForDiscountsOnSalePrice_2">The maximum period of discounts on sale price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodForDiscountsOnSalePrice" xlink:to="label_MaximumPeriodForDiscountsOnSalePrice_2" xlink:title="Label : MaximumPeriodForDiscountsOnSalePrice to label_MaximumPeriodForDiscountsOnSalePrice_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LimitedAmountOfDiscountsOnSalePrice" xlink:label="LimitedAmountOfDiscountsOnSalePrice" xlink:title="LimitedAmountOfDiscountsOnSalePrice" />
    <link:label xlink:type="resource" xlink:label="label_LimitedAmountOfDiscountsOnSalePrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LimitedAmountOfDiscountsOnSalePrice" xml:lang="en-US" id="label_LimitedAmountOfDiscountsOnSalePrice">Limited Amount of Discounts on Sale Price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LimitedAmountOfDiscountsOnSalePrice" xlink:to="label_LimitedAmountOfDiscountsOnSalePrice" xlink:title="Label : LimitedAmountOfDiscountsOnSalePrice to label_LimitedAmountOfDiscountsOnSalePrice" />
    <link:label xlink:type="resource" xlink:label="label_LimitedAmountOfDiscountsOnSalePrice_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LimitedAmountOfDiscountsOnSalePrice_1" xml:lang="en-US" id="label_LimitedAmountOfDiscountsOnSalePrice_1">Limited amount of discounts on sale price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LimitedAmountOfDiscountsOnSalePrice" xlink:to="label_LimitedAmountOfDiscountsOnSalePrice_1" xlink:title="Label : LimitedAmountOfDiscountsOnSalePrice to label_LimitedAmountOfDiscountsOnSalePrice_1" />
    <link:label xlink:type="resource" xlink:label="label_LimitedAmountOfDiscountsOnSalePrice_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LimitedAmountOfDiscountsOnSalePrice_2" xml:lang="en-US" id="label_LimitedAmountOfDiscountsOnSalePrice_2">The amount of limited discounts on sale price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LimitedAmountOfDiscountsOnSalePrice" xlink:to="label_LimitedAmountOfDiscountsOnSalePrice_2" xlink:title="Label : LimitedAmountOfDiscountsOnSalePrice to label_LimitedAmountOfDiscountsOnSalePrice_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:label="CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:title="CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:to="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:title="Label : CashAndCashEquivalentsRecognisedAsOfAcquisitionDate to label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_1">Cash and cash equivalents recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:to="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : CashAndCashEquivalentsRecognisedAsOfAcquisitionDate to label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:label="TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:title="TradeReceivablesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeReceivablesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_TradeReceivablesRecognisedAsOfAcquisitionDate">Trade Receivables Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:to="label_TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:title="Label : TradeReceivablesRecognisedAsOfAcquisitionDate to label_TradeReceivablesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeReceivablesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_TradeReceivablesRecognisedAsOfAcquisitionDate_1">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:to="label_TradeReceivablesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : TradeReceivablesRecognisedAsOfAcquisitionDate to label_TradeReceivablesRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeReceivablesRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_TradeReceivablesRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for trade receivables acquired in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:to="label_TradeReceivablesRecognisedAsOfAcquisitionDate_2" xlink:title="Label : TradeReceivablesRecognisedAsOfAcquisitionDate to label_TradeReceivablesRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InventoryRecognisedAsOfAcquisitionDate" xlink:label="InventoryRecognisedAsOfAcquisitionDate" xlink:title="InventoryRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_InventoryRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoryRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_InventoryRecognisedAsOfAcquisitionDate">Inventory recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryRecognisedAsOfAcquisitionDate" xlink:to="label_InventoryRecognisedAsOfAcquisitionDate" xlink:title="Label : InventoryRecognisedAsOfAcquisitionDate to label_InventoryRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_InventoryRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InventoryRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_InventoryRecognisedAsOfAcquisitionDate_1">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryRecognisedAsOfAcquisitionDate" xlink:to="label_InventoryRecognisedAsOfAcquisitionDate_1" xlink:title="Label : InventoryRecognisedAsOfAcquisitionDate to label_InventoryRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" xlink:label="InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" xlink:title="InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" xml:lang="en-US" id="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales">Inventories - added value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" xlink:to="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" xlink:title="Label : InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales to label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_1" xml:lang="en-US" id="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_1">Inventories recognised based on expectation of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" xlink:to="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_1" xlink:title="Label : InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales to label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_2" xml:lang="en-US" id="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_2">Inventories Recognised as of Acquisition Date based on Expectation of Sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" xlink:to="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_2" xlink:title="Label : InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales to label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_2" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_3" xml:lang="en-US" id="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_3">The amount recognised as of the acquisition date for inventories based on expectation of sales acquired in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" xlink:to="label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_3" xlink:title="Label : InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales to label_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PrepaymentsRecognisedAsOfAcquisitionDate" xlink:label="PrepaymentsRecognisedAsOfAcquisitionDate" xlink:title="PrepaymentsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_PrepaymentsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrepaymentsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_PrepaymentsRecognisedAsOfAcquisitionDate">Prepayments Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaymentsRecognisedAsOfAcquisitionDate" xlink:to="label_PrepaymentsRecognisedAsOfAcquisitionDate" xlink:title="Label : PrepaymentsRecognisedAsOfAcquisitionDate to label_PrepaymentsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_PrepaymentsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PrepaymentsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_PrepaymentsRecognisedAsOfAcquisitionDate_1">Prepayments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaymentsRecognisedAsOfAcquisitionDate" xlink:to="label_PrepaymentsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : PrepaymentsRecognisedAsOfAcquisitionDate to label_PrepaymentsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_PrepaymentsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrepaymentsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_PrepaymentsRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for prepayments acquired in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaymentsRecognisedAsOfAcquisitionDate" xlink:to="label_PrepaymentsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : PrepaymentsRecognisedAsOfAcquisitionDate to label_PrepaymentsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TaxesRecoverableRecognisedAsOfAcquisitionDate" xlink:label="TaxesRecoverableRecognisedAsOfAcquisitionDate" xlink:title="TaxesRecoverableRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_TaxesRecoverableRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxesRecoverableRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_TaxesRecoverableRecognisedAsOfAcquisitionDate">Taxes Recoverable Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesRecoverableRecognisedAsOfAcquisitionDate" xlink:to="label_TaxesRecoverableRecognisedAsOfAcquisitionDate" xlink:title="Label : TaxesRecoverableRecognisedAsOfAcquisitionDate to label_TaxesRecoverableRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_TaxesRecoverableRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxesRecoverableRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_TaxesRecoverableRecognisedAsOfAcquisitionDate_1">Taxes recoverable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesRecoverableRecognisedAsOfAcquisitionDate" xlink:to="label_TaxesRecoverableRecognisedAsOfAcquisitionDate_1" xlink:title="Label : TaxesRecoverableRecognisedAsOfAcquisitionDate to label_TaxesRecoverableRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxesRecoverableRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxesRecoverableRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_TaxesRecoverableRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for taxes recoverable acquired in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesRecoverableRecognisedAsOfAcquisitionDate" xlink:to="label_TaxesRecoverableRecognisedAsOfAcquisitionDate_2" xlink:title="Label : TaxesRecoverableRecognisedAsOfAcquisitionDate to label_TaxesRecoverableRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" xlink:label="OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" xlink:title="OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate">Other Current Receivables Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" xlink:title="Label : OtherCurrentReceivablesRecognisedAsOfAcquisitionDate to label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate_1">Other receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : OtherCurrentReceivablesRecognisedAsOfAcquisitionDate to label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for other receivables classified as current acquired in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate_2" xlink:title="Label : OtherCurrentReceivablesRecognisedAsOfAcquisitionDate to label_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:label="CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:title="CurrentAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_CurrentAssetsRecognisedAsOfAcquisitionDate">Total current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : CurrentAssetsRecognisedAsOfAcquisitionDate to label_CurrentAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssetsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAssetsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_CurrentAssetsRecognisedAsOfAcquisitionDate_1">Current assets recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_CurrentAssetsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : CurrentAssetsRecognisedAsOfAcquisitionDate to label_CurrentAssetsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssetsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAssetsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_CurrentAssetsRecognisedAsOfAcquisitionDate_2">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_CurrentAssetsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : CurrentAssetsRecognisedAsOfAcquisitionDate to label_CurrentAssetsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:label="PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:title="PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate">Property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:to="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:title="Label : PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate to label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_1">Property, plant and equipment recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:to="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_1" xlink:title="Label : PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate to label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_2">Property and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:to="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_2" xlink:title="Label : PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate to label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate">Other intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : OtherIntangibleAssetsRecognisedAsOfAcquisitionDate to label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate_1">The amount recognised as of the acquisition date for other intangible assets acquired in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : OtherIntangibleAssetsRecognisedAsOfAcquisitionDate to label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate_2">Other Intangible Assets Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : OtherIntangibleAssetsRecognisedAsOfAcquisitionDate to label_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">Customer-related intangible assets recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate to label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1">Intangible assets - Customer Portfolio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate to label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">Intangible assets - Trade agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate to label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1">The amount recognised as of the acquisition date for trade agreement acquired in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate to label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2">Trade Agreement Related Intangible Assets Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate to label_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">Intangible assets - Trademarks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate to label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1">Trademarks Related Intangible Assets Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate to label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for trademarks related intangible assets acquired in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate to label_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">Computer Software Related Intangible Assets Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate to label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1">Intangible assets - Software</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate to label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for computer software acquired in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate to label_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate" xlink:label="NoncurrentAssetsRecognisedAsOfAcquisitionDate" xlink:title="NoncurrentAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_NoncurrentAssetsRecognisedAsOfAcquisitionDate">Total non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_NoncurrentAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : NoncurrentAssetsRecognisedAsOfAcquisitionDate to label_NoncurrentAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssetsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_NoncurrentAssetsRecognisedAsOfAcquisitionDate_1">Non-current assets recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_NoncurrentAssetsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : NoncurrentAssetsRecognisedAsOfAcquisitionDate to label_NoncurrentAssetsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentAssetsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_NoncurrentAssetsRecognisedAsOfAcquisitionDate_2">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_NoncurrentAssetsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : NoncurrentAssetsRecognisedAsOfAcquisitionDate to label_NoncurrentAssetsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IdentifiableAssetsRecognisedAsOfAcquisitionDate" xlink:label="IdentifiableAssetsRecognisedAsOfAcquisitionDate" xlink:title="IdentifiableAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IdentifiableAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_IdentifiableAssetsRecognisedAsOfAcquisitionDate">Total Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_IdentifiableAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : IdentifiableAssetsRecognisedAsOfAcquisitionDate to label_IdentifiableAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IdentifiableAssetsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_IdentifiableAssetsRecognisedAsOfAcquisitionDate_1">Identifiable Assets Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_IdentifiableAssetsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : IdentifiableAssetsRecognisedAsOfAcquisitionDate to label_IdentifiableAssetsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IdentifiableAssetsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_IdentifiableAssetsRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for total assets acquired in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_IdentifiableAssetsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : IdentifiableAssetsRecognisedAsOfAcquisitionDate to label_IdentifiableAssetsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:label="TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:title="TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate">Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:to="label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:title="Label : TradeAndOtherPayablesRecognisedAsOfAcquisitionDate to label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_1">Trade and other payables recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:to="label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : TradeAndOtherPayablesRecognisedAsOfAcquisitionDate to label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_2">Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:to="label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_2" xlink:title="Label : TradeAndOtherPayablesRecognisedAsOfAcquisitionDate to label_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" xlink:label="SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" xlink:title="SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate">Salaries and Social Contributions Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" xlink:to="label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" xlink:title="Label : SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate to label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate_1">Salaries and social contributions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" xlink:to="label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate to label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for liabilities related to salaries and social contributions assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" xlink:to="label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate to label_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TaxesPayableRecognisedAsOfAcquisitionDate" xlink:label="TaxesPayableRecognisedAsOfAcquisitionDate" xlink:title="TaxesPayableRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_TaxesPayableRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxesPayableRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_TaxesPayableRecognisedAsOfAcquisitionDate">Taxes payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesPayableRecognisedAsOfAcquisitionDate" xlink:to="label_TaxesPayableRecognisedAsOfAcquisitionDate" xlink:title="Label : TaxesPayableRecognisedAsOfAcquisitionDate to label_TaxesPayableRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_TaxesPayableRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxesPayableRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_TaxesPayableRecognisedAsOfAcquisitionDate_1">The amount recognised as of the acquisition date for taxes payable related liabilities assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesPayableRecognisedAsOfAcquisitionDate" xlink:to="label_TaxesPayableRecognisedAsOfAcquisitionDate_1" xlink:title="Label : TaxesPayableRecognisedAsOfAcquisitionDate to label_TaxesPayableRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxesPayableRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxesPayableRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_TaxesPayableRecognisedAsOfAcquisitionDate_2">Taxes Payable Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesPayableRecognisedAsOfAcquisitionDate" xlink:to="label_TaxesPayableRecognisedAsOfAcquisitionDate_2" xlink:title="Label : TaxesPayableRecognisedAsOfAcquisitionDate to label_TaxesPayableRecognisedAsOfAcquisitionDate_2" />
    <link:label xlink:type="resource" xlink:label="label_TaxesPayableRecognisedAsOfAcquisitionDate_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TaxesPayableRecognisedAsOfAcquisitionDate_3" xml:lang="en-US" id="label_TaxesPayableRecognisedAsOfAcquisitionDate_3">Taxes payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesPayableRecognisedAsOfAcquisitionDate" xlink:to="label_TaxesPayableRecognisedAsOfAcquisitionDate_3" xlink:title="Label : TaxesPayableRecognisedAsOfAcquisitionDate to label_TaxesPayableRecognisedAsOfAcquisitionDate_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" xlink:label="IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" xlink:title="IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate">Income tax and social contribution payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" xlink:to="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" xlink:title="Label : IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate to label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_1">The amount recognised as of the acquisition date for income tax and social contribution payable related liabilities assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" xlink:to="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_1" xlink:title="Label : IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate to label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_2">Income Tax and Social Contribution Payable Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" xlink:to="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_2" xlink:title="Label : IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate to label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_2" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_3" xml:lang="en-US" id="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_3">Income tax and social contribution payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" xlink:to="label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_3" xlink:title="Label : IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate to label_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:label="CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:title="CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate">Provision for trade discount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:to="label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:title="Label : CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate to label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_1">The amount recognised as of the acquisition date for current portion of provision for trade discount assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:to="label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_1" xlink:title="Label : CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate to label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_2">Current Provision for Trade Discount Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:to="label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_2" xlink:title="Label : CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate to label_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate">Other Current Liabilities Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="Label : OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate to label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate_1">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate to label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for other current liabilities assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:title="Label : OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate to label_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate">Contract liabilities and deferred income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="Label : DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate to label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate_1">Deferred income including contract liabilities recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate to label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate_2">Contractual obligations and deferred income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:title="Label : DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate to label_DeferredIncomeIncludingContractLiabilitiesRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="CurrentLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate">Total current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="Label : CurrentLiabilitiesRecognisedAsOfAcquisitionDate to label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_1">Current liabilities recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : CurrentLiabilitiesRecognisedAsOfAcquisitionDate to label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_2">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:title="Label : CurrentLiabilitiesRecognisedAsOfAcquisitionDate to label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate" xlink:label="BorrowingsRecognisedAsOfAcquisitionDate" xlink:title="BorrowingsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_BorrowingsRecognisedAsOfAcquisitionDate">Borrowings recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsRecognisedAsOfAcquisitionDate" xlink:to="label_BorrowingsRecognisedAsOfAcquisitionDate" xlink:title="Label : BorrowingsRecognisedAsOfAcquisitionDate to label_BorrowingsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_BorrowingsRecognisedAsOfAcquisitionDate_1">Bonds and Financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsRecognisedAsOfAcquisitionDate" xlink:to="label_BorrowingsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : BorrowingsRecognisedAsOfAcquisitionDate to label_BorrowingsRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="OtherLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate">Other Liabilities Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="Label : OtherLiabilitiesRecognisedAsOfAcquisitionDate to label_OtherLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1">The amount recognised as of the acquisition date for other liabilities assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : OtherLiabilitiesRecognisedAsOfAcquisitionDate to label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:title="Label : OtherLiabilitiesRecognisedAsOfAcquisitionDate to label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" xlink:label="NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" xlink:title="NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate">The amount recognised as of the acquisition date for non-current portion of provision for tax, civil and labor risk assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate to label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate_1">Provision for tax, civil and labor losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate_1" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate to label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PeriodForMinimumAmountOfContractRevenueToBeAchieved" xlink:label="PeriodForMinimumAmountOfContractRevenueToBeAchieved" xlink:title="PeriodForMinimumAmountOfContractRevenueToBeAchieved" />
    <link:label xlink:type="resource" xlink:label="label_PeriodForMinimumAmountOfContractRevenueToBeAchieved" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodForMinimumAmountOfContractRevenueToBeAchieved" xml:lang="en-US" id="label_PeriodForMinimumAmountOfContractRevenueToBeAchieved">Period for minimum amount of contract revenue to be achieved</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodForMinimumAmountOfContractRevenueToBeAchieved" xlink:to="label_PeriodForMinimumAmountOfContractRevenueToBeAchieved" xlink:title="Label : PeriodForMinimumAmountOfContractRevenueToBeAchieved to label_PeriodForMinimumAmountOfContractRevenueToBeAchieved" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate_2">Non-current Provision for Tax Civil and Labor Risk Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate_2" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate to label_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:label="NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:title="NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate">Non-current Provision for Trade Discount Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:to="label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:title="Label : NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate to label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_1">The amount recognised as of the acquisition date for non-current portion of provision for trade discount assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:to="label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_1" xlink:title="Label : NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate to label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_2">Provision for trade discount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" xlink:to="label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_2" xlink:title="Label : NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate to label_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate">Total non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="Label : NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate to label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_1">Non-current liabilities recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate to label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_2">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:title="Label : NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate to label_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" xlink:label="IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" xlink:title="IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" xml:lang="en-US" id="label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate">Identifiable Liabilities Assumed as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" xlink:to="label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" xlink:title="Label : IdentifiableLiabilitiesAssumedAsOfAcquisitionDate to label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate_1">The amount recognised as of the acquisition date for total liabilities assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" xlink:to="label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate_1" xlink:title="Label : IdentifiableLiabilitiesAssumedAsOfAcquisitionDate to label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate_2">Total liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" xlink:to="label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate_2" xlink:title="Label : IdentifiableLiabilitiesAssumedAsOfAcquisitionDate to label_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:label="IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:title="IdentifiableAssetsAcquiredLiabilitiesAssumed" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IdentifiableAssetsAcquiredLiabilitiesAssumed" xml:lang="en-US" id="label_IdentifiableAssetsAcquiredLiabilitiesAssumed">Net identifiable assets at fair value (A)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="label_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:title="Label : IdentifiableAssetsAcquiredLiabilitiesAssumed to label_IdentifiableAssetsAcquiredLiabilitiesAssumed" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1" xml:lang="en-US" id="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1">Identifiable assets acquired (liabilities assumed)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1" xlink:title="Label : IdentifiableAssetsAcquiredLiabilitiesAssumed to label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillRecognisedAsOfAcquisitionDate" xlink:to="label_GoodwillRecognisedAsOfAcquisitionDate" xlink:title="Label : GoodwillRecognisedAsOfAcquisitionDate to label_GoodwillRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GoodwillRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_GoodwillRecognisedAsOfAcquisitionDate_1">Goodwill (B &#x2013; A)</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillRecognisedAsOfAcquisitionDate" xlink:to="label_GoodwillRecognisedAsOfAcquisitionDate_2" xlink:title="Label : GoodwillRecognisedAsOfAcquisitionDate to label_GoodwillRecognisedAsOfAcquisitionDate_2" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillRecognisedAsOfAcquisitionDate_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_GoodwillRecognisedAsOfAcquisitionDate_3" xml:lang="en-US" id="label_GoodwillRecognisedAsOfAcquisitionDate_3">Goodwill (B - A)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillRecognisedAsOfAcquisitionDate" xlink:to="label_GoodwillRecognisedAsOfAcquisitionDate_3" xlink:title="Label : GoodwillRecognisedAsOfAcquisitionDate to label_GoodwillRecognisedAsOfAcquisitionDate_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CounterpartyNameAxis" xlink:label="CounterpartyNameAxis" xlink:title="CounterpartyNameAxis" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartyNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CounterpartyNameAxis" xml:lang="en-US" id="label_CounterpartyNameAxis">Counterparty Name [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartyNameAxis" xlink:to="label_CounterpartyNameAxis" xlink:title="Label : CounterpartyNameAxis to label_CounterpartyNameAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_RepurchaseAgreementCounterpartyNameDomain" xlink:label="RepurchaseAgreementCounterpartyNameDomain" xlink:title="RepurchaseAgreementCounterpartyNameDomain" />
    <link:label xlink:type="resource" xlink:label="label_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepurchaseAgreementCounterpartyNameDomain" xml:lang="en-US" id="label_RepurchaseAgreementCounterpartyNameDomain">Counterparty Name [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepurchaseAgreementCounterpartyNameDomain" xlink:to="label_RepurchaseAgreementCounterpartyNameDomain" xlink:title="Label : RepurchaseAgreementCounterpartyNameDomain to label_RepurchaseAgreementCounterpartyNameDomain" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod" xlink:label="IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod" xlink:title="IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod" xlink:to="label_IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod_1" xlink:title="Label : IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod to label_IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock" xlink:label="ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock" xlink:title="ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock" xml:lang="en-US" id="label_ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock">Schedule of investments accounted for using equity method without control and significant influence [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock" xlink:to="label_ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock" xlink:title="Label : ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock to label_ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:label="SignificantInvestmentsInAssociatesAxis" xlink:title="SignificantInvestmentsInAssociatesAxis" />
    <link:label xlink:type="resource" xlink:label="label_SignificantInvestmentsInAssociatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantInvestmentsInAssociatesAxis" xml:lang="en-US" id="label_SignificantInvestmentsInAssociatesAxis">Associates [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantInvestmentsInAssociatesAxis" xlink:to="label_SignificantInvestmentsInAssociatesAxis" xlink:title="Label : SignificantInvestmentsInAssociatesAxis to label_SignificantInvestmentsInAssociatesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:label="DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:title="DisclosureOfSignificantInvestmentsInAssociatesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInAssociatesTable" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInAssociatesTable">Disclosure of associates [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:to="label_DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:title="Label : DisclosureOfSignificantInvestmentsInAssociatesTable to label_DisclosureOfSignificantInvestmentsInAssociatesTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:label="ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:title="ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xml:lang="en-US" id="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests">Proportion of ownership interests held by non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:to="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:title="Label : ProportionOfOwnershipInterestsHeldByNoncontrollingInterests to label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock" xlink:label="ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock" xlink:title="ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock" xml:lang="en-US" id="label_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock">Schedule of composition of investments accounted for using equity method [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock" xlink:to="label_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock" xlink:title="Label : ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock to label_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:label="FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:title="FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" />
    <link:label xlink:type="resource" xlink:label="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xml:lang="en-US" id="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished">Fair value of investments in associates for which there are quoted market prices</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xlink:label="FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xlink:title="FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xml:lang="en-US" id="label_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember">Financial liabilities at fair value through profit or loss, category [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xlink:to="label_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" xlink:title="Label : FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember to label_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherInvestmentsAndInterestsInEntitiesMember" xlink:label="OtherInvestmentsAndInterestsInEntitiesMember" xlink:title="OtherInvestmentsAndInterestsInEntitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsAndInterestsInEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestmentsAndInterestsInEntitiesMember" xml:lang="en-US" id="label_OtherInvestmentsAndInterestsInEntitiesMember">Other investments and interests in entities [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsAndInterestsInEntitiesMember" xlink:to="label_OtherInvestmentsAndInterestsInEntitiesMember" xlink:title="Label : OtherInvestmentsAndInterestsInEntitiesMember to label_OtherInvestmentsAndInterestsInEntitiesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TradeReceivablesMember" xlink:label="TradeReceivablesMember" xlink:title="TradeReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeReceivablesMember" xml:lang="en-US" id="label_TradeReceivablesMember">Trade receivables [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesMember" xlink:to="label_TradeReceivablesMember" xlink:title="Label : TradeReceivablesMember to label_TradeReceivablesMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherReceivablesMember" xlink:label="OtherReceivablesMember" xlink:title="OtherReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReceivablesMember" xml:lang="en-US" id="label_OtherReceivablesMember">Other receivables [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesMember" xlink:to="label_OtherReceivablesMember" xlink:title="Label : OtherReceivablesMember to label_OtherReceivablesMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherReceivablesFromRelatedPartiesMember" xlink:label="OtherReceivablesFromRelatedPartiesMember" xlink:title="OtherReceivablesFromRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesFromRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReceivablesFromRelatedPartiesMember" xml:lang="en-US" id="label_OtherReceivablesFromRelatedPartiesMember">Other receivables from related parties [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesFromRelatedPartiesMember" xlink:to="label_OtherReceivablesFromRelatedPartiesMember" xlink:title="Label : OtherReceivablesFromRelatedPartiesMember to label_OtherReceivablesFromRelatedPartiesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:label="FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:title="FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:to="label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:title="Label : FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember to label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:to="label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_1" xlink:title="Label : FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember to label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RevenueOfAcquiree" xlink:label="RevenueOfAcquiree" xlink:title="RevenueOfAcquiree" />
    <link:label xlink:type="resource" xlink:label="label_RevenueOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueOfAcquiree" xml:lang="en-US" id="label_RevenueOfAcquiree">Contribution of revenue by acquiree after acquisition date</link:label>
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    <link:label xlink:type="resource" xlink:label="label_RevenueOfAcquiree_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueOfAcquiree_1" xml:lang="en-US" id="label_RevenueOfAcquiree_1">Revenue of acquiree since acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueOfAcquiree" xlink:to="label_RevenueOfAcquiree_1" xlink:title="Label : RevenueOfAcquiree to label_RevenueOfAcquiree_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenueOfAcquiree_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RevenueOfAcquiree_2" xml:lang="en-US" id="label_RevenueOfAcquiree_2">Revenue from the date of acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueOfAcquiree" xlink:to="label_RevenueOfAcquiree_2" xlink:title="Label : RevenueOfAcquiree to label_RevenueOfAcquiree_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProfitLossOfAcquiree" xlink:label="ProfitLossOfAcquiree" xlink:title="ProfitLossOfAcquiree" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossOfAcquiree" xml:lang="en-US" id="label_ProfitLossOfAcquiree">Contribution of profit by acquiree after acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossOfAcquiree" xlink:to="label_ProfitLossOfAcquiree" xlink:title="Label : ProfitLossOfAcquiree to label_ProfitLossOfAcquiree" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossOfAcquiree_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossOfAcquiree_1" xml:lang="en-US" id="label_ProfitLossOfAcquiree_1">Profit (loss) of acquiree since acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossOfAcquiree" xlink:to="label_ProfitLossOfAcquiree_1" xlink:title="Label : ProfitLossOfAcquiree to label_ProfitLossOfAcquiree_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossOfAcquiree_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProfitLossOfAcquiree_2" xml:lang="en-US" id="label_ProfitLossOfAcquiree_2">Net profit (loss) from the date of acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossOfAcquiree" xlink:to="label_ProfitLossOfAcquiree_2" xlink:title="Label : ProfitLossOfAcquiree to label_ProfitLossOfAcquiree_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RevenueOfCombinedEntity" xlink:label="RevenueOfCombinedEntity" xlink:title="RevenueOfCombinedEntity" />
    <link:label xlink:type="resource" xlink:label="label_RevenueOfCombinedEntity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RevenueOfCombinedEntity" xml:lang="en-US" id="label_RevenueOfCombinedEntity">Combined net revenue from sales and services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueOfCombinedEntity" xlink:to="label_RevenueOfCombinedEntity" xlink:title="Label : RevenueOfCombinedEntity to label_RevenueOfCombinedEntity" />
    <link:label xlink:type="resource" xlink:label="label_RevenueOfCombinedEntity_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueOfCombinedEntity_1" xml:lang="en-US" id="label_RevenueOfCombinedEntity_1">Revenue of combined entity as if combination occurred at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueOfCombinedEntity" xlink:to="label_RevenueOfCombinedEntity_1" xlink:title="Label : RevenueOfCombinedEntity to label_RevenueOfCombinedEntity_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenueOfCombinedEntity_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueOfCombinedEntity_2" xml:lang="en-US" id="label_RevenueOfCombinedEntity_2">Combined carve-out net revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueOfCombinedEntity" xlink:to="label_RevenueOfCombinedEntity_2" xlink:title="Label : RevenueOfCombinedEntity to label_RevenueOfCombinedEntity_2" />
    <link:label xlink:type="resource" xlink:label="label_RevenueOfCombinedEntity_3" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_RevenueOfCombinedEntity_3" xml:lang="en-US" id="label_RevenueOfCombinedEntity_3">Combined carve-out revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueOfCombinedEntity" xlink:to="label_RevenueOfCombinedEntity_3" xlink:title="Label : RevenueOfCombinedEntity to label_RevenueOfCombinedEntity_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProfitLossOfCombinedEntity" xlink:label="ProfitLossOfCombinedEntity" xlink:title="ProfitLossOfCombinedEntity" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossOfCombinedEntity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProfitLossOfCombinedEntity" xml:lang="en-US" id="label_ProfitLossOfCombinedEntity">Combined net profit (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossOfCombinedEntity" xlink:to="label_ProfitLossOfCombinedEntity" xlink:title="Label : ProfitLossOfCombinedEntity to label_ProfitLossOfCombinedEntity" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossOfCombinedEntity_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossOfCombinedEntity_1" xml:lang="en-US" id="label_ProfitLossOfCombinedEntity_1">Profit (loss) of combined entity as if combination occurred at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossOfCombinedEntity" xlink:to="label_ProfitLossOfCombinedEntity_1" xlink:title="Label : ProfitLossOfCombinedEntity to label_ProfitLossOfCombinedEntity_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossOfCombinedEntity_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossOfCombinedEntity_2" xml:lang="en-US" id="label_ProfitLossOfCombinedEntity_2">Combined carve-out net loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossOfCombinedEntity" xlink:to="label_ProfitLossOfCombinedEntity_2" xlink:title="Label : ProfitLossOfCombinedEntity to label_ProfitLossOfCombinedEntity_2" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossOfCombinedEntity_3" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_ProfitLossOfCombinedEntity_3" xml:lang="en-US" id="label_ProfitLossOfCombinedEntity_3">Combined carve-out profit (loss) before income tax and social contribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossOfCombinedEntity" xlink:to="label_ProfitLossOfCombinedEntity_3" xlink:title="Label : ProfitLossOfCombinedEntity to label_ProfitLossOfCombinedEntity_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfReceivables" xlink:label="PercentageOfReceivables" xlink:title="PercentageOfReceivables" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfReceivables" xml:lang="en-US" id="label_PercentageOfReceivables">Percentage of receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfReceivables" xlink:to="label_PercentageOfReceivables" xlink:title="Label : PercentageOfReceivables to label_PercentageOfReceivables" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfReceivables_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfReceivables_1" xml:lang="en-US" id="label_PercentageOfReceivables_1">Percentage of Receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfReceivables" xlink:to="label_PercentageOfReceivables_1" xlink:title="Label : PercentageOfReceivables to label_PercentageOfReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfReceivables_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfReceivables_2" xml:lang="en-US" id="label_PercentageOfReceivables_2">The percentage of receivable expectation in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfReceivables" xlink:to="label_PercentageOfReceivables_2" xlink:title="Label : PercentageOfReceivables to label_PercentageOfReceivables_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfEstimatedSalesRate" xlink:label="PercentageOfEstimatedSalesRate" xlink:title="PercentageOfEstimatedSalesRate" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEstimatedSalesRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfEstimatedSalesRate" xml:lang="en-US" id="label_PercentageOfEstimatedSalesRate">Percentage of Estimated Sales Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEstimatedSalesRate" xlink:to="label_PercentageOfEstimatedSalesRate" xlink:title="Label : PercentageOfEstimatedSalesRate to label_PercentageOfEstimatedSalesRate" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEstimatedSalesRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfEstimatedSalesRate_1" xml:lang="en-US" id="label_PercentageOfEstimatedSalesRate_1">Estimated sales rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEstimatedSalesRate" xlink:to="label_PercentageOfEstimatedSalesRate_1" xlink:title="Label : PercentageOfEstimatedSalesRate to label_PercentageOfEstimatedSalesRate_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEstimatedSalesRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfEstimatedSalesRate_2" xml:lang="en-US" id="label_PercentageOfEstimatedSalesRate_2">The percentage of estimated sales rate per year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEstimatedSalesRate" xlink:to="label_PercentageOfEstimatedSalesRate_2" xlink:title="Label : PercentageOfEstimatedSalesRate to label_PercentageOfEstimatedSalesRate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfEstimatedSaleRateForInventory" xlink:label="PercentageOfEstimatedSaleRateForInventory" xlink:title="PercentageOfEstimatedSaleRateForInventory" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEstimatedSaleRateForInventory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfEstimatedSaleRateForInventory" xml:lang="en-US" id="label_PercentageOfEstimatedSaleRateForInventory">Percentage of Estimated Sale Rate for Inventory</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEstimatedSaleRateForInventory" xlink:to="label_PercentageOfEstimatedSaleRateForInventory" xlink:title="Label : PercentageOfEstimatedSaleRateForInventory to label_PercentageOfEstimatedSaleRateForInventory" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEstimatedSaleRateForInventory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfEstimatedSaleRateForInventory_1" xml:lang="en-US" id="label_PercentageOfEstimatedSaleRateForInventory_1">Estimated sale rate for inventory</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEstimatedSaleRateForInventory" xlink:to="label_PercentageOfEstimatedSaleRateForInventory_1" xlink:title="Label : PercentageOfEstimatedSaleRateForInventory to label_PercentageOfEstimatedSaleRateForInventory_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEstimatedSaleRateForInventory_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfEstimatedSaleRateForInventory_2" xml:lang="en-US" id="label_PercentageOfEstimatedSaleRateForInventory_2">The percentage of estimated sale rate for inventory.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEstimatedSaleRateForInventory" xlink:to="label_PercentageOfEstimatedSaleRateForInventory_2" xlink:title="Label : PercentageOfEstimatedSaleRateForInventory to label_PercentageOfEstimatedSaleRateForInventory_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables" xlink:label="GrossContractualAmountsReceivableForAcquiredReceivables" xlink:title="GrossContractualAmountsReceivableForAcquiredReceivables" />
    <link:label xlink:type="resource" xlink:label="label_GrossContractualAmountsReceivableForAcquiredReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossContractualAmountsReceivableForAcquiredReceivables" xml:lang="en-US" id="label_GrossContractualAmountsReceivableForAcquiredReceivables">Gross contractual amounts receivable for acquired receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossContractualAmountsReceivableForAcquiredReceivables" xlink:to="label_GrossContractualAmountsReceivableForAcquiredReceivables" xlink:title="Label : GrossContractualAmountsReceivableForAcquiredReceivables to label_GrossContractualAmountsReceivableForAcquiredReceivables" />
    <link:label xlink:type="resource" xlink:label="label_GrossContractualAmountsReceivableForAcquiredReceivables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrossContractualAmountsReceivableForAcquiredReceivables_1" xml:lang="en-US" id="label_GrossContractualAmountsReceivableForAcquiredReceivables_1">Accounts receivable from customers, gross contractual amounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossContractualAmountsReceivableForAcquiredReceivables" xlink:to="label_GrossContractualAmountsReceivableForAcquiredReceivables_1" xlink:title="Label : GrossContractualAmountsReceivableForAcquiredReceivables to label_GrossContractualAmountsReceivableForAcquiredReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" xlink:label="BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" xlink:title="BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" />
    <link:label xlink:type="resource" xlink:label="label_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" xml:lang="en-US" id="label_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables">Best estimate at acquisition date of contractual cash flows not expected to be collected for acquired receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" xlink:to="label_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" xlink:title="Label : BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables to label_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" />
    <link:label xlink:type="resource" xlink:label="label_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables_1" xml:lang="en-US" id="label_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables_1">Accounts receivable from customers which were uncollectible on the acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" xlink:to="label_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables_1" xlink:title="Label : BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables to label_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MarketableSecuritiesMember" xlink:label="MarketableSecuritiesMember" xlink:title="MarketableSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_MarketableSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MarketableSecuritiesMember" xml:lang="en-US" id="label_MarketableSecuritiesMember">Marketable Securities [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketableSecuritiesMember" xlink:to="label_MarketableSecuritiesMember" xlink:title="Label : MarketableSecuritiesMember to label_MarketableSecuritiesMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CashAndCashEquivalents1Member" xlink:label="CashAndCashEquivalents1Member" xlink:title="CashAndCashEquivalents1Member" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalents1Member" xml:lang="en-US" id="label_CashAndCashEquivalents1Member">Cash and Cash Equivalents 1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents1Member" xlink:to="label_CashAndCashEquivalents1Member" xlink:title="Label : CashAndCashEquivalents1Member to label_CashAndCashEquivalents1Member" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialAssetsCategoryMember" xlink:label="FinancialAssetsCategoryMember" xlink:title="FinancialAssetsCategoryMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsCategoryMember" xml:lang="en-US" id="label_FinancialAssetsCategoryMember">Financial assets, category [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsCategoryMember" xlink:to="label_FinancialAssetsCategoryMember" xlink:title="Label : FinancialAssetsCategoryMember to label_FinancialAssetsCategoryMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:label="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:title="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xml:lang="en-US" id="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable">Disclosure of risk management strategy related to hedge accounting [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:to="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:title="Label : DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable to label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="TypesOfRisksAxis" xlink:title="TypesOfRisksAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfRisksAxis" xml:lang="en-US" id="label_TypesOfRisksAxis">Types of risks [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksAxis" xlink:to="label_TypesOfRisksAxis" xlink:title="Label : TypesOfRisksAxis to label_TypesOfRisksAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TypesOfRisksMember" xlink:label="TypesOfRisksMember" xlink:title="TypesOfRisksMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfRisksMember" xml:lang="en-US" id="label_TypesOfRisksMember">Risks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksMember" xlink:to="label_TypesOfRisksMember" xlink:title="Label : TypesOfRisksMember to label_TypesOfRisksMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestRateRiskMember" xlink:label="InterestRateRiskMember" xlink:title="InterestRateRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateRiskMember" xml:lang="en-US" id="label_InterestRateRiskMember">Interest rate risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateRiskMember" xlink:to="label_InterestRateRiskMember" xlink:title="Label : InterestRateRiskMember to label_InterestRateRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateRiskMember_1" xml:lang="en-US" id="label_InterestRateRiskMember_1">Market risk - cash flow interest rate risk</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateRiskMember" xlink:to="label_InterestRateRiskMember_1" xlink:title="Label : InterestRateRiskMember to label_InterestRateRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NotLaterThanOneMonthMember" xlink:label="NotLaterThanOneMonthMember" xlink:title="NotLaterThanOneMonthMember" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanOneMonthMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotLaterThanOneMonthMember" xml:lang="en-US" id="label_NotLaterThanOneMonthMember">Up to 30 days</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneMonthMember" xlink:to="label_NotLaterThanOneMonthMember" xlink:title="Label : NotLaterThanOneMonthMember to label_NotLaterThanOneMonthMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentMember" xlink:label="CurrentMember" xlink:title="CurrentMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentMember" xml:lang="en-US" id="label_CurrentMember">Not yet due</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentMember" xlink:to="label_CurrentMember" xlink:title="Label : CurrentMember to label_CurrentMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneYearMember_1" xml:lang="en-US" id="label_LaterThanOneYearMember_1">Later than one year [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearMember" xlink:to="label_LaterThanOneYearMember_1" xlink:title="Label : LaterThanOneYearMember to label_LaterThanOneYearMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanSixMonthsAndNotLaterThanOneYearMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanSixMonthsAndNotLaterThanOneYearMember_1" xml:lang="en-US" id="label_LaterThanSixMonthsAndNotLaterThanOneYearMember_1">Later than six months and not later than one year [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanSixMonthsAndNotLaterThanOneYearMember" xlink:to="label_LaterThanSixMonthsAndNotLaterThanOneYearMember_1" xlink:title="Label : LaterThanSixMonthsAndNotLaterThanOneYearMember to label_LaterThanSixMonthsAndNotLaterThanOneYearMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:label="InvestmentAccountedForUsingEquityMethod" xlink:title="InvestmentAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_InvestmentAccountedForUsingEquityMethod" xml:lang="en-US" id="label_InvestmentAccountedForUsingEquityMethod">Equity accounted investments at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentAccountedForUsingEquityMethod" xlink:to="label_InvestmentAccountedForUsingEquityMethod" xlink:title="Label : InvestmentAccountedForUsingEquityMethod to label_InvestmentAccountedForUsingEquityMethod" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:label="ProportionOfOwnershipInterestInAssociate" xlink:title="ProportionOfOwnershipInterestInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInAssociate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestInAssociate" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInAssociate">Proportion of ownership interest in associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInAssociate" xlink:to="label_ProportionOfOwnershipInterestInAssociate" xlink:title="Label : ProportionOfOwnershipInterestInAssociate to label_ProportionOfOwnershipInterestInAssociate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:label="DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:title="DisclosureOfSignificantInvestmentsInAssociatesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInAssociatesLineItems">Disclosure of associates [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:to="label_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:title="Label : DisclosureOfSignificantInvestmentsInAssociatesLineItems to label_DisclosureOfSignificantInvestmentsInAssociatesLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EntitysTotalForAssociatesMember" xlink:label="EntitysTotalForAssociatesMember" xlink:title="EntitysTotalForAssociatesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForAssociatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForAssociatesMember" xml:lang="en-US" id="label_EntitysTotalForAssociatesMember">Entity's total for associates [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForAssociatesMember" xlink:to="label_EntitysTotalForAssociatesMember" xlink:title="Label : EntitysTotalForAssociatesMember to label_EntitysTotalForAssociatesMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_1" xml:lang="en-US" id="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_1">Later than two months and not later than three months [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:to="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_1" xlink:title="Label : LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember to label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_1" xml:lang="en-US" id="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_1">Later than one month and not later than two months [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:to="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_1" xlink:title="Label : LaterThanOneMonthAndNotLaterThanTwoMonthsMember to label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanOneMonthMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotLaterThanOneMonthMember_1" xml:lang="en-US" id="label_NotLaterThanOneMonthMember_1">Not later than one month [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneMonthMember" xlink:to="label_NotLaterThanOneMonthMember_1" xlink:title="Label : NotLaterThanOneMonthMember to label_NotLaterThanOneMonthMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentMember_1" xml:lang="en-US" id="label_CurrentMember_1">Current [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentMember" xlink:to="label_CurrentMember_1" xlink:title="Label : CurrentMember to label_CurrentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_1" xml:lang="en-US" id="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_1">Later than three months and not later than six months [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:to="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_1" xlink:title="Label : LaterThanThreeMonthsAndNotLaterThanSixMonthsMember to label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentPrivateInvestmentFund" xlink:label="CurrentPrivateInvestmentFund" xlink:title="CurrentPrivateInvestmentFund" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrivateInvestmentFund" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentPrivateInvestmentFund" xml:lang="en-US" id="label_CurrentPrivateInvestmentFund">The amount of current private investment fund.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrivateInvestmentFund" xlink:to="label_CurrentPrivateInvestmentFund" xlink:title="Label : CurrentPrivateInvestmentFund to label_CurrentPrivateInvestmentFund" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrivateInvestmentFund_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentPrivateInvestmentFund_1" xml:lang="en-US" id="label_CurrentPrivateInvestmentFund_1">Private investment fund</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrivateInvestmentFund" xlink:to="label_CurrentPrivateInvestmentFund_1" xlink:title="Label : CurrentPrivateInvestmentFund to label_CurrentPrivateInvestmentFund_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfMarketableSecuritiesLineItems" xlink:label="DisclosureOfMarketableSecuritiesLineItems" xlink:title="DisclosureOfMarketableSecuritiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMarketableSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMarketableSecuritiesLineItems" xml:lang="en-US" id="label_DisclosureOfMarketableSecuritiesLineItems">Disclosure of Marketable Securities [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMarketableSecuritiesLineItems" xlink:to="label_DisclosureOfMarketableSecuritiesLineItems" xlink:title="Label : DisclosureOfMarketableSecuritiesLineItems to label_DisclosureOfMarketableSecuritiesLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_StandardPoorsAARatingMember" xlink:label="StandardPoorsAARatingMember" xlink:title="StandardPoorsAARatingMember" />
    <link:label xlink:type="resource" xlink:label="label_StandardPoorsAARatingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StandardPoorsAARatingMember" xml:lang="en-US" id="label_StandardPoorsAARatingMember">AA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StandardPoorsAARatingMember" xlink:to="label_StandardPoorsAARatingMember" xlink:title="Label : StandardPoorsAARatingMember to label_StandardPoorsAARatingMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_StandardPoorsAAARatingMember" xlink:label="StandardPoorsAAARatingMember" xlink:title="StandardPoorsAAARatingMember" />
    <link:label xlink:type="resource" xlink:label="label_StandardPoorsAAARatingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StandardPoorsAAARatingMember" xml:lang="en-US" id="label_StandardPoorsAAARatingMember">AAA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StandardPoorsAAARatingMember" xlink:to="label_StandardPoorsAAARatingMember" xlink:title="Label : StandardPoorsAAARatingMember to label_StandardPoorsAAARatingMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CreditRiskMember" xlink:label="CreditRiskMember" xlink:title="CreditRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_CreditRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CreditRiskMember" xml:lang="en-US" id="label_CreditRiskMember">Credit Risk</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskMember" xlink:to="label_CreditRiskMember" xlink:title="Label : CreditRiskMember to label_CreditRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrivateInvestmentFund_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPrivateInvestmentFund_2" xml:lang="en-US" id="label_CurrentPrivateInvestmentFund_2">Current Private investment fund</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrivateInvestmentFund" xlink:to="label_CurrentPrivateInvestmentFund_2" xlink:title="Label : CurrentPrivateInvestmentFund to label_CurrentPrivateInvestmentFund_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_HedgingInstrumentsAxis" xlink:label="HedgingInstrumentsAxis" xlink:title="HedgingInstrumentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentsAxis" xml:lang="en-US" id="label_HedgingInstrumentsAxis">Hedging instruments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsAxis" xlink:to="label_HedgingInstrumentsAxis" xlink:title="Label : HedgingInstrumentsAxis to label_HedgingInstrumentsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_HedgingInstrumentsMember" xlink:label="HedgingInstrumentsMember" xlink:title="HedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentsMember" xml:lang="en-US" id="label_HedgingInstrumentsMember">Hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsMember" xlink:to="label_HedgingInstrumentsMember" xlink:title="Label : HedgingInstrumentsMember to label_HedgingInstrumentsMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestRateHedgingInstruments1Member" xlink:label="InterestRateHedgingInstruments1Member" xlink:title="InterestRateHedgingInstruments1Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments1Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_InterestRateHedgingInstruments1Member" xml:lang="en-US" id="label_InterestRateHedgingInstruments1Member">CDI + 1.15%</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments1Member" xlink:to="label_InterestRateHedgingInstruments1Member" xlink:title="Label : InterestRateHedgingInstruments1Member to label_InterestRateHedgingInstruments1Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments1Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstruments1Member_1" xml:lang="en-US" id="label_InterestRateHedgingInstruments1Member_1">Interest Rate Hedging Instruments 1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments1Member" xlink:to="label_InterestRateHedgingInstruments1Member_1" xlink:title="Label : InterestRateHedgingInstruments1Member to label_InterestRateHedgingInstruments1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments1Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstruments1Member_2" xml:lang="en-US" id="label_InterestRateHedgingInstruments1Member_2">CDI + 1.70% p.a.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments1Member" xlink:to="label_InterestRateHedgingInstruments1Member_2" xlink:title="Label : InterestRateHedgingInstruments1Member to label_InterestRateHedgingInstruments1Member_2" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments1Member_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstruments1Member_3" xml:lang="en-US" id="label_InterestRateHedgingInstruments1Member_3">Represents information pertaining to interest rate hedging instrument 1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments1Member" xlink:to="label_InterestRateHedgingInstruments1Member_3" xlink:title="Label : InterestRateHedgingInstruments1Member to label_InterestRateHedgingInstruments1Member_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestRateHedgingInstruments2Member" xlink:label="InterestRateHedgingInstruments2Member" xlink:title="InterestRateHedgingInstruments2Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstruments2Member" xml:lang="en-US" id="label_InterestRateHedgingInstruments2Member">Interest Rate Hedging Instruments 2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments2Member" xlink:to="label_InterestRateHedgingInstruments2Member" xlink:title="Label : InterestRateHedgingInstruments2Member to label_InterestRateHedgingInstruments2Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments2Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstruments2Member_1" xml:lang="en-US" id="label_InterestRateHedgingInstruments2Member_1">CDI + 1.00% p.a.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments2Member" xlink:to="label_InterestRateHedgingInstruments2Member_1" xlink:title="Label : InterestRateHedgingInstruments2Member to label_InterestRateHedgingInstruments2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments2Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstruments2Member_2" xml:lang="en-US" id="label_InterestRateHedgingInstruments2Member_2">Represents information pertaining to interest rate hedging instrument 2.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments2Member" xlink:to="label_InterestRateHedgingInstruments2Member_2" xlink:title="Label : InterestRateHedgingInstruments2Member to label_InterestRateHedgingInstruments2Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestRateHedgingInstruments3Member" xlink:label="InterestRateHedgingInstruments3Member" xlink:title="InterestRateHedgingInstruments3Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstruments3Member" xml:lang="en-US" id="label_InterestRateHedgingInstruments3Member">Interest Rate Hedging Instruments 3 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments3Member" xlink:to="label_InterestRateHedgingInstruments3Member" xlink:title="Label : InterestRateHedgingInstruments3Member to label_InterestRateHedgingInstruments3Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments3Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstruments3Member_1" xml:lang="en-US" id="label_InterestRateHedgingInstruments3Member_1">CDI + 2.40% p.a.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments3Member" xlink:to="label_InterestRateHedgingInstruments3Member_1" xlink:title="Label : InterestRateHedgingInstruments3Member to label_InterestRateHedgingInstruments3Member_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments3Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstruments3Member_2" xml:lang="en-US" id="label_InterestRateHedgingInstruments3Member_2">Represents information pertaining to interest rate hedging instrument 3.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments3Member" xlink:to="label_InterestRateHedgingInstruments3Member_2" xlink:title="Label : InterestRateHedgingInstruments3Member to label_InterestRateHedgingInstruments3Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestRateHedgingInstruments4Member" xlink:label="InterestRateHedgingInstruments4Member" xlink:title="InterestRateHedgingInstruments4Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments4Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstruments4Member" xml:lang="en-US" id="label_InterestRateHedgingInstruments4Member">Represents information pertaining to interest rate hedging instrument 4.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments4Member" xlink:to="label_InterestRateHedgingInstruments4Member" xlink:title="Label : InterestRateHedgingInstruments4Member to label_InterestRateHedgingInstruments4Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments4Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstruments4Member_1" xml:lang="en-US" id="label_InterestRateHedgingInstruments4Member_1">CDI + 2.30% p.a.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments4Member" xlink:to="label_InterestRateHedgingInstruments4Member_1" xlink:title="Label : InterestRateHedgingInstruments4Member to label_InterestRateHedgingInstruments4Member_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments4Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstruments4Member_2" xml:lang="en-US" id="label_InterestRateHedgingInstruments4Member_2">Interest Rate Hedging Instruments 4 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments4Member" xlink:to="label_InterestRateHedgingInstruments4Member_2" xlink:title="Label : InterestRateHedgingInstruments4Member to label_InterestRateHedgingInstruments4Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestRateHedgingInstruments5Member" xlink:label="InterestRateHedgingInstruments5Member" xlink:title="InterestRateHedgingInstruments5Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments5Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstruments5Member" xml:lang="en-US" id="label_InterestRateHedgingInstruments5Member">Interest Rate Hedging Instruments 5 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments5Member" xlink:to="label_InterestRateHedgingInstruments5Member" xlink:title="Label : InterestRateHedgingInstruments5Member to label_InterestRateHedgingInstruments5Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments5Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstruments5Member_1" xml:lang="en-US" id="label_InterestRateHedgingInstruments5Member_1">Represents information pertaining to interest rate hedging instrument 5.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments5Member" xlink:to="label_InterestRateHedgingInstruments5Member_1" xlink:title="Label : InterestRateHedgingInstruments5Member to label_InterestRateHedgingInstruments5Member_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments5Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstruments5Member_2" xml:lang="en-US" id="label_InterestRateHedgingInstruments5Member_2">TJPLP + 5% p.a.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments5Member" xlink:to="label_InterestRateHedgingInstruments5Member_2" xlink:title="Label : InterestRateHedgingInstruments5Member to label_InterestRateHedgingInstruments5Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestRateHedgingInstruments6Member" xlink:label="InterestRateHedgingInstruments6Member" xlink:title="InterestRateHedgingInstruments6Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments6Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstruments6Member" xml:lang="en-US" id="label_InterestRateHedgingInstruments6Member">Interest Rate Hedging Instruments 6 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments6Member" xlink:to="label_InterestRateHedgingInstruments6Member" xlink:title="Label : InterestRateHedgingInstruments6Member to label_InterestRateHedgingInstruments6Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments6Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstruments6Member_1" xml:lang="en-US" id="label_InterestRateHedgingInstruments6Member_1">Represents information pertaining to interest rate hedging instrument 6.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments6Member" xlink:to="label_InterestRateHedgingInstruments6Member_1" xlink:title="Label : InterestRateHedgingInstruments6Member to label_InterestRateHedgingInstruments6Member_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments6Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstruments6Member_2" xml:lang="en-US" id="label_InterestRateHedgingInstruments6Member_2">IPCA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments6Member" xlink:to="label_InterestRateHedgingInstruments6Member_2" xlink:title="Label : InterestRateHedgingInstruments6Member to label_InterestRateHedgingInstruments6Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestRateHedgingInstruments7Member" xlink:label="InterestRateHedgingInstruments7Member" xlink:title="InterestRateHedgingInstruments7Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments7Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstruments7Member" xml:lang="en-US" id="label_InterestRateHedgingInstruments7Member">Interest Rate Hedging Instruments 7 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments7Member" xlink:to="label_InterestRateHedgingInstruments7Member" xlink:title="Label : InterestRateHedgingInstruments7Member to label_InterestRateHedgingInstruments7Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments7Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstruments7Member_1" xml:lang="en-US" id="label_InterestRateHedgingInstruments7Member_1">Represents information pertaining to interest rate hedging instrument 7.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments7Member" xlink:to="label_InterestRateHedgingInstruments7Member_1" xlink:title="Label : InterestRateHedgingInstruments7Member to label_InterestRateHedgingInstruments7Member_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments7Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstruments7Member_2" xml:lang="en-US" id="label_InterestRateHedgingInstruments7Member_2">100% CDI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments7Member" xlink:to="label_InterestRateHedgingInstruments7Member_2" xlink:title="Label : InterestRateHedgingInstruments7Member to label_InterestRateHedgingInstruments7Member_2" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMarketableSecuritiesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfMarketableSecuritiesLineItems_1" xml:lang="en-US" id="label_DisclosureOfMarketableSecuritiesLineItems_1">Marketable securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMarketableSecuritiesLineItems" xlink:to="label_DisclosureOfMarketableSecuritiesLineItems_1" xlink:title="Label : DisclosureOfMarketableSecuritiesLineItems to label_DisclosureOfMarketableSecuritiesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_StandardPoorsAARatingMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StandardPoorsAARatingMember_1" xml:lang="en-US" id="label_StandardPoorsAARatingMember_1">Standard &amp; Poor's, AA Rating [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StandardPoorsAARatingMember" xlink:to="label_StandardPoorsAARatingMember_1" xlink:title="Label : StandardPoorsAARatingMember to label_StandardPoorsAARatingMember_1" />
    <link:label xlink:type="resource" xlink:label="label_StandardPoorsAAARatingMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StandardPoorsAAARatingMember_1" xml:lang="en-US" id="label_StandardPoorsAAARatingMember_1">Standard &amp; Poor's, AAA Rating [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StandardPoorsAAARatingMember" xlink:to="label_StandardPoorsAAARatingMember_1" xlink:title="Label : StandardPoorsAAARatingMember to label_StandardPoorsAAARatingMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:label="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:title="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xml:lang="en-US" id="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems">Disclosure of risk management strategy related to hedge accounting [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:to="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:title="Label : DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems to label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems_1" xml:lang="en-US" id="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems_1">Financial Risk Management</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:to="label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems_1" xlink:title="Label : DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems to label_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfInterestRateRiskExposureAbstract" xlink:label="DisclosureOfInterestRateRiskExposureAbstract" xlink:title="DisclosureOfInterestRateRiskExposureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInterestRateRiskExposureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInterestRateRiskExposureAbstract" xml:lang="en-US" id="label_DisclosureOfInterestRateRiskExposureAbstract">Disclosure of Interest Rate Risk Exposure [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestRateRiskExposureAbstract" xlink:to="label_DisclosureOfInterestRateRiskExposureAbstract" xlink:title="Label : DisclosureOfInterestRateRiskExposureAbstract to label_DisclosureOfInterestRateRiskExposureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInterestRateRiskExposureAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfInterestRateRiskExposureAbstract_1" xml:lang="en-US" id="label_DisclosureOfInterestRateRiskExposureAbstract_1">Market risk - cash flow interest rate risk</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestRateRiskExposureAbstract" xlink:to="label_DisclosureOfInterestRateRiskExposureAbstract_1" xlink:title="Label : DisclosureOfInterestRateRiskExposureAbstract to label_DisclosureOfInterestRateRiskExposureAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BondsIssued" xlink:label="BondsIssued" xlink:title="BondsIssued" />
    <link:label xlink:type="resource" xlink:label="label_BondsIssued" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_BondsIssued" xml:lang="en-US" id="label_BondsIssued">Bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsIssued" xlink:to="label_BondsIssued" xlink:title="Label : BondsIssued to label_BondsIssued" />
    <link:label xlink:type="resource" xlink:label="label_BondsIssued_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BondsIssued_1" xml:lang="en-US" id="label_BondsIssued_1">Bonds issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsIssued" xlink:to="label_BondsIssued_1" xlink:title="Label : BondsIssued to label_BondsIssued_1" />
    <link:label xlink:type="resource" xlink:label="label_BondsIssued_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BondsIssued_2" xml:lang="en-US" id="label_BondsIssued_2">Bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsIssued" xlink:to="label_BondsIssued_2" xlink:title="Label : BondsIssued to label_BondsIssued_2" />
    <link:label xlink:type="resource" xlink:label="label_BondsIssued_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BondsIssued_3" xml:lang="en-US" id="label_BondsIssued_3">Bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsIssued" xlink:to="label_BondsIssued_3" xlink:title="Label : BondsIssued to label_BondsIssued_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LeaseLiabilities" xlink:label="LeaseLiabilities" xlink:title="LeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_LeaseLiabilities" xml:lang="en-US" id="label_LeaseLiabilities">Closing balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_LeaseLiabilities_1" xml:lang="en-US" id="label_LeaseLiabilities_1">Opening balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_1" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilities_2" xml:lang="en-US" id="label_LeaseLiabilities_2">Financing and Lease Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_2" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_2" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilities_3" xml:lang="en-US" id="label_LeaseLiabilities_3">Lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_3" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_3" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LeaseLiabilities_4" xml:lang="en-US" id="label_LeaseLiabilities_4">Lease Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_4" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_4" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_5" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_LeaseLiabilities_5" xml:lang="en-US" id="label_LeaseLiabilities_5">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_5" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_5" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_6" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_LeaseLiabilities_6" xml:lang="en-US" id="label_LeaseLiabilities_6">Lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_6" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_6" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AccountsPayableForBusinessCombination" xlink:label="AccountsPayableForBusinessCombination" xlink:title="AccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xlink:title="label_AccountsPayableForBusinessCombination" xml:lang="en-US" id="label_AccountsPayableForBusinessCombination">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombination" xlink:to="label_AccountsPayableForBusinessCombination" xlink:title="Label : AccountsPayableForBusinessCombination to label_AccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombination_1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_AccountsPayableForBusinessCombination_1" xml:lang="en-US" id="label_AccountsPayableForBusinessCombination_1">Closing balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombination" xlink:to="label_AccountsPayableForBusinessCombination_1" xlink:title="Label : AccountsPayableForBusinessCombination to label_AccountsPayableForBusinessCombination_1" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombination_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_AccountsPayableForBusinessCombination_2" xml:lang="en-US" id="label_AccountsPayableForBusinessCombination_2">Opening balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombination" xlink:to="label_AccountsPayableForBusinessCombination_2" xlink:title="Label : AccountsPayableForBusinessCombination to label_AccountsPayableForBusinessCombination_2" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombination_3" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_AccountsPayableForBusinessCombination_3" xml:lang="en-US" id="label_AccountsPayableForBusinessCombination_3">Accounts Payable for Business Combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombination" xlink:to="label_AccountsPayableForBusinessCombination_3" xlink:title="Label : AccountsPayableForBusinessCombination to label_AccountsPayableForBusinessCombination_3" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombination_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AccountsPayableForBusinessCombination_4" xml:lang="en-US" id="label_AccountsPayableForBusinessCombination_4">Accounts Payable for business combination and acquisition of associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombination" xlink:to="label_AccountsPayableForBusinessCombination_4" xlink:title="Label : AccountsPayableForBusinessCombination to label_AccountsPayableForBusinessCombination_4" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombination_5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccountsPayableForBusinessCombination_5" xml:lang="en-US" id="label_AccountsPayableForBusinessCombination_5">Accounts Payable for Business Combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombination" xlink:to="label_AccountsPayableForBusinessCombination_5" xlink:title="Label : AccountsPayableForBusinessCombination to label_AccountsPayableForBusinessCombination_5" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombination_6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccountsPayableForBusinessCombination_6" xml:lang="en-US" id="label_AccountsPayableForBusinessCombination_6">The amount of accounts payable for business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombination" xlink:to="label_AccountsPayableForBusinessCombination_6" xlink:title="Label : AccountsPayableForBusinessCombination to label_AccountsPayableForBusinessCombination_6" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombination_7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccountsPayableForBusinessCombination_7" xml:lang="en-US" id="label_AccountsPayableForBusinessCombination_7">Accounts Payable for Business Combination and acquisition of associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombination" xlink:to="label_AccountsPayableForBusinessCombination_7" xlink:title="Label : AccountsPayableForBusinessCombination to label_AccountsPayableForBusinessCombination_7" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombination_8" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AccountsPayableForBusinessCombination_8" xml:lang="en-US" id="label_AccountsPayableForBusinessCombination_8">Accounts Payable for Business Combination and acquisition of associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombination" xlink:to="label_AccountsPayableForBusinessCombination_8" xlink:title="Label : AccountsPayableForBusinessCombination to label_AccountsPayableForBusinessCombination_8" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombination_9" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AccountsPayableForBusinessCombination_9" xml:lang="en-US" id="label_AccountsPayableForBusinessCombination_9">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombination" xlink:to="label_AccountsPayableForBusinessCombination_9" xlink:title="Label : AccountsPayableForBusinessCombination to label_AccountsPayableForBusinessCombination_9" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LoansFromRelatedParties" xlink:label="LoansFromRelatedParties" xlink:title="LoansFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_LoansFromRelatedParties" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_LoansFromRelatedParties" xml:lang="en-US" id="label_LoansFromRelatedParties">Loans from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansFromRelatedParties" xlink:to="label_LoansFromRelatedParties" xlink:title="Label : LoansFromRelatedParties to label_LoansFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_LoansFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansFromRelatedParties_1" xml:lang="en-US" id="label_LoansFromRelatedParties_1">Loans from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansFromRelatedParties" xlink:to="label_LoansFromRelatedParties_1" xlink:title="Label : LoansFromRelatedParties to label_LoansFromRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansFromRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansFromRelatedParties_2" xml:lang="en-US" id="label_LoansFromRelatedParties_2">The amount of loans from related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansFromRelatedParties" xlink:to="label_LoansFromRelatedParties_2" xlink:title="Label : LoansFromRelatedParties to label_LoansFromRelatedParties_2" />
    <link:label xlink:type="resource" xlink:label="label_LoansFromRelatedParties_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansFromRelatedParties_3" xml:lang="en-US" id="label_LoansFromRelatedParties_3">Loans from Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansFromRelatedParties" xlink:to="label_LoansFromRelatedParties_3" xlink:title="Label : LoansFromRelatedParties to label_LoansFromRelatedParties_3" />
    <link:label xlink:type="resource" xlink:label="label_LoansFromRelatedParties_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LoansFromRelatedParties_4" xml:lang="en-US" id="label_LoansFromRelatedParties_4">Loans from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansFromRelatedParties" xlink:to="label_LoansFromRelatedParties_4" xlink:title="Label : LoansFromRelatedParties to label_LoansFromRelatedParties_4" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BorrowingsAndOtherPayablesUnderInterestRateRiskContract" xlink:label="BorrowingsAndOtherPayablesUnderInterestRateRiskContract" xlink:title="BorrowingsAndOtherPayablesUnderInterestRateRiskContract" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract" xml:lang="en-US" id="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAndOtherPayablesUnderInterestRateRiskContract" xlink:to="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract" xlink:title="Label : BorrowingsAndOtherPayablesUnderInterestRateRiskContract to label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_1" xml:lang="en-US" id="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_1">Amount under interest rate contract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAndOtherPayablesUnderInterestRateRiskContract" xlink:to="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_1" xlink:title="Label : BorrowingsAndOtherPayablesUnderInterestRateRiskContract to label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_2" xml:lang="en-US" id="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_2">Represents the aggregate amount of borrowings and other payables under interest rate risk contract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAndOtherPayablesUnderInterestRateRiskContract" xlink:to="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_2" xlink:title="Label : BorrowingsAndOtherPayablesUnderInterestRateRiskContract to label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_2" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_3" xml:lang="en-US" id="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_3">Borrowings and Other Payables Under Interest Rate Risk Contract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAndOtherPayablesUnderInterestRateRiskContract" xlink:to="label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_3" xlink:title="Label : BorrowingsAndOtherPayablesUnderInterestRateRiskContract to label_BorrowingsAndOtherPayablesUnderInterestRateRiskContract_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BorrowingsAdjustmentToInterestRateBasis" xlink:label="BorrowingsAdjustmentToInterestRateBasis" xlink:title="BorrowingsAdjustmentToInterestRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsAdjustmentToInterestRateBasis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsAdjustmentToInterestRateBasis" xml:lang="en-US" id="label_BorrowingsAdjustmentToInterestRateBasis">Adjustment to interest rate basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAdjustmentToInterestRateBasis" xlink:to="label_BorrowingsAdjustmentToInterestRateBasis" xlink:title="Label : BorrowingsAdjustmentToInterestRateBasis to label_BorrowingsAdjustmentToInterestRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsAdjustmentToInterestRateBasis_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsAdjustmentToInterestRateBasis_1" xml:lang="en-US" id="label_BorrowingsAdjustmentToInterestRateBasis_1">Borrowings, adjustment to interest rate basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAdjustmentToInterestRateBasis" xlink:to="label_BorrowingsAdjustmentToInterestRateBasis_1" xlink:title="Label : BorrowingsAdjustmentToInterestRateBasis to label_BorrowingsAdjustmentToInterestRateBasis_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsAdjustmentToInterestRateBasis_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BorrowingsAdjustmentToInterestRateBasis_2" xml:lang="en-US" id="label_BorrowingsAdjustmentToInterestRateBasis_2">Spread over base interest rate (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAdjustmentToInterestRateBasis" xlink:to="label_BorrowingsAdjustmentToInterestRateBasis_2" xlink:title="Label : BorrowingsAdjustmentToInterestRateBasis to label_BorrowingsAdjustmentToInterestRateBasis_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfInterestRateBasis" xlink:label="PercentageOfInterestRateBasis" xlink:title="PercentageOfInterestRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfInterestRateBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfInterestRateBasis" xml:lang="en-US" id="label_PercentageOfInterestRateBasis">Percentage of Interest Rate Basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfInterestRateBasis" xlink:to="label_PercentageOfInterestRateBasis" xlink:title="Label : PercentageOfInterestRateBasis to label_PercentageOfInterestRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfInterestRateBasis_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfInterestRateBasis_1" xml:lang="en-US" id="label_PercentageOfInterestRateBasis_1">The amount of Percentage of Interest Rate Basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfInterestRateBasis" xlink:to="label_PercentageOfInterestRateBasis_1" xlink:title="Label : PercentageOfInterestRateBasis to label_PercentageOfInterestRateBasis_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfInterestRateBasis_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfInterestRateBasis_2" xml:lang="en-US" id="label_PercentageOfInterestRateBasis_2">Percentage of interest rate basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfInterestRateBasis" xlink:to="label_PercentageOfInterestRateBasis_2" xlink:title="Label : PercentageOfInterestRateBasis to label_PercentageOfInterestRateBasis_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesTable" xlink:label="DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesTable" xlink:title="DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesTable" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesTable">Disclosure of maturity analysis for non-derivative financial liabilities [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesTable" xlink:to="label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesTable" xlink:title="Label : DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesTable to label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="NotLaterThanOneYearMember" xlink:title="NotLaterThanOneYearMember" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NotLaterThanOneYearMember" xml:lang="en-US" id="label_NotLaterThanOneYearMember">In up to&#xA0;one&#xA0;year [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneYearMember" xlink:to="label_NotLaterThanOneYearMember" xlink:title="Label : NotLaterThanOneYearMember to label_NotLaterThanOneYearMember" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanOneYearMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotLaterThanOneYearMember_1" xml:lang="en-US" id="label_NotLaterThanOneYearMember_1">Not later than one year [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneYearMember" xlink:to="label_NotLaterThanOneYearMember_1" xlink:title="Label : NotLaterThanOneYearMember to label_NotLaterThanOneYearMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanOneYearMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotLaterThanOneYearMember_2" xml:lang="en-US" id="label_NotLaterThanOneYearMember_2">2023 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneYearMember" xlink:to="label_NotLaterThanOneYearMember_2" xlink:title="Label : NotLaterThanOneYearMember to label_NotLaterThanOneYearMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:label="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:title="LaterThanOneYearAndNotLaterThanTwoYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanTwoYearsMember">2024 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:title="Label : LaterThanOneYearAndNotLaterThanTwoYearsMember to label_LaterThanOneYearAndNotLaterThanTwoYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_1" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_1">Later than one year and not later than two years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_1" xlink:title="Label : LaterThanOneYearAndNotLaterThanTwoYearsMember to label_LaterThanOneYearAndNotLaterThanTwoYearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2">One to two years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2" xlink:title="Label : LaterThanOneYearAndNotLaterThanTwoYearsMember to label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LaterThanTwoYearsMember" xlink:label="LaterThanTwoYearsMember" xlink:title="LaterThanTwoYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanTwoYearsMember" xml:lang="en-US" id="label_LaterThanTwoYearsMember">Later than Two Years [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsMember" xlink:to="label_LaterThanTwoYearsMember" xlink:title="Label : LaterThanTwoYearsMember to label_LaterThanTwoYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LaterThanTwoYearsMember_1" xml:lang="en-US" id="label_LaterThanTwoYearsMember_1">This member stands for a time band of later than two years.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsMember" xlink:to="label_LaterThanTwoYearsMember_1" xlink:title="Label : LaterThanTwoYearsMember to label_LaterThanTwoYearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanTwoYearsMember_2" xml:lang="en-US" id="label_LaterThanTwoYearsMember_2">Over two years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsMember" xlink:to="label_LaterThanTwoYearsMember_2" xlink:title="Label : LaterThanTwoYearsMember to label_LaterThanTwoYearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:label="CategoriesOfFinancialLiabilitiesAxis" xlink:title="CategoriesOfFinancialLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoriesOfFinancialLiabilitiesAxis" xml:lang="en-US" id="label_CategoriesOfFinancialLiabilitiesAxis">Categories of financial liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfFinancialLiabilitiesAxis" xlink:to="label_CategoriesOfFinancialLiabilitiesAxis" xlink:title="Label : CategoriesOfFinancialLiabilitiesAxis to label_CategoriesOfFinancialLiabilitiesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialLiabilitiesCategoryMember" xlink:label="FinancialLiabilitiesCategoryMember" xlink:title="FinancialLiabilitiesCategoryMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilitiesCategoryMember" xml:lang="en-US" id="label_FinancialLiabilitiesCategoryMember">Financial liabilities, category [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesCategoryMember" xlink:to="label_FinancialLiabilitiesCategoryMember" xlink:title="Label : FinancialLiabilitiesCategoryMember to label_FinancialLiabilitiesCategoryMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FinancialLiabilitiesWithUndiscountedContractualAmountMember" xlink:label="FinancialLiabilitiesWithUndiscountedContractualAmountMember" xlink:title="FinancialLiabilitiesWithUndiscountedContractualAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesWithUndiscountedContractualAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilitiesWithUndiscountedContractualAmountMember" xml:lang="en-US" id="label_FinancialLiabilitiesWithUndiscountedContractualAmountMember">Financial Liabilities with Undiscounted Contractual Amount [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesWithUndiscountedContractualAmountMember" xlink:to="label_FinancialLiabilitiesWithUndiscountedContractualAmountMember" xlink:title="Label : FinancialLiabilitiesWithUndiscountedContractualAmountMember to label_FinancialLiabilitiesWithUndiscountedContractualAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesWithUndiscountedContractualAmountMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialLiabilitiesWithUndiscountedContractualAmountMember_1" xml:lang="en-US" id="label_FinancialLiabilitiesWithUndiscountedContractualAmountMember_1">Represents the undiscounted contractual amounts of financial liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesWithUndiscountedContractualAmountMember" xlink:to="label_FinancialLiabilitiesWithUndiscountedContractualAmountMember_1" xlink:title="Label : FinancialLiabilitiesWithUndiscountedContractualAmountMember to label_FinancialLiabilitiesWithUndiscountedContractualAmountMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesWithUndiscountedContractualAmountMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialLiabilitiesWithUndiscountedContractualAmountMember_2" xml:lang="en-US" id="label_FinancialLiabilitiesWithUndiscountedContractualAmountMember_2">Undiscounted contractual amounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesWithUndiscountedContractualAmountMember" xlink:to="label_FinancialLiabilitiesWithUndiscountedContractualAmountMember_2" xlink:title="Label : FinancialLiabilitiesWithUndiscountedContractualAmountMember to label_FinancialLiabilitiesWithUndiscountedContractualAmountMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems" xlink:label="DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems" xlink:title="DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems">Disclosure of maturity analysis for non-derivative financial liabilities [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems" xlink:to="label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems" xlink:title="Label : DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems to label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems_1" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems_1">Bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems" xlink:to="label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems_1" xlink:title="Label : DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems to label_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Borrowings" xlink:label="Borrowings" xlink:title="Borrowings" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_Borrowings" xml:lang="en-US" id="label_Borrowings">Bonds and financing at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings" xlink:title="Label : Borrowings to label_Borrowings" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Borrowings_1" xml:lang="en-US" id="label_Borrowings_1">Aggregate amount of borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_1" xlink:title="Label : Borrowings to label_Borrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Borrowings_2" xml:lang="en-US" id="label_Borrowings_2">Bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_2" xlink:title="Label : Borrowings to label_Borrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Borrowings_3" xml:lang="en-US" id="label_Borrowings_3">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_3" xlink:title="Label : Borrowings to label_Borrowings_3" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_4" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_Borrowings_4" xml:lang="en-US" id="label_Borrowings_4">Bonds and financing at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_4" xlink:title="Label : Borrowings to label_Borrowings_4" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_5" xlink:role="http://www.xbrl.org/2003/role/positiveVerboseLabel" xlink:title="label_Borrowings_5" xml:lang="en-US" id="label_Borrowings_5">Total bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_5" xlink:title="Label : Borrowings to label_Borrowings_5" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_6" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_Borrowings_6" xml:lang="en-US" id="label_Borrowings_6">Bonds and financing at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_6" xlink:title="Label : Borrowings to label_Borrowings_6" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_7" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xlink:title="label_Borrowings_7" xml:lang="en-US" id="label_Borrowings_7">Bonds and financing at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_7" xlink:title="Label : Borrowings to label_Borrowings_7" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_8" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_Borrowings_8" xml:lang="en-US" id="label_Borrowings_8">Bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_8" xlink:title="Label : Borrowings to label_Borrowings_8" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:label="TradeAndOtherPayablesToTradeSuppliers" xlink:title="TradeAndOtherPayablesToTradeSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherPayablesToTradeSuppliers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherPayablesToTradeSuppliers" xml:lang="en-US" id="label_TradeAndOtherPayablesToTradeSuppliers">Trade payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherPayablesToTradeSuppliers" xlink:to="label_TradeAndOtherPayablesToTradeSuppliers" xlink:title="Label : TradeAndOtherPayablesToTradeSuppliers to label_TradeAndOtherPayablesToTradeSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherPayablesToTradeSuppliers_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeAndOtherPayablesToTradeSuppliers_1" xml:lang="en-US" id="label_TradeAndOtherPayablesToTradeSuppliers_1">Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherPayablesToTradeSuppliers" xlink:to="label_TradeAndOtherPayablesToTradeSuppliers_1" xlink:title="Label : TradeAndOtherPayablesToTradeSuppliers to label_TradeAndOtherPayablesToTradeSuppliers_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ReverseFactoringSuppliers" xlink:label="ReverseFactoringSuppliers" xlink:title="ReverseFactoringSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_ReverseFactoringSuppliers" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ReverseFactoringSuppliers" xml:lang="en-US" id="label_ReverseFactoringSuppliers">Reverse factoring</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReverseFactoringSuppliers" xlink:to="label_ReverseFactoringSuppliers" xlink:title="Label : ReverseFactoringSuppliers to label_ReverseFactoringSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_ReverseFactoringSuppliers_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReverseFactoringSuppliers_1" xml:lang="en-US" id="label_ReverseFactoringSuppliers_1">Reverse Factoring Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReverseFactoringSuppliers" xlink:to="label_ReverseFactoringSuppliers_1" xlink:title="Label : ReverseFactoringSuppliers to label_ReverseFactoringSuppliers_1" />
    <link:label xlink:type="resource" xlink:label="label_ReverseFactoringSuppliers_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReverseFactoringSuppliers_2" xml:lang="en-US" id="label_ReverseFactoringSuppliers_2">Reverse Factoring</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReverseFactoringSuppliers" xlink:to="label_ReverseFactoringSuppliers_2" xlink:title="Label : ReverseFactoringSuppliers to label_ReverseFactoringSuppliers_2" />
    <link:label xlink:type="resource" xlink:label="label_ReverseFactoringSuppliers_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ReverseFactoringSuppliers_3" xml:lang="en-US" id="label_ReverseFactoringSuppliers_3">The amount payable to current reverse factoring suppliers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReverseFactoringSuppliers" xlink:to="label_ReverseFactoringSuppliers_3" xlink:title="Label : ReverseFactoringSuppliers to label_ReverseFactoringSuppliers_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherLiabilitiesRelatedParties" xlink:label="OtherLiabilitiesRelatedParties" xlink:title="OtherLiabilitiesRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLiabilitiesRelatedParties" xml:lang="en-US" id="label_OtherLiabilitiesRelatedParties">Other Liabilities Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesRelatedParties" xlink:to="label_OtherLiabilitiesRelatedParties" xlink:title="Label : OtherLiabilitiesRelatedParties to label_OtherLiabilitiesRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherLiabilitiesRelatedParties_1" xml:lang="en-US" id="label_OtherLiabilitiesRelatedParties_1">The amount of other payables due to related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesRelatedParties" xlink:to="label_OtherLiabilitiesRelatedParties_1" xlink:title="Label : OtherLiabilitiesRelatedParties to label_OtherLiabilitiesRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherLiabilitiesRelatedParties_2" xml:lang="en-US" id="label_OtherLiabilitiesRelatedParties_2">Other liabilities - related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesRelatedParties" xlink:to="label_OtherLiabilitiesRelatedParties_2" xlink:title="Label : OtherLiabilitiesRelatedParties to label_OtherLiabilitiesRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialLiabilities" xlink:label="FinancialLiabilities" xlink:title="FinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_FinancialLiabilities" xml:lang="en-US" id="label_FinancialLiabilities">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities" xlink:title="Label : FinancialLiabilities to label_FinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinancialLiabilities_1" xml:lang="en-US" id="label_FinancialLiabilities_1">Financial liabilities by maturity ranges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities_1" xlink:title="Label : FinancialLiabilities to label_FinancialLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilities_2" xml:lang="en-US" id="label_FinancialLiabilities_2">Financial liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities_2" xlink:title="Label : FinancialLiabilities to label_FinancialLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_EstimatedInterestRate" xlink:label="EstimatedInterestRate" xlink:title="EstimatedInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedInterestRate" xml:lang="en-US" id="label_EstimatedInterestRate">Estimated Interest Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInterestRate" xlink:to="label_EstimatedInterestRate" xlink:title="Label : EstimatedInterestRate to label_EstimatedInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInterestRate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EstimatedInterestRate_1" xml:lang="en-US" id="label_EstimatedInterestRate_1">Represents the percentage of estimated interest rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInterestRate" xlink:to="label_EstimatedInterestRate_1" xlink:title="Label : EstimatedInterestRate to label_EstimatedInterestRate_1" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInterestRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedInterestRate_2" xml:lang="en-US" id="label_EstimatedInterestRate_2">Estimated interest rate (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInterestRate" xlink:to="label_EstimatedInterestRate_2" xlink:title="Label : EstimatedInterestRate to label_EstimatedInterestRate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CapitalManagementAbstract" xlink:label="CapitalManagementAbstract" xlink:title="CapitalManagementAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CapitalManagementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalManagementAbstract" xml:lang="en-US" id="label_CapitalManagementAbstract">Capital Management [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalManagementAbstract" xlink:to="label_CapitalManagementAbstract" xlink:title="Label : CapitalManagementAbstract to label_CapitalManagementAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CapitalManagementAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CapitalManagementAbstract_1" xml:lang="en-US" id="label_CapitalManagementAbstract_1">Capital Management</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalManagementAbstract" xlink:to="label_CapitalManagementAbstract_1" xlink:title="Label : CapitalManagementAbstract to label_CapitalManagementAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NetDebt" xlink:label="NetDebt" xlink:title="NetDebt" />
    <link:label xlink:type="resource" xlink:label="label_NetDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetDebt" xml:lang="en-US" id="label_NetDebt">Net debt (i)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDebt" xlink:to="label_NetDebt" xlink:title="Label : NetDebt to label_NetDebt" />
    <link:label xlink:type="resource" xlink:label="label_NetDebt_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetDebt_1" xml:lang="en-US" id="label_NetDebt_1">Net debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDebt" xlink:to="label_NetDebt_1" xlink:title="Label : NetDebt to label_NetDebt_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_Capitalisation" xlink:label="Capitalisation" xlink:title="Capitalisation" />
    <link:label xlink:type="resource" xlink:label="label_Capitalisation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Capitalisation" xml:lang="en-US" id="label_Capitalisation">Total capitalization (ii)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Capitalisation" xlink:to="label_Capitalisation" xlink:title="Label : Capitalisation to label_Capitalisation" />
    <link:label xlink:type="resource" xlink:label="label_Capitalisation_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Capitalisation_1" xml:lang="en-US" id="label_Capitalisation_1">Represents the amount of difference between Equity and Net debt referred to as capitalisation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Capitalisation" xlink:to="label_Capitalisation_1" xlink:title="Label : Capitalisation to label_Capitalisation_1" />
    <link:label xlink:type="resource" xlink:label="label_Capitalisation_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Capitalisation_2" xml:lang="en-US" id="label_Capitalisation_2">Capitalisation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Capitalisation" xlink:to="label_Capitalisation_2" xlink:title="Label : Capitalisation to label_Capitalisation_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_GearingRatioPercentage" xlink:label="GearingRatioPercentage" xlink:title="GearingRatioPercentage" />
    <link:label xlink:type="resource" xlink:label="label_GearingRatioPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GearingRatioPercentage" xml:lang="en-US" id="label_GearingRatioPercentage">Gearing ratio - % - (iii)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GearingRatioPercentage" xlink:to="label_GearingRatioPercentage" xlink:title="Label : GearingRatioPercentage to label_GearingRatioPercentage" />
    <link:label xlink:type="resource" xlink:label="label_GearingRatioPercentage_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GearingRatioPercentage_1" xml:lang="en-US" id="label_GearingRatioPercentage_1">Represents the percentage of gearing Ratio as calculated based on Net Debt/Total Capitalization.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GearingRatioPercentage" xlink:to="label_GearingRatioPercentage_1" xlink:title="Label : GearingRatioPercentage to label_GearingRatioPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_GearingRatioPercentage_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GearingRatioPercentage_2" xml:lang="en-US" id="label_GearingRatioPercentage_2">Gearing Ratio Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GearingRatioPercentage" xlink:to="label_GearingRatioPercentage_2" xlink:title="Label : GearingRatioPercentage to label_GearingRatioPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTable" xlink:label="DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTable" xlink:title="DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTable" xml:lang="en-US" id="label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTable">Disclosure of Sensitivity Analysis of Potential Losses from Financial Instruments [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTable" xlink:to="label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTable" xlink:title="Label : DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTable to label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis" xlink:label="TypeOfMeasurementOfExpectedCreditLossesAxis" xlink:title="TypeOfMeasurementOfExpectedCreditLossesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypeOfMeasurementOfExpectedCreditLossesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypeOfMeasurementOfExpectedCreditLossesAxis" xml:lang="en-US" id="label_TypeOfMeasurementOfExpectedCreditLossesAxis">Type of measurement of expected credit losses [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypeOfMeasurementOfExpectedCreditLossesAxis" xlink:to="label_TypeOfMeasurementOfExpectedCreditLossesAxis" xlink:title="Label : TypeOfMeasurementOfExpectedCreditLossesAxis to label_TypeOfMeasurementOfExpectedCreditLossesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TypeOfMeasurementOfExpectedCreditLossesMember" xlink:label="TypeOfMeasurementOfExpectedCreditLossesMember" xlink:title="TypeOfMeasurementOfExpectedCreditLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_TypeOfMeasurementOfExpectedCreditLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypeOfMeasurementOfExpectedCreditLossesMember" xml:lang="en-US" id="label_TypeOfMeasurementOfExpectedCreditLossesMember">Type of measurement of expected credit losses [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypeOfMeasurementOfExpectedCreditLossesMember" xlink:to="label_TypeOfMeasurementOfExpectedCreditLossesMember" xlink:title="Label : TypeOfMeasurementOfExpectedCreditLossesMember to label_TypeOfMeasurementOfExpectedCreditLossesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TwelvemonthExpectedCreditLossesMember" xlink:label="TwelvemonthExpectedCreditLossesMember" xlink:title="TwelvemonthExpectedCreditLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_TwelvemonthExpectedCreditLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TwelvemonthExpectedCreditLossesMember" xml:lang="en-US" id="label_TwelvemonthExpectedCreditLossesMember">12-month expected credit losses [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwelvemonthExpectedCreditLossesMember" xlink:to="label_TwelvemonthExpectedCreditLossesMember" xlink:title="Label : TwelvemonthExpectedCreditLossesMember to label_TwelvemonthExpectedCreditLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_TwelvemonthExpectedCreditLossesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TwelvemonthExpectedCreditLossesMember_1" xml:lang="en-US" id="label_TwelvemonthExpectedCreditLossesMember_1">Probable scenario over a 12-month horizon</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwelvemonthExpectedCreditLossesMember" xlink:to="label_TwelvemonthExpectedCreditLossesMember_1" xlink:title="Label : TwelvemonthExpectedCreditLossesMember to label_TwelvemonthExpectedCreditLossesMember_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScenarioAxis" xlink:label="ScenarioAxis" xlink:title="ScenarioAxis" />
    <link:label xlink:type="resource" xlink:label="label_ScenarioAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScenarioAxis" xml:lang="en-US" id="label_ScenarioAxis">Scenario [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioAxis" xlink:to="label_ScenarioAxis" xlink:title="Label : ScenarioAxis to label_ScenarioAxis" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ScenarioMember" xlink:label="ScenarioMember" xlink:title="ScenarioMember" />
    <link:label xlink:type="resource" xlink:label="label_ScenarioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScenarioMember" xml:lang="en-US" id="label_ScenarioMember">Scenario [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioMember" xlink:to="label_ScenarioMember" xlink:title="Label : ScenarioMember to label_ScenarioMember" />
    <link:label xlink:type="resource" xlink:label="label_ScenarioMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ScenarioMember_1" xml:lang="en-US" id="label_ScenarioMember_1">Represents the information pertaining to scenarios.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioMember" xlink:to="label_ScenarioMember_1" xlink:title="Label : ScenarioMember to label_ScenarioMember_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BaseScenarioMember" xlink:label="BaseScenarioMember" xlink:title="BaseScenarioMember" />
    <link:label xlink:type="resource" xlink:label="label_BaseScenarioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BaseScenarioMember" xml:lang="en-US" id="label_BaseScenarioMember">Base Scenario [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BaseScenarioMember" xlink:to="label_BaseScenarioMember" xlink:title="Label : BaseScenarioMember to label_BaseScenarioMember" />
    <link:label xlink:type="resource" xlink:label="label_BaseScenarioMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BaseScenarioMember_1" xml:lang="en-US" id="label_BaseScenarioMember_1">Represents the information pertaining to the base scenario.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BaseScenarioMember" xlink:to="label_BaseScenarioMember_1" xlink:title="Label : BaseScenarioMember to label_BaseScenarioMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BaseScenarioMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BaseScenarioMember_2" xml:lang="en-US" id="label_BaseScenarioMember_2">Base Scenario</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BaseScenarioMember" xlink:to="label_BaseScenarioMember_2" xlink:title="Label : BaseScenarioMember to label_BaseScenarioMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_Scenario1Member" xlink:label="Scenario1Member" xlink:title="Scenario1Member" />
    <link:label xlink:type="resource" xlink:label="label_Scenario1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Scenario1Member" xml:lang="en-US" id="label_Scenario1Member">Scenario 1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario1Member" xlink:to="label_Scenario1Member" xlink:title="Label : Scenario1Member to label_Scenario1Member" />
    <link:label xlink:type="resource" xlink:label="label_Scenario1Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Scenario1Member_1" xml:lang="en-US" id="label_Scenario1Member_1">Represents the information pertaining to the scenario 1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario1Member" xlink:to="label_Scenario1Member_1" xlink:title="Label : Scenario1Member to label_Scenario1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Scenario1Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Scenario1Member_2" xml:lang="en-US" id="label_Scenario1Member_2">Scenario I</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario1Member" xlink:to="label_Scenario1Member_2" xlink:title="Label : Scenario1Member to label_Scenario1Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_Scenario2Member" xlink:label="Scenario2Member" xlink:title="Scenario2Member" />
    <link:label xlink:type="resource" xlink:label="label_Scenario2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Scenario2Member" xml:lang="en-US" id="label_Scenario2Member">Scenario 2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario2Member" xlink:to="label_Scenario2Member" xlink:title="Label : Scenario2Member to label_Scenario2Member" />
    <link:label xlink:type="resource" xlink:label="label_Scenario2Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Scenario2Member_1" xml:lang="en-US" id="label_Scenario2Member_1">Represents the information pertaining to the scenario 2.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario2Member" xlink:to="label_Scenario2Member_1" xlink:title="Label : Scenario2Member to label_Scenario2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Scenario2Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Scenario2Member_2" xml:lang="en-US" id="label_Scenario2Member_2">Scenario II</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario2Member" xlink:to="label_Scenario2Member_2" xlink:title="Label : Scenario2Member to label_Scenario2Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestRateHedgingInstruments9Member" xlink:label="InterestRateHedgingInstruments9Member" xlink:title="InterestRateHedgingInstruments9Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments9Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstruments9Member" xml:lang="en-US" id="label_InterestRateHedgingInstruments9Member">Interest Rate Hedging Instruments 9 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments9Member" xlink:to="label_InterestRateHedgingInstruments9Member" xlink:title="Label : InterestRateHedgingInstruments9Member to label_InterestRateHedgingInstruments9Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments9Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstruments9Member_1" xml:lang="en-US" id="label_InterestRateHedgingInstruments9Member_1">103.40% of CDI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments9Member" xlink:to="label_InterestRateHedgingInstruments9Member_1" xlink:title="Label : InterestRateHedgingInstruments9Member to label_InterestRateHedgingInstruments9Member_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments9Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstruments9Member_2" xml:lang="en-US" id="label_InterestRateHedgingInstruments9Member_2">Represents information pertaining to interest rate hedging instrument 9.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments9Member" xlink:to="label_InterestRateHedgingInstruments9Member_2" xlink:title="Label : InterestRateHedgingInstruments9Member to label_InterestRateHedgingInstruments9Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestRateHedgingInstruments10Member" xlink:label="InterestRateHedgingInstruments10Member" xlink:title="InterestRateHedgingInstruments10Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments10Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstruments10Member" xml:lang="en-US" id="label_InterestRateHedgingInstruments10Member">Interest Rate Hedging Instruments 10 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments10Member" xlink:to="label_InterestRateHedgingInstruments10Member" xlink:title="Label : InterestRateHedgingInstruments10Member to label_InterestRateHedgingInstruments10Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments10Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstruments10Member_1" xml:lang="en-US" id="label_InterestRateHedgingInstruments10Member_1">103.39% of CDI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments10Member" xlink:to="label_InterestRateHedgingInstruments10Member_1" xlink:title="Label : InterestRateHedgingInstruments10Member to label_InterestRateHedgingInstruments10Member_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments10Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstruments10Member_2" xml:lang="en-US" id="label_InterestRateHedgingInstruments10Member_2">Represents information pertaining to interest rate hedging instrument 10.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments10Member" xlink:to="label_InterestRateHedgingInstruments10Member_2" xlink:title="Label : InterestRateHedgingInstruments10Member to label_InterestRateHedgingInstruments10Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestRateHedgingInstruments11Member" xlink:label="InterestRateHedgingInstruments11Member" xlink:title="InterestRateHedgingInstruments11Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments11Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstruments11Member" xml:lang="en-US" id="label_InterestRateHedgingInstruments11Member">Interest Rate Hedging Instruments 11 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments11Member" xlink:to="label_InterestRateHedgingInstruments11Member" xlink:title="Label : InterestRateHedgingInstruments11Member to label_InterestRateHedgingInstruments11Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments11Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstruments11Member_1" xml:lang="en-US" id="label_InterestRateHedgingInstruments11Member_1">CDI + 1.28%</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments11Member" xlink:to="label_InterestRateHedgingInstruments11Member_1" xlink:title="Label : InterestRateHedgingInstruments11Member to label_InterestRateHedgingInstruments11Member_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments11Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstruments11Member_2" xml:lang="en-US" id="label_InterestRateHedgingInstruments11Member_2">Represents information pertaining to interest rate hedging instrument 11.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments11Member" xlink:to="label_InterestRateHedgingInstruments11Member_2" xlink:title="Label : InterestRateHedgingInstruments11Member to label_InterestRateHedgingInstruments11Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestRateHedgingInstruments12Member" xlink:label="InterestRateHedgingInstruments12Member" xlink:title="InterestRateHedgingInstruments12Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments12Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstruments12Member" xml:lang="en-US" id="label_InterestRateHedgingInstruments12Member">Interest Rate Hedging Instruments 12 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments12Member" xlink:to="label_InterestRateHedgingInstruments12Member" xlink:title="Label : InterestRateHedgingInstruments12Member to label_InterestRateHedgingInstruments12Member" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments12Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstruments12Member_1" xml:lang="en-US" id="label_InterestRateHedgingInstruments12Member_1">CDI + 1.66%</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments12Member" xlink:to="label_InterestRateHedgingInstruments12Member_1" xlink:title="Label : InterestRateHedgingInstruments12Member to label_InterestRateHedgingInstruments12Member_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstruments12Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstruments12Member_2" xml:lang="en-US" id="label_InterestRateHedgingInstruments12Member_2">Represents information pertaining to interest rate hedging instrument 12.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstruments12Member" xlink:to="label_InterestRateHedgingInstruments12Member_2" xlink:title="Label : InterestRateHedgingInstruments12Member to label_InterestRateHedgingInstruments12Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems" xlink:label="DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems" xlink:title="DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems" xml:lang="en-US" id="label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems">Disclosure of Sensitivity Analysis of Potential Losses from Financial Instruments [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems" xlink:to="label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems" xlink:title="Label : DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems to label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems_1" xml:lang="en-US" id="label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems_1">Sensitivity analysis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems" xlink:to="label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems_1" xlink:title="Label : DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems to label_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:label="ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:title="ShorttermInvestmentsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ShorttermInvestmentsClassifiedAsCashEquivalents" xml:lang="en-US" id="label_ShorttermInvestmentsClassifiedAsCashEquivalents">Financial Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:to="label_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:title="Label : ShorttermInvestmentsClassifiedAsCashEquivalents to label_ShorttermInvestmentsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermInvestmentsClassifiedAsCashEquivalents_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermInvestmentsClassifiedAsCashEquivalents_1" xml:lang="en-US" id="label_ShorttermInvestmentsClassifiedAsCashEquivalents_1">Short-term investments, classified as cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:to="label_ShorttermInvestmentsClassifiedAsCashEquivalents_1" xlink:title="Label : ShorttermInvestmentsClassifiedAsCashEquivalents to label_ShorttermInvestmentsClassifiedAsCashEquivalents_1" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermInvestmentsClassifiedAsCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShorttermInvestmentsClassifiedAsCashEquivalents_2" xml:lang="en-US" id="label_ShorttermInvestmentsClassifiedAsCashEquivalents_2">Financial investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:to="label_ShorttermInvestmentsClassifiedAsCashEquivalents_2" xlink:title="Label : ShorttermInvestmentsClassifiedAsCashEquivalents to label_ShorttermInvestmentsClassifiedAsCashEquivalents_2" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermInvestmentsClassifiedAsCashEquivalents_3" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_ShorttermInvestmentsClassifiedAsCashEquivalents_3" xml:lang="en-US" id="label_ShorttermInvestmentsClassifiedAsCashEquivalents_3">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:to="label_ShorttermInvestmentsClassifiedAsCashEquivalents_3" xlink:title="Label : ShorttermInvestmentsClassifiedAsCashEquivalents to label_ShorttermInvestmentsClassifiedAsCashEquivalents_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" xlink:label="IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" xlink:title="IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" xml:lang="en-US" id="label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents">Short-term investments, Potential gain (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" xlink:to="label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" xlink:title="Label : IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents to label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents_1" xml:lang="en-US" id="label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents_1">The increase (decrease) in cash equivalents representing short-term investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" xlink:to="label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents_1" xlink:title="Label : IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents to label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents_2" xml:lang="en-US" id="label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents_2">Increase (Decrease) in Shortterm Investments Classified as Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" xlink:to="label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents_2" xlink:title="Label : IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents to label_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseInCurrentMarketableSecurities" xlink:label="IncreaseDecreaseInCurrentMarketableSecurities" xlink:title="IncreaseDecreaseInCurrentMarketableSecurities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCurrentMarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInCurrentMarketableSecurities" xml:lang="en-US" id="label_IncreaseDecreaseInCurrentMarketableSecurities">Marketable securities, Potential gain (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCurrentMarketableSecurities" xlink:to="label_IncreaseDecreaseInCurrentMarketableSecurities" xlink:title="Label : IncreaseDecreaseInCurrentMarketableSecurities to label_IncreaseDecreaseInCurrentMarketableSecurities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCurrentMarketableSecurities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInCurrentMarketableSecurities_1" xml:lang="en-US" id="label_IncreaseDecreaseInCurrentMarketableSecurities_1">The increase (decrease) in current marketable securities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCurrentMarketableSecurities" xlink:to="label_IncreaseDecreaseInCurrentMarketableSecurities_1" xlink:title="Label : IncreaseDecreaseInCurrentMarketableSecurities to label_IncreaseDecreaseInCurrentMarketableSecurities_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCurrentMarketableSecurities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInCurrentMarketableSecurities_2" xml:lang="en-US" id="label_IncreaseDecreaseInCurrentMarketableSecurities_2">Increase (Decrease) in Current Marketable Securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCurrentMarketableSecurities" xlink:to="label_IncreaseDecreaseInCurrentMarketableSecurities_2" xlink:title="Label : IncreaseDecreaseInCurrentMarketableSecurities to label_IncreaseDecreaseInCurrentMarketableSecurities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:label="CategoriesOfFinancialAssetsAxis" xlink:title="CategoriesOfFinancialAssetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoriesOfFinancialAssetsAxis" xml:lang="en-US" id="label_CategoriesOfFinancialAssetsAxis">Categories of financial assets [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfFinancialAssetsAxis" xlink:to="label_CategoriesOfFinancialAssetsAxis" xlink:title="Label : CategoriesOfFinancialAssetsAxis to label_CategoriesOfFinancialAssetsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialAssets" xlink:label="FinancialAssets" xlink:title="FinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialAssets" xml:lang="en-US" id="label_FinancialAssets">Total financial assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssets" xlink:to="label_FinancialAssets" xlink:title="Label : FinancialAssets to label_FinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssets_1" xml:lang="en-US" id="label_FinancialAssets_1">Financial assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssets" xlink:to="label_FinancialAssets_1" xlink:title="Label : FinancialAssets to label_FinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseInFinancialAssets" xlink:label="IncreaseDecreaseInFinancialAssets" xlink:title="IncreaseDecreaseInFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInFinancialAssets" xml:lang="en-US" id="label_IncreaseDecreaseInFinancialAssets">Potential gain (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInFinancialAssets" xlink:to="label_IncreaseDecreaseInFinancialAssets" xlink:title="Label : IncreaseDecreaseInFinancialAssets to label_IncreaseDecreaseInFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInFinancialAssets_1" xml:lang="en-US" id="label_IncreaseDecreaseInFinancialAssets_1">Increase (decrease) in financial assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInFinancialAssets" xlink:to="label_IncreaseDecreaseInFinancialAssets_1" xlink:title="Label : IncreaseDecreaseInFinancialAssets to label_IncreaseDecreaseInFinancialAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInFinancialAssets_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncreaseDecreaseInFinancialAssets_2" xml:lang="en-US" id="label_IncreaseDecreaseInFinancialAssets_2">Total Financial Assets, Potential gain (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInFinancialAssets" xlink:to="label_IncreaseDecreaseInFinancialAssets_2" xlink:title="Label : IncreaseDecreaseInFinancialAssets to label_IncreaseDecreaseInFinancialAssets_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseInAccountsPayableForBusinessCombination" xlink:label="IncreaseDecreaseInAccountsPayableForBusinessCombination" xlink:title="IncreaseDecreaseInAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAccountsPayableForBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInAccountsPayableForBusinessCombination" xml:lang="en-US" id="label_IncreaseDecreaseInAccountsPayableForBusinessCombination">Increase (Decrease) in Accounts Payable for Business Combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsPayableForBusinessCombination" xlink:to="label_IncreaseDecreaseInAccountsPayableForBusinessCombination" xlink:title="Label : IncreaseDecreaseInAccountsPayableForBusinessCombination to label_IncreaseDecreaseInAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAccountsPayableForBusinessCombination_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInAccountsPayableForBusinessCombination_1" xml:lang="en-US" id="label_IncreaseDecreaseInAccountsPayableForBusinessCombination_1">The increase (decrease) in accounts payable for Business Combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsPayableForBusinessCombination" xlink:to="label_IncreaseDecreaseInAccountsPayableForBusinessCombination_1" xlink:title="Label : IncreaseDecreaseInAccountsPayableForBusinessCombination to label_IncreaseDecreaseInAccountsPayableForBusinessCombination_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAccountsPayableForBusinessCombination_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseInAccountsPayableForBusinessCombination_2" xml:lang="en-US" id="label_IncreaseDecreaseInAccountsPayableForBusinessCombination_2">Accounts Payable for Business Combination and acquisition of associates, Potential gain (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsPayableForBusinessCombination" xlink:to="label_IncreaseDecreaseInAccountsPayableForBusinessCombination_2" xlink:title="Label : IncreaseDecreaseInAccountsPayableForBusinessCombination to label_IncreaseDecreaseInAccountsPayableForBusinessCombination_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseInAmountOfLeaseLiabilities" xlink:label="IncreaseDecreaseInAmountOfLeaseLiabilities" xlink:title="IncreaseDecreaseInAmountOfLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAmountOfLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInAmountOfLeaseLiabilities" xml:lang="en-US" id="label_IncreaseDecreaseInAmountOfLeaseLiabilities">The amount of increase (decrease) for lease liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAmountOfLeaseLiabilities" xlink:to="label_IncreaseDecreaseInAmountOfLeaseLiabilities" xlink:title="Label : IncreaseDecreaseInAmountOfLeaseLiabilities to label_IncreaseDecreaseInAmountOfLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAmountOfLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseInAmountOfLeaseLiabilities_1" xml:lang="en-US" id="label_IncreaseDecreaseInAmountOfLeaseLiabilities_1">Lease liabilities, Potential gain (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAmountOfLeaseLiabilities" xlink:to="label_IncreaseDecreaseInAmountOfLeaseLiabilities_1" xlink:title="Label : IncreaseDecreaseInAmountOfLeaseLiabilities to label_IncreaseDecreaseInAmountOfLeaseLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAmountOfLeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInAmountOfLeaseLiabilities_2" xml:lang="en-US" id="label_IncreaseDecreaseInAmountOfLeaseLiabilities_2">Increase (Decrease) In Amount Of Lease Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAmountOfLeaseLiabilities" xlink:to="label_IncreaseDecreaseInAmountOfLeaseLiabilities_2" xlink:title="Label : IncreaseDecreaseInAmountOfLeaseLiabilities to label_IncreaseDecreaseInAmountOfLeaseLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseInAmountOfBorrowings" xlink:label="IncreaseDecreaseInAmountOfBorrowings" xlink:title="IncreaseDecreaseInAmountOfBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAmountOfBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInAmountOfBorrowings" xml:lang="en-US" id="label_IncreaseDecreaseInAmountOfBorrowings">Increase (Decrease) In Amount Of Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAmountOfBorrowings" xlink:to="label_IncreaseDecreaseInAmountOfBorrowings" xlink:title="Label : IncreaseDecreaseInAmountOfBorrowings to label_IncreaseDecreaseInAmountOfBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAmountOfBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInAmountOfBorrowings_1" xml:lang="en-US" id="label_IncreaseDecreaseInAmountOfBorrowings_1">Bonds and financing, Potential gain (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAmountOfBorrowings" xlink:to="label_IncreaseDecreaseInAmountOfBorrowings_1" xlink:title="Label : IncreaseDecreaseInAmountOfBorrowings to label_IncreaseDecreaseInAmountOfBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAmountOfBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInAmountOfBorrowings_2" xml:lang="en-US" id="label_IncreaseDecreaseInAmountOfBorrowings_2">The amount of increase (decrease) for bonds and financing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAmountOfBorrowings" xlink:to="label_IncreaseDecreaseInAmountOfBorrowings_2" xlink:title="Label : IncreaseDecreaseInAmountOfBorrowings to label_IncreaseDecreaseInAmountOfBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInAmountOfBorrowings_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseInAmountOfBorrowings_3" xml:lang="en-US" id="label_IncreaseDecreaseInAmountOfBorrowings_3">Bonds and financing, Potential gain (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAmountOfBorrowings" xlink:to="label_IncreaseDecreaseInAmountOfBorrowings_3" xlink:title="Label : IncreaseDecreaseInAmountOfBorrowings to label_IncreaseDecreaseInAmountOfBorrowings_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseInFinancialLiabilities" xlink:label="IncreaseDecreaseInFinancialLiabilities" xlink:title="IncreaseDecreaseInFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInFinancialLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_IncreaseDecreaseInFinancialLiabilities" xml:lang="en-US" id="label_IncreaseDecreaseInFinancialLiabilities">Total Financial Liabilities, Potential gain (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInFinancialLiabilities" xlink:to="label_IncreaseDecreaseInFinancialLiabilities" xlink:title="Label : IncreaseDecreaseInFinancialLiabilities to label_IncreaseDecreaseInFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInFinancialLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInFinancialLiabilities_1" xml:lang="en-US" id="label_IncreaseDecreaseInFinancialLiabilities_1">The increase (decrease) in financial liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInFinancialLiabilities" xlink:to="label_IncreaseDecreaseInFinancialLiabilities_1" xlink:title="Label : IncreaseDecreaseInFinancialLiabilities to label_IncreaseDecreaseInFinancialLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInFinancialLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInFinancialLiabilities_2" xml:lang="en-US" id="label_IncreaseDecreaseInFinancialLiabilities_2">Increase (Decrease) in Financial Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInFinancialLiabilities" xlink:to="label_IncreaseDecreaseInFinancialLiabilities_2" xlink:title="Label : IncreaseDecreaseInFinancialLiabilities to label_IncreaseDecreaseInFinancialLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NetFinancialAssetsLiabilities" xlink:label="NetFinancialAssetsLiabilities" xlink:title="NetFinancialAssetsLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NetFinancialAssetsLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetFinancialAssetsLiabilities" xml:lang="en-US" id="label_NetFinancialAssetsLiabilities">Net Financial Assets (Liabilities)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetFinancialAssetsLiabilities" xlink:to="label_NetFinancialAssetsLiabilities" xlink:title="Label : NetFinancialAssetsLiabilities to label_NetFinancialAssetsLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NetFinancialAssetsLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetFinancialAssetsLiabilities_1" xml:lang="en-US" id="label_NetFinancialAssetsLiabilities_1">Represents the net amount of financial assets (liabilties)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetFinancialAssetsLiabilities" xlink:to="label_NetFinancialAssetsLiabilities_1" xlink:title="Label : NetFinancialAssetsLiabilities to label_NetFinancialAssetsLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_NetFinancialAssetsLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NetFinancialAssetsLiabilities_2" xml:lang="en-US" id="label_NetFinancialAssetsLiabilities_2">Net exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetFinancialAssetsLiabilities" xlink:to="label_NetFinancialAssetsLiabilities_2" xlink:title="Label : NetFinancialAssetsLiabilities to label_NetFinancialAssetsLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseInNetFinancialAssetsLiabilities" xlink:label="IncreaseDecreaseInNetFinancialAssetsLiabilities" xlink:title="IncreaseDecreaseInNetFinancialAssetsLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNetFinancialAssetsLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncreaseDecreaseInNetFinancialAssetsLiabilities" xml:lang="en-US" id="label_IncreaseDecreaseInNetFinancialAssetsLiabilities">Net exposure, Potential gain (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNetFinancialAssetsLiabilities" xlink:to="label_IncreaseDecreaseInNetFinancialAssetsLiabilities" xlink:title="Label : IncreaseDecreaseInNetFinancialAssetsLiabilities to label_IncreaseDecreaseInNetFinancialAssetsLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNetFinancialAssetsLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInNetFinancialAssetsLiabilities_1" xml:lang="en-US" id="label_IncreaseDecreaseInNetFinancialAssetsLiabilities_1">The increase (decrease) in the net amount of financial assets (liabilties).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNetFinancialAssetsLiabilities" xlink:to="label_IncreaseDecreaseInNetFinancialAssetsLiabilities_1" xlink:title="Label : IncreaseDecreaseInNetFinancialAssetsLiabilities to label_IncreaseDecreaseInNetFinancialAssetsLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNetFinancialAssetsLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInNetFinancialAssetsLiabilities_2" xml:lang="en-US" id="label_IncreaseDecreaseInNetFinancialAssetsLiabilities_2">Increase (Decrease) in Net Financial Assets (Liabilities)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNetFinancialAssetsLiabilities" xlink:to="label_IncreaseDecreaseInNetFinancialAssetsLiabilities_2" xlink:title="Label : IncreaseDecreaseInNetFinancialAssetsLiabilities to label_IncreaseDecreaseInNetFinancialAssetsLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ExpectedCreditLossRate" xlink:label="ExpectedCreditLossRate" xlink:title="ExpectedCreditLossRate" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedCreditLossRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ExpectedCreditLossRate" xml:lang="en-US" id="label_ExpectedCreditLossRate">Interest rate -% p.a</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedCreditLossRate" xlink:to="label_ExpectedCreditLossRate" xlink:title="Label : ExpectedCreditLossRate to label_ExpectedCreditLossRate" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedCreditLossRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpectedCreditLossRate_1" xml:lang="en-US" id="label_ExpectedCreditLossRate_1">Expected credit loss rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedCreditLossRate" xlink:to="label_ExpectedCreditLossRate_1" xlink:title="Label : ExpectedCreditLossRate to label_ExpectedCreditLossRate_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedCreditLossRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpectedCreditLossRate_2" xml:lang="en-US" id="label_ExpectedCreditLossRate_2">Expected credit loss rate (%)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedCreditLossRate" xlink:to="label_ExpectedCreditLossRate_2" xlink:title="Label : ExpectedCreditLossRate to label_ExpectedCreditLossRate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfIncreaseInExpectedCreditLossRate" xlink:label="PercentageOfIncreaseInExpectedCreditLossRate" xlink:title="PercentageOfIncreaseInExpectedCreditLossRate" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfIncreaseInExpectedCreditLossRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfIncreaseInExpectedCreditLossRate" xml:lang="en-US" id="label_PercentageOfIncreaseInExpectedCreditLossRate">Percentage of (Increase) in Expected Credit Loss Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfIncreaseInExpectedCreditLossRate" xlink:to="label_PercentageOfIncreaseInExpectedCreditLossRate" xlink:title="Label : PercentageOfIncreaseInExpectedCreditLossRate to label_PercentageOfIncreaseInExpectedCreditLossRate" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfIncreaseInExpectedCreditLossRate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfIncreaseInExpectedCreditLossRate_1" xml:lang="en-US" id="label_PercentageOfIncreaseInExpectedCreditLossRate_1">Represents the percentage of change in estimated credit loss.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfIncreaseInExpectedCreditLossRate" xlink:to="label_PercentageOfIncreaseInExpectedCreditLossRate_1" xlink:title="Label : PercentageOfIncreaseInExpectedCreditLossRate to label_PercentageOfIncreaseInExpectedCreditLossRate_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfIncreaseInExpectedCreditLossRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfIncreaseInExpectedCreditLossRate_2" xml:lang="en-US" id="label_PercentageOfIncreaseInExpectedCreditLossRate_2">Percentage of deterioration of the projected rates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfIncreaseInExpectedCreditLossRate" xlink:to="label_PercentageOfIncreaseInExpectedCreditLossRate_2" xlink:title="Label : PercentageOfIncreaseInExpectedCreditLossRate to label_PercentageOfIncreaseInExpectedCreditLossRate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NonCurrentBondsMember" xlink:label="NonCurrentBondsMember" xlink:title="NonCurrentBondsMember" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentBondsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentBondsMember" xml:lang="en-US" id="label_NonCurrentBondsMember">Non-current Bonds [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentBondsMember" xlink:to="label_NonCurrentBondsMember" xlink:title="Label : NonCurrentBondsMember to label_NonCurrentBondsMember" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentBondsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentBondsMember_1" xml:lang="en-US" id="label_NonCurrentBondsMember_1">This member stands for the information pertaining to non-current bonds issued.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentBondsMember" xlink:to="label_NonCurrentBondsMember_1" xlink:title="Label : NonCurrentBondsMember to label_NonCurrentBondsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentBondsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentBondsMember_2" xml:lang="en-US" id="label_NonCurrentBondsMember_2">Non-current Bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentBondsMember" xlink:to="label_NonCurrentBondsMember_2" xlink:title="Label : NonCurrentBondsMember to label_NonCurrentBondsMember_2" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentBondsMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NonCurrentBondsMember_3" xml:lang="en-US" id="label_NonCurrentBondsMember_3">Non-current Bonds [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentBondsMember" xlink:to="label_NonCurrentBondsMember_3" xlink:title="Label : NonCurrentBondsMember to label_NonCurrentBondsMember_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NotesAndDebenturesIssued" xlink:label="NotesAndDebenturesIssued" xlink:title="NotesAndDebenturesIssued" />
    <link:label xlink:type="resource" xlink:label="label_NotesAndDebenturesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotesAndDebenturesIssued" xml:lang="en-US" id="label_NotesAndDebenturesIssued">Notes and debentures issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesAndDebenturesIssued" xlink:to="label_NotesAndDebenturesIssued" xlink:title="Label : NotesAndDebenturesIssued to label_NotesAndDebenturesIssued" />
    <link:label xlink:type="resource" xlink:label="label_NotesAndDebenturesIssued_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotesAndDebenturesIssued_1" xml:lang="en-US" id="label_NotesAndDebenturesIssued_1">Issued simple debentures, not convertible</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesAndDebenturesIssued" xlink:to="label_NotesAndDebenturesIssued_1" xlink:title="Label : NotesAndDebenturesIssued to label_NotesAndDebenturesIssued_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:label="DisclosureOfFinancialInstrumentsTable" xlink:title="DisclosureOfFinancialInstrumentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialInstrumentsTable" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsTable">Disclosure of detailed information about financial instruments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsTable" xlink:to="label_DisclosureOfFinancialInstrumentsTable" xlink:title="Label : DisclosureOfFinancialInstrumentsTable to label_DisclosureOfFinancialInstrumentsTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfFinancialAssetsAxis" xlink:label="ClassesOfFinancialAssetsAxis" xlink:title="ClassesOfFinancialAssetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialAssetsAxis" xml:lang="en-US" id="label_ClassesOfFinancialAssetsAxis">Classes of financial assets [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialAssetsAxis" xlink:to="label_ClassesOfFinancialAssetsAxis" xlink:title="Label : ClassesOfFinancialAssetsAxis to label_ClassesOfFinancialAssetsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialAssetsMember" xlink:label="FinancialAssetsMember" xlink:title="FinancialAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsMember" xml:lang="en-US" id="label_FinancialAssetsMember">Financial assets, class [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsMember" xlink:to="label_FinancialAssetsMember" xlink:title="Label : FinancialAssetsMember to label_FinancialAssetsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialAssetsAtAmortisedCostMember" xlink:label="FinancialAssetsAtAmortisedCostMember" xlink:title="FinancialAssetsAtAmortisedCostMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsAtAmortisedCostMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialAssetsAtAmortisedCostMember" xml:lang="en-US" id="label_FinancialAssetsAtAmortisedCostMember">Assets - Amortized cost [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtAmortisedCostMember" xlink:to="label_FinancialAssetsAtAmortisedCostMember" xlink:title="Label : FinancialAssetsAtAmortisedCostMember to label_FinancialAssetsAtAmortisedCostMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsAtAmortisedCostMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsAtAmortisedCostMember_1" xml:lang="en-US" id="label_FinancialAssetsAtAmortisedCostMember_1">Financial assets at amortised cost, class [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtAmortisedCostMember" xlink:to="label_FinancialAssetsAtAmortisedCostMember_1" xlink:title="Label : FinancialAssetsAtAmortisedCostMember to label_FinancialAssetsAtAmortisedCostMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:label="ClassesOfFinancialLiabilitiesAxis" xlink:title="ClassesOfFinancialLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialLiabilitiesAxis" xml:lang="en-US" id="label_ClassesOfFinancialLiabilitiesAxis">Classes of financial liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialLiabilitiesAxis" xlink:to="label_ClassesOfFinancialLiabilitiesAxis" xlink:title="Label : ClassesOfFinancialLiabilitiesAxis to label_ClassesOfFinancialLiabilitiesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialLiabilitiesMember" xlink:label="FinancialLiabilitiesMember" xlink:title="FinancialLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilitiesMember" xml:lang="en-US" id="label_FinancialLiabilitiesMember">Financial liabilities, class [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesMember" xlink:to="label_FinancialLiabilitiesMember" xlink:title="Label : FinancialLiabilitiesMember to label_FinancialLiabilitiesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialLiabilitiesAtAmortisedCostMember" xlink:label="FinancialLiabilitiesAtAmortisedCostMember" xlink:title="FinancialLiabilitiesAtAmortisedCostMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesAtAmortisedCostMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialLiabilitiesAtAmortisedCostMember" xml:lang="en-US" id="label_FinancialLiabilitiesAtAmortisedCostMember">Liabilities - Amortized cost [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesAtAmortisedCostMember" xlink:to="label_FinancialLiabilitiesAtAmortisedCostMember" xlink:title="Label : FinancialLiabilitiesAtAmortisedCostMember to label_FinancialLiabilitiesAtAmortisedCostMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesAtAmortisedCostMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilitiesAtAmortisedCostMember_1" xml:lang="en-US" id="label_FinancialLiabilitiesAtAmortisedCostMember_1">Financial liabilities at amortised cost, class [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesAtAmortisedCostMember" xlink:to="label_FinancialLiabilitiesAtAmortisedCostMember_1" xlink:title="Label : FinancialLiabilitiesAtAmortisedCostMember to label_FinancialLiabilitiesAtAmortisedCostMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:label="DisclosureOfFinancialInstrumentsLineItems" xlink:title="DisclosureOfFinancialInstrumentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFinancialInstrumentsLineItems" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsLineItems">Financial Instruments by Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsLineItems" xlink:to="label_DisclosureOfFinancialInstrumentsLineItems" xlink:title="Label : DisclosureOfFinancialInstrumentsLineItems to label_DisclosureOfFinancialInstrumentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialInstrumentsLineItems_1" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsLineItems_1">Disclosure of detailed information about financial instruments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsLineItems" xlink:to="label_DisclosureOfFinancialInstrumentsLineItems_1" xlink:title="Label : DisclosureOfFinancialInstrumentsLineItems to label_DisclosureOfFinancialInstrumentsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CategoriesOfFinancialAssetsAbstract" xlink:label="CategoriesOfFinancialAssetsAbstract" xlink:title="CategoriesOfFinancialAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfFinancialAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CategoriesOfFinancialAssetsAbstract" xml:lang="en-US" id="label_CategoriesOfFinancialAssetsAbstract">Assets - Amortized cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfFinancialAssetsAbstract" xlink:to="label_CategoriesOfFinancialAssetsAbstract" xlink:title="Label : CategoriesOfFinancialAssetsAbstract to label_CategoriesOfFinancialAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfFinancialAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoriesOfFinancialAssetsAbstract_1" xml:lang="en-US" id="label_CategoriesOfFinancialAssetsAbstract_1">Categories of financial assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfFinancialAssetsAbstract" xlink:to="label_CategoriesOfFinancialAssetsAbstract_1" xlink:title="Label : CategoriesOfFinancialAssetsAbstract to label_CategoriesOfFinancialAssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CategoriesOfFinancialLiabilitiesAbstract" xlink:label="CategoriesOfFinancialLiabilitiesAbstract" xlink:title="CategoriesOfFinancialLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfFinancialLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CategoriesOfFinancialLiabilitiesAbstract" xml:lang="en-US" id="label_CategoriesOfFinancialLiabilitiesAbstract">Liabilities - Amortized cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfFinancialLiabilitiesAbstract" xlink:to="label_CategoriesOfFinancialLiabilitiesAbstract" xlink:title="Label : CategoriesOfFinancialLiabilitiesAbstract to label_CategoriesOfFinancialLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfFinancialLiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoriesOfFinancialLiabilitiesAbstract_1" xml:lang="en-US" id="label_CategoriesOfFinancialLiabilitiesAbstract_1">Categories of financial liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfFinancialLiabilitiesAbstract" xlink:to="label_CategoriesOfFinancialLiabilitiesAbstract_1" xlink:title="Label : CategoriesOfFinancialLiabilitiesAbstract to label_CategoriesOfFinancialLiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashOnHand" xlink:label="CashOnHand" xlink:title="CashOnHand" />
    <link:label xlink:type="resource" xlink:label="label_CashOnHand" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashOnHand" xml:lang="en-US" id="label_CashOnHand">Cash on hand</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashOnHand" xlink:to="label_CashOnHand" xlink:title="Label : CashOnHand to label_CashOnHand" />
    <link:label xlink:type="resource" xlink:label="label_CashOnHand_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashOnHand_1" xml:lang="en-US" id="label_CashOnHand_1">Cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashOnHand" xlink:to="label_CashOnHand_1" xlink:title="Label : CashOnHand to label_CashOnHand_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BalancesWithBanks" xlink:label="BalancesWithBanks" xlink:title="BalancesWithBanks" />
    <link:label xlink:type="resource" xlink:label="label_BalancesWithBanks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BalancesWithBanks" xml:lang="en-US" id="label_BalancesWithBanks">Balances with banks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BalancesWithBanks" xlink:to="label_BalancesWithBanks" xlink:title="Label : BalancesWithBanks to label_BalancesWithBanks" />
    <link:label xlink:type="resource" xlink:label="label_BalancesWithBanks_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BalancesWithBanks_1" xml:lang="en-US" id="label_BalancesWithBanks_1">Bank account</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BalancesWithBanks" xlink:to="label_BalancesWithBanks_1" xlink:title="Label : BalancesWithBanks to label_BalancesWithBanks_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AverageGrossYieldOfDeposits" xlink:label="AverageGrossYieldOfDeposits" xlink:title="AverageGrossYieldOfDeposits" />
    <link:label xlink:type="resource" xlink:label="label_AverageGrossYieldOfDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AverageGrossYieldOfDeposits" xml:lang="en-US" id="label_AverageGrossYieldOfDeposits">Average Gross Yield of Deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageGrossYieldOfDeposits" xlink:to="label_AverageGrossYieldOfDeposits" xlink:title="Label : AverageGrossYieldOfDeposits to label_AverageGrossYieldOfDeposits" />
    <link:label xlink:type="resource" xlink:label="label_AverageGrossYieldOfDeposits_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AverageGrossYieldOfDeposits_1" xml:lang="en-US" id="label_AverageGrossYieldOfDeposits_1">The percentage of average gross yield of deposits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageGrossYieldOfDeposits" xlink:to="label_AverageGrossYieldOfDeposits_1" xlink:title="Label : AverageGrossYieldOfDeposits to label_AverageGrossYieldOfDeposits_1" />
    <link:label xlink:type="resource" xlink:label="label_AverageGrossYieldOfDeposits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AverageGrossYieldOfDeposits_2" xml:lang="en-US" id="label_AverageGrossYieldOfDeposits_2">Average gross yield of deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageGrossYieldOfDeposits" xlink:to="label_AverageGrossYieldOfDeposits_2" xlink:title="Label : AverageGrossYieldOfDeposits to label_AverageGrossYieldOfDeposits_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentBills" xlink:label="CurrentBills" xlink:title="CurrentBills" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBills" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentBills" xml:lang="en-US" id="label_CurrentBills">Current Bills</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBills" xlink:to="label_CurrentBills" xlink:title="Label : CurrentBills to label_CurrentBills" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBills_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentBills_1" xml:lang="en-US" id="label_CurrentBills_1">The amount of financial bills.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBills" xlink:to="label_CurrentBills_1" xlink:title="Label : CurrentBills to label_CurrentBills_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBills_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentBills_2" xml:lang="en-US" id="label_CurrentBills_2">Financial bills (LF)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBills" xlink:to="label_CurrentBills_2" xlink:title="Label : CurrentBills to label_CurrentBills_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentTreasuryBills" xlink:label="CurrentTreasuryBills" xlink:title="CurrentTreasuryBills" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTreasuryBills" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTreasuryBills" xml:lang="en-US" id="label_CurrentTreasuryBills">Current Treasury Bills</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTreasuryBills" xlink:to="label_CurrentTreasuryBills" xlink:title="Label : CurrentTreasuryBills to label_CurrentTreasuryBills" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTreasuryBills_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTreasuryBills_1" xml:lang="en-US" id="label_CurrentTreasuryBills_1">The amount of financial treasury bills.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTreasuryBills" xlink:to="label_CurrentTreasuryBills_1" xlink:title="Label : CurrentTreasuryBills to label_CurrentTreasuryBills_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTreasuryBills_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTreasuryBills_2" xml:lang="en-US" id="label_CurrentTreasuryBills_2">Financial treasury bills (LFT)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTreasuryBills" xlink:to="label_CurrentTreasuryBills_2" xlink:title="Label : CurrentTreasuryBills to label_CurrentTreasuryBills_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AverageGrossYieldOfSecurities" xlink:label="AverageGrossYieldOfSecurities" xlink:title="AverageGrossYieldOfSecurities" />
    <link:label xlink:type="resource" xlink:label="label_AverageGrossYieldOfSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AverageGrossYieldOfSecurities" xml:lang="en-US" id="label_AverageGrossYieldOfSecurities">Average Gross Yield of Securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageGrossYieldOfSecurities" xlink:to="label_AverageGrossYieldOfSecurities" xlink:title="Label : AverageGrossYieldOfSecurities to label_AverageGrossYieldOfSecurities" />
    <link:label xlink:type="resource" xlink:label="label_AverageGrossYieldOfSecurities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AverageGrossYieldOfSecurities_1" xml:lang="en-US" id="label_AverageGrossYieldOfSecurities_1">The percentage of average gross yield of securities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageGrossYieldOfSecurities" xlink:to="label_AverageGrossYieldOfSecurities_1" xlink:title="Label : AverageGrossYieldOfSecurities to label_AverageGrossYieldOfSecurities_1" />
    <link:label xlink:type="resource" xlink:label="label_AverageGrossYieldOfSecurities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AverageGrossYieldOfSecurities_2" xml:lang="en-US" id="label_AverageGrossYieldOfSecurities_2">Average gross yield of securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageGrossYieldOfSecurities" xlink:to="label_AverageGrossYieldOfSecurities_2" xlink:title="Label : AverageGrossYieldOfSecurities to label_AverageGrossYieldOfSecurities_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradeReceivableGrossCurrent" xlink:label="TradeReceivableGrossCurrent" xlink:title="TradeReceivableGrossCurrent" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivableGrossCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeReceivableGrossCurrent" xml:lang="en-US" id="label_TradeReceivableGrossCurrent">Trade Receivable, Gross, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivableGrossCurrent" xlink:to="label_TradeReceivableGrossCurrent" xlink:title="Label : TradeReceivableGrossCurrent to label_TradeReceivableGrossCurrent" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivableGrossCurrent_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeReceivableGrossCurrent_1" xml:lang="en-US" id="label_TradeReceivableGrossCurrent_1">Represents the amounts of gross trade receivables before allowance for impairment loss, classified as current.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivableGrossCurrent" xlink:to="label_TradeReceivableGrossCurrent_1" xlink:title="Label : TradeReceivableGrossCurrent to label_TradeReceivableGrossCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivableGrossCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeReceivableGrossCurrent_2" xml:lang="en-US" id="label_TradeReceivableGrossCurrent_2">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivableGrossCurrent" xlink:to="label_TradeReceivableGrossCurrent_2" xlink:title="Label : TradeReceivableGrossCurrent to label_TradeReceivableGrossCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradeReceivableRelatedPartiesCurrent" xlink:label="TradeReceivableRelatedPartiesCurrent" xlink:title="TradeReceivableRelatedPartiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivableRelatedPartiesCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeReceivableRelatedPartiesCurrent" xml:lang="en-US" id="label_TradeReceivableRelatedPartiesCurrent">Represents the amounts of trade receivables due from related parties associated with the reporting entity as evidenced by a written promise to pay, due within 1 year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivableRelatedPartiesCurrent" xlink:to="label_TradeReceivableRelatedPartiesCurrent" xlink:title="Label : TradeReceivableRelatedPartiesCurrent to label_TradeReceivableRelatedPartiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivableRelatedPartiesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeReceivableRelatedPartiesCurrent_1" xml:lang="en-US" id="label_TradeReceivableRelatedPartiesCurrent_1">Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivableRelatedPartiesCurrent" xlink:to="label_TradeReceivableRelatedPartiesCurrent_1" xlink:title="Label : TradeReceivableRelatedPartiesCurrent to label_TradeReceivableRelatedPartiesCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivableRelatedPartiesCurrent_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TradeReceivableRelatedPartiesCurrent_2" xml:lang="en-US" id="label_TradeReceivableRelatedPartiesCurrent_2">Related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivableRelatedPartiesCurrent" xlink:to="label_TradeReceivableRelatedPartiesCurrent_2" xlink:title="Label : TradeReceivableRelatedPartiesCurrent to label_TradeReceivableRelatedPartiesCurrent_2" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivableRelatedPartiesCurrent_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeReceivableRelatedPartiesCurrent_3" xml:lang="en-US" id="label_TradeReceivableRelatedPartiesCurrent_3">Trade Receivable, Related Parties, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivableRelatedPartiesCurrent" xlink:to="label_TradeReceivableRelatedPartiesCurrent_3" xlink:title="Label : TradeReceivableRelatedPartiesCurrent to label_TradeReceivableRelatedPartiesCurrent_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ProvisionForImpairmentOfTradeReceivables" xlink:label="ProvisionForImpairmentOfTradeReceivables" xlink:title="ProvisionForImpairmentOfTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForImpairmentOfTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForImpairmentOfTradeReceivables" xml:lang="en-US" id="label_ProvisionForImpairmentOfTradeReceivables">Provision for Impairment of Trade Receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForImpairmentOfTradeReceivables" xlink:to="label_ProvisionForImpairmentOfTradeReceivables" xlink:title="Label : ProvisionForImpairmentOfTradeReceivables to label_ProvisionForImpairmentOfTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForImpairmentOfTradeReceivables_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForImpairmentOfTradeReceivables_1" xml:lang="en-US" id="label_ProvisionForImpairmentOfTradeReceivables_1">Represents the amount of provision for impairment loss on trade receivables, classified as current.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForImpairmentOfTradeReceivables" xlink:to="label_ProvisionForImpairmentOfTradeReceivables_1" xlink:title="Label : ProvisionForImpairmentOfTradeReceivables to label_ProvisionForImpairmentOfTradeReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForImpairmentOfTradeReceivables_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProvisionForImpairmentOfTradeReceivables_2" xml:lang="en-US" id="label_ProvisionForImpairmentOfTradeReceivables_2">Impairment losses on trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForImpairmentOfTradeReceivables" xlink:to="label_ProvisionForImpairmentOfTradeReceivables_2" xlink:title="Label : ProvisionForImpairmentOfTradeReceivables to label_ProvisionForImpairmentOfTradeReceivables_2" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForImpairmentOfTradeReceivables_3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_ProvisionForImpairmentOfTradeReceivables_3" xml:lang="en-US" id="label_ProvisionForImpairmentOfTradeReceivables_3">Provision for impairment of trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForImpairmentOfTradeReceivables" xlink:to="label_ProvisionForImpairmentOfTradeReceivables_3" xlink:title="Label : ProvisionForImpairmentOfTradeReceivables to label_ProvisionForImpairmentOfTradeReceivables_3" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForImpairmentOfTradeReceivables_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProvisionForImpairmentOfTradeReceivables_4" xml:lang="en-US" id="label_ProvisionForImpairmentOfTradeReceivables_4">Impairment losses on trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForImpairmentOfTradeReceivables" xlink:to="label_ProvisionForImpairmentOfTradeReceivables_4" xlink:title="Label : ProvisionForImpairmentOfTradeReceivables to label_ProvisionForImpairmentOfTradeReceivables_4" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForImpairmentOfTradeReceivables_5" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_ProvisionForImpairmentOfTradeReceivables_5" xml:lang="en-US" id="label_ProvisionForImpairmentOfTradeReceivables_5">Opening balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForImpairmentOfTradeReceivables" xlink:to="label_ProvisionForImpairmentOfTradeReceivables_5" xlink:title="Label : ProvisionForImpairmentOfTradeReceivables to label_ProvisionForImpairmentOfTradeReceivables_5" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForImpairmentOfTradeReceivables_6" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_ProvisionForImpairmentOfTradeReceivables_6" xml:lang="en-US" id="label_ProvisionForImpairmentOfTradeReceivables_6">Closing balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForImpairmentOfTradeReceivables" xlink:to="label_ProvisionForImpairmentOfTradeReceivables_6" xlink:title="Label : ProvisionForImpairmentOfTradeReceivables to label_ProvisionForImpairmentOfTradeReceivables_6" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MaturityOfTradeReceivablesTable" xlink:label="MaturityOfTradeReceivablesTable" xlink:title="MaturityOfTradeReceivablesTable" />
    <link:label xlink:type="resource" xlink:label="label_MaturityOfTradeReceivablesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityOfTradeReceivablesTable" xml:lang="en-US" id="label_MaturityOfTradeReceivablesTable">Maturity of Trade Receivables [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityOfTradeReceivablesTable" xlink:to="label_MaturityOfTradeReceivablesTable" xlink:title="Label : MaturityOfTradeReceivablesTable to label_MaturityOfTradeReceivablesTable" />
    <link:label xlink:type="resource" xlink:label="label_MaturityOfTradeReceivablesTable_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturityOfTradeReceivablesTable_1" xml:lang="en-US" id="label_MaturityOfTradeReceivablesTable_1">Schedule of maturity of trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityOfTradeReceivablesTable" xlink:to="label_MaturityOfTradeReceivablesTable_1" xlink:title="Label : MaturityOfTradeReceivablesTable to label_MaturityOfTradeReceivablesTable_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PastDueStatusAxis" xlink:label="PastDueStatusAxis" xlink:title="PastDueStatusAxis" />
    <link:label xlink:type="resource" xlink:label="label_PastDueStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PastDueStatusAxis" xml:lang="en-US" id="label_PastDueStatusAxis">Past due status [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueStatusAxis" xlink:to="label_PastDueStatusAxis" xlink:title="Label : PastDueStatusAxis to label_PastDueStatusAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PastDueStatusMember" xlink:label="PastDueStatusMember" xlink:title="PastDueStatusMember" />
    <link:label xlink:type="resource" xlink:label="label_PastDueStatusMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PastDueStatusMember" xml:lang="en-US" id="label_PastDueStatusMember">Past due status [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueStatusMember" xlink:to="label_PastDueStatusMember" xlink:title="Label : PastDueStatusMember to label_PastDueStatusMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForOtherFinanceCostsNet" xlink:label="AdjustmentsForOtherFinanceCostsNet" xlink:title="AdjustmentsForOtherFinanceCostsNet" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForOtherFinanceCostsNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForOtherFinanceCostsNet" xml:lang="en-US" id="label_AdjustmentsForOtherFinanceCostsNet">Adjustments for other finance costs, net to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForOtherFinanceCostsNet" xlink:to="label_AdjustmentsForOtherFinanceCostsNet" xlink:title="Label : AdjustmentsForOtherFinanceCostsNet to label_AdjustmentsForOtherFinanceCostsNet" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForOtherFinanceCostsNet_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForOtherFinanceCostsNet_1" xml:lang="en-US" id="label_AdjustmentsForOtherFinanceCostsNet_1">Other finance costs, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForOtherFinanceCostsNet" xlink:to="label_AdjustmentsForOtherFinanceCostsNet_1" xlink:title="Label : AdjustmentsForOtherFinanceCostsNet to label_AdjustmentsForOtherFinanceCostsNet_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForOtherFinanceCostsNet_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForOtherFinanceCostsNet_2" xml:lang="en-US" id="label_AdjustmentsForOtherFinanceCostsNet_2">Adjustments for other finance costs, net</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses" xlink:to="label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_2" xlink:title="Label : AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses to label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_2" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_3" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_3" xml:lang="en-US" id="label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_3">Provision (reversal) for tax, civil and labor losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses" xlink:to="label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_3" xlink:title="Label : AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses to label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_3" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_4" xml:lang="en-US" id="label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_4">Reversal of provision for tax, civil and labor losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses" xlink:to="label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_4" xlink:title="Label : AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses to label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_4" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses" xlink:to="label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_5" xlink:title="Label : AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses to label_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses_5" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued_2">Share based compensation granted and issued (Note 23)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued" xlink:to="label_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued_2" xlink:title="Label : IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued to label_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:title="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xml:lang="en-US" id="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">Noncurrent investments other than investments accounted for using equity method</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:title="Label : NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod to label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentReverseFactoringSuppliers" xlink:label="CurrentReverseFactoringSuppliers" xlink:title="CurrentReverseFactoringSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReverseFactoringSuppliers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReverseFactoringSuppliers" xml:lang="en-US" id="label_CurrentReverseFactoringSuppliers">Current Reverse Factoring Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReverseFactoringSuppliers" xlink:to="label_CurrentReverseFactoringSuppliers" xlink:title="Label : CurrentReverseFactoringSuppliers to label_CurrentReverseFactoringSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1" xml:lang="en-US" id="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1">Other investments and interests in entities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1" xlink:title="Label : NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod to label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReverseFactoringSuppliers_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentReverseFactoringSuppliers_1" xml:lang="en-US" id="label_CurrentReverseFactoringSuppliers_1">The amount payable to current reverse factoring suppliers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReverseFactoringSuppliers" xlink:to="label_CurrentReverseFactoringSuppliers_1" xlink:title="Label : CurrentReverseFactoringSuppliers to label_CurrentReverseFactoringSuppliers_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReverseFactoringSuppliers_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReverseFactoringSuppliers_2" xml:lang="en-US" id="label_CurrentReverseFactoringSuppliers_2">Reverse factoring</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReverseFactoringSuppliers" xlink:to="label_CurrentReverseFactoringSuppliers_2" xlink:title="Label : CurrentReverseFactoringSuppliers to label_CurrentReverseFactoringSuppliers_2" />
    <link:label xlink:type="resource" xlink:label="label_SomosSistemasDeEnsinoSaMember_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SomosSistemasDeEnsinoSaMember_3" xml:lang="en-US" id="label_SomosSistemasDeEnsinoSaMember_3">Somos Sistemas de Ensino S.A. ("Somos Sistemas")</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosSistemasDeEnsinoSaMember" xlink:to="label_SomosSistemasDeEnsinoSaMember_3" xlink:title="Label : SomosSistemasDeEnsinoSaMember to label_SomosSistemasDeEnsinoSaMember_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MaturityOfTradeReceivablesLineItems" xlink:label="MaturityOfTradeReceivablesLineItems" xlink:title="MaturityOfTradeReceivablesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_MaturityOfTradeReceivablesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityOfTradeReceivablesLineItems" xml:lang="en-US" id="label_MaturityOfTradeReceivablesLineItems">Maturity of Trade Receivables [Line Items]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_MaturityOfTradeReceivablesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityOfTradeReceivablesLineItems_1" xml:lang="en-US" id="label_MaturityOfTradeReceivablesLineItems_1">Maturities of trade receivables</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradeReceivablesRecordedInvestmentPastDue" xlink:label="TradeReceivablesRecordedInvestmentPastDue" xlink:title="TradeReceivablesRecordedInvestmentPastDue" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesRecordedInvestmentPastDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeReceivablesRecordedInvestmentPastDue" xml:lang="en-US" id="label_TradeReceivablesRecordedInvestmentPastDue">Trade Receivables Recorded Investment Past Due</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesRecordedInvestmentPastDue" xlink:to="label_TradeReceivablesRecordedInvestmentPastDue" xlink:title="Label : TradeReceivablesRecordedInvestmentPastDue to label_TradeReceivablesRecordedInvestmentPastDue" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesRecordedInvestmentPastDue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeReceivablesRecordedInvestmentPastDue_1" xml:lang="en-US" id="label_TradeReceivablesRecordedInvestmentPastDue_1">Total past due</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesRecordedInvestmentPastDue" xlink:to="label_TradeReceivablesRecordedInvestmentPastDue_1" xlink:title="Label : TradeReceivablesRecordedInvestmentPastDue to label_TradeReceivablesRecordedInvestmentPastDue_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesRecordedInvestmentPastDue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeReceivablesRecordedInvestmentPastDue_2" xml:lang="en-US" id="label_TradeReceivablesRecordedInvestmentPastDue_2">Represents the amounts of trade receivables recorded investment past due.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesRecordedInvestmentPastDue" xlink:to="label_TradeReceivablesRecordedInvestmentPastDue_2" xlink:title="Label : TradeReceivablesRecordedInvestmentPastDue to label_TradeReceivablesRecordedInvestmentPastDue_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradeReceivablesRelatedToCustomersInBankruptcy" xlink:label="TradeReceivablesRelatedToCustomersInBankruptcy" xlink:title="TradeReceivablesRelatedToCustomersInBankruptcy" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesRelatedToCustomersInBankruptcy" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TradeReceivablesRelatedToCustomersInBankruptcy" xml:lang="en-US" id="label_TradeReceivablesRelatedToCustomersInBankruptcy">Customers in bankruptcy</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesRelatedToCustomersInBankruptcy" xlink:to="label_TradeReceivablesRelatedToCustomersInBankruptcy" xlink:title="Label : TradeReceivablesRelatedToCustomersInBankruptcy to label_TradeReceivablesRelatedToCustomersInBankruptcy" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesRelatedToCustomersInBankruptcy" xlink:to="label_TradeReceivablesRelatedToCustomersInBankruptcy_1" xlink:title="Label : TradeReceivablesRelatedToCustomersInBankruptcy to label_TradeReceivablesRelatedToCustomersInBankruptcy_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesRelatedToCustomersInBankruptcy" xlink:to="label_TradeReceivablesRelatedToCustomersInBankruptcy_2" xlink:title="Label : TradeReceivablesRelatedToCustomersInBankruptcy to label_TradeReceivablesRelatedToCustomersInBankruptcy_2" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesRelatedToCustomersInBankruptcy_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeReceivablesRelatedToCustomersInBankruptcy_3" xml:lang="en-US" id="label_TradeReceivablesRelatedToCustomersInBankruptcy_3">Represents the amounts of trade receivables related to customers in bankruptcy.</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt" xlink:label="PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt" xlink:title="PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt" xlink:to="label_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt" xlink:title="Label : PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt to label_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt_1" xml:lang="en-US" id="label_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt_1">Represents the percentage of impairment losses on trade receivables recorded for the customers who went bankrupt.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt_2" xml:lang="en-US" id="label_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt_2">Percentage of impairment losses on trade receivables recorded for the customers who went judicial recovery</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer" xlink:label="NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer" xlink:title="NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer" xml:lang="en-US" id="label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer">Number of Outstanding Days of Sales for Individual and Corporate Customer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer" xlink:to="label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer" xlink:title="Label : NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer to label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer_1" xml:lang="en-US" id="label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer_1">Number of outstanding days of sales for individual and corporate customer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer" xlink:to="label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer_1" xlink:title="Label : NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer to label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer_2" xml:lang="en-US" id="label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer_2">Represents the number of outstanding days of sales for individual and corporate customer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer" xlink:to="label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer_2" xlink:title="Label : NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer to label_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension" xlink:label="IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension" xlink:title="IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension" xml:lang="en-US" id="label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension">Increase in Number of Outstanding Days of Sales for Individual and Corporate Customer Due to Credit Terms Extension</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension" xlink:to="label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension" xlink:title="Label : IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension to label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension_1" xml:lang="en-US" id="label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension_1">Increase in number of outstanding days of sales for individual and corporate customer as a consequence of credit terms extension</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension" xlink:to="label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension_1" xlink:title="Label : IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension to label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension_2" xml:lang="en-US" id="label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension_2">Represents the increase in number of outstanding days of sales for individual and corporate customer as a consequence of credit terms extension.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension" xlink:to="label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension_2" xlink:title="Label : IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension to label_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ExpectedCreditLossesForAgingOfTradeReceivablesTable" xlink:label="ExpectedCreditLossesForAgingOfTradeReceivablesTable" xlink:title="ExpectedCreditLossesForAgingOfTradeReceivablesTable" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedCreditLossesForAgingOfTradeReceivablesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpectedCreditLossesForAgingOfTradeReceivablesTable" xml:lang="en-US" id="label_ExpectedCreditLossesForAgingOfTradeReceivablesTable">Expected Credit Losses for Aging of Trade Receivables [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedCreditLossesForAgingOfTradeReceivablesTable" xlink:to="label_ExpectedCreditLossesForAgingOfTradeReceivablesTable" xlink:title="Label : ExpectedCreditLossesForAgingOfTradeReceivablesTable to label_ExpectedCreditLossesForAgingOfTradeReceivablesTable" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedCreditLossesForAgingOfTradeReceivablesTable_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExpectedCreditLossesForAgingOfTradeReceivablesTable_1" xml:lang="en-US" id="label_ExpectedCreditLossesForAgingOfTradeReceivablesTable_1">Schedule of maturity of trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedCreditLossesForAgingOfTradeReceivablesTable" xlink:to="label_ExpectedCreditLossesForAgingOfTradeReceivablesTable_1" xlink:title="Label : ExpectedCreditLossesForAgingOfTradeReceivablesTable to label_ExpectedCreditLossesForAgingOfTradeReceivablesTable_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems" xlink:label="ExpectedCreditLossesForAgingOfTradeReceivablesLineItems" xlink:title="ExpectedCreditLossesForAgingOfTradeReceivablesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems" xml:lang="en-US" id="label_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems">Expected Credit Losses for Aging of Trade Receivables [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedCreditLossesForAgingOfTradeReceivablesLineItems" xlink:to="label_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems" xlink:title="Label : ExpectedCreditLossesForAgingOfTradeReceivablesLineItems to label_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems_1" xml:lang="en-US" id="label_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems_1">Expected credit losses for aging</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedCreditLossesForAgingOfTradeReceivablesLineItems" xlink:to="label_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems_1" xlink:title="Label : ExpectedCreditLossesForAgingOfTradeReceivablesLineItems to label_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LifetimeExpectedCreditLosses" xlink:label="LifetimeExpectedCreditLosses" xlink:title="LifetimeExpectedCreditLosses" />
    <link:label xlink:type="resource" xlink:label="label_LifetimeExpectedCreditLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LifetimeExpectedCreditLosses" xml:lang="en-US" id="label_LifetimeExpectedCreditLosses">Lifetime ECL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LifetimeExpectedCreditLosses" xlink:to="label_LifetimeExpectedCreditLosses" xlink:title="Label : LifetimeExpectedCreditLosses to label_LifetimeExpectedCreditLosses" />
    <link:label xlink:type="resource" xlink:label="label_LifetimeExpectedCreditLosses_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_LifetimeExpectedCreditLosses_1" xml:lang="en-US" id="label_LifetimeExpectedCreditLosses_1">Lifetime ECL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LifetimeExpectedCreditLosses" xlink:to="label_LifetimeExpectedCreditLosses_1" xlink:title="Label : LifetimeExpectedCreditLosses to label_LifetimeExpectedCreditLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_LifetimeExpectedCreditLosses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LifetimeExpectedCreditLosses_2" xml:lang="en-US" id="label_LifetimeExpectedCreditLosses_2">Represents the amount of life time expected credit losses that result from all possible default events over the expected life of trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LifetimeExpectedCreditLosses" xlink:to="label_LifetimeExpectedCreditLosses_2" xlink:title="Label : LifetimeExpectedCreditLosses to label_LifetimeExpectedCreditLosses_2" />
    <link:label xlink:type="resource" xlink:label="label_LifetimeExpectedCreditLosses_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LifetimeExpectedCreditLosses_3" xml:lang="en-US" id="label_LifetimeExpectedCreditLosses_3">Lifetime Expected Credit Losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LifetimeExpectedCreditLosses" xlink:to="label_LifetimeExpectedCreditLosses_3" xlink:title="Label : LifetimeExpectedCreditLosses to label_LifetimeExpectedCreditLosses_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" xlink:label="ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" xlink:title="ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" xml:lang="en-US" id="label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy">Customers in judicial recovery</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" xlink:to="label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" xlink:title="Label : ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy to label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy_1" xml:lang="en-US" id="label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy_1">Expected Credit Losses on Trade Receivables Related to Customers in Bankruptcy</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" xlink:to="label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy_1" xlink:title="Label : ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy to label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy_2" xml:lang="en-US" id="label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy_2">The amount of expected credit losses on trade receivables related to customers in bankruptcy.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" xlink:to="label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy_2" xlink:title="Label : ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy to label_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfCustomersThatWentBankrupt" xlink:label="NumberOfCustomersThatWentBankrupt" xlink:title="NumberOfCustomersThatWentBankrupt" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfCustomersThatWentBankrupt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfCustomersThatWentBankrupt" xml:lang="en-US" id="label_NumberOfCustomersThatWentBankrupt">Represents the number of customers that went bankrupt during the reporting period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomersThatWentBankrupt" xlink:to="label_NumberOfCustomersThatWentBankrupt" xlink:title="Label : NumberOfCustomersThatWentBankrupt to label_NumberOfCustomersThatWentBankrupt" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfCustomersThatWentBankrupt_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfCustomersThatWentBankrupt_1" xml:lang="en-US" id="label_NumberOfCustomersThatWentBankrupt_1">Number of customers that went judicial recovery</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomersThatWentBankrupt" xlink:to="label_NumberOfCustomersThatWentBankrupt_1" xlink:title="Label : NumberOfCustomersThatWentBankrupt to label_NumberOfCustomersThatWentBankrupt_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfCustomersThatWentBankrupt_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfCustomersThatWentBankrupt_2" xml:lang="en-US" id="label_NumberOfCustomersThatWentBankrupt_2">Number of Customers That Went Bankrupt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomersThatWentBankrupt" xlink:to="label_NumberOfCustomersThatWentBankrupt_2" xlink:title="Label : NumberOfCustomersThatWentBankrupt to label_NumberOfCustomersThatWentBankrupt_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:label="ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:title="ImpairmentLossRecognisedInProfitOrLossTradeReceivables" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossTradeReceivables to label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_1" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_1">Impairment loss recognised in profit or loss, trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_1" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossTradeReceivables to label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_2" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_2">Impairment loss on accounts receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_2" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossTradeReceivables to label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_2" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_3" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_3">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_3" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossTradeReceivables to label_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:label="ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:title="ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="label_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables_1" xlink:title="Label : ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables to label_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_WriteOffsOfImpairmentProvisionOfTradeReceivables" xlink:label="WriteOffsOfImpairmentProvisionOfTradeReceivables" xlink:title="WriteOffsOfImpairmentProvisionOfTradeReceivables" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WriteOffsOfImpairmentProvisionOfTradeReceivables" xlink:to="label_WriteOffsOfImpairmentProvisionOfTradeReceivables" xlink:title="Label : WriteOffsOfImpairmentProvisionOfTradeReceivables to label_WriteOffsOfImpairmentProvisionOfTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_WriteOffsOfImpairmentProvisionOfTradeReceivables_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WriteOffsOfImpairmentProvisionOfTradeReceivables_1" xml:lang="en-US" id="label_WriteOffsOfImpairmentProvisionOfTradeReceivables_1">Write Offs of Impairment Provision of Trade Receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WriteOffsOfImpairmentProvisionOfTradeReceivables" xlink:to="label_WriteOffsOfImpairmentProvisionOfTradeReceivables_1" xlink:title="Label : WriteOffsOfImpairmentProvisionOfTradeReceivables to label_WriteOffsOfImpairmentProvisionOfTradeReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_WriteOffsOfImpairmentProvisionOfTradeReceivables_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_WriteOffsOfImpairmentProvisionOfTradeReceivables_2" xml:lang="en-US" id="label_WriteOffsOfImpairmentProvisionOfTradeReceivables_2">Write offs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WriteOffsOfImpairmentProvisionOfTradeReceivables" xlink:to="label_WriteOffsOfImpairmentProvisionOfTradeReceivables_2" xlink:title="Label : WriteOffsOfImpairmentProvisionOfTradeReceivables to label_WriteOffsOfImpairmentProvisionOfTradeReceivables_2" />
    <link:label xlink:type="resource" xlink:label="label_WriteOffsOfImpairmentProvisionOfTradeReceivables_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WriteOffsOfImpairmentProvisionOfTradeReceivables_3" xml:lang="en-US" id="label_WriteOffsOfImpairmentProvisionOfTradeReceivables_3">Represents the amount of writeoff of impairment provision of trade receivables, classified as current.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WriteOffsOfImpairmentProvisionOfTradeReceivables" xlink:to="label_WriteOffsOfImpairmentProvisionOfTradeReceivables_3" xlink:title="Label : WriteOffsOfImpairmentProvisionOfTradeReceivables to label_WriteOffsOfImpairmentProvisionOfTradeReceivables_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables" xlink:label="AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables" xlink:title="AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables">Additions of acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables" xlink:to="label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables" xlink:title="Label : AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables to label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables_1">The increase in provision for impairment of trade receivables resulting from acquisitions through business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables" xlink:to="label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables to label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables_2" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables_2">Acquisitions through Business Combinations Impairment Provision of Trade Receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables" xlink:to="label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables_2" xlink:title="Label : AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables to label_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinishedGoods" xlink:label="FinishedGoods" xlink:title="FinishedGoods" />
    <link:label xlink:type="resource" xlink:label="label_FinishedGoods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinishedGoods" xml:lang="en-US" id="label_FinishedGoods">Current finished goods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinishedGoods" xlink:to="label_FinishedGoods" xlink:title="Label : FinishedGoods to label_FinishedGoods" />
    <link:label xlink:type="resource" xlink:label="label_FinishedGoods_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinishedGoods_1" xml:lang="en-US" id="label_FinishedGoods_1">Finished products</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinishedGoods" xlink:to="label_FinishedGoods_1" xlink:title="Label : FinishedGoods to label_FinishedGoods_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_WorkInProgress" xlink:label="WorkInProgress" xlink:title="WorkInProgress" />
    <link:label xlink:type="resource" xlink:label="label_WorkInProgress" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WorkInProgress" xml:lang="en-US" id="label_WorkInProgress">Current work in progress</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WorkInProgress" xlink:to="label_WorkInProgress" xlink:title="Label : WorkInProgress to label_WorkInProgress" />
    <link:label xlink:type="resource" xlink:label="label_WorkInProgress_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WorkInProgress_1" xml:lang="en-US" id="label_WorkInProgress_1">Work in process</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WorkInProgress" xlink:to="label_WorkInProgress_1" xlink:title="Label : WorkInProgress to label_WorkInProgress_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RawMaterials" xlink:label="RawMaterials" xlink:title="RawMaterials" />
    <link:label xlink:type="resource" xlink:label="label_RawMaterials" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RawMaterials" xml:lang="en-US" id="label_RawMaterials">Current raw materials</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterials" xlink:to="label_RawMaterials" xlink:title="Label : RawMaterials to label_RawMaterials" />
    <link:label xlink:type="resource" xlink:label="label_RawMaterials_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RawMaterials_1" xml:lang="en-US" id="label_RawMaterials_1">Raw materials</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterials" xlink:to="label_RawMaterials_1" xlink:title="Label : RawMaterials to label_RawMaterials_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ImportsInProgress" xlink:label="ImportsInProgress" xlink:title="ImportsInProgress" />
    <link:label xlink:type="resource" xlink:label="label_ImportsInProgress" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImportsInProgress" xml:lang="en-US" id="label_ImportsInProgress">Imports in Progress</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImportsInProgress" xlink:to="label_ImportsInProgress" xlink:title="Label : ImportsInProgress to label_ImportsInProgress" />
    <link:label xlink:type="resource" xlink:label="label_ImportsInProgress_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ImportsInProgress_1" xml:lang="en-US" id="label_ImportsInProgress_1">A classification of current inventory representing the amount of goods import in progress.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImportsInProgress" xlink:to="label_ImportsInProgress_1" xlink:title="Label : ImportsInProgress to label_ImportsInProgress_1" />
    <link:label xlink:type="resource" xlink:label="label_ImportsInProgress_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImportsInProgress_2" xml:lang="en-US" id="label_ImportsInProgress_2">Imports in progress</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImportsInProgress" xlink:to="label_ImportsInProgress_2" xlink:title="Label : ImportsInProgress to label_ImportsInProgress_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherInventories" xlink:label="OtherInventories" xlink:title="OtherInventories" />
    <link:label xlink:type="resource" xlink:label="label_OtherInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInventories" xml:lang="en-US" id="label_OtherInventories">Other current inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInventories" xlink:to="label_OtherInventories" xlink:title="Label : OtherInventories to label_OtherInventories" />
    <link:label xlink:type="resource" xlink:label="label_OtherInventories_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherInventories_1" xml:lang="en-US" id="label_OtherInventories_1">Right to returned goods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInventories" xlink:to="label_OtherInventories_1" xlink:title="Label : OtherInventories to label_OtherInventories_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentProvisionForLossesWithInventories" xlink:label="CurrentProvisionForLossesWithInventories" xlink:title="CurrentProvisionForLossesWithInventories" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionForLossesWithInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentProvisionForLossesWithInventories" xml:lang="en-US" id="label_CurrentProvisionForLossesWithInventories">Current Provision for Losses With Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionForLossesWithInventories" xlink:to="label_CurrentProvisionForLossesWithInventories" xlink:title="Label : CurrentProvisionForLossesWithInventories to label_CurrentProvisionForLossesWithInventories" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionForLossesWithInventories_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentProvisionForLossesWithInventories_1" xml:lang="en-US" id="label_CurrentProvisionForLossesWithInventories_1">The amount of provision for impairment losses on inventories, classified as current.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionForLossesWithInventories" xlink:to="label_CurrentProvisionForLossesWithInventories_1" xlink:title="Label : CurrentProvisionForLossesWithInventories to label_CurrentProvisionForLossesWithInventories_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionForLossesWithInventories_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_CurrentProvisionForLossesWithInventories_2" xml:lang="en-US" id="label_CurrentProvisionForLossesWithInventories_2">Opening balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionForLossesWithInventories" xlink:to="label_CurrentProvisionForLossesWithInventories_2" xlink:title="Label : CurrentProvisionForLossesWithInventories to label_CurrentProvisionForLossesWithInventories_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionForLossesWithInventories_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_CurrentProvisionForLossesWithInventories_3" xml:lang="en-US" id="label_CurrentProvisionForLossesWithInventories_3">Closing balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionForLossesWithInventories" xlink:to="label_CurrentProvisionForLossesWithInventories_3" xlink:title="Label : CurrentProvisionForLossesWithInventories to label_CurrentProvisionForLossesWithInventories_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InventoryWritedown2011" xlink:label="InventoryWritedown2011" xlink:title="InventoryWritedown2011" />
    <link:label xlink:type="resource" xlink:label="label_InventoryWritedown2011" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_InventoryWritedown2011" xml:lang="en-US" id="label_InventoryWritedown2011">Additions in the period / year (net)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryWritedown2011" xlink:to="label_InventoryWritedown2011" xlink:title="Label : InventoryWritedown2011 to label_InventoryWritedown2011" />
    <link:label xlink:type="resource" xlink:label="label_InventoryWritedown2011_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoryWritedown2011_1" xml:lang="en-US" id="label_InventoryWritedown2011_1">Inventory write-down</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryWritedown2011" xlink:to="label_InventoryWritedown2011_1" xlink:title="Label : InventoryWritedown2011 to label_InventoryWritedown2011_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoryWritedown2011_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InventoryWritedown2011_2" xml:lang="en-US" id="label_InventoryWritedown2011_2">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryWritedown2011" xlink:to="label_InventoryWritedown2011_2" xlink:title="Label : InventoryWritedown2011 to label_InventoryWritedown2011_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ReversalOfInventoryWritedown" xlink:label="ReversalOfInventoryWritedown" xlink:title="ReversalOfInventoryWritedown" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfInventoryWritedown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReversalOfInventoryWritedown" xml:lang="en-US" id="label_ReversalOfInventoryWritedown">Reversal of inventory write-down</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfInventoryWritedown" xlink:to="label_ReversalOfInventoryWritedown" xlink:title="Label : ReversalOfInventoryWritedown to label_ReversalOfInventoryWritedown" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfInventoryWritedown_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ReversalOfInventoryWritedown_1" xml:lang="en-US" id="label_ReversalOfInventoryWritedown_1">(Reversals)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfInventoryWritedown" xlink:to="label_ReversalOfInventoryWritedown_1" xlink:title="Label : ReversalOfInventoryWritedown to label_ReversalOfInventoryWritedown_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InventoryGainLosses" xlink:label="InventoryGainLosses" xlink:title="InventoryGainLosses" />
    <link:label xlink:type="resource" xlink:label="label_InventoryGainLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoryGainLosses" xml:lang="en-US" id="label_InventoryGainLosses">Inventory Gain (Losses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryGainLosses" xlink:to="label_InventoryGainLosses" xlink:title="Label : InventoryGainLosses to label_InventoryGainLosses" />
    <link:label xlink:type="resource" xlink:label="label_InventoryGainLosses_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoryGainLosses_1" xml:lang="en-US" id="label_InventoryGainLosses_1">The amount of inventory gains or losses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryGainLosses" xlink:to="label_InventoryGainLosses_1" xlink:title="Label : InventoryGainLosses to label_InventoryGainLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoryGainLosses_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InventoryGainLosses_2" xml:lang="en-US" id="label_InventoryGainLosses_2">Inventory losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryGainLosses" xlink:to="label_InventoryGainLosses_2" xlink:title="Label : InventoryGainLosses to label_InventoryGainLosses_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:title="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xml:lang="en-US" id="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:title="Label : CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis to label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CarryingAmountMember" xlink:label="CarryingAmountMember" xlink:title="CarryingAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingAmountMember" xml:lang="en-US" id="label_CarryingAmountMember">Carrying amount [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountMember" xlink:to="label_CarryingAmountMember" xlink:title="Label : CarryingAmountMember to label_CarryingAmountMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="GrossCarryingAmountMember" xlink:title="GrossCarryingAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_GrossCarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrossCarryingAmountMember" xml:lang="en-US" id="label_GrossCarryingAmountMember">Gross carrying amount [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossCarryingAmountMember" xlink:to="label_GrossCarryingAmountMember" xlink:title="Label : GrossCarryingAmountMember to label_GrossCarryingAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_GrossCarryingAmountMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossCarryingAmountMember_1" xml:lang="en-US" id="label_GrossCarryingAmountMember_1">Gross carrying amount [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossCarryingAmountMember" xlink:to="label_GrossCarryingAmountMember_1" xlink:title="Label : GrossCarryingAmountMember to label_GrossCarryingAmountMember_1" />
    <link:label xlink:type="resource" xlink:label="label_GrossCarryingAmountMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_GrossCarryingAmountMember_2" xml:lang="en-US" id="label_GrossCarryingAmountMember_2">Cost [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossCarryingAmountMember" xlink:to="label_GrossCarryingAmountMember_2" xlink:title="Label : GrossCarryingAmountMember to label_GrossCarryingAmountMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AccumulatedImpairmentMember" xlink:label="AccumulatedImpairmentMember" xlink:title="AccumulatedImpairmentMember" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedImpairmentMember" xml:lang="en-US" id="label_AccumulatedImpairmentMember">Accumulated impairment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedImpairmentMember" xlink:to="label_AccumulatedImpairmentMember" xlink:title="Label : AccumulatedImpairmentMember to label_AccumulatedImpairmentMember" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedImpairmentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccumulatedImpairmentMember_1" xml:lang="en-US" id="label_AccumulatedImpairmentMember_1">Accumulated depreciation and amortisation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedImpairmentMember" xlink:to="label_AccumulatedImpairmentMember_1" xlink:title="Label : AccumulatedImpairmentMember to label_AccumulatedImpairmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FurnitureEquipmentAndFittingsMember" xlink:label="FurnitureEquipmentAndFittingsMember" xlink:title="FurnitureEquipmentAndFittingsMember" />
    <link:label xlink:type="resource" xlink:label="label_FurnitureEquipmentAndFittingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FurnitureEquipmentAndFittingsMember" xml:lang="en-US" id="label_FurnitureEquipmentAndFittingsMember">Furniture Equipment and Fittings [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FurnitureEquipmentAndFittingsMember" xlink:to="label_FurnitureEquipmentAndFittingsMember" xlink:title="Label : FurnitureEquipmentAndFittingsMember to label_FurnitureEquipmentAndFittingsMember" />
    <link:label xlink:type="resource" xlink:label="label_FurnitureEquipmentAndFittingsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FurnitureEquipmentAndFittingsMember_1" xml:lang="en-US" id="label_FurnitureEquipmentAndFittingsMember_1">Furniture, equipment and fittings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FurnitureEquipmentAndFittingsMember" xlink:to="label_FurnitureEquipmentAndFittingsMember_1" xlink:title="Label : FurnitureEquipmentAndFittingsMember to label_FurnitureEquipmentAndFittingsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LeaseholdImprovementsMember" xlink:label="LeaseholdImprovementsMember" xlink:title="LeaseholdImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_LeaseholdImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseholdImprovementsMember" xml:lang="en-US" id="label_LeaseholdImprovementsMember">Leasehold improvements [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseholdImprovementsMember" xlink:to="label_LeaseholdImprovementsMember" xlink:title="Label : LeaseholdImprovementsMember to label_LeaseholdImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_LeaseholdImprovementsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseholdImprovementsMember_1" xml:lang="en-US" id="label_LeaseholdImprovementsMember_1">Property, buildings and improvements [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseholdImprovementsMember" xlink:to="label_LeaseholdImprovementsMember_1" xlink:title="Label : LeaseholdImprovementsMember to label_LeaseholdImprovementsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ConstructionInProgressMember" xlink:label="ConstructionInProgressMember" xlink:title="ConstructionInProgressMember" />
    <link:label xlink:type="resource" xlink:label="label_ConstructionInProgressMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConstructionInProgressMember" xml:lang="en-US" id="label_ConstructionInProgressMember">Construction in progress [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConstructionInProgressMember" xlink:to="label_ConstructionInProgressMember" xlink:title="Label : ConstructionInProgressMember to label_ConstructionInProgressMember" />
    <link:label xlink:type="resource" xlink:label="label_ConstructionInProgressMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConstructionInProgressMember_1" xml:lang="en-US" id="label_ConstructionInProgressMember_1">In progress [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConstructionInProgressMember" xlink:to="label_ConstructionInProgressMember_1" xlink:title="Label : ConstructionInProgressMember to label_ConstructionInProgressMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LandMember" xlink:label="LandMember" xlink:title="LandMember" />
    <link:label xlink:type="resource" xlink:label="label_LandMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LandMember" xml:lang="en-US" id="label_LandMember">Land [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandMember" xlink:to="label_LandMember" xlink:title="Label : LandMember to label_LandMember" />
    <link:label xlink:type="resource" xlink:label="label_LandMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LandMember_1" xml:lang="en-US" id="label_LandMember_1">Land [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandMember" xlink:to="label_LandMember_1" xlink:title="Label : LandMember to label_LandMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LandMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LandMember_2" xml:lang="en-US" id="label_LandMember_2">Land (for finance leasings)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandMember" xlink:to="label_LandMember_2" xlink:title="Label : LandMember to label_LandMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DepreciationRatePropertyPlantAndEquipment" xlink:label="DepreciationRatePropertyPlantAndEquipment" xlink:title="DepreciationRatePropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationRatePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationRatePropertyPlantAndEquipment" xml:lang="en-US" id="label_DepreciationRatePropertyPlantAndEquipment">Depreciation rate, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationRatePropertyPlantAndEquipment" xlink:to="label_DepreciationRatePropertyPlantAndEquipment" xlink:title="Label : DepreciationRatePropertyPlantAndEquipment to label_DepreciationRatePropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationRatePropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DepreciationRatePropertyPlantAndEquipment_1" xml:lang="en-US" id="label_DepreciationRatePropertyPlantAndEquipment_1">Weighted average depreciation rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationRatePropertyPlantAndEquipment" xlink:to="label_DepreciationRatePropertyPlantAndEquipment_1" xlink:title="Label : DepreciationRatePropertyPlantAndEquipment to label_DepreciationRatePropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">Additions other than through business combinations, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment to label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment to label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_2" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_2">Non-monetary transaction, Property, Plant and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_2" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment to label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">Additions through business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="Label : AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment to label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1">Acquisitions through business combinations, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment to label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:label="RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:title="RevaluationIncreaseDecreasePropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevaluationIncreaseDecreasePropertyPlantAndEquipment" xml:lang="en-US" id="label_RevaluationIncreaseDecreasePropertyPlantAndEquipment">Revaluation increase (decrease), property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:to="label_RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:title="Label : RevaluationIncreaseDecreasePropertyPlantAndEquipment to label_RevaluationIncreaseDecreasePropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_RevaluationIncreaseDecreasePropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevaluationIncreaseDecreasePropertyPlantAndEquipment_1" xml:lang="en-US" id="label_RevaluationIncreaseDecreasePropertyPlantAndEquipment_1">Renegotiation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevaluationIncreaseDecreasePropertyPlantAndEquipment" xlink:to="label_RevaluationIncreaseDecreasePropertyPlantAndEquipment_1" xlink:title="Label : RevaluationIncreaseDecreasePropertyPlantAndEquipment to label_RevaluationIncreaseDecreasePropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:label="DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:title="DisposalsAndRetirementsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalsAndRetirementsPropertyPlantAndEquipment" xml:lang="en-US" id="label_DisposalsAndRetirementsPropertyPlantAndEquipment">Disposals and retirements, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:to="label_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:title="Label : DisposalsAndRetirementsPropertyPlantAndEquipment to label_DisposalsAndRetirementsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1">Disposals / Cancelled contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:to="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" xlink:title="Label : DisposalsAndRetirementsPropertyPlantAndEquipment to label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="DepreciationPropertyPlantAndEquipment" xlink:title="DepreciationPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_DepreciationPropertyPlantAndEquipment">Depreciation, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationPropertyPlantAndEquipment" xlink:to="label_DepreciationPropertyPlantAndEquipment" xlink:title="Label : DepreciationPropertyPlantAndEquipment to label_DepreciationPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DepreciationPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_DepreciationPropertyPlantAndEquipment_1">Depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationPropertyPlantAndEquipment" xlink:to="label_DepreciationPropertyPlantAndEquipment_1" xlink:title="Label : DepreciationPropertyPlantAndEquipment to label_DepreciationPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:label="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:title="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment">Increase (decrease) through transfers, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:title="Label : IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment to label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1">Transfers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xlink:title="Label : IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment to label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:label="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:title="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xml:lang="en-US" id="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable">Disclosure of reconciliation of changes in intangible assets and goodwill [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:to="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:title="Label : DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable to label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:label="AccumulatedDepreciationAndAmortisationMember" xlink:title="AccumulatedDepreciationAndAmortisationMember" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedDepreciationAndAmortisationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedDepreciationAndAmortisationMember" xml:lang="en-US" id="label_AccumulatedDepreciationAndAmortisationMember">Accumulated depreciation and amortisation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationAndAmortisationMember" xlink:to="label_AccumulatedDepreciationAndAmortisationMember" xlink:title="Label : AccumulatedDepreciationAndAmortisationMember to label_AccumulatedDepreciationAndAmortisationMember" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedDepreciationAndAmortisationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccumulatedDepreciationAndAmortisationMember_1" xml:lang="en-US" id="label_AccumulatedDepreciationAndAmortisationMember_1">Accumulated amortization [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationAndAmortisationMember" xlink:to="label_AccumulatedDepreciationAndAmortisationMember_1" xlink:title="Label : AccumulatedDepreciationAndAmortisationMember to label_AccumulatedDepreciationAndAmortisationMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:label="ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:title="ClassesOfIntangibleAssetsAndGoodwillAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfIntangibleAssetsAndGoodwillAxis" xml:lang="en-US" id="label_ClassesOfIntangibleAssetsAndGoodwillAxis">Classes of intangible assets and goodwill [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="label_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:title="Label : ClassesOfIntangibleAssetsAndGoodwillAxis to label_ClassesOfIntangibleAssetsAndGoodwillAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:label="IntangibleAssetsAndGoodwillMember" xlink:title="IntangibleAssetsAndGoodwillMember" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsAndGoodwillMember" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwillMember">Intangible assets and goodwill [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwillMember" xlink:to="label_IntangibleAssetsAndGoodwillMember" xlink:title="Label : IntangibleAssetsAndGoodwillMember to label_IntangibleAssetsAndGoodwillMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradeAgreementMember" xlink:label="TradeAgreementMember" xlink:title="TradeAgreementMember" />
    <link:label xlink:type="resource" xlink:label="label_TradeAgreementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeAgreementMember" xml:lang="en-US" id="label_TradeAgreementMember">Trade Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAgreementMember" xlink:to="label_TradeAgreementMember" xlink:title="Label : TradeAgreementMember to label_TradeAgreementMember" />
    <link:label xlink:type="resource" xlink:label="label_TradeAgreementMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAgreementMember_1" xml:lang="en-US" id="label_TradeAgreementMember_1">Trade Agreement [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAgreementMember" xlink:to="label_TradeAgreementMember_1" xlink:title="Label : TradeAgreementMember to label_TradeAgreementMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeAgreementMember_2" xml:lang="en-US" id="label_TradeAgreementMember_2">This member stands for a class of intangible assets representing trade agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAgreementMember" xlink:to="label_TradeAgreementMember_2" xlink:title="Label : TradeAgreementMember to label_TradeAgreementMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PlatformContentProductionMember" xlink:label="PlatformContentProductionMember" xlink:title="PlatformContentProductionMember" />
    <link:label xlink:type="resource" xlink:label="label_PlatformContentProductionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PlatformContentProductionMember" xml:lang="en-US" id="label_PlatformContentProductionMember">Platform Content Production [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlatformContentProductionMember" xlink:to="label_PlatformContentProductionMember" xlink:title="Label : PlatformContentProductionMember to label_PlatformContentProductionMember" />
    <link:label xlink:type="resource" xlink:label="label_PlatformContentProductionMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PlatformContentProductionMember_1" xml:lang="en-US" id="label_PlatformContentProductionMember_1">This member stands for a class of intangible assets representing platform content production.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlatformContentProductionMember" xlink:to="label_PlatformContentProductionMember_1" xlink:title="Label : PlatformContentProductionMember to label_PlatformContentProductionMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PlatformContentProductionMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PlatformContentProductionMember_2" xml:lang="en-US" id="label_PlatformContentProductionMember_2">Platform content production [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlatformContentProductionMember" xlink:to="label_PlatformContentProductionMember_2" xlink:title="Label : PlatformContentProductionMember to label_PlatformContentProductionMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherIntangibleAssetsMember" xlink:label="OtherIntangibleAssetsMember" xlink:title="OtherIntangibleAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherIntangibleAssetsMember" xml:lang="en-US" id="label_OtherIntangibleAssetsMember">Other intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIntangibleAssetsMember" xlink:to="label_OtherIntangibleAssetsMember" xlink:title="Label : OtherIntangibleAssetsMember to label_OtherIntangibleAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherIntangibleAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherIntangibleAssetsMember_1" xml:lang="en-US" id="label_OtherIntangibleAssetsMember_1">Other intangible assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIntangibleAssetsMember" xlink:to="label_OtherIntangibleAssetsMember_1" xlink:title="Label : OtherIntangibleAssetsMember to label_OtherIntangibleAssetsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherIntangibleAssetsMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherIntangibleAssetsMember_2" xml:lang="en-US" id="label_OtherIntangibleAssetsMember_2">Other Intangible assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIntangibleAssetsMember" xlink:to="label_OtherIntangibleAssetsMember_2" xlink:title="Label : OtherIntangibleAssetsMember to label_OtherIntangibleAssetsMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IntangibleAssetsUnderDevelopmentMember" xlink:label="IntangibleAssetsUnderDevelopmentMember" xlink:title="IntangibleAssetsUnderDevelopmentMember" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsUnderDevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsUnderDevelopmentMember" xml:lang="en-US" id="label_IntangibleAssetsUnderDevelopmentMember">Intangible assets under development [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsUnderDevelopmentMember" xlink:to="label_IntangibleAssetsUnderDevelopmentMember" xlink:title="Label : IntangibleAssetsUnderDevelopmentMember to label_IntangibleAssetsUnderDevelopmentMember" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsUnderDevelopmentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsUnderDevelopmentMember_1" xml:lang="en-US" id="label_IntangibleAssetsUnderDevelopmentMember_1">In progress [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsUnderDevelopmentMember" xlink:to="label_IntangibleAssetsUnderDevelopmentMember_1" xlink:title="Label : IntangibleAssetsUnderDevelopmentMember to label_IntangibleAssetsUnderDevelopmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GoodwillMember" xlink:label="GoodwillMember" xlink:title="GoodwillMember" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GoodwillMember" xml:lang="en-US" id="label_GoodwillMember">Goodwill [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillMember" xlink:to="label_GoodwillMember" xlink:title="Label : GoodwillMember to label_GoodwillMember" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GoodwillMember_1" xml:lang="en-US" id="label_GoodwillMember_1">Goodwill [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillMember" xlink:to="label_GoodwillMember_1" xlink:title="Label : GoodwillMember to label_GoodwillMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:label="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:title="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xml:lang="en-US" id="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems">Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:to="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:title="Label : DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems to label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems_1" xml:lang="en-US" id="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems_1">Intangible Assets and Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:to="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems_1" xlink:title="Label : DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems to label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AmortisationRateIntangibleAssetsAndGoodwill" xlink:label="AmortisationRateIntangibleAssetsAndGoodwill" xlink:title="AmortisationRateIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationRateIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmortisationRateIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_AmortisationRateIntangibleAssetsAndGoodwill">Amortisation Rate Intangible Assets and Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationRateIntangibleAssetsAndGoodwill" xlink:to="label_AmortisationRateIntangibleAssetsAndGoodwill" xlink:title="Label : AmortisationRateIntangibleAssetsAndGoodwill to label_AmortisationRateIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationRateIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmortisationRateIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_AmortisationRateIntangibleAssetsAndGoodwill_1">The amortisation rate used for intangible assets and goodwill.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationRateIntangibleAssetsAndGoodwill" xlink:to="label_AmortisationRateIntangibleAssetsAndGoodwill_1" xlink:title="Label : AmortisationRateIntangibleAssetsAndGoodwill to label_AmortisationRateIntangibleAssetsAndGoodwill_1" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationRateIntangibleAssetsAndGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmortisationRateIntangibleAssetsAndGoodwill_2" xml:lang="en-US" id="label_AmortisationRateIntangibleAssetsAndGoodwill_2">Weighted&#xA0;average amortization rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationRateIntangibleAssetsAndGoodwill" xlink:to="label_AmortisationRateIntangibleAssetsAndGoodwill_2" xlink:title="Label : AmortisationRateIntangibleAssetsAndGoodwill to label_AmortisationRateIntangibleAssetsAndGoodwill_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:label="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:title="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">Additions other than through business combinations, intangible assets other than goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill to label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill to label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:label="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:title="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill">Additions through business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:to="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:title="Label : AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill to label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1">Acquisitions through business combinations, intangible assets and goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:to="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill to label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:label="DisposalsIntangibleAssetsAndGoodwill" xlink:title="DisposalsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalsIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_DisposalsIntangibleAssetsAndGoodwill">Disposals, intangible assets and goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsIntangibleAssetsAndGoodwill" xlink:to="label_DisposalsIntangibleAssetsAndGoodwill" xlink:title="Label : DisposalsIntangibleAssetsAndGoodwill to label_DisposalsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DisposalsIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_DisposalsIntangibleAssetsAndGoodwill_1">Disposals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsIntangibleAssetsAndGoodwill" xlink:to="label_DisposalsIntangibleAssetsAndGoodwill_1" xlink:title="Label : DisposalsIntangibleAssetsAndGoodwill to label_DisposalsIntangibleAssetsAndGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:label="AmortisationIntangibleAssetsOtherThanGoodwill" xlink:title="AmortisationIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmortisationIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_AmortisationIntangibleAssetsOtherThanGoodwill">Amortisation, intangible assets other than goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="label_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:title="Label : AmortisationIntangibleAssetsOtherThanGoodwill to label_AmortisationIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationIntangibleAssetsOtherThanGoodwill_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AmortisationIntangibleAssetsOtherThanGoodwill_1" xml:lang="en-US" id="label_AmortisationIntangibleAssetsOtherThanGoodwill_1">Amorization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="label_AmortisationIntangibleAssetsOtherThanGoodwill_1" xlink:title="Label : AmortisationIntangibleAssetsOtherThanGoodwill to label_AmortisationIntangibleAssetsOtherThanGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:label="IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:title="IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill">Increase (decrease) through transfers, intangible assets and goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:to="label_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:title="Label : IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill to label_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill_1">Transfers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:to="label_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill_1" xlink:title="Label : IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill to label_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill" xlink:label="AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill" xlink:title="AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill">Addition by acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill" xlink:to="label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill" xlink:title="Label : AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill to label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill_1">The increase in intangible assets and goodwill resulting from additions through acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill" xlink:to="label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill_1" xlink:title="Label : AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill to label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill_2" xml:lang="en-US" id="label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill_2">Additions through Acquisitions Intangible Assets and Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill" xlink:to="label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill_2" xlink:title="Label : AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill to label_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_SegmentsAxis" xlink:label="SegmentsAxis" xlink:title="SegmentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_SegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentsAxis" xml:lang="en-US" id="label_SegmentsAxis">Segments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentsAxis" xlink:to="label_SegmentsAxis" xlink:title="Label : SegmentsAxis to label_SegmentsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_SegmentsMember" xlink:label="SegmentsMember" xlink:title="SegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_SegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentsMember" xml:lang="en-US" id="label_SegmentsMember">Segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentsMember" xlink:to="label_SegmentsMember" xlink:title="Label : SegmentsMember to label_SegmentsMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ContentAndEdTechPlatformMember" xlink:label="ContentAndEdTechPlatformMember" xlink:title="ContentAndEdTechPlatformMember" />
    <link:label xlink:type="resource" xlink:label="label_ContentAndEdTechPlatformMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContentAndEdTechPlatformMember" xml:lang="en-US" id="label_ContentAndEdTechPlatformMember">Content and EdTech Platform [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContentAndEdTechPlatformMember" xlink:to="label_ContentAndEdTechPlatformMember" xlink:title="Label : ContentAndEdTechPlatformMember to label_ContentAndEdTechPlatformMember" />
    <link:label xlink:type="resource" xlink:label="label_ContentAndEdTechPlatformMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContentAndEdTechPlatformMember_1" xml:lang="en-US" id="label_ContentAndEdTechPlatformMember_1">Content &amp; EdTech Platform</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContentAndEdTechPlatformMember" xlink:to="label_ContentAndEdTechPlatformMember_1" xlink:title="Label : ContentAndEdTechPlatformMember to label_ContentAndEdTechPlatformMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ContentAndEdTechPlatformMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContentAndEdTechPlatformMember_2" xml:lang="en-US" id="label_ContentAndEdTechPlatformMember_2">The member stands for Content &amp; EdTech platform.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContentAndEdTechPlatformMember" xlink:to="label_ContentAndEdTechPlatformMember_2" xlink:title="Label : ContentAndEdTechPlatformMember to label_ContentAndEdTechPlatformMember_2" />
    <link:label xlink:type="resource" xlink:label="label_ContentAndEdTechPlatformMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ContentAndEdTechPlatformMember_3" xml:lang="en-US" id="label_ContentAndEdTechPlatformMember_3">Total Content &amp; EdTech</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContentAndEdTechPlatformMember" xlink:to="label_ContentAndEdTechPlatformMember_3" xlink:title="Label : ContentAndEdTechPlatformMember to label_ContentAndEdTechPlatformMember_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DigitalServicesPlatformMember" xlink:label="DigitalServicesPlatformMember" xlink:title="DigitalServicesPlatformMember" />
    <link:label xlink:type="resource" xlink:label="label_DigitalServicesPlatformMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DigitalServicesPlatformMember" xml:lang="en-US" id="label_DigitalServicesPlatformMember">This member stands for digital services platform.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DigitalServicesPlatformMember" xlink:to="label_DigitalServicesPlatformMember" xlink:title="Label : DigitalServicesPlatformMember to label_DigitalServicesPlatformMember" />
    <link:label xlink:type="resource" xlink:label="label_DigitalServicesPlatformMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DigitalServicesPlatformMember_1" xml:lang="en-US" id="label_DigitalServicesPlatformMember_1">Digital Services Platform</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DigitalServicesPlatformMember" xlink:to="label_DigitalServicesPlatformMember_1" xlink:title="Label : DigitalServicesPlatformMember to label_DigitalServicesPlatformMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DigitalServicesPlatformMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DigitalServicesPlatformMember_2" xml:lang="en-US" id="label_DigitalServicesPlatformMember_2">Digital Services Platform [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DigitalServicesPlatformMember" xlink:to="label_DigitalServicesPlatformMember_2" xlink:title="Label : DigitalServicesPlatformMember to label_DigitalServicesPlatformMember_2" />
    <link:label xlink:type="resource" xlink:label="label_DigitalServicesPlatformMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DigitalServicesPlatformMember_3" xml:lang="en-US" id="label_DigitalServicesPlatformMember_3">Total Digital Services Platform</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DigitalServicesPlatformMember" xlink:to="label_DigitalServicesPlatformMember_3" xlink:title="Label : DigitalServicesPlatformMember to label_DigitalServicesPlatformMember_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:label="IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:title="IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" />
    <link:label xlink:type="resource" xlink:label="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xml:lang="en-US" id="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis">Cash-generating units [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:to="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:title="Label : IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis to label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EntitysTotalForCashgeneratingUnitsMember" xlink:label="EntitysTotalForCashgeneratingUnitsMember" xlink:title="EntitysTotalForCashgeneratingUnitsMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForCashgeneratingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForCashgeneratingUnitsMember" xml:lang="en-US" id="label_EntitysTotalForCashgeneratingUnitsMember">Entity's total for cash-generating units [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForCashgeneratingUnitsMember" xlink:to="label_EntitysTotalForCashgeneratingUnitsMember" xlink:title="Label : EntitysTotalForCashgeneratingUnitsMember to label_EntitysTotalForCashgeneratingUnitsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" xlink:label="IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" xlink:title="IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" />
    <link:label xlink:type="resource" xlink:label="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" xml:lang="en-US" id="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember">Cash-generating units [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" xlink:to="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" xlink:title="Label : IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember to label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Goodwill" xlink:label="Goodwill" xlink:title="Goodwill" />
    <link:label xlink:type="resource" xlink:label="label_Goodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Goodwill" xml:lang="en-US" id="label_Goodwill">Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Goodwill" xlink:to="label_Goodwill" xlink:title="Label : Goodwill to label_Goodwill" />
    <link:label xlink:type="resource" xlink:label="label_Goodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Goodwill_1" xml:lang="en-US" id="label_Goodwill_1">Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Goodwill" xlink:to="label_Goodwill_1" xlink:title="Label : Goodwill to label_Goodwill_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:label="DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:title="DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xml:lang="en-US" id="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections">Growth rate used to extrapolate cash flow projections</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:to="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:title="Label : DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections to label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1" xml:lang="en-US" id="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1">Growth rate - %</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:to="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1" xlink:title="Label : DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections to label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:label="DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:title="DescriptionOfDiscountRatesAppliedToCashFlowProjections" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xml:lang="en-US" id="label_DescriptionOfDiscountRatesAppliedToCashFlowProjections">Discount rate applied to cash flow projections</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:to="label_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:title="Label : DescriptionOfDiscountRatesAppliedToCashFlowProjections to label_DescriptionOfDiscountRatesAppliedToCashFlowProjections" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfDiscountRatesAppliedToCashFlowProjections_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfDiscountRatesAppliedToCashFlowProjections_1" xml:lang="en-US" id="label_DescriptionOfDiscountRatesAppliedToCashFlowProjections_1">Discount rate - %</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:to="label_DescriptionOfDiscountRatesAppliedToCashFlowProjections_1" xlink:title="Label : DescriptionOfDiscountRatesAppliedToCashFlowProjections to label_DescriptionOfDiscountRatesAppliedToCashFlowProjections_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DescriptionOfGrowthRateInPerpetuityCashFlowProjections" xlink:label="DescriptionOfGrowthRateInPerpetuityCashFlowProjections" xlink:title="DescriptionOfGrowthRateInPerpetuityCashFlowProjections" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections" xml:lang="en-US" id="label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections">Growth rate (%) in perpetuity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfGrowthRateInPerpetuityCashFlowProjections" xlink:to="label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections" xlink:title="Label : DescriptionOfGrowthRateInPerpetuityCashFlowProjections to label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections_1" xml:lang="en-US" id="label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections_1">The growth rate in perpetuity used to extrapolate cash flow projections beyond the period covered by the most recent budgets/forecasts for a cash-generating unit (group of units).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfGrowthRateInPerpetuityCashFlowProjections" xlink:to="label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections_1" xlink:title="Label : DescriptionOfGrowthRateInPerpetuityCashFlowProjections to label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections_2" xml:lang="en-US" id="label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections_2">Description of Growth Rate in Perpetuity Cash Flow Projections</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfGrowthRateInPerpetuityCashFlowProjections" xlink:to="label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections_2" xlink:title="Label : DescriptionOfGrowthRateInPerpetuityCashFlowProjections to label_DescriptionOfGrowthRateInPerpetuityCashFlowProjections_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IntangibleAssetsYearsProjected" xlink:label="IntangibleAssetsYearsProjected" xlink:title="IntangibleAssetsYearsProjected" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsYearsProjected" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssetsYearsProjected" xml:lang="en-US" id="label_IntangibleAssetsYearsProjected">The number of years projected for intangible assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsYearsProjected" xlink:to="label_IntangibleAssetsYearsProjected" xlink:title="Label : IntangibleAssetsYearsProjected to label_IntangibleAssetsYearsProjected" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsYearsProjected_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsYearsProjected_1" xml:lang="en-US" id="label_IntangibleAssetsYearsProjected_1">Years projected</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsYearsProjected" xlink:to="label_IntangibleAssetsYearsProjected_1" xlink:title="Label : IntangibleAssetsYearsProjected to label_IntangibleAssetsYearsProjected_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsYearsProjected_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsYearsProjected_2" xml:lang="en-US" id="label_IntangibleAssetsYearsProjected_2">Intangible Assets Years Projected</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsYearsProjected" xlink:to="label_IntangibleAssetsYearsProjected_2" xlink:title="Label : IntangibleAssetsYearsProjected to label_IntangibleAssetsYearsProjected_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PlurallDigitalTransformationMember" xlink:label="PlurallDigitalTransformationMember" xlink:title="PlurallDigitalTransformationMember" />
    <link:label xlink:type="resource" xlink:label="label_PlurallDigitalTransformationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PlurallDigitalTransformationMember" xml:lang="en-US" id="label_PlurallDigitalTransformationMember">Plurall Digital Transformation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlurallDigitalTransformationMember" xlink:to="label_PlurallDigitalTransformationMember" xlink:title="Label : PlurallDigitalTransformationMember to label_PlurallDigitalTransformationMember" />
    <link:label xlink:type="resource" xlink:label="label_PlurallDigitalTransformationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PlurallDigitalTransformationMember_1" xml:lang="en-US" id="label_PlurallDigitalTransformationMember_1">Plurall Digital Transformation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlurallDigitalTransformationMember" xlink:to="label_PlurallDigitalTransformationMember_1" xlink:title="Label : PlurallDigitalTransformationMember to label_PlurallDigitalTransformationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PlurallDigitalTransformationMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PlurallDigitalTransformationMember_2" xml:lang="en-US" id="label_PlurallDigitalTransformationMember_2">This member stands for a class of intangible assets representing plurall digital transformation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlurallDigitalTransformationMember" xlink:to="label_PlurallDigitalTransformationMember_2" xlink:title="Label : PlurallDigitalTransformationMember to label_PlurallDigitalTransformationMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LearningSystemsMember" xlink:label="LearningSystemsMember" xlink:title="LearningSystemsMember" />
    <link:label xlink:type="resource" xlink:label="label_LearningSystemsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LearningSystemsMember" xml:lang="en-US" id="label_LearningSystemsMember">This member stands for information pertaining to Learning Systems.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LearningSystemsMember" xlink:to="label_LearningSystemsMember" xlink:title="Label : LearningSystemsMember to label_LearningSystemsMember" />
    <link:label xlink:type="resource" xlink:label="label_LearningSystemsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LearningSystemsMember_1" xml:lang="en-US" id="label_LearningSystemsMember_1">Learning Systems</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LearningSystemsMember" xlink:to="label_LearningSystemsMember_1" xlink:title="Label : LearningSystemsMember to label_LearningSystemsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LearningSystemsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LearningSystemsMember_2" xml:lang="en-US" id="label_LearningSystemsMember_2">Learning Systems [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LearningSystemsMember" xlink:to="label_LearningSystemsMember_2" xlink:title="Label : LearningSystemsMember to label_LearningSystemsMember_2" />
    <link:label xlink:type="resource" xlink:label="label_LearningSystemsMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LearningSystemsMember_3" xml:lang="en-US" id="label_LearningSystemsMember_3">Learning Systems [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LearningSystemsMember" xlink:to="label_LearningSystemsMember_3" xlink:title="Label : LearningSystemsMember to label_LearningSystemsMember_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AmountInvestedForDevelopmentProject" xlink:label="AmountInvestedForDevelopmentProject" xlink:title="AmountInvestedForDevelopmentProject" />
    <link:label xlink:type="resource" xlink:label="label_AmountInvestedForDevelopmentProject" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountInvestedForDevelopmentProject" xml:lang="en-US" id="label_AmountInvestedForDevelopmentProject">Amount Invested for Development Project</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountInvestedForDevelopmentProject" xlink:to="label_AmountInvestedForDevelopmentProject" xlink:title="Label : AmountInvestedForDevelopmentProject to label_AmountInvestedForDevelopmentProject" />
    <link:label xlink:type="resource" xlink:label="label_AmountInvestedForDevelopmentProject_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmountInvestedForDevelopmentProject_1" xml:lang="en-US" id="label_AmountInvestedForDevelopmentProject_1">The amount invested for development project.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountInvestedForDevelopmentProject" xlink:to="label_AmountInvestedForDevelopmentProject_1" xlink:title="Label : AmountInvestedForDevelopmentProject to label_AmountInvestedForDevelopmentProject_1" />
    <link:label xlink:type="resource" xlink:label="label_AmountInvestedForDevelopmentProject_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmountInvestedForDevelopmentProject_2" xml:lang="en-US" id="label_AmountInvestedForDevelopmentProject_2">Amount invested for development project</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountInvestedForDevelopmentProject" xlink:to="label_AmountInvestedForDevelopmentProject_2" xlink:title="Label : AmountInvestedForDevelopmentProject to label_AmountInvestedForDevelopmentProject_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfCashGeneratingUnits" xlink:label="NumberOfCashGeneratingUnits" xlink:title="NumberOfCashGeneratingUnits" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfCashGeneratingUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfCashGeneratingUnits" xml:lang="en-US" id="label_NumberOfCashGeneratingUnits">Number of Cash Generating Units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCashGeneratingUnits" xlink:to="label_NumberOfCashGeneratingUnits" xlink:title="Label : NumberOfCashGeneratingUnits to label_NumberOfCashGeneratingUnits" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfCashGeneratingUnits_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfCashGeneratingUnits_1" xml:lang="en-US" id="label_NumberOfCashGeneratingUnits_1">The number of cash-generating units.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCashGeneratingUnits" xlink:to="label_NumberOfCashGeneratingUnits_1" xlink:title="Label : NumberOfCashGeneratingUnits to label_NumberOfCashGeneratingUnits_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfCashGeneratingUnits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfCashGeneratingUnits_2" xml:lang="en-US" id="label_NumberOfCashGeneratingUnits_2">Number of CGUs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCashGeneratingUnits" xlink:to="label_NumberOfCashGeneratingUnits_2" xlink:title="Label : NumberOfCashGeneratingUnits to label_NumberOfCashGeneratingUnits_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdditionalRecognitionGoodwill" xlink:label="AdditionalRecognitionGoodwill" xlink:title="AdditionalRecognitionGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalRecognitionGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalRecognitionGoodwill" xml:lang="en-US" id="label_AdditionalRecognitionGoodwill">Additional recognition, goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalRecognitionGoodwill" xlink:to="label_AdditionalRecognitionGoodwill" xlink:title="Label : AdditionalRecognitionGoodwill to label_AdditionalRecognitionGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalRecognitionGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalRecognitionGoodwill_1" xml:lang="en-US" id="label_AdditionalRecognitionGoodwill_1">Goodwill recognized through business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalRecognitionGoodwill" xlink:to="label_AdditionalRecognitionGoodwill_1" xlink:title="Label : AdditionalRecognitionGoodwill to label_AdditionalRecognitionGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ForecastPeriodOfCashFlowProjections" xlink:label="ForecastPeriodOfCashFlowProjections" xlink:title="ForecastPeriodOfCashFlowProjections" />
    <link:label xlink:type="resource" xlink:label="label_ForecastPeriodOfCashFlowProjections" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForecastPeriodOfCashFlowProjections" xml:lang="en-US" id="label_ForecastPeriodOfCashFlowProjections">Forecast period of cash flow projections</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForecastPeriodOfCashFlowProjections" xlink:to="label_ForecastPeriodOfCashFlowProjections" xlink:title="Label : ForecastPeriodOfCashFlowProjections to label_ForecastPeriodOfCashFlowProjections" />
    <link:label xlink:type="resource" xlink:label="label_ForecastPeriodOfCashFlowProjections_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForecastPeriodOfCashFlowProjections_1" xml:lang="en-US" id="label_ForecastPeriodOfCashFlowProjections_1">The forecast period of cash flow projections used in cash-generating units.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForecastPeriodOfCashFlowProjections" xlink:to="label_ForecastPeriodOfCashFlowProjections_1" xlink:title="Label : ForecastPeriodOfCashFlowProjections to label_ForecastPeriodOfCashFlowProjections_1" />
    <link:label xlink:type="resource" xlink:label="label_ForecastPeriodOfCashFlowProjections_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForecastPeriodOfCashFlowProjections_2" xml:lang="en-US" id="label_ForecastPeriodOfCashFlowProjections_2">Forecast Period of Cash Flow Projections</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForecastPeriodOfCashFlowProjections" xlink:to="label_ForecastPeriodOfCashFlowProjections_2" xlink:title="Label : ForecastPeriodOfCashFlowProjections to label_ForecastPeriodOfCashFlowProjections_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:label="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:title="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill">Impairment loss recognised in profit or loss, intangible assets and goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill to label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1">Impairment of intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill to label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:label="DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:title="DisclosureOfDetailedInformationAboutBorrowingsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutBorrowingsTable" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutBorrowingsTable">Disclosure of detailed information about borrowings [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:to="label_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:title="Label : DisclosureOfDetailedInformationAboutBorrowingsTable to label_DisclosureOfDetailedInformationAboutBorrowingsTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ShorttermBorrowingsMember" xlink:label="ShorttermBorrowingsMember" xlink:title="ShorttermBorrowingsMember" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermBorrowingsMember" xml:lang="en-US" id="label_ShorttermBorrowingsMember">Short-term borrowings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermBorrowingsMember" xlink:to="label_ShorttermBorrowingsMember" xlink:title="Label : ShorttermBorrowingsMember to label_ShorttermBorrowingsMember" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermBorrowingsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShorttermBorrowingsMember_1" xml:lang="en-US" id="label_ShorttermBorrowingsMember_1">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermBorrowingsMember" xlink:to="label_ShorttermBorrowingsMember_1" xlink:title="Label : ShorttermBorrowingsMember to label_ShorttermBorrowingsMember_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentBondsWithRelatedPartiesMember" xlink:label="CurrentBondsWithRelatedPartiesMember" xlink:title="CurrentBondsWithRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBondsWithRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentBondsWithRelatedPartiesMember" xml:lang="en-US" id="label_CurrentBondsWithRelatedPartiesMember">Current Bonds with related parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBondsWithRelatedPartiesMember" xlink:to="label_CurrentBondsWithRelatedPartiesMember" xlink:title="Label : CurrentBondsWithRelatedPartiesMember to label_CurrentBondsWithRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBondsWithRelatedPartiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentBondsWithRelatedPartiesMember_1" xml:lang="en-US" id="label_CurrentBondsWithRelatedPartiesMember_1">This member stands for the information pertaining to current bonds issued with related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBondsWithRelatedPartiesMember" xlink:to="label_CurrentBondsWithRelatedPartiesMember_1" xlink:title="Label : CurrentBondsWithRelatedPartiesMember to label_CurrentBondsWithRelatedPartiesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBondsWithRelatedPartiesMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentBondsWithRelatedPartiesMember_2" xml:lang="en-US" id="label_CurrentBondsWithRelatedPartiesMember_2">Current Bonds with Related Parties [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBondsWithRelatedPartiesMember" xlink:to="label_CurrentBondsWithRelatedPartiesMember_2" xlink:title="Label : CurrentBondsWithRelatedPartiesMember to label_CurrentBondsWithRelatedPartiesMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentBondsMember" xlink:label="CurrentBondsMember" xlink:title="CurrentBondsMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBondsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentBondsMember" xml:lang="en-US" id="label_CurrentBondsMember">Current Bonds [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBondsMember" xlink:to="label_CurrentBondsMember" xlink:title="Label : CurrentBondsMember to label_CurrentBondsMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBondsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentBondsMember_1" xml:lang="en-US" id="label_CurrentBondsMember_1">This member stands for the information pertaining to current bonds issued.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBondsMember" xlink:to="label_CurrentBondsMember_1" xlink:title="Label : CurrentBondsMember to label_CurrentBondsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBondsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentBondsMember_2" xml:lang="en-US" id="label_CurrentBondsMember_2">Current Bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBondsMember" xlink:to="label_CurrentBondsMember_2" xlink:title="Label : CurrentBondsMember to label_CurrentBondsMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CurrentFinanceLeasesMember" xlink:label="CurrentFinanceLeasesMember" xlink:title="CurrentFinanceLeasesMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentFinanceLeasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentFinanceLeasesMember" xml:lang="en-US" id="label_CurrentFinanceLeasesMember">Current Finance Leases [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFinanceLeasesMember" xlink:to="label_CurrentFinanceLeasesMember" xlink:title="Label : CurrentFinanceLeasesMember to label_CurrentFinanceLeasesMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentFinanceLeasesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentFinanceLeasesMember_1" xml:lang="en-US" id="label_CurrentFinanceLeasesMember_1">This member stands for the information pertaining to current finance leases.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFinanceLeasesMember" xlink:to="label_CurrentFinanceLeasesMember_1" xlink:title="Label : CurrentFinanceLeasesMember to label_CurrentFinanceLeasesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentFinanceLeasesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentFinanceLeasesMember_2" xml:lang="en-US" id="label_CurrentFinanceLeasesMember_2">Current Financing [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFinanceLeasesMember" xlink:to="label_CurrentFinanceLeasesMember_2" xlink:title="Label : CurrentFinanceLeasesMember to label_CurrentFinanceLeasesMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LongtermBorrowingsMember" xlink:label="LongtermBorrowingsMember" xlink:title="LongtermBorrowingsMember" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongtermBorrowingsMember" xml:lang="en-US" id="label_LongtermBorrowingsMember">Long-term borrowings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowingsMember" xlink:to="label_LongtermBorrowingsMember" xlink:title="Label : LongtermBorrowingsMember to label_LongtermBorrowingsMember" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowingsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongtermBorrowingsMember_1" xml:lang="en-US" id="label_LongtermBorrowingsMember_1">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowingsMember" xlink:to="label_LongtermBorrowingsMember_1" xlink:title="Label : LongtermBorrowingsMember to label_LongtermBorrowingsMember_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NonCurrentBondsWithRelatedPartiesMember" xlink:label="NonCurrentBondsWithRelatedPartiesMember" xlink:title="NonCurrentBondsWithRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentBondsWithRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentBondsWithRelatedPartiesMember" xml:lang="en-US" id="label_NonCurrentBondsWithRelatedPartiesMember">This member stands for the information pertaining to non-current bonds issued with related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentBondsWithRelatedPartiesMember" xlink:to="label_NonCurrentBondsWithRelatedPartiesMember" xlink:title="Label : NonCurrentBondsWithRelatedPartiesMember to label_NonCurrentBondsWithRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentBondsWithRelatedPartiesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentBondsWithRelatedPartiesMember_1" xml:lang="en-US" id="label_NonCurrentBondsWithRelatedPartiesMember_1">Non-current Bonds with Related Parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentBondsWithRelatedPartiesMember" xlink:to="label_NonCurrentBondsWithRelatedPartiesMember_1" xlink:title="Label : NonCurrentBondsWithRelatedPartiesMember to label_NonCurrentBondsWithRelatedPartiesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentBondsWithRelatedPartiesMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentBondsWithRelatedPartiesMember_2" xml:lang="en-US" id="label_NonCurrentBondsWithRelatedPartiesMember_2">Non-current Bonds with Related Parties [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentBondsWithRelatedPartiesMember" xlink:to="label_NonCurrentBondsWithRelatedPartiesMember_2" xlink:title="Label : NonCurrentBondsWithRelatedPartiesMember to label_NonCurrentBondsWithRelatedPartiesMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NonCurrentFinanceLeasesMember" xlink:label="NonCurrentFinanceLeasesMember" xlink:title="NonCurrentFinanceLeasesMember" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentFinanceLeasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentFinanceLeasesMember" xml:lang="en-US" id="label_NonCurrentFinanceLeasesMember">Non-current Finance Leases [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentFinanceLeasesMember" xlink:to="label_NonCurrentFinanceLeasesMember" xlink:title="Label : NonCurrentFinanceLeasesMember to label_NonCurrentFinanceLeasesMember" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentFinanceLeasesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentFinanceLeasesMember_1" xml:lang="en-US" id="label_NonCurrentFinanceLeasesMember_1">Non-current Financing [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentFinanceLeasesMember" xlink:to="label_NonCurrentFinanceLeasesMember_1" xlink:title="Label : NonCurrentFinanceLeasesMember to label_NonCurrentFinanceLeasesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentFinanceLeasesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentFinanceLeasesMember_2" xml:lang="en-US" id="label_NonCurrentFinanceLeasesMember_2">This member stands for the information pertaining to non-current finance leases.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentFinanceLeasesMember" xlink:to="label_NonCurrentFinanceLeasesMember_2" xlink:title="Label : NonCurrentFinanceLeasesMember to label_NonCurrentFinanceLeasesMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:label="DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:title="DisclosureOfDetailedInformationAboutBorrowingsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems">Disclosure of detailed information about borrowings [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:title="Label : DisclosureOfDetailedInformationAboutBorrowingsLineItems to label_DisclosureOfDetailedInformationAboutBorrowingsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems_1">Bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems_1" xlink:title="Label : DisclosureOfDetailedInformationAboutBorrowingsLineItems to label_DisclosureOfDetailedInformationAboutBorrowingsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" xlink:label="IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" xlink:title="IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" xml:lang="en-US" id="label_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities">Increase (decrease) through obtaining or losing control of subsidiaries or other businesses, liabilities arising from financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" xlink:to="label_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" xlink:title="Label : IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities to label_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities_1">Additions through Business Combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities" xlink:to="label_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities_1" xlink:title="Label : IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities to label_IncreaseDecreaseThroughObtainingOrLosingControlOfSubsidiariesOrOtherBusinessesLiabilitiesArisingFromFinancingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:label="IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:title="IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xml:lang="en-US" id="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:to="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:title="Label : IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities to label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_1">Additional Principal</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:to="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_1" xlink:title="Label : IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities to label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_2">Increase (decrease) through financing cash flows, liabilities arising from financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:to="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_2" xlink:title="Label : IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities to label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_2" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_3" xml:lang="en-US" id="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_3">Contribution of bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:to="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_3" xlink:title="Label : IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities to label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_3" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_4" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_4" xml:lang="en-US" id="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_4">Non-monetary transaction, Contribution of bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:to="label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_4" xlink:title="Label : IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities to label_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestCostsIncurred" xlink:label="InterestCostsIncurred" xlink:title="InterestCostsIncurred" />
    <link:label xlink:type="resource" xlink:label="label_InterestCostsIncurred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestCostsIncurred" xml:lang="en-US" id="label_InterestCostsIncurred">Interest costs incurred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestCostsIncurred" xlink:to="label_InterestCostsIncurred" xlink:title="Label : InterestCostsIncurred to label_InterestCostsIncurred" />
    <link:label xlink:type="resource" xlink:label="label_InterestCostsIncurred_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestCostsIncurred_1" xml:lang="en-US" id="label_InterestCostsIncurred_1">Interest accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestCostsIncurred" xlink:to="label_InterestCostsIncurred_1" xlink:title="Label : InterestCostsIncurred to label_InterestCostsIncurred_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:label="IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:title="IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xml:lang="en-US" id="label_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities">Transfers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:to="label_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:title="Label : IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities to label_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_1">Increase (decrease) through other changes, liabilities arising from financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:to="label_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_1" xlink:title="Label : IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities to label_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_ExternalCreditRatingStandardPoorsMember" xlink:label="ExternalCreditRatingStandardPoorsMember" xlink:title="ExternalCreditRatingStandardPoorsMember" />
    <link:label xlink:type="resource" xlink:label="label_ExternalCreditRatingStandardPoorsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExternalCreditRatingStandardPoorsMember" xml:lang="en-US" id="label_ExternalCreditRatingStandardPoorsMember">External Credit Rating, Standard &amp; Poor's [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExternalCreditRatingStandardPoorsMember" xlink:to="label_ExternalCreditRatingStandardPoorsMember" xlink:title="Label : ExternalCreditRatingStandardPoorsMember to label_ExternalCreditRatingStandardPoorsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_CreditRatingStandardPoorsAxis" xlink:label="CreditRatingStandardPoorsAxis" xlink:title="CreditRatingStandardPoorsAxis" />
    <link:label xlink:type="resource" xlink:label="label_CreditRatingStandardPoorsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditRatingStandardPoorsAxis" xml:lang="en-US" id="label_CreditRatingStandardPoorsAxis">Credit Rating, Standard &amp; Poor's [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRatingStandardPoorsAxis" xlink:to="label_CreditRatingStandardPoorsAxis" xlink:title="Label : CreditRatingStandardPoorsAxis to label_CreditRatingStandardPoorsAxis" />
    <link:label xlink:type="resource" xlink:label="label_CreditRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditRiskMember_1" xml:lang="en-US" id="label_CreditRiskMember_1">Credit risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskMember" xlink:to="label_CreditRiskMember_1" xlink:title="Label : CreditRiskMember to label_CreditRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BondsWithRelatedPartiesMember" xlink:label="BondsWithRelatedPartiesMember" xlink:title="BondsWithRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_BondsWithRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BondsWithRelatedPartiesMember" xml:lang="en-US" id="label_BondsWithRelatedPartiesMember">Bonds with Related Parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsWithRelatedPartiesMember" xlink:to="label_BondsWithRelatedPartiesMember" xlink:title="Label : BondsWithRelatedPartiesMember to label_BondsWithRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_BondsWithRelatedPartiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BondsWithRelatedPartiesMember_1" xml:lang="en-US" id="label_BondsWithRelatedPartiesMember_1">This member stands for the information pertaining to bonds issued with related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsWithRelatedPartiesMember" xlink:to="label_BondsWithRelatedPartiesMember_1" xlink:title="Label : BondsWithRelatedPartiesMember to label_BondsWithRelatedPartiesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BondsWithRelatedPartiesMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BondsWithRelatedPartiesMember_2" xml:lang="en-US" id="label_BondsWithRelatedPartiesMember_2">Bonds with Related Parties [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsWithRelatedPartiesMember" xlink:to="label_BondsWithRelatedPartiesMember_2" xlink:title="Label : BondsWithRelatedPartiesMember to label_BondsWithRelatedPartiesMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BorrowingsBySeriesAxis" xlink:label="BorrowingsBySeriesAxis" xlink:title="BorrowingsBySeriesAxis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsBySeriesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsBySeriesAxis" xml:lang="en-US" id="label_BorrowingsBySeriesAxis">Borrowings by series [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsBySeriesAxis" xlink:to="label_BorrowingsBySeriesAxis" xlink:title="Label : BorrowingsBySeriesAxis to label_BorrowingsBySeriesAxis" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BorrowingsBySeriesMember" xlink:label="BorrowingsBySeriesMember" xlink:title="BorrowingsBySeriesMember" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsBySeriesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsBySeriesMember" xml:lang="en-US" id="label_BorrowingsBySeriesMember">Borrowings by series [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsBySeriesMember" xlink:to="label_BorrowingsBySeriesMember" xlink:title="Label : BorrowingsBySeriesMember to label_BorrowingsBySeriesMember" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsBySeriesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsBySeriesMember_1" xml:lang="en-US" id="label_BorrowingsBySeriesMember_1">This member stands for information pertaining to all series of borrowings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsBySeriesMember" xlink:to="label_BorrowingsBySeriesMember_1" xlink:title="Label : BorrowingsBySeriesMember to label_BorrowingsBySeriesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentAccountedForUsingEquityMethod_1" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_InvestmentAccountedForUsingEquityMethod_1" xml:lang="en-US" id="label_InvestmentAccountedForUsingEquityMethod_1">Equity accounted investees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentAccountedForUsingEquityMethod" xlink:to="label_InvestmentAccountedForUsingEquityMethod_1" xlink:title="Label : InvestmentAccountedForUsingEquityMethod to label_InvestmentAccountedForUsingEquityMethod_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfMarketableSecuritiesTable" xlink:label="DisclosureOfMarketableSecuritiesTable" xlink:title="DisclosureOfMarketableSecuritiesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMarketableSecuritiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMarketableSecuritiesTable" xml:lang="en-US" id="label_DisclosureOfMarketableSecuritiesTable">Disclosure of Marketable Securities [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMarketableSecuritiesTable" xlink:to="label_DisclosureOfMarketableSecuritiesTable" xlink:title="Label : DisclosureOfMarketableSecuritiesTable to label_DisclosureOfMarketableSecuritiesTable" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentAccountedForUsingEquityMethod_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentAccountedForUsingEquityMethod_2" xml:lang="en-US" id="label_InvestmentAccountedForUsingEquityMethod_2">Investments accounted for using equity method</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentAccountedForUsingEquityMethod" xlink:to="label_InvestmentAccountedForUsingEquityMethod_2" xlink:title="Label : InvestmentAccountedForUsingEquityMethod to label_InvestmentAccountedForUsingEquityMethod_2" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_5" xml:lang="en-US" id="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_5">Acquisition Price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_5" xlink:title="Label : AcquisitiondateFairValueOfTotalConsiderationTransferred to label_AcquisitiondateFairValueOfTotalConsiderationTransferred_5" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_6" xlink:title="Label : AcquisitiondateFairValueOfTotalConsiderationTransferred to label_AcquisitiondateFairValueOfTotalConsiderationTransferred_6" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInAssociate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestInAssociate_1" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInAssociate_1">Interest %</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InvestmentsAccountedForUsingEquityMethodAbstract" xlink:label="InvestmentsAccountedForUsingEquityMethodAbstract" xlink:title="InvestmentsAccountedForUsingEquityMethodAbstract" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsAccountedForUsingEquityMethodAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsAccountedForUsingEquityMethodAbstract" xml:lang="en-US" id="label_InvestmentsAccountedForUsingEquityMethodAbstract">Equity accounted investees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsAccountedForUsingEquityMethodAbstract" xlink:to="label_InvestmentsAccountedForUsingEquityMethodAbstract" xlink:title="Label : InvestmentsAccountedForUsingEquityMethodAbstract to label_InvestmentsAccountedForUsingEquityMethodAbstract" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentAccountedForUsingEquityMethod_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_InvestmentAccountedForUsingEquityMethod_3" xml:lang="en-US" id="label_InvestmentAccountedForUsingEquityMethod_3">Equity accounted investments at end of period</link:label>
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    <link:label xlink:type="resource" xlink:label="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1" xml:lang="en-US" id="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1">Fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:to="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1" xlink:title="Label : FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished to label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod_2" xml:lang="en-US" id="label_IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod_2">Acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod" xlink:to="label_IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod_2" xlink:title="Label : IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod to label_IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod_2" />
    <link:label xlink:type="resource" xlink:label="label_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock_2" xml:lang="en-US" id="label_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock_2">Schedule of composition of investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock" xlink:to="label_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock_2" xlink:title="Label : ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock to label_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock_2" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_1" xml:lang="en-US" id="label_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_1">Equity accounted investees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:to="label_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_1" xlink:title="Label : DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory to label_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="TypesOfInterestRatesAxis" xlink:title="TypesOfInterestRatesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfInterestRatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfInterestRatesAxis" xml:lang="en-US" id="label_TypesOfInterestRatesAxis">Types of interest rates [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfInterestRatesAxis" xlink:to="label_TypesOfInterestRatesAxis" xlink:title="Label : TypesOfInterestRatesAxis to label_TypesOfInterestRatesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestRateTypesMember" xlink:label="InterestRateTypesMember" xlink:title="InterestRateTypesMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateTypesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateTypesMember" xml:lang="en-US" id="label_InterestRateTypesMember">Interest rate types [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateTypesMember" xlink:to="label_InterestRateTypesMember" xlink:title="Label : InterestRateTypesMember to label_InterestRateTypesMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TaxaDeJurosDeLongoPrazoMember" xlink:label="TaxaDeJurosDeLongoPrazoMember" xlink:title="TaxaDeJurosDeLongoPrazoMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxaDeJurosDeLongoPrazoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxaDeJurosDeLongoPrazoMember" xml:lang="en-US" id="label_TaxaDeJurosDeLongoPrazoMember">Taxa de juros de longo prazo - TJLP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxaDeJurosDeLongoPrazoMember" xlink:to="label_TaxaDeJurosDeLongoPrazoMember" xlink:title="Label : TaxaDeJurosDeLongoPrazoMember to label_TaxaDeJurosDeLongoPrazoMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxaDeJurosDeLongoPrazoMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxaDeJurosDeLongoPrazoMember_1" xml:lang="en-US" id="label_TaxaDeJurosDeLongoPrazoMember_1">This member stands for information pertaining to Taxa de juros de longo prazo - TJLP.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxaDeJurosDeLongoPrazoMember" xlink:to="label_TaxaDeJurosDeLongoPrazoMember_1" xlink:title="Label : TaxaDeJurosDeLongoPrazoMember to label_TaxaDeJurosDeLongoPrazoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxaDeJurosDeLongoPrazoMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxaDeJurosDeLongoPrazoMember_2" xml:lang="en-US" id="label_TaxaDeJurosDeLongoPrazoMember_2">Taxa de juros de longo prazo [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxaDeJurosDeLongoPrazoMember" xlink:to="label_TaxaDeJurosDeLongoPrazoMember_2" xlink:title="Label : TaxaDeJurosDeLongoPrazoMember to label_TaxaDeJurosDeLongoPrazoMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BancoDeDesenvolvimentoDeMinasGeraisSAMember" xlink:label="BancoDeDesenvolvimentoDeMinasGeraisSAMember" xlink:title="BancoDeDesenvolvimentoDeMinasGeraisSAMember" />
    <link:label xlink:type="resource" xlink:label="label_BancoDeDesenvolvimentoDeMinasGeraisSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BancoDeDesenvolvimentoDeMinasGeraisSAMember" xml:lang="en-US" id="label_BancoDeDesenvolvimentoDeMinasGeraisSAMember">Banco De Desenvolvimento De Minas Gerais S A [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BancoDeDesenvolvimentoDeMinasGeraisSAMember" xlink:to="label_BancoDeDesenvolvimentoDeMinasGeraisSAMember" xlink:title="Label : BancoDeDesenvolvimentoDeMinasGeraisSAMember to label_BancoDeDesenvolvimentoDeMinasGeraisSAMember" />
    <link:label xlink:type="resource" xlink:label="label_BancoDeDesenvolvimentoDeMinasGeraisSAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BancoDeDesenvolvimentoDeMinasGeraisSAMember_1" xml:lang="en-US" id="label_BancoDeDesenvolvimentoDeMinasGeraisSAMember_1">Banco de Desenvolvimento de Minas Gerais SA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BancoDeDesenvolvimentoDeMinasGeraisSAMember" xlink:to="label_BancoDeDesenvolvimentoDeMinasGeraisSAMember_1" xlink:title="Label : BancoDeDesenvolvimentoDeMinasGeraisSAMember to label_BancoDeDesenvolvimentoDeMinasGeraisSAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BancoDeDesenvolvimentoDeMinasGeraisSAMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BancoDeDesenvolvimentoDeMinasGeraisSAMember_2" xml:lang="en-US" id="label_BancoDeDesenvolvimentoDeMinasGeraisSAMember_2">This member stands for information pertaining to Banco de Desenvolvimento de Minas Gerais SA ("BDMG").</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BancoDeDesenvolvimentoDeMinasGeraisSAMember" xlink:to="label_BancoDeDesenvolvimentoDeMinasGeraisSAMember_2" xlink:title="Label : BancoDeDesenvolvimentoDeMinasGeraisSAMember to label_BancoDeDesenvolvimentoDeMinasGeraisSAMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:label="ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:title="ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xml:lang="en-US" id="label_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod">Equity method</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:to="label_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:title="Label : ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod to label_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_1" xml:lang="en-US" id="label_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_1">Share of profit (loss) of associates accounted for using equity method</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:to="label_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_1" xlink:title="Label : ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod to label_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentAccountedForUsingEquityMethod_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_InvestmentAccountedForUsingEquityMethod_4" xml:lang="en-US" id="label_InvestmentAccountedForUsingEquityMethod_4">December 31, 2022</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentAccountedForUsingEquityMethod" xlink:to="label_InvestmentAccountedForUsingEquityMethod_4" xlink:title="Label : InvestmentAccountedForUsingEquityMethod to label_InvestmentAccountedForUsingEquityMethod_4" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BorrowingsMaturityTerm" xlink:label="BorrowingsMaturityTerm" xlink:title="BorrowingsMaturityTerm" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturityTerm" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BorrowingsMaturityTerm" xml:lang="en-US" id="label_BorrowingsMaturityTerm">Borrowings average maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturityTerm" xlink:to="label_BorrowingsMaturityTerm" xlink:title="Label : BorrowingsMaturityTerm to label_BorrowingsMaturityTerm" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturityTerm_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsMaturityTerm_1" xml:lang="en-US" id="label_BorrowingsMaturityTerm_1">First payment after</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturityTerm" xlink:to="label_BorrowingsMaturityTerm_1" xlink:title="Label : BorrowingsMaturityTerm to label_BorrowingsMaturityTerm_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturityTerm_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsMaturityTerm_2" xml:lang="en-US" id="label_BorrowingsMaturityTerm_2">The maturity period of borrowings obtained.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturityTerm" xlink:to="label_BorrowingsMaturityTerm_2" xlink:title="Label : BorrowingsMaturityTerm to label_BorrowingsMaturityTerm_2" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturityTerm_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsMaturityTerm_3" xml:lang="en-US" id="label_BorrowingsMaturityTerm_3">Borrowings, maturity term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturityTerm" xlink:to="label_BorrowingsMaturityTerm_3" xlink:title="Label : BorrowingsMaturityTerm to label_BorrowingsMaturityTerm_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:label="InterestPaidClassifiedAsFinancingActivities" xlink:title="InterestPaidClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_InterestPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestPaidClassifiedAsFinancingActivities" xml:lang="en-US" id="label_InterestPaidClassifiedAsFinancingActivities">Payment of borrowings interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidClassifiedAsFinancingActivities" xlink:to="label_InterestPaidClassifiedAsFinancingActivities" xlink:title="Label : InterestPaidClassifiedAsFinancingActivities to label_InterestPaidClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_InterestPaidClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestPaidClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_InterestPaidClassifiedAsFinancingActivities_1">Interest paid, classified as financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidClassifiedAsFinancingActivities" xlink:to="label_InterestPaidClassifiedAsFinancingActivities_1" xlink:title="Label : InterestPaidClassifiedAsFinancingActivities to label_InterestPaidClassifiedAsFinancingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PeriodicPaymentOfBorrowingsByMonthlyPrincipal" xlink:label="PeriodicPaymentOfBorrowingsByMonthlyPrincipal" xlink:title="PeriodicPaymentOfBorrowingsByMonthlyPrincipal" />
    <link:label xlink:type="resource" xlink:label="label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal" xml:lang="en-US" id="label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal">Periodic Payment Of Borrowings By Monthly Principal</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodicPaymentOfBorrowingsByMonthlyPrincipal" xlink:to="label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal" xlink:title="Label : PeriodicPaymentOfBorrowingsByMonthlyPrincipal to label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal" />
    <link:label xlink:type="resource" xlink:label="label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal_1" xml:lang="en-US" id="label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal_1">Periodic payment of borrowings by monthly, principal</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodicPaymentOfBorrowingsByMonthlyPrincipal" xlink:to="label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal_1" xlink:title="Label : PeriodicPaymentOfBorrowingsByMonthlyPrincipal to label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal_2" xml:lang="en-US" id="label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal_2">The amount of the required periodic monthly payments applied to principal.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodicPaymentOfBorrowingsByMonthlyPrincipal" xlink:to="label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal_2" xlink:title="Label : PeriodicPaymentOfBorrowingsByMonthlyPrincipal to label_PeriodicPaymentOfBorrowingsByMonthlyPrincipal_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PeriodicPaymentOfBorrowingsByMonthlyInterest" xlink:label="PeriodicPaymentOfBorrowingsByMonthlyInterest" xlink:title="PeriodicPaymentOfBorrowingsByMonthlyInterest" />
    <link:label xlink:type="resource" xlink:label="label_PeriodicPaymentOfBorrowingsByMonthlyInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodicPaymentOfBorrowingsByMonthlyInterest" xml:lang="en-US" id="label_PeriodicPaymentOfBorrowingsByMonthlyInterest">Periodic Payment Of Borrowings By Monthly Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodicPaymentOfBorrowingsByMonthlyInterest" xlink:to="label_PeriodicPaymentOfBorrowingsByMonthlyInterest" xlink:title="Label : PeriodicPaymentOfBorrowingsByMonthlyInterest to label_PeriodicPaymentOfBorrowingsByMonthlyInterest" />
    <link:label xlink:type="resource" xlink:label="label_PeriodicPaymentOfBorrowingsByMonthlyInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodicPaymentOfBorrowingsByMonthlyInterest_1" xml:lang="en-US" id="label_PeriodicPaymentOfBorrowingsByMonthlyInterest_1">Periodic payment of borrowings by monthly, interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodicPaymentOfBorrowingsByMonthlyInterest" xlink:to="label_PeriodicPaymentOfBorrowingsByMonthlyInterest_1" xlink:title="Label : PeriodicPaymentOfBorrowingsByMonthlyInterest to label_PeriodicPaymentOfBorrowingsByMonthlyInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodicPaymentOfBorrowingsByMonthlyInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodicPaymentOfBorrowingsByMonthlyInterest_2" xml:lang="en-US" id="label_PeriodicPaymentOfBorrowingsByMonthlyInterest_2">The amount of the required periodic monthly payments applied to interest.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodicPaymentOfBorrowingsByMonthlyInterest" xlink:to="label_PeriodicPaymentOfBorrowingsByMonthlyInterest_2" xlink:title="Label : PeriodicPaymentOfBorrowingsByMonthlyInterest to label_PeriodicPaymentOfBorrowingsByMonthlyInterest_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" xlink:label="RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" xlink:title="RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" xml:lang="en-US" id="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities">Payment of borrowings principal and interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" xlink:to="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" xlink:title="Label : RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities to label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_1">The cash outflow to settle borrowings including interest, classified as financing activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" xlink:to="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_1" xlink:title="Label : RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities to label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_1" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_2" xml:lang="en-US" id="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_2">Repayments of Borrowings Including Interest Classified As Financing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" xlink:to="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_2" xlink:title="Label : RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities to label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_2" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_3" xml:lang="en-US" id="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_3">Payment of borrowings principal and interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" xlink:to="label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_3" xlink:title="Label : RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities to label_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" xlink:label="PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" xlink:title="PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" xml:lang="en-US" id="label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent">Percentage Of Proceeds From Bonds Issued To Be Use For Repay Upon Any Liquidity Event</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" xlink:to="label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" xlink:title="Label : PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent to label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent_1" xml:lang="en-US" id="label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent_1">The percentage of proceeds from bonds issued which will have to use for repay upon any liquidity event.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" xlink:to="label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent_1" xlink:title="Label : PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent to label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent_2" xml:lang="en-US" id="label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent_2">Percentage of proceeds from bonds issued to be use for repay upon any liquidity event</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" xlink:to="label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent_2" xlink:title="Label : PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent to label_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BorrowingsDateOfIssuance" xlink:label="BorrowingsDateOfIssuance" xlink:title="BorrowingsDateOfIssuance" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsDateOfIssuance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsDateOfIssuance" xml:lang="en-US" id="label_BorrowingsDateOfIssuance">Borrowings Date Of Issuance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsDateOfIssuance" xlink:to="label_BorrowingsDateOfIssuance" xlink:title="Label : BorrowingsDateOfIssuance to label_BorrowingsDateOfIssuance" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsDateOfIssuance_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsDateOfIssuance_1" xml:lang="en-US" id="label_BorrowingsDateOfIssuance_1">Date of issuance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsDateOfIssuance" xlink:to="label_BorrowingsDateOfIssuance_1" xlink:title="Label : BorrowingsDateOfIssuance to label_BorrowingsDateOfIssuance_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsDateOfIssuance_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsDateOfIssuance_2" xml:lang="en-US" id="label_BorrowingsDateOfIssuance_2">The date of borrowings issued.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsDateOfIssuance" xlink:to="label_BorrowingsDateOfIssuance_2" xlink:title="Label : BorrowingsDateOfIssuance to label_BorrowingsDateOfIssuance_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BorrowingsMaturityDate" xlink:label="BorrowingsMaturityDate" xlink:title="BorrowingsMaturityDate" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturityDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsMaturityDate" xml:lang="en-US" id="label_BorrowingsMaturityDate">Borrowings Maturity Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturityDate" xlink:to="label_BorrowingsMaturityDate" xlink:title="Label : BorrowingsMaturityDate to label_BorrowingsMaturityDate" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturityDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsMaturityDate_1" xml:lang="en-US" id="label_BorrowingsMaturityDate_1">Maturity Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturityDate" xlink:to="label_BorrowingsMaturityDate_1" xlink:title="Label : BorrowingsMaturityDate to label_BorrowingsMaturityDate_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturityDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsMaturityDate_2" xml:lang="en-US" id="label_BorrowingsMaturityDate_2">The date of borrowings maturity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturityDate" xlink:to="label_BorrowingsMaturityDate_2" xlink:title="Label : BorrowingsMaturityDate to label_BorrowingsMaturityDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DescriptionOfPeriodicPaymentFrequencyOfBorrowings" xlink:label="DescriptionOfPeriodicPaymentFrequencyOfBorrowings" xlink:title="DescriptionOfPeriodicPaymentFrequencyOfBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings" xml:lang="en-US" id="label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings">Description Of Periodic Payment Frequency Of Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfPeriodicPaymentFrequencyOfBorrowings" xlink:to="label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings" xlink:title="Label : DescriptionOfPeriodicPaymentFrequencyOfBorrowings to label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings_1" xml:lang="en-US" id="label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings_1">Remuneration payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfPeriodicPaymentFrequencyOfBorrowings" xlink:to="label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings_1" xlink:title="Label : DescriptionOfPeriodicPaymentFrequencyOfBorrowings to label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings_2" xml:lang="en-US" id="label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings_2">The description of periodic payment frequency on borrowings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfPeriodicPaymentFrequencyOfBorrowings" xlink:to="label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings_2" xlink:title="Label : DescriptionOfPeriodicPaymentFrequencyOfBorrowings to label_DescriptionOfPeriodicPaymentFrequencyOfBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NotionalAmount" xlink:label="NotionalAmount" xlink:title="NotionalAmount" />
    <link:label xlink:type="resource" xlink:label="label_NotionalAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NotionalAmount" xml:lang="en-US" id="label_NotionalAmount">Face amount of borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotionalAmount" xlink:to="label_NotionalAmount" xlink:title="Label : NotionalAmount to label_NotionalAmount" />
    <link:label xlink:type="resource" xlink:label="label_NotionalAmount_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotionalAmount_1" xml:lang="en-US" id="label_NotionalAmount_1">Principal amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotionalAmount" xlink:to="label_NotionalAmount_1" xlink:title="Label : NotionalAmount to label_NotionalAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_NotionalAmount_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotionalAmount_2" xml:lang="en-US" id="label_NotionalAmount_2">Notional amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotionalAmount" xlink:to="label_NotionalAmount_2" xlink:title="Label : NotionalAmount to label_NotionalAmount_2" />
    <link:label xlink:type="resource" xlink:label="label_NotionalAmount_3" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_NotionalAmount_3" xml:lang="en-US" id="label_NotionalAmount_3">Total amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotionalAmount" xlink:to="label_NotionalAmount_3" xlink:title="Label : NotionalAmount to label_NotionalAmount_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:label="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:title="LaterThanThreeYearsAndNotLaterThanFourYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xml:lang="en-US" id="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember">Three years on [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:title="Label : LaterThanThreeYearsAndNotLaterThanFourYearsMember to label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_1" xml:lang="en-US" id="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_1">Later than three years and not later than four years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_1" xlink:title="Label : LaterThanThreeYearsAndNotLaterThanFourYearsMember to label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_2" xml:lang="en-US" id="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_2">2025 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_2" xlink:title="Label : LaterThanThreeYearsAndNotLaterThanFourYearsMember to label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfCurrentBondsAndFinancing" xlink:label="PercentageOfCurrentBondsAndFinancing" xlink:title="PercentageOfCurrentBondsAndFinancing" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfCurrentBondsAndFinancing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfCurrentBondsAndFinancing" xml:lang="en-US" id="label_PercentageOfCurrentBondsAndFinancing">Percentage of current bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCurrentBondsAndFinancing" xlink:to="label_PercentageOfCurrentBondsAndFinancing" xlink:title="Label : PercentageOfCurrentBondsAndFinancing to label_PercentageOfCurrentBondsAndFinancing" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfCurrentBondsAndFinancing_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfCurrentBondsAndFinancing_1" xml:lang="en-US" id="label_PercentageOfCurrentBondsAndFinancing_1">The percentage of current bonds and financing, outsatnding.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCurrentBondsAndFinancing" xlink:to="label_PercentageOfCurrentBondsAndFinancing_1" xlink:title="Label : PercentageOfCurrentBondsAndFinancing to label_PercentageOfCurrentBondsAndFinancing_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfCurrentBondsAndFinancing_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfCurrentBondsAndFinancing_2" xml:lang="en-US" id="label_PercentageOfCurrentBondsAndFinancing_2">Percentage of current bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCurrentBondsAndFinancing" xlink:to="label_PercentageOfCurrentBondsAndFinancing_2" xlink:title="Label : PercentageOfCurrentBondsAndFinancing to label_PercentageOfCurrentBondsAndFinancing_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfNonCurrentBondsAndFinancing" xlink:label="PercentageOfNonCurrentBondsAndFinancing" xlink:title="PercentageOfNonCurrentBondsAndFinancing" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfNonCurrentBondsAndFinancing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfNonCurrentBondsAndFinancing" xml:lang="en-US" id="label_PercentageOfNonCurrentBondsAndFinancing">Percentage of non-current bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfNonCurrentBondsAndFinancing" xlink:to="label_PercentageOfNonCurrentBondsAndFinancing" xlink:title="Label : PercentageOfNonCurrentBondsAndFinancing to label_PercentageOfNonCurrentBondsAndFinancing" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfNonCurrentBondsAndFinancing_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfNonCurrentBondsAndFinancing_1" xml:lang="en-US" id="label_PercentageOfNonCurrentBondsAndFinancing_1">The percentage of non-current bonds and financing, outsatnding.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfNonCurrentBondsAndFinancing" xlink:to="label_PercentageOfNonCurrentBondsAndFinancing_1" xlink:title="Label : PercentageOfNonCurrentBondsAndFinancing to label_PercentageOfNonCurrentBondsAndFinancing_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfNonCurrentBondsAndFinancing_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfNonCurrentBondsAndFinancing_2" xml:lang="en-US" id="label_PercentageOfNonCurrentBondsAndFinancing_2">Percentage of non-current bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfNonCurrentBondsAndFinancing" xlink:to="label_PercentageOfNonCurrentBondsAndFinancing_2" xlink:title="Label : PercentageOfNonCurrentBondsAndFinancing to label_PercentageOfNonCurrentBondsAndFinancing_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfBondsAndFinancing" xlink:label="PercentageOfBondsAndFinancing" xlink:title="PercentageOfBondsAndFinancing" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfBondsAndFinancing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfBondsAndFinancing" xml:lang="en-US" id="label_PercentageOfBondsAndFinancing">Percentage of bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfBondsAndFinancing" xlink:to="label_PercentageOfBondsAndFinancing" xlink:title="Label : PercentageOfBondsAndFinancing to label_PercentageOfBondsAndFinancing" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfBondsAndFinancing_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfBondsAndFinancing_1" xml:lang="en-US" id="label_PercentageOfBondsAndFinancing_1">Percentage of bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfBondsAndFinancing" xlink:to="label_PercentageOfBondsAndFinancing_1" xlink:title="Label : PercentageOfBondsAndFinancing to label_PercentageOfBondsAndFinancing_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfBondsAndFinancing_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfBondsAndFinancing_2" xml:lang="en-US" id="label_PercentageOfBondsAndFinancing_2">The percentage of bonds and financing, outsatnding.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfBondsAndFinancing" xlink:to="label_PercentageOfBondsAndFinancing_2" xlink:title="Label : PercentageOfBondsAndFinancing to label_PercentageOfBondsAndFinancing_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MeasurementPeriodOneMember" xlink:label="MeasurementPeriodOneMember" xlink:title="MeasurementPeriodOneMember" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MeasurementPeriodOneMember" xml:lang="en-US" id="label_MeasurementPeriodOneMember">This member stands for information pertaining to measurement period one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodOneMember" xlink:to="label_MeasurementPeriodOneMember" xlink:title="Label : MeasurementPeriodOneMember to label_MeasurementPeriodOneMember" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MeasurementPeriodOneMember_1" xml:lang="en-US" id="label_MeasurementPeriodOneMember_1">2021 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodOneMember" xlink:to="label_MeasurementPeriodOneMember_1" xlink:title="Label : MeasurementPeriodOneMember to label_MeasurementPeriodOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodOneMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MeasurementPeriodOneMember_2" xml:lang="en-US" id="label_MeasurementPeriodOneMember_2">Measurement Period One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodOneMember" xlink:to="label_MeasurementPeriodOneMember_2" xlink:title="Label : MeasurementPeriodOneMember to label_MeasurementPeriodOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MeasurementPeriodTwoMember" xlink:label="MeasurementPeriodTwoMember" xlink:title="MeasurementPeriodTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MeasurementPeriodTwoMember" xml:lang="en-US" id="label_MeasurementPeriodTwoMember">This member stands for information pertaining to measurement period two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodTwoMember" xlink:to="label_MeasurementPeriodTwoMember" xlink:title="Label : MeasurementPeriodTwoMember to label_MeasurementPeriodTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MeasurementPeriodTwoMember_1" xml:lang="en-US" id="label_MeasurementPeriodTwoMember_1">2022 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodTwoMember" xlink:to="label_MeasurementPeriodTwoMember_1" xlink:title="Label : MeasurementPeriodTwoMember to label_MeasurementPeriodTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MeasurementPeriodTwoMember_2" xml:lang="en-US" id="label_MeasurementPeriodTwoMember_2">Measurement Period Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodTwoMember" xlink:to="label_MeasurementPeriodTwoMember_2" xlink:title="Label : MeasurementPeriodTwoMember to label_MeasurementPeriodTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MeasurementPeriodThreeMember" xlink:label="MeasurementPeriodThreeMember" xlink:title="MeasurementPeriodThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MeasurementPeriodThreeMember" xml:lang="en-US" id="label_MeasurementPeriodThreeMember">This member stands for information pertaining to measurement period three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodThreeMember" xlink:to="label_MeasurementPeriodThreeMember" xlink:title="Label : MeasurementPeriodThreeMember to label_MeasurementPeriodThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MeasurementPeriodThreeMember_1" xml:lang="en-US" id="label_MeasurementPeriodThreeMember_1">2023 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodThreeMember" xlink:to="label_MeasurementPeriodThreeMember_1" xlink:title="Label : MeasurementPeriodThreeMember to label_MeasurementPeriodThreeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MeasurementPeriodThreeMember_2" xml:lang="en-US" id="label_MeasurementPeriodThreeMember_2">Measurement Period Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodThreeMember" xlink:to="label_MeasurementPeriodThreeMember_2" xlink:title="Label : MeasurementPeriodThreeMember to label_MeasurementPeriodThreeMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MeasurementPeriodFourMember" xlink:label="MeasurementPeriodFourMember" xlink:title="MeasurementPeriodFourMember" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MeasurementPeriodFourMember" xml:lang="en-US" id="label_MeasurementPeriodFourMember">Measurement Period Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodFourMember" xlink:to="label_MeasurementPeriodFourMember" xlink:title="Label : MeasurementPeriodFourMember to label_MeasurementPeriodFourMember" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodFourMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MeasurementPeriodFourMember_1" xml:lang="en-US" id="label_MeasurementPeriodFourMember_1">2024 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodFourMember" xlink:to="label_MeasurementPeriodFourMember_1" xlink:title="Label : MeasurementPeriodFourMember to label_MeasurementPeriodFourMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodFourMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MeasurementPeriodFourMember_2" xml:lang="en-US" id="label_MeasurementPeriodFourMember_2">This member stands for information pertaining to measurement period four.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodFourMember" xlink:to="label_MeasurementPeriodFourMember_2" xlink:title="Label : MeasurementPeriodFourMember to label_MeasurementPeriodFourMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" xlink:label="PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" xlink:title="PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" xml:lang="en-US" id="label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization">Percentage Of Net Debt Adjusted Earnings Before Interest Income Taxes Depreciation And Amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" xlink:to="label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" xlink:title="Label : PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization to label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization_1" xml:lang="en-US" id="label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization_1">Percentage of net debt adjusted EBITDA ratio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" xlink:to="label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization_1" xlink:title="Label : PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization to label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization_2" xml:lang="en-US" id="label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization_2">The percentage of net debt adjusted earnings before interest, income taxes, depreciation and amortization.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" xlink:to="label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization_2" xlink:title="Label : PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization to label_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfConsecutivePeriods" xlink:label="NumberOfConsecutivePeriods" xlink:title="NumberOfConsecutivePeriods" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfConsecutivePeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfConsecutivePeriods" xml:lang="en-US" id="label_NumberOfConsecutivePeriods">Number Of Consecutive Periods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfConsecutivePeriods" xlink:to="label_NumberOfConsecutivePeriods" xlink:title="Label : NumberOfConsecutivePeriods to label_NumberOfConsecutivePeriods" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfConsecutivePeriods_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfConsecutivePeriods_1" xml:lang="en-US" id="label_NumberOfConsecutivePeriods_1">Number of consecutive periods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfConsecutivePeriods" xlink:to="label_NumberOfConsecutivePeriods_1" xlink:title="Label : NumberOfConsecutivePeriods to label_NumberOfConsecutivePeriods_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfConsecutivePeriods_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfConsecutivePeriods_2" xml:lang="en-US" id="label_NumberOfConsecutivePeriods_2">The number of consecutive periods required for net debt adjusted EBITDA ratio cannot be breched.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfConsecutivePeriods" xlink:to="label_NumberOfConsecutivePeriods_2" xlink:title="Label : NumberOfConsecutivePeriods to label_NumberOfConsecutivePeriods_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfAlternatePeriods" xlink:label="NumberOfAlternatePeriods" xlink:title="NumberOfAlternatePeriods" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfAlternatePeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfAlternatePeriods" xml:lang="en-US" id="label_NumberOfAlternatePeriods">Number Of Alternate Periods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAlternatePeriods" xlink:to="label_NumberOfAlternatePeriods" xlink:title="Label : NumberOfAlternatePeriods to label_NumberOfAlternatePeriods" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfAlternatePeriods_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfAlternatePeriods_1" xml:lang="en-US" id="label_NumberOfAlternatePeriods_1">Number of alternate periods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAlternatePeriods" xlink:to="label_NumberOfAlternatePeriods_1" xlink:title="Label : NumberOfAlternatePeriods to label_NumberOfAlternatePeriods_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfAlternatePeriods_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfAlternatePeriods_2" xml:lang="en-US" id="label_NumberOfAlternatePeriods_2">The number of alternate periods required for net debt adjusted EBITDA ratio cannot be breched.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAlternatePeriods" xlink:to="label_NumberOfAlternatePeriods_2" xlink:title="Label : NumberOfAlternatePeriods to label_NumberOfAlternatePeriods_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LocalSuppliers" xlink:label="LocalSuppliers" xlink:title="LocalSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_LocalSuppliers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LocalSuppliers" xml:lang="en-US" id="label_LocalSuppliers">Local Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalSuppliers" xlink:to="label_LocalSuppliers" xlink:title="Label : LocalSuppliers to label_LocalSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_LocalSuppliers_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LocalSuppliers_1" xml:lang="en-US" id="label_LocalSuppliers_1">Local suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalSuppliers" xlink:to="label_LocalSuppliers_1" xlink:title="Label : LocalSuppliers to label_LocalSuppliers_1" />
    <link:label xlink:type="resource" xlink:label="label_LocalSuppliers_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LocalSuppliers_2" xml:lang="en-US" id="label_LocalSuppliers_2">The amount payable to current local suppliers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalSuppliers" xlink:to="label_LocalSuppliers_2" xlink:title="Label : LocalSuppliers to label_LocalSuppliers_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RelatedPartiesSuppliers" xlink:label="RelatedPartiesSuppliers" xlink:title="RelatedPartiesSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_RelatedPartiesSuppliers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RelatedPartiesSuppliers" xml:lang="en-US" id="label_RelatedPartiesSuppliers">The amount payable to current related parties suppliers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesSuppliers" xlink:to="label_RelatedPartiesSuppliers" xlink:title="Label : RelatedPartiesSuppliers to label_RelatedPartiesSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_RelatedPartiesSuppliers_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RelatedPartiesSuppliers_1" xml:lang="en-US" id="label_RelatedPartiesSuppliers_1">Related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesSuppliers" xlink:to="label_RelatedPartiesSuppliers_1" xlink:title="Label : RelatedPartiesSuppliers to label_RelatedPartiesSuppliers_1" />
    <link:label xlink:type="resource" xlink:label="label_RelatedPartiesSuppliers_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RelatedPartiesSuppliers_2" xml:lang="en-US" id="label_RelatedPartiesSuppliers_2">Related Parties Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesSuppliers" xlink:to="label_RelatedPartiesSuppliers_2" xlink:title="Label : RelatedPartiesSuppliers to label_RelatedPartiesSuppliers_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CopyrightSuppliers" xlink:label="CopyrightSuppliers" xlink:title="CopyrightSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_CopyrightSuppliers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CopyrightSuppliers" xml:lang="en-US" id="label_CopyrightSuppliers">Copyright Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CopyrightSuppliers" xlink:to="label_CopyrightSuppliers" xlink:title="Label : CopyrightSuppliers to label_CopyrightSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_CopyrightSuppliers_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CopyrightSuppliers_1" xml:lang="en-US" id="label_CopyrightSuppliers_1">Copyright</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CopyrightSuppliers" xlink:to="label_CopyrightSuppliers_1" xlink:title="Label : CopyrightSuppliers to label_CopyrightSuppliers_1" />
    <link:label xlink:type="resource" xlink:label="label_CopyrightSuppliers_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CopyrightSuppliers_2" xml:lang="en-US" id="label_CopyrightSuppliers_2">The amount payable to current copyright suppliers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CopyrightSuppliers" xlink:to="label_CopyrightSuppliers_2" xlink:title="Label : CopyrightSuppliers to label_CopyrightSuppliers_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MaximumMaturityPeriodOfReverseFactoring" xlink:label="MaximumMaturityPeriodOfReverseFactoring" xlink:title="MaximumMaturityPeriodOfReverseFactoring" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMaturityPeriodOfReverseFactoring" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumMaturityPeriodOfReverseFactoring" xml:lang="en-US" id="label_MaximumMaturityPeriodOfReverseFactoring">Maximum maturity period of reverse factoring</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMaturityPeriodOfReverseFactoring" xlink:to="label_MaximumMaturityPeriodOfReverseFactoring" xlink:title="Label : MaximumMaturityPeriodOfReverseFactoring to label_MaximumMaturityPeriodOfReverseFactoring" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMaturityPeriodOfReverseFactoring_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumMaturityPeriodOfReverseFactoring_1" xml:lang="en-US" id="label_MaximumMaturityPeriodOfReverseFactoring_1">The maximum maturity period of reverse factoring related to trade suppliers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMaturityPeriodOfReverseFactoring" xlink:to="label_MaximumMaturityPeriodOfReverseFactoring_1" xlink:title="Label : MaximumMaturityPeriodOfReverseFactoring to label_MaximumMaturityPeriodOfReverseFactoring_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMaturityPeriodOfReverseFactoring_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumMaturityPeriodOfReverseFactoring_2" xml:lang="en-US" id="label_MaximumMaturityPeriodOfReverseFactoring_2">Maximum Maturity Period of Reverse Factoring</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMaturityPeriodOfReverseFactoring" xlink:to="label_MaximumMaturityPeriodOfReverseFactoring_2" xlink:title="Label : MaximumMaturityPeriodOfReverseFactoring to label_MaximumMaturityPeriodOfReverseFactoring_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AverageTermOfLeaseAgreements" xlink:label="AverageTermOfLeaseAgreements" xlink:title="AverageTermOfLeaseAgreements" />
    <link:label xlink:type="resource" xlink:label="label_AverageTermOfLeaseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AverageTermOfLeaseAgreements" xml:lang="en-US" id="label_AverageTermOfLeaseAgreements">Average Term of Lease Agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageTermOfLeaseAgreements" xlink:to="label_AverageTermOfLeaseAgreements" xlink:title="Label : AverageTermOfLeaseAgreements to label_AverageTermOfLeaseAgreements" />
    <link:label xlink:type="resource" xlink:label="label_AverageTermOfLeaseAgreements_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AverageTermOfLeaseAgreements_1" xml:lang="en-US" id="label_AverageTermOfLeaseAgreements_1">Average term of lease agreements (in years)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageTermOfLeaseAgreements" xlink:to="label_AverageTermOfLeaseAgreements_1" xlink:title="Label : AverageTermOfLeaseAgreements to label_AverageTermOfLeaseAgreements_1" />
    <link:label xlink:type="resource" xlink:label="label_AverageTermOfLeaseAgreements_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AverageTermOfLeaseAgreements_2" xml:lang="en-US" id="label_AverageTermOfLeaseAgreements_2">Represents the average term of lease agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageTermOfLeaseAgreements" xlink:to="label_AverageTermOfLeaseAgreements_2" xlink:title="Label : AverageTermOfLeaseAgreements to label_AverageTermOfLeaseAgreements_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LeaseAgreementsWeightedAverageDiscountRatePercent" xlink:label="LeaseAgreementsWeightedAverageDiscountRatePercent" xlink:title="LeaseAgreementsWeightedAverageDiscountRatePercent" />
    <link:label xlink:type="resource" xlink:label="label_LeaseAgreementsWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseAgreementsWeightedAverageDiscountRatePercent" xml:lang="en-US" id="label_LeaseAgreementsWeightedAverageDiscountRatePercent">Lease Agreements, Weighted Average Discount Rate, Percent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseAgreementsWeightedAverageDiscountRatePercent" xlink:to="label_LeaseAgreementsWeightedAverageDiscountRatePercent" xlink:title="Label : LeaseAgreementsWeightedAverageDiscountRatePercent to label_LeaseAgreementsWeightedAverageDiscountRatePercent" />
    <link:label xlink:type="resource" xlink:label="label_LeaseAgreementsWeightedAverageDiscountRatePercent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseAgreementsWeightedAverageDiscountRatePercent_1" xml:lang="en-US" id="label_LeaseAgreementsWeightedAverageDiscountRatePercent_1">Weighted average rate (%)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseAgreementsWeightedAverageDiscountRatePercent" xlink:to="label_LeaseAgreementsWeightedAverageDiscountRatePercent_1" xlink:title="Label : LeaseAgreementsWeightedAverageDiscountRatePercent to label_LeaseAgreementsWeightedAverageDiscountRatePercent_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseAgreementsWeightedAverageDiscountRatePercent_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseAgreementsWeightedAverageDiscountRatePercent_2" xml:lang="en-US" id="label_LeaseAgreementsWeightedAverageDiscountRatePercent_2">Represents the weighted average discount rate for lease agreement calculated at point in time.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseAgreementsWeightedAverageDiscountRatePercent" xlink:to="label_LeaseAgreementsWeightedAverageDiscountRatePercent_2" xlink:title="Label : LeaseAgreementsWeightedAverageDiscountRatePercent to label_LeaseAgreementsWeightedAverageDiscountRatePercent_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract" xlink:label="ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract" xlink:title="ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract" />
    <link:label xlink:type="resource" xlink:label="label_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract" xml:lang="en-US" id="label_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract">Reconciliation of Changes in Property, Plant and Equipment [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract" xlink:to="label_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract" xlink:title="Label : ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract to label_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract" />
    <link:label xlink:type="resource" xlink:label="label_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract_1" xml:lang="en-US" id="label_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract_1">Reconciliation of changes in lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract" xlink:to="label_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract_1" xlink:title="Label : ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract to label_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdditionsToNewLeaseAgreements" xlink:label="AdditionsToNewLeaseAgreements" xlink:title="AdditionsToNewLeaseAgreements" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToNewLeaseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsToNewLeaseAgreements" xml:lang="en-US" id="label_AdditionsToNewLeaseAgreements">Additions to New Lease Agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToNewLeaseAgreements" xlink:to="label_AdditionsToNewLeaseAgreements" xlink:title="Label : AdditionsToNewLeaseAgreements to label_AdditionsToNewLeaseAgreements" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToNewLeaseAgreements_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsToNewLeaseAgreements_1" xml:lang="en-US" id="label_AdditionsToNewLeaseAgreements_1">Additions for new lease agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToNewLeaseAgreements" xlink:to="label_AdditionsToNewLeaseAgreements_1" xlink:title="Label : AdditionsToNewLeaseAgreements to label_AdditionsToNewLeaseAgreements_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToNewLeaseAgreements_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionsToNewLeaseAgreements_2" xml:lang="en-US" id="label_AdditionsToNewLeaseAgreements_2">Represents the amount of addition in lease liabilities due to new lease agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToNewLeaseAgreements" xlink:to="label_AdditionsToNewLeaseAgreements_2" xlink:title="Label : AdditionsToNewLeaseAgreements to label_AdditionsToNewLeaseAgreements_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RenegotiationOfLeaseLiabilities" xlink:label="RenegotiationOfLeaseLiabilities" xlink:title="RenegotiationOfLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_RenegotiationOfLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RenegotiationOfLeaseLiabilities" xml:lang="en-US" id="label_RenegotiationOfLeaseLiabilities">Renegotiation of Lease Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RenegotiationOfLeaseLiabilities" xlink:to="label_RenegotiationOfLeaseLiabilities" xlink:title="Label : RenegotiationOfLeaseLiabilities to label_RenegotiationOfLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_RenegotiationOfLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RenegotiationOfLeaseLiabilities_1" xml:lang="en-US" id="label_RenegotiationOfLeaseLiabilities_1">The amount of renegotiation of lease liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RenegotiationOfLeaseLiabilities" xlink:to="label_RenegotiationOfLeaseLiabilities_1" xlink:title="Label : RenegotiationOfLeaseLiabilities to label_RenegotiationOfLeaseLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_RenegotiationOfLeaseLiabilities_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_RenegotiationOfLeaseLiabilities_2" xml:lang="en-US" id="label_RenegotiationOfLeaseLiabilities_2">Renegotiation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RenegotiationOfLeaseLiabilities" xlink:to="label_RenegotiationOfLeaseLiabilities_2" xlink:title="Label : RenegotiationOfLeaseLiabilities to label_RenegotiationOfLeaseLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CancellationOfLeaseAgreements" xlink:label="CancellationOfLeaseAgreements" xlink:title="CancellationOfLeaseAgreements" />
    <link:label xlink:type="resource" xlink:label="label_CancellationOfLeaseAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CancellationOfLeaseAgreements" xml:lang="en-US" id="label_CancellationOfLeaseAgreements">Represents the amount of cancellation on lease agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CancellationOfLeaseAgreements" xlink:to="label_CancellationOfLeaseAgreements" xlink:title="Label : CancellationOfLeaseAgreements to label_CancellationOfLeaseAgreements" />
    <link:label xlink:type="resource" xlink:label="label_CancellationOfLeaseAgreements_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CancellationOfLeaseAgreements_1" xml:lang="en-US" id="label_CancellationOfLeaseAgreements_1">Cancelled contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CancellationOfLeaseAgreements" xlink:to="label_CancellationOfLeaseAgreements_1" xlink:title="Label : CancellationOfLeaseAgreements to label_CancellationOfLeaseAgreements_1" />
    <link:label xlink:type="resource" xlink:label="label_CancellationOfLeaseAgreements_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CancellationOfLeaseAgreements_2" xml:lang="en-US" id="label_CancellationOfLeaseAgreements_2">Cancellation of Lease Agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CancellationOfLeaseAgreements" xlink:to="label_CancellationOfLeaseAgreements_2" xlink:title="Label : CancellationOfLeaseAgreements to label_CancellationOfLeaseAgreements_2" />
    <link:label xlink:type="resource" xlink:label="label_CancellationOfLeaseAgreements_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CancellationOfLeaseAgreements_3" xml:lang="en-US" id="label_CancellationOfLeaseAgreements_3">Non-monetary transaction, disposals of contracts of right of use assets and lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CancellationOfLeaseAgreements" xlink:to="label_CancellationOfLeaseAgreements_3" xlink:title="Label : CancellationOfLeaseAgreements to label_CancellationOfLeaseAgreements_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16" xlink:label="AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16" xlink:title="AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16" />
    <link:label xlink:type="resource" xlink:label="label_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16" xml:lang="en-US" id="label_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16">Renegotiation - COVID-19&#xA0;impact</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16" xlink:to="label_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16" xlink:title="Label : AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16 to label_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16" />
    <link:label xlink:type="resource" xlink:label="label_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16_1" xml:lang="en-US" id="label_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16_1">Amount recognised in profit or loss for reporting period to reflect changes in lease payments that arise from rent concessions occurring as direct consequence of covid-19 pandemic to which lessee applied practical expedient in paragraph 46A of IFRS 16</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16" xlink:to="label_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16_1" xlink:title="Label : AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16 to label_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestExpenseRecognisedOnLeaseLiabilities" xlink:label="InterestExpenseRecognisedOnLeaseLiabilities" xlink:title="InterestExpenseRecognisedOnLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseRecognisedOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestExpenseRecognisedOnLeaseLiabilities" xml:lang="en-US" id="label_InterestExpenseRecognisedOnLeaseLiabilities">Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseRecognisedOnLeaseLiabilities" xlink:to="label_InterestExpenseRecognisedOnLeaseLiabilities" xlink:title="Label : InterestExpenseRecognisedOnLeaseLiabilities to label_InterestExpenseRecognisedOnLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseRecognisedOnLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestExpenseRecognisedOnLeaseLiabilities_1" xml:lang="en-US" id="label_InterestExpenseRecognisedOnLeaseLiabilities_1">The amount of interest expense recognised on lease liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseRecognisedOnLeaseLiabilities" xlink:to="label_InterestExpenseRecognisedOnLeaseLiabilities_1" xlink:title="Label : InterestExpenseRecognisedOnLeaseLiabilities to label_InterestExpenseRecognisedOnLeaseLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseRecognisedOnLeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpenseRecognisedOnLeaseLiabilities_2" xml:lang="en-US" id="label_InterestExpenseRecognisedOnLeaseLiabilities_2">Interest Expense Recognised on Lease Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseRecognisedOnLeaseLiabilities" xlink:to="label_InterestExpenseRecognisedOnLeaseLiabilities_2" xlink:title="Label : InterestExpenseRecognisedOnLeaseLiabilities to label_InterestExpenseRecognisedOnLeaseLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TermOfNewSubleaseAgreements" xlink:label="TermOfNewSubleaseAgreements" xlink:title="TermOfNewSubleaseAgreements" />
    <link:label xlink:type="resource" xlink:label="label_TermOfNewSubleaseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TermOfNewSubleaseAgreements" xml:lang="en-US" id="label_TermOfNewSubleaseAgreements">Term of New Sublease Agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfNewSubleaseAgreements" xlink:to="label_TermOfNewSubleaseAgreements" xlink:title="Label : TermOfNewSubleaseAgreements to label_TermOfNewSubleaseAgreements" />
    <link:label xlink:type="resource" xlink:label="label_TermOfNewSubleaseAgreements_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TermOfNewSubleaseAgreements_1" xml:lang="en-US" id="label_TermOfNewSubleaseAgreements_1">Term of new sublease agreements (in months)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfNewSubleaseAgreements" xlink:to="label_TermOfNewSubleaseAgreements_1" xlink:title="Label : TermOfNewSubleaseAgreements to label_TermOfNewSubleaseAgreements_1" />
    <link:label xlink:type="resource" xlink:label="label_TermOfNewSubleaseAgreements_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TermOfNewSubleaseAgreements_2" xml:lang="en-US" id="label_TermOfNewSubleaseAgreements_2">Represents the term of sublease agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfNewSubleaseAgreements" xlink:to="label_TermOfNewSubleaseAgreements_2" xlink:title="Label : TermOfNewSubleaseAgreements to label_TermOfNewSubleaseAgreements_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" xlink:label="LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" xlink:title="LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" />
    <link:label xlink:type="resource" xlink:label="label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" xml:lang="en-US" id="label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent">Lease Agreements, Minimum Weighted Average Discount Rate, Percent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" xlink:to="label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" xlink:title="Label : LeaseAgreementsMinimumWeightedAverageDiscountRatePercent to label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" />
    <link:label xlink:type="resource" xlink:label="label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent_1" xml:lang="en-US" id="label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent_1">Minimum weighted average rate (%)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" xlink:to="label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent_1" xlink:title="Label : LeaseAgreementsMinimumWeightedAverageDiscountRatePercent to label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent_2" xml:lang="en-US" id="label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent_2">Represents the minimum weighted average discount rate for lease agreement calculated at point in time.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" xlink:to="label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent_2" xlink:title="Label : LeaseAgreementsMinimumWeightedAverageDiscountRatePercent to label_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" xlink:label="LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" xlink:title="LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" />
    <link:label xlink:type="resource" xlink:label="label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" xml:lang="en-US" id="label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent">Lease Agreements, Maximum Weighted Average Discount Rate, Percent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" xlink:to="label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" xlink:title="Label : LeaseAgreementsMaximumWeightedAverageDiscountRatePercent to label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" />
    <link:label xlink:type="resource" xlink:label="label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent_1" xml:lang="en-US" id="label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent_1">Maximum weighted average rate (%)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" xlink:to="label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent_1" xlink:title="Label : LeaseAgreementsMaximumWeightedAverageDiscountRatePercent to label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent_2" xml:lang="en-US" id="label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent_2">Represents the maximum weighted average discount rate for lease agreement calculated at point in time.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" xlink:to="label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent_2" xlink:title="Label : LeaseAgreementsMaximumWeightedAverageDiscountRatePercent to label_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MaximumShortTermLeasePeriodOfLeaseAgreements" xlink:label="MaximumShortTermLeasePeriodOfLeaseAgreements" xlink:title="MaximumShortTermLeasePeriodOfLeaseAgreements" />
    <link:label xlink:type="resource" xlink:label="label_MaximumShortTermLeasePeriodOfLeaseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumShortTermLeasePeriodOfLeaseAgreements" xml:lang="en-US" id="label_MaximumShortTermLeasePeriodOfLeaseAgreements">Maximum Short-term Lease Period of Lease Agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumShortTermLeasePeriodOfLeaseAgreements" xlink:to="label_MaximumShortTermLeasePeriodOfLeaseAgreements" xlink:title="Label : MaximumShortTermLeasePeriodOfLeaseAgreements to label_MaximumShortTermLeasePeriodOfLeaseAgreements" />
    <link:label xlink:type="resource" xlink:label="label_MaximumShortTermLeasePeriodOfLeaseAgreements_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumShortTermLeasePeriodOfLeaseAgreements_1" xml:lang="en-US" id="label_MaximumShortTermLeasePeriodOfLeaseAgreements_1">Short-term lease period (in months)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumShortTermLeasePeriodOfLeaseAgreements" xlink:to="label_MaximumShortTermLeasePeriodOfLeaseAgreements_1" xlink:title="Label : MaximumShortTermLeasePeriodOfLeaseAgreements to label_MaximumShortTermLeasePeriodOfLeaseAgreements_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumShortTermLeasePeriodOfLeaseAgreements_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumShortTermLeasePeriodOfLeaseAgreements_2" xml:lang="en-US" id="label_MaximumShortTermLeasePeriodOfLeaseAgreements_2">Represents the maximum short term lease period of lease agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumShortTermLeasePeriodOfLeaseAgreements" xlink:to="label_MaximumShortTermLeasePeriodOfLeaseAgreements_2" xlink:title="Label : MaximumShortTermLeasePeriodOfLeaseAgreements to label_MaximumShortTermLeasePeriodOfLeaseAgreements_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FixedAndVariableLeasePaymentsAbstract" xlink:label="FixedAndVariableLeasePaymentsAbstract" xlink:title="FixedAndVariableLeasePaymentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FixedAndVariableLeasePaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedAndVariableLeasePaymentsAbstract" xml:lang="en-US" id="label_FixedAndVariableLeasePaymentsAbstract">Fixed and Variable Lease Payments [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedAndVariableLeasePaymentsAbstract" xlink:to="label_FixedAndVariableLeasePaymentsAbstract" xlink:title="Label : FixedAndVariableLeasePaymentsAbstract to label_FixedAndVariableLeasePaymentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FixedAndVariableLeasePaymentsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FixedAndVariableLeasePaymentsAbstract_1" xml:lang="en-US" id="label_FixedAndVariableLeasePaymentsAbstract_1">Fixed and variable lease payments, including those related to short-term contracts and to low-value assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedAndVariableLeasePaymentsAbstract" xlink:to="label_FixedAndVariableLeasePaymentsAbstract_1" xlink:title="Label : FixedAndVariableLeasePaymentsAbstract to label_FixedAndVariableLeasePaymentsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:label="ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:title="ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xml:lang="en-US" id="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed">Expense relating to short-term leases for which recognition exemption has been used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:to="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:title="Label : ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed to label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_1" xml:lang="en-US" id="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_1">Fixed Payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:to="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_1" xlink:title="Label : ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed to label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:label="ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:title="ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xml:lang="en-US" id="label_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities">Expense relating to variable lease payments not included in measurement of lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:to="label_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:title="Label : ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities to label_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities_1" xml:lang="en-US" id="label_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities_1">Payments related to short-term contracts and low value assets, variable price contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:to="label_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities_1" xlink:title="Label : ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities to label_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AggregateFixedAndVariableLeasePayments" xlink:label="AggregateFixedAndVariableLeasePayments" xlink:title="AggregateFixedAndVariableLeasePayments" />
    <link:label xlink:type="resource" xlink:label="label_AggregateFixedAndVariableLeasePayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AggregateFixedAndVariableLeasePayments" xml:lang="en-US" id="label_AggregateFixedAndVariableLeasePayments">Aggregate Fixed and Variable Lease Payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregateFixedAndVariableLeasePayments" xlink:to="label_AggregateFixedAndVariableLeasePayments" xlink:title="Label : AggregateFixedAndVariableLeasePayments to label_AggregateFixedAndVariableLeasePayments" />
    <link:label xlink:type="resource" xlink:label="label_AggregateFixedAndVariableLeasePayments_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AggregateFixedAndVariableLeasePayments_1" xml:lang="en-US" id="label_AggregateFixedAndVariableLeasePayments_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregateFixedAndVariableLeasePayments" xlink:to="label_AggregateFixedAndVariableLeasePayments_1" xlink:title="Label : AggregateFixedAndVariableLeasePayments to label_AggregateFixedAndVariableLeasePayments_1" />
    <link:label xlink:type="resource" xlink:label="label_AggregateFixedAndVariableLeasePayments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AggregateFixedAndVariableLeasePayments_2" xml:lang="en-US" id="label_AggregateFixedAndVariableLeasePayments_2">Represents the aggregate amount of fixed and variable lease payments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregateFixedAndVariableLeasePayments" xlink:to="label_AggregateFixedAndVariableLeasePayments_2" xlink:title="Label : AggregateFixedAndVariableLeasePayments to label_AggregateFixedAndVariableLeasePayments_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ContractLiabilitiesAndDeferredIncomeTable" xlink:label="ContractLiabilitiesAndDeferredIncomeTable" xlink:title="ContractLiabilitiesAndDeferredIncomeTable" />
    <link:label xlink:type="resource" xlink:label="label_ContractLiabilitiesAndDeferredIncomeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContractLiabilitiesAndDeferredIncomeTable" xml:lang="en-US" id="label_ContractLiabilitiesAndDeferredIncomeTable">Schedule disclosing information related to the liabilities from contracts with customers and deferred income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractLiabilitiesAndDeferredIncomeTable" xlink:to="label_ContractLiabilitiesAndDeferredIncomeTable" xlink:title="Label : ContractLiabilitiesAndDeferredIncomeTable to label_ContractLiabilitiesAndDeferredIncomeTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ConsolidatedStructuredEntitiesAxis" xlink:label="ConsolidatedStructuredEntitiesAxis" xlink:title="ConsolidatedStructuredEntitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ConsolidatedStructuredEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConsolidatedStructuredEntitiesAxis" xml:lang="en-US" id="label_ConsolidatedStructuredEntitiesAxis">Consolidated structured entities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedStructuredEntitiesAxis" xlink:to="label_ConsolidatedStructuredEntitiesAxis" xlink:title="Label : ConsolidatedStructuredEntitiesAxis to label_ConsolidatedStructuredEntitiesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EntitysTotalForConsolidatedStructuredEntitiesMember" xlink:label="EntitysTotalForConsolidatedStructuredEntitiesMember" xlink:title="EntitysTotalForConsolidatedStructuredEntitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForConsolidatedStructuredEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForConsolidatedStructuredEntitiesMember" xml:lang="en-US" id="label_EntitysTotalForConsolidatedStructuredEntitiesMember">Entity's total for consolidated structured entities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForConsolidatedStructuredEntitiesMember" xlink:to="label_EntitysTotalForConsolidatedStructuredEntitiesMember" xlink:title="Label : EntitysTotalForConsolidatedStructuredEntitiesMember to label_EntitysTotalForConsolidatedStructuredEntitiesMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PredecessorsMember" xlink:label="PredecessorsMember" xlink:title="PredecessorsMember" />
    <link:label xlink:type="resource" xlink:label="label_PredecessorsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PredecessorsMember" xml:lang="en-US" id="label_PredecessorsMember">Predecessors [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PredecessorsMember" xlink:to="label_PredecessorsMember" xlink:title="Label : PredecessorsMember to label_PredecessorsMember" />
    <link:label xlink:type="resource" xlink:label="label_PredecessorsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PredecessorsMember_1" xml:lang="en-US" id="label_PredecessorsMember_1">This member stands for the designation of financial information as pertaining to a predecessor company or plan as defined in the context of the financial statements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PredecessorsMember" xlink:to="label_PredecessorsMember_1" xlink:title="Label : PredecessorsMember to label_PredecessorsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PredecessorsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PredecessorsMember_2" xml:lang="en-US" id="label_PredecessorsMember_2">Somos - Anglo (Predecessor)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PredecessorsMember" xlink:to="label_PredecessorsMember_2" xlink:title="Label : PredecessorsMember to label_PredecessorsMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis" xlink:label="TypesOfContractLiabilitiesAndDeferredIncomeAxis" xlink:title="TypesOfContractLiabilitiesAndDeferredIncomeAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfContractLiabilitiesAndDeferredIncomeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfContractLiabilitiesAndDeferredIncomeAxis" xml:lang="en-US" id="label_TypesOfContractLiabilitiesAndDeferredIncomeAxis">Types of Contract Liabilities and Deferred Income [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfContractLiabilitiesAndDeferredIncomeAxis" xlink:to="label_TypesOfContractLiabilitiesAndDeferredIncomeAxis" xlink:title="Label : TypesOfContractLiabilitiesAndDeferredIncomeAxis to label_TypesOfContractLiabilitiesAndDeferredIncomeAxis" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TypesOfContractLiabilitiesAndDeferredIncomeMember" xlink:label="TypesOfContractLiabilitiesAndDeferredIncomeMember" xlink:title="TypesOfContractLiabilitiesAndDeferredIncomeMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfContractLiabilitiesAndDeferredIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfContractLiabilitiesAndDeferredIncomeMember" xml:lang="en-US" id="label_TypesOfContractLiabilitiesAndDeferredIncomeMember">Types of Contract Liabilities and Deferred Income [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfContractLiabilitiesAndDeferredIncomeMember" xlink:to="label_TypesOfContractLiabilitiesAndDeferredIncomeMember" xlink:title="Label : TypesOfContractLiabilitiesAndDeferredIncomeMember to label_TypesOfContractLiabilitiesAndDeferredIncomeMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RefundLiabilityMember" xlink:label="RefundLiabilityMember" xlink:title="RefundLiabilityMember" />
    <link:label xlink:type="resource" xlink:label="label_RefundLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RefundLiabilityMember" xml:lang="en-US" id="label_RefundLiabilityMember">Refund liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RefundLiabilityMember" xlink:to="label_RefundLiabilityMember" xlink:title="Label : RefundLiabilityMember to label_RefundLiabilityMember" />
    <link:label xlink:type="resource" xlink:label="label_RefundLiabilityMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RefundLiabilityMember_1" xml:lang="en-US" id="label_RefundLiabilityMember_1">This member stands for refund liability componenet of contract liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RefundLiabilityMember" xlink:to="label_RefundLiabilityMember_1" xlink:title="Label : RefundLiabilityMember to label_RefundLiabilityMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RefundLiabilityMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RefundLiabilityMember_2" xml:lang="en-US" id="label_RefundLiabilityMember_2">Refund Liability [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RefundLiabilityMember" xlink:to="label_RefundLiabilityMember_2" xlink:title="Label : RefundLiabilityMember to label_RefundLiabilityMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:label="PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:title="PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xml:lang="en-US" id="label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities">Purchase of investment in marketable securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:to="label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:title="Label : PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities to label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_1" xml:lang="en-US" id="label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_1">Purchase of investment in marketable securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:to="label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_1" xlink:title="Label : PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities to label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_1" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities_1" xml:lang="en-US" id="label_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities_1">Proceeds from investment in marketable securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:to="label_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities_1" xlink:title="Label : ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities to label_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DeferredIncomeInLeasebackAgreementMember" xlink:label="DeferredIncomeInLeasebackAgreementMember" xlink:title="DeferredIncomeInLeasebackAgreementMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeInLeasebackAgreementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredIncomeInLeasebackAgreementMember" xml:lang="en-US" id="label_DeferredIncomeInLeasebackAgreementMember">Deferred income in leaseback agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeInLeasebackAgreementMember" xlink:to="label_DeferredIncomeInLeasebackAgreementMember" xlink:title="Label : DeferredIncomeInLeasebackAgreementMember to label_DeferredIncomeInLeasebackAgreementMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeInLeasebackAgreementMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredIncomeInLeasebackAgreementMember_1" xml:lang="en-US" id="label_DeferredIncomeInLeasebackAgreementMember_1">This member stands for deferred income in leaseback agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeInLeasebackAgreementMember" xlink:to="label_DeferredIncomeInLeasebackAgreementMember_1" xlink:title="Label : DeferredIncomeInLeasebackAgreementMember to label_DeferredIncomeInLeasebackAgreementMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeInLeasebackAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredIncomeInLeasebackAgreementMember_2" xml:lang="en-US" id="label_DeferredIncomeInLeasebackAgreementMember_2">Deferred Income in Leaseback Agreement [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeInLeasebackAgreementMember" xlink:to="label_DeferredIncomeInLeasebackAgreementMember_2" xlink:title="Label : DeferredIncomeInLeasebackAgreementMember to label_DeferredIncomeInLeasebackAgreementMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherContractLiabilitiesMember" xlink:label="OtherContractLiabilitiesMember" xlink:title="OtherContractLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherContractLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherContractLiabilitiesMember" xml:lang="en-US" id="label_OtherContractLiabilitiesMember">Other contractual obligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherContractLiabilitiesMember" xlink:to="label_OtherContractLiabilitiesMember" xlink:title="Label : OtherContractLiabilitiesMember to label_OtherContractLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherContractLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherContractLiabilitiesMember_1" xml:lang="en-US" id="label_OtherContractLiabilitiesMember_1">This member stands for other contract liabilities not separately disclosed elsewhere.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherContractLiabilitiesMember" xlink:to="label_OtherContractLiabilitiesMember_1" xlink:title="Label : OtherContractLiabilitiesMember to label_OtherContractLiabilitiesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherContractLiabilitiesMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherContractLiabilitiesMember_2" xml:lang="en-US" id="label_OtherContractLiabilitiesMember_2">Other contract liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherContractLiabilitiesMember" xlink:to="label_OtherContractLiabilitiesMember_2" xlink:title="Label : OtherContractLiabilitiesMember to label_OtherContractLiabilitiesMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems" xlink:label="DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems" xlink:title="DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems" xml:lang="en-US" id="label_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems">Contract obligations and deferred income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems" xlink:to="label_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems" xlink:title="Label : DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems to label_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems_1" xml:lang="en-US" id="label_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems_1">Disclosure of Contract Liabilities and Deferred Income [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems" xlink:to="label_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems_1" xlink:title="Label : DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems to label_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DeferredIncomeIncludingContractLiabilities" xlink:label="DeferredIncomeIncludingContractLiabilities" xlink:title="DeferredIncomeIncludingContractLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeIncludingContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DeferredIncomeIncludingContractLiabilities" xml:lang="en-US" id="label_DeferredIncomeIncludingContractLiabilities">Contractual obligations and deferred income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeIncludingContractLiabilities" xlink:to="label_DeferredIncomeIncludingContractLiabilities" xlink:title="Label : DeferredIncomeIncludingContractLiabilities to label_DeferredIncomeIncludingContractLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeIncludingContractLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_DeferredIncomeIncludingContractLiabilities_1" xml:lang="en-US" id="label_DeferredIncomeIncludingContractLiabilities_1">Contractual obligations and deferred income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeIncludingContractLiabilities" xlink:to="label_DeferredIncomeIncludingContractLiabilities_1" xlink:title="Label : DeferredIncomeIncludingContractLiabilities to label_DeferredIncomeIncludingContractLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeIncludingContractLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredIncomeIncludingContractLiabilities_2" xml:lang="en-US" id="label_DeferredIncomeIncludingContractLiabilities_2">Deferred income including contract liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeIncludingContractLiabilities" xlink:to="label_DeferredIncomeIncludingContractLiabilities_2" xlink:title="Label : DeferredIncomeIncludingContractLiabilities to label_DeferredIncomeIncludingContractLiabilities_2" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeIncludingContractLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredIncomeIncludingContractLiabilities_3" xml:lang="en-US" id="label_DeferredIncomeIncludingContractLiabilities_3">Contractual obligations and deferred income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeIncludingContractLiabilities" xlink:to="label_DeferredIncomeIncludingContractLiabilities_3" xlink:title="Label : DeferredIncomeIncludingContractLiabilities to label_DeferredIncomeIncludingContractLiabilities_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:title="ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
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    <link:label xlink:type="resource" xlink:label="label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_1" xml:lang="en-US" id="label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_1">Proceeds from sale of property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_1" xlink:title="Label : ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities to label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DeferredIncomeOtherThanContractLiabilities" xlink:label="DeferredIncomeOtherThanContractLiabilities" xlink:title="DeferredIncomeOtherThanContractLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeOtherThanContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredIncomeOtherThanContractLiabilities" xml:lang="en-US" id="label_DeferredIncomeOtherThanContractLiabilities">Deferred income other than contract liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeOtherThanContractLiabilities" xlink:to="label_DeferredIncomeOtherThanContractLiabilities" xlink:title="Label : DeferredIncomeOtherThanContractLiabilities to label_DeferredIncomeOtherThanContractLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeOtherThanContractLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredIncomeOtherThanContractLiabilities_1" xml:lang="en-US" id="label_DeferredIncomeOtherThanContractLiabilities_1">Deferred income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeOtherThanContractLiabilities" xlink:to="label_DeferredIncomeOtherThanContractLiabilities_1" xlink:title="Label : DeferredIncomeOtherThanContractLiabilities to label_DeferredIncomeOtherThanContractLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LeaseTerm" xlink:label="LeaseTerm" xlink:title="LeaseTerm" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseTerm" xlink:to="label_LeaseTerm" xlink:title="Label : LeaseTerm to label_LeaseTerm" />
    <link:label xlink:type="resource" xlink:label="label_LeaseTerm_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseTerm_1" xml:lang="en-US" id="label_LeaseTerm_1">Represents the lease term.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseTerm" xlink:to="label_LeaseTerm_1" xlink:title="Label : LeaseTerm to label_LeaseTerm_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseTerm_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseTerm_2" xml:lang="en-US" id="label_LeaseTerm_2">Lease term of the property</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseTerm" xlink:to="label_LeaseTerm_2" xlink:title="Label : LeaseTerm to label_LeaseTerm_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfAccountsPayableForBusinessCombinationTable" xlink:label="DisclosureOfAccountsPayableForBusinessCombinationTable" xlink:title="DisclosureOfAccountsPayableForBusinessCombinationTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfAccountsPayableForBusinessCombinationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfAccountsPayableForBusinessCombinationTable" xml:lang="en-US" id="label_DisclosureOfAccountsPayableForBusinessCombinationTable">Disclosure of accounts payable for business combination [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAccountsPayableForBusinessCombinationTable" xlink:to="label_DisclosureOfAccountsPayableForBusinessCombinationTable" xlink:title="Label : DisclosureOfAccountsPayableForBusinessCombinationTable to label_DisclosureOfAccountsPayableForBusinessCombinationTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfAccountsPayableForBusinessCombinationTable_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfAccountsPayableForBusinessCombinationTable_1" xml:lang="en-US" id="label_DisclosureOfAccountsPayableForBusinessCombinationTable_1">Schedule disclosing information related to accounts payable for business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAccountsPayableForBusinessCombinationTable" xlink:to="label_DisclosureOfAccountsPayableForBusinessCombinationTable_1" xlink:title="Label : DisclosureOfAccountsPayableForBusinessCombinationTable to label_DisclosureOfAccountsPayableForBusinessCombinationTable_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SociedadeEducationalDaLagoaLtdaMember" xlink:label="SociedadeEducationalDaLagoaLtdaMember" xlink:title="SociedadeEducationalDaLagoaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducationalDaLagoaLtdaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SociedadeEducationalDaLagoaLtdaMember" xml:lang="en-US" id="label_SociedadeEducationalDaLagoaLtdaMember">SEL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducationalDaLagoaLtdaMember" xlink:to="label_SociedadeEducationalDaLagoaLtdaMember" xlink:title="Label : SociedadeEducationalDaLagoaLtdaMember to label_SociedadeEducationalDaLagoaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducationalDaLagoaLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SociedadeEducationalDaLagoaLtdaMember_1" xml:lang="en-US" id="label_SociedadeEducationalDaLagoaLtdaMember_1">This member stands for the information pertaining to "Sociedade Educational da Lagoa Ltda.(&#x201C;SEL&#x201D;)".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducationalDaLagoaLtdaMember" xlink:to="label_SociedadeEducationalDaLagoaLtdaMember_1" xlink:title="Label : SociedadeEducationalDaLagoaLtdaMember to label_SociedadeEducationalDaLagoaLtdaMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducationalDaLagoaLtdaMember" xlink:to="label_SociedadeEducationalDaLagoaLtdaMember_2" xlink:title="Label : SociedadeEducationalDaLagoaLtdaMember to label_SociedadeEducationalDaLagoaLtdaMember_2" />
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    <link:label xlink:type="resource" xlink:label="label_Nota1000ServicosEducacionaisLtdaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Nota1000ServicosEducacionaisLtdaMember" xml:lang="en-US" id="label_Nota1000ServicosEducacionaisLtdaMember">This member stands for the information pertaining to "Nota 1000 Servi&#xE7;os Educacionais S.A (&#x201C;Reda&#xE7;&#xE3;o Nota 1000&#x201D;)".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Nota1000ServicosEducacionaisLtdaMember" xlink:to="label_Nota1000ServicosEducacionaisLtdaMember" xlink:title="Label : Nota1000ServicosEducacionaisLtdaMember to label_Nota1000ServicosEducacionaisLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_Nota1000ServicosEducacionaisLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Nota1000ServicosEducacionaisLtdaMember_1" xml:lang="en-US" id="label_Nota1000ServicosEducacionaisLtdaMember_1">Nota 1000 Servi&#xE7;os Educacionais S.A. [member]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAccountsPayableForBusinessCombinationLineItems" xlink:to="label_DisclosureOfAccountsPayableForBusinessCombinationLineItems_1" xlink:title="Label : DisclosureOfAccountsPayableForBusinessCombinationLineItems to label_DisclosureOfAccountsPayableForBusinessCombinationLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract" xlink:label="ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract" xlink:title="ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract" xml:lang="en-US" id="label_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract">Reconciliation of changes in accounts payable for business combination and acquisition of associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract" xlink:to="label_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract" xlink:title="Label : ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract to label_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract_1" xml:lang="en-US" id="label_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract_1">Reconciliation of changes in accounts payable for business combination [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract" xlink:to="label_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract_1" xlink:title="Label : ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract to label_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdditionsToAccountsPayableForBusinessCombination" xlink:label="AdditionsToAccountsPayableForBusinessCombination" xlink:title="AdditionsToAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToAccountsPayableForBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsToAccountsPayableForBusinessCombination" xml:lang="en-US" id="label_AdditionsToAccountsPayableForBusinessCombination">Additions to Accounts Payable for Business Combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToAccountsPayableForBusinessCombination" xlink:to="label_AdditionsToAccountsPayableForBusinessCombination" xlink:title="Label : AdditionsToAccountsPayableForBusinessCombination to label_AdditionsToAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToAccountsPayableForBusinessCombination_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsToAccountsPayableForBusinessCombination_1" xml:lang="en-US" id="label_AdditionsToAccountsPayableForBusinessCombination_1">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToAccountsPayableForBusinessCombination" xlink:to="label_AdditionsToAccountsPayableForBusinessCombination_1" xlink:title="Label : AdditionsToAccountsPayableForBusinessCombination to label_AdditionsToAccountsPayableForBusinessCombination_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToAccountsPayableForBusinessCombination_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionsToAccountsPayableForBusinessCombination_2" xml:lang="en-US" id="label_AdditionsToAccountsPayableForBusinessCombination_2">The amount of additions to accounts payable for business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToAccountsPayableForBusinessCombination" xlink:to="label_AdditionsToAccountsPayableForBusinessCombination_2" xlink:title="Label : AdditionsToAccountsPayableForBusinessCombination to label_AdditionsToAccountsPayableForBusinessCombination_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncontrollingInterests" xlink:label="NoncontrollingInterests" xlink:title="NoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncontrollingInterests" xml:lang="en-US" id="label_NoncontrollingInterests">Minority shareholder interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterests" xlink:to="label_NoncontrollingInterests" xlink:title="Label : NoncontrollingInterests to label_NoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_1" xml:lang="en-US" id="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_1">Proportion of ownership interests held by minority shareholder</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:to="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_1" xlink:title="Label : ProportionOfOwnershipInterestsHeldByNoncontrollingInterests to label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestAdjustmentOnAccountsPayableForBusinessCombination" xlink:label="InterestAdjustmentOnAccountsPayableForBusinessCombination" xlink:title="InterestAdjustmentOnAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_InterestAdjustmentOnAccountsPayableForBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_InterestAdjustmentOnAccountsPayableForBusinessCombination" xml:lang="en-US" id="label_InterestAdjustmentOnAccountsPayableForBusinessCombination">Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAdjustmentOnAccountsPayableForBusinessCombination" xlink:to="label_InterestAdjustmentOnAccountsPayableForBusinessCombination" xlink:title="Label : InterestAdjustmentOnAccountsPayableForBusinessCombination to label_InterestAdjustmentOnAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_InterestAdjustmentOnAccountsPayableForBusinessCombination_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestAdjustmentOnAccountsPayableForBusinessCombination_1" xml:lang="en-US" id="label_InterestAdjustmentOnAccountsPayableForBusinessCombination_1">Interest Adjustment on Accounts Payable for Business Combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAdjustmentOnAccountsPayableForBusinessCombination" xlink:to="label_InterestAdjustmentOnAccountsPayableForBusinessCombination_1" xlink:title="Label : InterestAdjustmentOnAccountsPayableForBusinessCombination to label_InterestAdjustmentOnAccountsPayableForBusinessCombination_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestAdjustmentOnAccountsPayableForBusinessCombination_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestAdjustmentOnAccountsPayableForBusinessCombination_2" xml:lang="en-US" id="label_InterestAdjustmentOnAccountsPayableForBusinessCombination_2">Interest adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAdjustmentOnAccountsPayableForBusinessCombination" xlink:to="label_InterestAdjustmentOnAccountsPayableForBusinessCombination_2" xlink:title="Label : InterestAdjustmentOnAccountsPayableForBusinessCombination to label_InterestAdjustmentOnAccountsPayableForBusinessCombination_2" />
    <link:label xlink:type="resource" xlink:label="label_InterestAdjustmentOnAccountsPayableForBusinessCombination_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestAdjustmentOnAccountsPayableForBusinessCombination_3" xml:lang="en-US" id="label_InterestAdjustmentOnAccountsPayableForBusinessCombination_3">The amount of interest adjustments on accounts payable for business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAdjustmentOnAccountsPayableForBusinessCombination" xlink:to="label_InterestAdjustmentOnAccountsPayableForBusinessCombination_3" xlink:title="Label : InterestAdjustmentOnAccountsPayableForBusinessCombination to label_InterestAdjustmentOnAccountsPayableForBusinessCombination_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RemeasurementOnAccountsPayableForBusinessCombination" xlink:label="RemeasurementOnAccountsPayableForBusinessCombination" xlink:title="RemeasurementOnAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_RemeasurementOnAccountsPayableForBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RemeasurementOnAccountsPayableForBusinessCombination" xml:lang="en-US" id="label_RemeasurementOnAccountsPayableForBusinessCombination">Remeasurement On Accounts Payable For Business Combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemeasurementOnAccountsPayableForBusinessCombination" xlink:to="label_RemeasurementOnAccountsPayableForBusinessCombination" xlink:title="Label : RemeasurementOnAccountsPayableForBusinessCombination to label_RemeasurementOnAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_RemeasurementOnAccountsPayableForBusinessCombination_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_RemeasurementOnAccountsPayableForBusinessCombination_1" xml:lang="en-US" id="label_RemeasurementOnAccountsPayableForBusinessCombination_1">Remeasurement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemeasurementOnAccountsPayableForBusinessCombination" xlink:to="label_RemeasurementOnAccountsPayableForBusinessCombination_1" xlink:title="Label : RemeasurementOnAccountsPayableForBusinessCombination to label_RemeasurementOnAccountsPayableForBusinessCombination_1" />
    <link:label xlink:type="resource" xlink:label="label_RemeasurementOnAccountsPayableForBusinessCombination_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RemeasurementOnAccountsPayableForBusinessCombination_2" xml:lang="en-US" id="label_RemeasurementOnAccountsPayableForBusinessCombination_2">The amount of remeasurement on accounts payable for business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemeasurementOnAccountsPayableForBusinessCombination" xlink:to="label_RemeasurementOnAccountsPayableForBusinessCombination_2" xlink:title="Label : RemeasurementOnAccountsPayableForBusinessCombination to label_RemeasurementOnAccountsPayableForBusinessCombination_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:label="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:title="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">Two to three years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:title="Label : LaterThanTwoYearsAndNotLaterThanThreeYearsMember to label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:label="LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:title="LaterThanFourYearsAndNotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember">Later than four years and not later than five years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:title="Label : LaterThanFourYearsAndNotLaterThanFiveYearsMember to label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfAccountsPayableForBusinessCombination" xlink:label="PercentageOfAccountsPayableForBusinessCombination" xlink:title="PercentageOfAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfAccountsPayableForBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfAccountsPayableForBusinessCombination" xml:lang="en-US" id="label_PercentageOfAccountsPayableForBusinessCombination">Percentage of Accounts Payable for Business Combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfAccountsPayableForBusinessCombination" xlink:to="label_PercentageOfAccountsPayableForBusinessCombination" xlink:title="Label : PercentageOfAccountsPayableForBusinessCombination to label_PercentageOfAccountsPayableForBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfAccountsPayableForBusinessCombination_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_PercentageOfAccountsPayableForBusinessCombination_1" xml:lang="en-US" id="label_PercentageOfAccountsPayableForBusinessCombination_1">Total (%)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfAccountsPayableForBusinessCombination" xlink:to="label_PercentageOfAccountsPayableForBusinessCombination_1" xlink:title="Label : PercentageOfAccountsPayableForBusinessCombination to label_PercentageOfAccountsPayableForBusinessCombination_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfAccountsPayableForBusinessCombination_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfAccountsPayableForBusinessCombination_2" xml:lang="en-US" id="label_PercentageOfAccountsPayableForBusinessCombination_2">The percentage of accounts payable for business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfAccountsPayableForBusinessCombination" xlink:to="label_PercentageOfAccountsPayableForBusinessCombination_2" xlink:title="Label : PercentageOfAccountsPayableForBusinessCombination to label_PercentageOfAccountsPayableForBusinessCombination_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SalariesPayableCurrent" xlink:label="SalariesPayableCurrent" xlink:title="SalariesPayableCurrent" />
    <link:label xlink:type="resource" xlink:label="label_SalariesPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SalariesPayableCurrent" xml:lang="en-US" id="label_SalariesPayableCurrent">Salaries payable, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesPayableCurrent" xlink:to="label_SalariesPayableCurrent" xlink:title="Label : SalariesPayableCurrent to label_SalariesPayableCurrent" />
    <link:label xlink:type="resource" xlink:label="label_SalariesPayableCurrent_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SalariesPayableCurrent_1" xml:lang="en-US" id="label_SalariesPayableCurrent_1">The amount of current salaries payable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesPayableCurrent" xlink:to="label_SalariesPayableCurrent_1" xlink:title="Label : SalariesPayableCurrent to label_SalariesPayableCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_SalariesPayableCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SalariesPayableCurrent_2" xml:lang="en-US" id="label_SalariesPayableCurrent_2">Salaries payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesPayableCurrent" xlink:to="label_SalariesPayableCurrent_2" xlink:title="Label : SalariesPayableCurrent to label_SalariesPayableCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SocialContributionPayableCurrent" xlink:label="SocialContributionPayableCurrent" xlink:title="SocialContributionPayableCurrent" />
    <link:label xlink:type="resource" xlink:label="label_SocialContributionPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SocialContributionPayableCurrent" xml:lang="en-US" id="label_SocialContributionPayableCurrent">Social contribution payable, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SocialContributionPayableCurrent" xlink:to="label_SocialContributionPayableCurrent" xlink:title="Label : SocialContributionPayableCurrent to label_SocialContributionPayableCurrent" />
    <link:label xlink:type="resource" xlink:label="label_SocialContributionPayableCurrent_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SocialContributionPayableCurrent_1" xml:lang="en-US" id="label_SocialContributionPayableCurrent_1">The amount of current social contribution payable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SocialContributionPayableCurrent" xlink:to="label_SocialContributionPayableCurrent_1" xlink:title="Label : SocialContributionPayableCurrent to label_SocialContributionPayableCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_SocialContributionPayableCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SocialContributionPayableCurrent_2" xml:lang="en-US" id="label_SocialContributionPayableCurrent_2">Social contribution payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SocialContributionPayableCurrent" xlink:to="label_SocialContributionPayableCurrent_2" xlink:title="Label : SocialContributionPayableCurrent to label_SocialContributionPayableCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ProvisionForVacationPayAnd13ThSalaryCurrent" xlink:label="ProvisionForVacationPayAnd13ThSalaryCurrent" xlink:title="ProvisionForVacationPayAnd13ThSalaryCurrent" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForVacationPayAnd13ThSalaryCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForVacationPayAnd13ThSalaryCurrent" xml:lang="en-US" id="label_ProvisionForVacationPayAnd13ThSalaryCurrent">Provision for vacation pay and 13th salary, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForVacationPayAnd13ThSalaryCurrent" xlink:to="label_ProvisionForVacationPayAnd13ThSalaryCurrent" xlink:title="Label : ProvisionForVacationPayAnd13ThSalaryCurrent to label_ProvisionForVacationPayAnd13ThSalaryCurrent" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForVacationPayAnd13ThSalaryCurrent_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForVacationPayAnd13ThSalaryCurrent_1" xml:lang="en-US" id="label_ProvisionForVacationPayAnd13ThSalaryCurrent_1">The amount of current provision for vacation pay and 13th salary.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForVacationPayAnd13ThSalaryCurrent" xlink:to="label_ProvisionForVacationPayAnd13ThSalaryCurrent_1" xlink:title="Label : ProvisionForVacationPayAnd13ThSalaryCurrent to label_ProvisionForVacationPayAnd13ThSalaryCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForVacationPayAnd13ThSalaryCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForVacationPayAnd13ThSalaryCurrent_2" xml:lang="en-US" id="label_ProvisionForVacationPayAnd13ThSalaryCurrent_2">Provision for vacation pay and 13th salary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForVacationPayAnd13ThSalaryCurrent" xlink:to="label_ProvisionForVacationPayAnd13ThSalaryCurrent_2" xlink:title="Label : ProvisionForVacationPayAnd13ThSalaryCurrent to label_ProvisionForVacationPayAnd13ThSalaryCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ProvisionForProfitSharingAndBonusCurrent" xlink:label="ProvisionForProfitSharingAndBonusCurrent" xlink:title="ProvisionForProfitSharingAndBonusCurrent" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForProfitSharingAndBonusCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForProfitSharingAndBonusCurrent" xml:lang="en-US" id="label_ProvisionForProfitSharingAndBonusCurrent">Provision for profit sharing and bonus, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForProfitSharingAndBonusCurrent" xlink:to="label_ProvisionForProfitSharingAndBonusCurrent" xlink:title="Label : ProvisionForProfitSharingAndBonusCurrent to label_ProvisionForProfitSharingAndBonusCurrent" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForProfitSharingAndBonusCurrent_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForProfitSharingAndBonusCurrent_1" xml:lang="en-US" id="label_ProvisionForProfitSharingAndBonusCurrent_1">The amount of current provision for profit sharing and bonus.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForProfitSharingAndBonusCurrent" xlink:to="label_ProvisionForProfitSharingAndBonusCurrent_1" xlink:title="Label : ProvisionForProfitSharingAndBonusCurrent to label_ProvisionForProfitSharingAndBonusCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForProfitSharingAndBonusCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForProfitSharingAndBonusCurrent_2" xml:lang="en-US" id="label_ProvisionForProfitSharingAndBonusCurrent_2">Provision for profit sharing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForProfitSharingAndBonusCurrent" xlink:to="label_ProvisionForProfitSharingAndBonusCurrent_2" xlink:title="Label : ProvisionForProfitSharingAndBonusCurrent to label_ProvisionForProfitSharingAndBonusCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherSalariesAndSocialContributionsCurrent" xlink:label="OtherSalariesAndSocialContributionsCurrent" xlink:title="OtherSalariesAndSocialContributionsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_OtherSalariesAndSocialContributionsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherSalariesAndSocialContributionsCurrent" xml:lang="en-US" id="label_OtherSalariesAndSocialContributionsCurrent">Other salaries and social contributions, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherSalariesAndSocialContributionsCurrent" xlink:to="label_OtherSalariesAndSocialContributionsCurrent" xlink:title="Label : OtherSalariesAndSocialContributionsCurrent to label_OtherSalariesAndSocialContributionsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_OtherSalariesAndSocialContributionsCurrent_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherSalariesAndSocialContributionsCurrent_1" xml:lang="en-US" id="label_OtherSalariesAndSocialContributionsCurrent_1">The amount of other current salaries and social contribution.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherSalariesAndSocialContributionsCurrent" xlink:to="label_OtherSalariesAndSocialContributionsCurrent_1" xlink:title="Label : OtherSalariesAndSocialContributionsCurrent to label_OtherSalariesAndSocialContributionsCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherSalariesAndSocialContributionsCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherSalariesAndSocialContributionsCurrent_2" xml:lang="en-US" id="label_OtherSalariesAndSocialContributionsCurrent_2">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherSalariesAndSocialContributionsCurrent" xlink:to="label_OtherSalariesAndSocialContributionsCurrent_2" xlink:title="Label : OtherSalariesAndSocialContributionsCurrent to label_OtherSalariesAndSocialContributionsCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesTable" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesTable">Disclosure of transactions between related parties [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:title="Label : DisclosureOfTransactionsBetweenRelatedPartiesTable to label_DisclosureOfTransactionsBetweenRelatedPartiesTable" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AcelAdministracaoDeCursosEducacionaisLtdaMember" xlink:label="AcelAdministracaoDeCursosEducacionaisLtdaMember" xlink:title="AcelAdministracaoDeCursosEducacionaisLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_AcelAdministracaoDeCursosEducacionaisLtdaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcelAdministracaoDeCursosEducacionaisLtdaMember" xml:lang="en-US" id="label_AcelAdministracaoDeCursosEducacionaisLtdaMember">Acel Administracao de Cursos Educacionais Ltda</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcelAdministracaoDeCursosEducacionaisLtdaMember" xlink:to="label_AcelAdministracaoDeCursosEducacionaisLtdaMember" xlink:title="Label : AcelAdministracaoDeCursosEducacionaisLtdaMember to label_AcelAdministracaoDeCursosEducacionaisLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_AcelAdministracaoDeCursosEducacionaisLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AcelAdministracaoDeCursosEducacionaisLtdaMember_1" xml:lang="en-US" id="label_AcelAdministracaoDeCursosEducacionaisLtdaMember_1">This member stands for information pertaining to Acel Administracao de Cursos Educacionais Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcelAdministracaoDeCursosEducacionaisLtdaMember" xlink:to="label_AcelAdministracaoDeCursosEducacionaisLtdaMember_1" xlink:title="Label : AcelAdministracaoDeCursosEducacionaisLtdaMember to label_AcelAdministracaoDeCursosEducacionaisLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AcelAdministracaoDeCursosEducacionaisLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcelAdministracaoDeCursosEducacionaisLtdaMember_2" xml:lang="en-US" id="label_AcelAdministracaoDeCursosEducacionaisLtdaMember_2">Acel Administracao De Cursos Educacionais Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcelAdministracaoDeCursosEducacionaisLtdaMember" xlink:to="label_AcelAdministracaoDeCursosEducacionaisLtdaMember_2" xlink:title="Label : AcelAdministracaoDeCursosEducacionaisLtdaMember to label_AcelAdministracaoDeCursosEducacionaisLtdaMember_2" />
    <link:label xlink:type="resource" xlink:label="label_AcelAdministracaoDeCursosEducacionaisLtdaMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AcelAdministracaoDeCursosEducacionaisLtdaMember_3" xml:lang="en-US" id="label_AcelAdministracaoDeCursosEducacionaisLtdaMember_3">Acel Administracao De Cursos Educacionais Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcelAdministracaoDeCursosEducacionaisLtdaMember" xlink:to="label_AcelAdministracaoDeCursosEducacionaisLtdaMember_3" xlink:title="Label : AcelAdministracaoDeCursosEducacionaisLtdaMember to label_AcelAdministracaoDeCursosEducacionaisLtdaMember_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AnhangueraEducacionalParticipacoesSaMember" xlink:label="AnhangueraEducacionalParticipacoesSaMember" xlink:title="AnhangueraEducacionalParticipacoesSaMember" />
    <link:label xlink:type="resource" xlink:label="label_AnhangueraEducacionalParticipacoesSaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AnhangueraEducacionalParticipacoesSaMember" xml:lang="en-US" id="label_AnhangueraEducacionalParticipacoesSaMember">Anhanguera Educacional Participacoes S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnhangueraEducacionalParticipacoesSaMember" xlink:to="label_AnhangueraEducacionalParticipacoesSaMember" xlink:title="Label : AnhangueraEducacionalParticipacoesSaMember to label_AnhangueraEducacionalParticipacoesSaMember" />
    <link:label xlink:type="resource" xlink:label="label_AnhangueraEducacionalParticipacoesSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AnhangueraEducacionalParticipacoesSaMember_1" xml:lang="en-US" id="label_AnhangueraEducacionalParticipacoesSaMember_1">This member stands for information pertaining to Anhanguera Educacional Participacoes SA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnhangueraEducacionalParticipacoesSaMember" xlink:to="label_AnhangueraEducacionalParticipacoesSaMember_1" xlink:title="Label : AnhangueraEducacionalParticipacoesSaMember to label_AnhangueraEducacionalParticipacoesSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AnhangueraEducacionalParticipacoesSaMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AnhangueraEducacionalParticipacoesSaMember_2" xml:lang="en-US" id="label_AnhangueraEducacionalParticipacoesSaMember_2">Anhanguera Educacional Participacoes SA [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnhangueraEducacionalParticipacoesSaMember" xlink:to="label_AnhangueraEducacionalParticipacoesSaMember_2" xlink:title="Label : AnhangueraEducacionalParticipacoesSaMember to label_AnhangueraEducacionalParticipacoesSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CentroEducacionalLeonardoDaVinciSsMember" xlink:label="CentroEducacionalLeonardoDaVinciSsMember" xlink:title="CentroEducacionalLeonardoDaVinciSsMember" />
    <link:label xlink:type="resource" xlink:label="label_CentroEducacionalLeonardoDaVinciSsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CentroEducacionalLeonardoDaVinciSsMember" xml:lang="en-US" id="label_CentroEducacionalLeonardoDaVinciSsMember">Centro Educacional Leonardo Da Vinci Ss [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CentroEducacionalLeonardoDaVinciSsMember" xlink:to="label_CentroEducacionalLeonardoDaVinciSsMember" xlink:title="Label : CentroEducacionalLeonardoDaVinciSsMember to label_CentroEducacionalLeonardoDaVinciSsMember" />
    <link:label xlink:type="resource" xlink:label="label_CentroEducacionalLeonardoDaVinciSsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CentroEducacionalLeonardoDaVinciSsMember_1" xml:lang="en-US" id="label_CentroEducacionalLeonardoDaVinciSsMember_1">This member stands for information pertaining to Centro Educacional Leonardo Da Vinci SS.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CentroEducacionalLeonardoDaVinciSsMember" xlink:to="label_CentroEducacionalLeonardoDaVinciSsMember_1" xlink:title="Label : CentroEducacionalLeonardoDaVinciSsMember to label_CentroEducacionalLeonardoDaVinciSsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CentroEducacionalLeonardoDaVinciSsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CentroEducacionalLeonardoDaVinciSsMember_2" xml:lang="en-US" id="label_CentroEducacionalLeonardoDaVinciSsMember_2">Centro Educacional Leonardo Da Vinci SS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CentroEducacionalLeonardoDaVinciSsMember" xlink:to="label_CentroEducacionalLeonardoDaVinciSsMember_2" xlink:title="Label : CentroEducacionalLeonardoDaVinciSsMember to label_CentroEducacionalLeonardoDaVinciSsMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CognaEducacaoSaMember" xlink:label="CognaEducacaoSaMember" xlink:title="CognaEducacaoSaMember" />
    <link:label xlink:type="resource" xlink:label="label_CognaEducacaoSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CognaEducacaoSaMember" xml:lang="en-US" id="label_CognaEducacaoSaMember">Cogna Educacao Sa [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CognaEducacaoSaMember" xlink:to="label_CognaEducacaoSaMember" xlink:title="Label : CognaEducacaoSaMember to label_CognaEducacaoSaMember" />
    <link:label xlink:type="resource" xlink:label="label_CognaEducacaoSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CognaEducacaoSaMember_1" xml:lang="en-US" id="label_CognaEducacaoSaMember_1">This member stands for information pertaining to Cogna Educacao SA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CognaEducacaoSaMember" xlink:to="label_CognaEducacaoSaMember_1" xlink:title="Label : CognaEducacaoSaMember to label_CognaEducacaoSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CognaEducacaoSaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CognaEducacaoSaMember_2" xml:lang="en-US" id="label_CognaEducacaoSaMember_2">Cogna Educacao S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CognaEducacaoSaMember" xlink:to="label_CognaEducacaoSaMember_2" xlink:title="Label : CognaEducacaoSaMember to label_CognaEducacaoSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ColegioAmbientalLtdaMember" xlink:label="ColegioAmbientalLtdaMember" xlink:title="ColegioAmbientalLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ColegioAmbientalLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ColegioAmbientalLtdaMember" xml:lang="en-US" id="label_ColegioAmbientalLtdaMember">Colegio Ambiental Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioAmbientalLtdaMember" xlink:to="label_ColegioAmbientalLtdaMember" xlink:title="Label : ColegioAmbientalLtdaMember to label_ColegioAmbientalLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ColegioAmbientalLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ColegioAmbientalLtdaMember_1" xml:lang="en-US" id="label_ColegioAmbientalLtdaMember_1">This member stands for information pertaining to Colegio Ambiental Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioAmbientalLtdaMember" xlink:to="label_ColegioAmbientalLtdaMember_1" xlink:title="Label : ColegioAmbientalLtdaMember to label_ColegioAmbientalLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ColegioAmbientalLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ColegioAmbientalLtdaMember_2" xml:lang="en-US" id="label_ColegioAmbientalLtdaMember_2">Colegio Ambiental Ltda</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioAmbientalLtdaMember" xlink:to="label_ColegioAmbientalLtdaMember_2" xlink:title="Label : ColegioAmbientalLtdaMember to label_ColegioAmbientalLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ColegioJaoLtdaMember" xlink:label="ColegioJaoLtdaMember" xlink:title="ColegioJaoLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ColegioJaoLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ColegioJaoLtdaMember" xml:lang="en-US" id="label_ColegioJaoLtdaMember">Colegio Jao Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioJaoLtdaMember" xlink:to="label_ColegioJaoLtdaMember" xlink:title="Label : ColegioJaoLtdaMember to label_ColegioJaoLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ColegioJaoLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ColegioJaoLtdaMember_1" xml:lang="en-US" id="label_ColegioJaoLtdaMember_1">This member stands for information pertaining to Colegio JAO Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioJaoLtdaMember" xlink:to="label_ColegioJaoLtdaMember_1" xlink:title="Label : ColegioJaoLtdaMember to label_ColegioJaoLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ColegioJaoLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ColegioJaoLtdaMember_2" xml:lang="en-US" id="label_ColegioJaoLtdaMember_2">Colegio JAO Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioJaoLtdaMember" xlink:to="label_ColegioJaoLtdaMember_2" xlink:title="Label : ColegioJaoLtdaMember to label_ColegioJaoLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ColegioManauaraLatoSensuLtdaMember" xlink:label="ColegioManauaraLatoSensuLtdaMember" xlink:title="ColegioManauaraLatoSensuLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ColegioManauaraLatoSensuLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ColegioManauaraLatoSensuLtdaMember" xml:lang="en-US" id="label_ColegioManauaraLatoSensuLtdaMember">Colegio Manauara Lato Sensu Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioManauaraLatoSensuLtdaMember" xlink:to="label_ColegioManauaraLatoSensuLtdaMember" xlink:title="Label : ColegioManauaraLatoSensuLtdaMember to label_ColegioManauaraLatoSensuLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ColegioManauaraLatoSensuLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ColegioManauaraLatoSensuLtdaMember_1" xml:lang="en-US" id="label_ColegioManauaraLatoSensuLtdaMember_1">This member stands for information pertaining to Colegio Manauara Lato Sensu Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioManauaraLatoSensuLtdaMember" xlink:to="label_ColegioManauaraLatoSensuLtdaMember_1" xlink:title="Label : ColegioManauaraLatoSensuLtdaMember to label_ColegioManauaraLatoSensuLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ColegioManauaraLatoSensuLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ColegioManauaraLatoSensuLtdaMember_2" xml:lang="en-US" id="label_ColegioManauaraLatoSensuLtdaMember_2">Colegio Manauara Lato Sensu Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioManauaraLatoSensuLtdaMember" xlink:to="label_ColegioManauaraLatoSensuLtdaMember_2" xlink:title="Label : ColegioManauaraLatoSensuLtdaMember to label_ColegioManauaraLatoSensuLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ColegioManauaraCidadeNovaLtdaMember" xlink:label="ColegioManauaraCidadeNovaLtdaMember" xlink:title="ColegioManauaraCidadeNovaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ColegioManauaraCidadeNovaLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ColegioManauaraCidadeNovaLtdaMember" xml:lang="en-US" id="label_ColegioManauaraCidadeNovaLtdaMember">Colegio Manauara Cidade Nova Ltda. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioManauaraCidadeNovaLtdaMember" xlink:to="label_ColegioManauaraCidadeNovaLtdaMember" xlink:title="Label : ColegioManauaraCidadeNovaLtdaMember to label_ColegioManauaraCidadeNovaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ColegioManauaraCidadeNovaLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ColegioManauaraCidadeNovaLtdaMember_1" xml:lang="en-US" id="label_ColegioManauaraCidadeNovaLtdaMember_1">This member stands for information pertaining to Colegio Manauara Cidade Nova Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioManauaraCidadeNovaLtdaMember" xlink:to="label_ColegioManauaraCidadeNovaLtdaMember_1" xlink:title="Label : ColegioManauaraCidadeNovaLtdaMember to label_ColegioManauaraCidadeNovaLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ColegioManauaraCidadeNovaLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ColegioManauaraCidadeNovaLtdaMember_2" xml:lang="en-US" id="label_ColegioManauaraCidadeNovaLtdaMember_2">Colegio Manauara Cidade Nova Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioManauaraCidadeNovaLtdaMember" xlink:to="label_ColegioManauaraCidadeNovaLtdaMember_2" xlink:title="Label : ColegioManauaraCidadeNovaLtdaMember to label_ColegioManauaraCidadeNovaLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ColegioMotivoLtdaMember" xlink:label="ColegioMotivoLtdaMember" xlink:title="ColegioMotivoLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ColegioMotivoLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ColegioMotivoLtdaMember" xml:lang="en-US" id="label_ColegioMotivoLtdaMember">Colegio Motivo Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioMotivoLtdaMember" xlink:to="label_ColegioMotivoLtdaMember" xlink:title="Label : ColegioMotivoLtdaMember to label_ColegioMotivoLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ColegioMotivoLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ColegioMotivoLtdaMember_1" xml:lang="en-US" id="label_ColegioMotivoLtdaMember_1">This member stands for information pertaining to Colegio Motivo Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioMotivoLtdaMember" xlink:to="label_ColegioMotivoLtdaMember_1" xlink:title="Label : ColegioMotivoLtdaMember to label_ColegioMotivoLtdaMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColegioVisaoEireliMember" xlink:to="label_ColegioVisaoEireliMember_1" xlink:title="Label : ColegioVisaoEireliMember to label_ColegioVisaoEireliMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditoraAticaSaMember" xlink:to="label_EditoraAticaSaMember_1" xlink:title="Label : EditoraAticaSaMember to label_EditoraAticaSaMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditoraEDistribuidoraEducacionalSaMember" xlink:to="label_EditoraEDistribuidoraEducacionalSaMember_1" xlink:title="Label : EditoraEDistribuidoraEducacionalSaMember to label_EditoraEDistribuidoraEducacionalSaMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditoraEDistribuidoraEducacionalSaMember" xlink:to="label_EditoraEDistribuidoraEducacionalSaMember_2" xlink:title="Label : EditoraEDistribuidoraEducacionalSaMember to label_EditoraEDistribuidoraEducacionalSaMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditoraScipioneSaMember" xlink:to="label_EditoraScipioneSaMember_1" xlink:title="Label : EditoraScipioneSaMember to label_EditoraScipioneSaMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EducacaoInovacaoETecnologiaSaMember" xlink:to="label_EducacaoInovacaoETecnologiaSaMember_1" xlink:title="Label : EducacaoInovacaoETecnologiaSaMember to label_EducacaoInovacaoETecnologiaSaMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EduforServicosEducacionaisLtdaMember" xlink:to="label_EduforServicosEducacionaisLtdaMember_1" xlink:title="Label : EduforServicosEducacionaisLtdaMember to label_EduforServicosEducacionaisLtdaMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EduforServicosEducacionaisLtdaMember" xlink:to="label_EduforServicosEducacionaisLtdaMember_2" xlink:title="Label : EduforServicosEducacionaisLtdaMember to label_EduforServicosEducacionaisLtdaMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EscolaMaterChristiLtdaMember" xlink:to="label_EscolaMaterChristiLtdaMember_2" xlink:title="Label : EscolaMaterChristiLtdaMember to label_EscolaMaterChristiLtdaMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaxiprintEditoraLtdaMember" xlink:to="label_MaxiprintEditoraLtdaMember_1" xlink:title="Label : MaxiprintEditoraLtdaMember to label_MaxiprintEditoraLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaxiprintEditoraLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaxiprintEditoraLtdaMember_2" xml:lang="en-US" id="label_MaxiprintEditoraLtdaMember_2">Maxiprint Editora Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaxiprintEditoraLtdaMember" xlink:to="label_MaxiprintEditoraLtdaMember_2" xlink:title="Label : MaxiprintEditoraLtdaMember to label_MaxiprintEditoraLtdaMember_2" />
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    <link:label xlink:type="resource" xlink:label="label_NucleoBrasileiroDeEstudosAvancadosLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NucleoBrasileiroDeEstudosAvancadosLtdaMember" xml:lang="en-US" id="label_NucleoBrasileiroDeEstudosAvancadosLtdaMember">Nucleo Brasileiro De Estudos Avancados Ltda [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_NucleoBrasileiroDeEstudosAvancadosLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NucleoBrasileiroDeEstudosAvancadosLtdaMember_1" xml:lang="en-US" id="label_NucleoBrasileiroDeEstudosAvancadosLtdaMember_1">This member stands for information pertaining to Nucleo Brasileiro de Estudos Avancados Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NucleoBrasileiroDeEstudosAvancadosLtdaMember" xlink:to="label_NucleoBrasileiroDeEstudosAvancadosLtdaMember_1" xlink:title="Label : NucleoBrasileiroDeEstudosAvancadosLtdaMember to label_NucleoBrasileiroDeEstudosAvancadosLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NucleoBrasileiroDeEstudosAvancadosLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NucleoBrasileiroDeEstudosAvancadosLtdaMember_2" xml:lang="en-US" id="label_NucleoBrasileiroDeEstudosAvancadosLtdaMember_2">Nucleo Brasileiro de Estudos Avancados Ltda</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NucleoBrasileiroDeEstudosAvancadosLtdaMember" xlink:to="label_NucleoBrasileiroDeEstudosAvancadosLtdaMember_2" xlink:title="Label : NucleoBrasileiroDeEstudosAvancadosLtdaMember to label_NucleoBrasileiroDeEstudosAvancadosLtdaMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PapelariaBrasilianaLtdaMember" xlink:to="label_PapelariaBrasilianaLtdaMember_1" xlink:title="Label : PapelariaBrasilianaLtdaMember to label_PapelariaBrasilianaLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PapelariaBrasilianaLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PapelariaBrasilianaLtdaMember_2" xml:lang="en-US" id="label_PapelariaBrasilianaLtdaMember_2">Papelaria Brasiliana Ltda</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PapelariaBrasilianaLtdaMember" xlink:to="label_PapelariaBrasilianaLtdaMember_2" xlink:title="Label : PapelariaBrasilianaLtdaMember to label_PapelariaBrasilianaLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PitagorasSistemaDeEducacaoSuperiorLtdaMember" xlink:label="PitagorasSistemaDeEducacaoSuperiorLtdaMember" xlink:title="PitagorasSistemaDeEducacaoSuperiorLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_PitagorasSistemaDeEducacaoSuperiorLtdaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PitagorasSistemaDeEducacaoSuperiorLtdaMember" xml:lang="en-US" id="label_PitagorasSistemaDeEducacaoSuperiorLtdaMember">Pitagoras Sistema De Educac&#xE3;o Superior Ltda.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_PitagorasSistemaDeEducacaoSuperiorLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PitagorasSistemaDeEducacaoSuperiorLtdaMember_1" xml:lang="en-US" id="label_PitagorasSistemaDeEducacaoSuperiorLtdaMember_1">This member stands for information pertaining to Pitagoras Sistema De Educacao Superior Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PitagorasSistemaDeEducacaoSuperiorLtdaMember" xlink:to="label_PitagorasSistemaDeEducacaoSuperiorLtdaMember_1" xlink:title="Label : PitagorasSistemaDeEducacaoSuperiorLtdaMember to label_PitagorasSistemaDeEducacaoSuperiorLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PitagorasSistemaDeEducacaoSuperiorLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PitagorasSistemaDeEducacaoSuperiorLtdaMember_2" xml:lang="en-US" id="label_PitagorasSistemaDeEducacaoSuperiorLtdaMember_2">Pitagoras Sistema De Educacao Superior Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PitagorasSistemaDeEducacaoSuperiorLtdaMember" xlink:to="label_PitagorasSistemaDeEducacaoSuperiorLtdaMember_2" xlink:title="Label : PitagorasSistemaDeEducacaoSuperiorLtdaMember to label_PitagorasSistemaDeEducacaoSuperiorLtdaMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaberServicosEducacionaisSaMember" xlink:to="label_SaberServicosEducacionaisSaMember_1" xlink:title="Label : SaberServicosEducacionaisSaMember to label_SaberServicosEducacionaisSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SaberServicosEducacionaisSaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SaberServicosEducacionaisSaMember_2" xml:lang="en-US" id="label_SaberServicosEducacionaisSaMember_2">Saber Servicos Educacionais S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaberServicosEducacionaisSaMember" xlink:to="label_SaberServicosEducacionaisSaMember_2" xlink:title="Label : SaberServicosEducacionaisSaMember to label_SaberServicosEducacionaisSaMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaraivaEducacaoSaMember" xlink:to="label_SaraivaEducacaoSaMember" xlink:title="Label : SaraivaEducacaoSaMember to label_SaraivaEducacaoSaMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaraivaEducacaoSaMember" xlink:to="label_SaraivaEducacaoSaMember_1" xlink:title="Label : SaraivaEducacaoSaMember to label_SaraivaEducacaoSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SaraivaEducacaoSaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SaraivaEducacaoSaMember_2" xml:lang="en-US" id="label_SaraivaEducacaoSaMember_2">Saraiva Educa&#xE7;&#xE3;o S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaraivaEducacaoSaMember" xlink:to="label_SaraivaEducacaoSaMember_2" xlink:title="Label : SaraivaEducacaoSaMember to label_SaraivaEducacaoSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SgeComercioDeMaterialDidaticoLtdaMember" xlink:label="SgeComercioDeMaterialDidaticoLtdaMember" xlink:title="SgeComercioDeMaterialDidaticoLtdaMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SgeComercioDeMaterialDidaticoLtdaMember" xlink:to="label_SgeComercioDeMaterialDidaticoLtdaMember_2" xlink:title="Label : SgeComercioDeMaterialDidaticoLtdaMember to label_SgeComercioDeMaterialDidaticoLtdaMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SistemaPHDeEnsinoLtdaMember" xlink:to="label_SistemaPHDeEnsinoLtdaMember" xlink:title="Label : SistemaPHDeEnsinoLtdaMember to label_SistemaPHDeEnsinoLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_SistemaPHDeEnsinoLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SistemaPHDeEnsinoLtdaMember_1" xml:lang="en-US" id="label_SistemaPHDeEnsinoLtdaMember_1">This member stands for information pertaining to Sistema P H De Ensino Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SistemaPHDeEnsinoLtdaMember" xlink:to="label_SistemaPHDeEnsinoLtdaMember_1" xlink:title="Label : SistemaPHDeEnsinoLtdaMember to label_SistemaPHDeEnsinoLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SistemaPHDeEnsinoLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SistemaPHDeEnsinoLtdaMember_2" xml:lang="en-US" id="label_SistemaPHDeEnsinoLtdaMember_2">Sistema P H De Ensino Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SistemaPHDeEnsinoLtdaMember" xlink:to="label_SistemaPHDeEnsinoLtdaMember_2" xlink:title="Label : SistemaPHDeEnsinoLtdaMember to label_SistemaPHDeEnsinoLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SociedadeEducacionalAlphavilleLtdaMember" xlink:label="SociedadeEducacionalAlphavilleLtdaMember" xlink:title="SociedadeEducacionalAlphavilleLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalAlphavilleLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SociedadeEducacionalAlphavilleLtdaMember" xml:lang="en-US" id="label_SociedadeEducacionalAlphavilleLtdaMember">Sociedade Educacional Alphaville Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalAlphavilleLtdaMember" xlink:to="label_SociedadeEducacionalAlphavilleLtdaMember" xlink:title="Label : SociedadeEducacionalAlphavilleLtdaMember to label_SociedadeEducacionalAlphavilleLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalAlphavilleLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SociedadeEducacionalAlphavilleLtdaMember_1" xml:lang="en-US" id="label_SociedadeEducacionalAlphavilleLtdaMember_1">This member stands for information pertaining to Sociedade Educacional Alphaville Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalAlphavilleLtdaMember" xlink:to="label_SociedadeEducacionalAlphavilleLtdaMember_1" xlink:title="Label : SociedadeEducacionalAlphavilleLtdaMember to label_SociedadeEducacionalAlphavilleLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalAlphavilleLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SociedadeEducacionalAlphavilleLtdaMember_2" xml:lang="en-US" id="label_SociedadeEducacionalAlphavilleLtdaMember_2">Sociedade Educacional Alphaville Ltda</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalAlphavilleLtdaMember" xlink:to="label_SociedadeEducacionalAlphavilleLtdaMember_2" xlink:title="Label : SociedadeEducacionalAlphavilleLtdaMember to label_SociedadeEducacionalAlphavilleLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SociedadeEducacionalDozeDeOutubroLtdaMember" xlink:label="SociedadeEducacionalDozeDeOutubroLtdaMember" xlink:title="SociedadeEducacionalDozeDeOutubroLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalDozeDeOutubroLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SociedadeEducacionalDozeDeOutubroLtdaMember" xml:lang="en-US" id="label_SociedadeEducacionalDozeDeOutubroLtdaMember">Sociedade Educacional Doze De Outubro Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalDozeDeOutubroLtdaMember" xlink:to="label_SociedadeEducacionalDozeDeOutubroLtdaMember" xlink:title="Label : SociedadeEducacionalDozeDeOutubroLtdaMember to label_SociedadeEducacionalDozeDeOutubroLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalDozeDeOutubroLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SociedadeEducacionalDozeDeOutubroLtdaMember_1" xml:lang="en-US" id="label_SociedadeEducacionalDozeDeOutubroLtdaMember_1">This member stands for information pertaining to Sociedade Educacional Doze De Outubro Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalDozeDeOutubroLtdaMember" xlink:to="label_SociedadeEducacionalDozeDeOutubroLtdaMember_1" xlink:title="Label : SociedadeEducacionalDozeDeOutubroLtdaMember to label_SociedadeEducacionalDozeDeOutubroLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalDozeDeOutubroLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SociedadeEducacionalDozeDeOutubroLtdaMember_2" xml:lang="en-US" id="label_SociedadeEducacionalDozeDeOutubroLtdaMember_2">Sociedade Educacional Doze De Outubro Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalDozeDeOutubroLtdaMember" xlink:to="label_SociedadeEducacionalDozeDeOutubroLtdaMember_2" xlink:title="Label : SociedadeEducacionalDozeDeOutubroLtdaMember to label_SociedadeEducacionalDozeDeOutubroLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SociedadeEducacionalParanaLtdaMember" xlink:label="SociedadeEducacionalParanaLtdaMember" xlink:title="SociedadeEducacionalParanaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalParanaLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SociedadeEducacionalParanaLtdaMember" xml:lang="en-US" id="label_SociedadeEducacionalParanaLtdaMember">Sociedade Educacional Parana Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalParanaLtdaMember" xlink:to="label_SociedadeEducacionalParanaLtdaMember" xlink:title="Label : SociedadeEducacionalParanaLtdaMember to label_SociedadeEducacionalParanaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalParanaLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SociedadeEducacionalParanaLtdaMember_1" xml:lang="en-US" id="label_SociedadeEducacionalParanaLtdaMember_1">This member stands for information pertaining to Sociedade Educacional Parana Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalParanaLtdaMember" xlink:to="label_SociedadeEducacionalParanaLtdaMember_1" xlink:title="Label : SociedadeEducacionalParanaLtdaMember to label_SociedadeEducacionalParanaLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalParanaLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SociedadeEducacionalParanaLtdaMember_2" xml:lang="en-US" id="label_SociedadeEducacionalParanaLtdaMember_2">Sociedade Educacional Parana Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalParanaLtdaMember" xlink:to="label_SociedadeEducacionalParanaLtdaMember_2" xlink:title="Label : SociedadeEducacionalParanaLtdaMember to label_SociedadeEducacionalParanaLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SociedadeEducacionalNeodnaCuiabaLtdaMember" xlink:label="SociedadeEducacionalNeodnaCuiabaLtdaMember" xlink:title="SociedadeEducacionalNeodnaCuiabaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalNeodnaCuiabaLtdaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SociedadeEducacionalNeodnaCuiabaLtdaMember" xml:lang="en-US" id="label_SociedadeEducacionalNeodnaCuiabaLtdaMember">Sociedade Educacional NEODNA Cuiaba Ltda</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalNeodnaCuiabaLtdaMember" xlink:to="label_SociedadeEducacionalNeodnaCuiabaLtdaMember" xlink:title="Label : SociedadeEducacionalNeodnaCuiabaLtdaMember to label_SociedadeEducacionalNeodnaCuiabaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalNeodnaCuiabaLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SociedadeEducacionalNeodnaCuiabaLtdaMember_1" xml:lang="en-US" id="label_SociedadeEducacionalNeodnaCuiabaLtdaMember_1">This member stands for information pertaining to Sociedade Educacional NEODNA Cuiaba Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalNeodnaCuiabaLtdaMember" xlink:to="label_SociedadeEducacionalNeodnaCuiabaLtdaMember_1" xlink:title="Label : SociedadeEducacionalNeodnaCuiabaLtdaMember to label_SociedadeEducacionalNeodnaCuiabaLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalNeodnaCuiabaLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SociedadeEducacionalNeodnaCuiabaLtdaMember_2" xml:lang="en-US" id="label_SociedadeEducacionalNeodnaCuiabaLtdaMember_2">Sociedade Educacional Neodna Cuiaba Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalNeodnaCuiabaLtdaMember" xlink:to="label_SociedadeEducacionalNeodnaCuiabaLtdaMember_2" xlink:title="Label : SociedadeEducacionalNeodnaCuiabaLtdaMember to label_SociedadeEducacionalNeodnaCuiabaLtdaMember_2" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalNeodnaCuiabaLtdaMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_SociedadeEducacionalNeodnaCuiabaLtdaMember_3" xml:lang="en-US" id="label_SociedadeEducacionalNeodnaCuiabaLtdaMember_3">Sociedade Educacional Neodna Cuiaba Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalNeodnaCuiabaLtdaMember" xlink:to="label_SociedadeEducacionalNeodnaCuiabaLtdaMember_3" xlink:title="Label : SociedadeEducacionalNeodnaCuiabaLtdaMember to label_SociedadeEducacionalNeodnaCuiabaLtdaMember_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SomosIdiomasSaMember" xlink:label="SomosIdiomasSaMember" xlink:title="SomosIdiomasSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SomosIdiomasSaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SomosIdiomasSaMember" xml:lang="en-US" id="label_SomosIdiomasSaMember">Somos Idiomas S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosIdiomasSaMember" xlink:to="label_SomosIdiomasSaMember" xlink:title="Label : SomosIdiomasSaMember to label_SomosIdiomasSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SomosIdiomasSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SomosIdiomasSaMember_1" xml:lang="en-US" id="label_SomosIdiomasSaMember_1">This member stands for information pertaining to Somos Idiomas SA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosIdiomasSaMember" xlink:to="label_SomosIdiomasSaMember_1" xlink:title="Label : SomosIdiomasSaMember to label_SomosIdiomasSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SomosIdiomasSaMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SomosIdiomasSaMember_2" xml:lang="en-US" id="label_SomosIdiomasSaMember_2">Somos Idiomas Sa [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosIdiomasSaMember" xlink:to="label_SomosIdiomasSaMember_2" xlink:title="Label : SomosIdiomasSaMember to label_SomosIdiomasSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SomosOperacoesEscolaresSaMember" xlink:label="SomosOperacoesEscolaresSaMember" xlink:title="SomosOperacoesEscolaresSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SomosOperacoesEscolaresSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SomosOperacoesEscolaresSaMember" xml:lang="en-US" id="label_SomosOperacoesEscolaresSaMember">Somos Operacoes Escolares Sa [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosOperacoesEscolaresSaMember" xlink:to="label_SomosOperacoesEscolaresSaMember" xlink:title="Label : SomosOperacoesEscolaresSaMember to label_SomosOperacoesEscolaresSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SomosOperacoesEscolaresSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SomosOperacoesEscolaresSaMember_1" xml:lang="en-US" id="label_SomosOperacoesEscolaresSaMember_1">This member stands for information pertaining to Somos Operacoes Escolares SA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosOperacoesEscolaresSaMember" xlink:to="label_SomosOperacoesEscolaresSaMember_1" xlink:title="Label : SomosOperacoesEscolaresSaMember to label_SomosOperacoesEscolaresSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SomosOperacoesEscolaresSaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SomosOperacoesEscolaresSaMember_2" xml:lang="en-US" id="label_SomosOperacoesEscolaresSaMember_2">Somos Operacoes Escolares S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosOperacoesEscolaresSaMember" xlink:to="label_SomosOperacoesEscolaresSaMember_2" xlink:title="Label : SomosOperacoesEscolaresSaMember to label_SomosOperacoesEscolaresSaMember_2" />
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    <link:label xlink:type="resource" xlink:label="label_SseServicosEducacionaisLtdaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SseServicosEducacionaisLtdaMember" xml:lang="en-US" id="label_SseServicosEducacionaisLtdaMember">This member stands for information pertaining to SSE Servi&#xE7;os Educacionais Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SseServicosEducacionaisLtdaMember" xlink:to="label_SseServicosEducacionaisLtdaMember" xlink:title="Label : SseServicosEducacionaisLtdaMember to label_SseServicosEducacionaisLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_SseServicosEducacionaisLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SseServicosEducacionaisLtdaMember_1" xml:lang="en-US" id="label_SseServicosEducacionaisLtdaMember_1">SSE Servicos Educacionais Ltda. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SseServicosEducacionaisLtdaMember" xlink:to="label_SseServicosEducacionaisLtdaMember_1" xlink:title="Label : SseServicosEducacionaisLtdaMember to label_SseServicosEducacionaisLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SseServicosEducacionaisLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SseServicosEducacionaisLtdaMember_2" xml:lang="en-US" id="label_SseServicosEducacionaisLtdaMember_2">SSE Servi&#xE7;os Educacionais Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SseServicosEducacionaisLtdaMember" xlink:to="label_SseServicosEducacionaisLtdaMember_2" xlink:title="Label : SseServicosEducacionaisLtdaMember to label_SseServicosEducacionaisLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PaxEditoraEDistribuidoraLtdaMember" xlink:label="PaxEditoraEDistribuidoraLtdaMember" xlink:title="PaxEditoraEDistribuidoraLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_PaxEditoraEDistribuidoraLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaxEditoraEDistribuidoraLtdaMember" xml:lang="en-US" id="label_PaxEditoraEDistribuidoraLtdaMember">Pax Editora E Distribuidora Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaxEditoraEDistribuidoraLtdaMember" xlink:to="label_PaxEditoraEDistribuidoraLtdaMember" xlink:title="Label : PaxEditoraEDistribuidoraLtdaMember to label_PaxEditoraEDistribuidoraLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_PaxEditoraEDistribuidoraLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PaxEditoraEDistribuidoraLtdaMember_1" xml:lang="en-US" id="label_PaxEditoraEDistribuidoraLtdaMember_1">his member stands for information pertaining to Pax Editora E Distribuidora Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaxEditoraEDistribuidoraLtdaMember" xlink:to="label_PaxEditoraEDistribuidoraLtdaMember_1" xlink:title="Label : PaxEditoraEDistribuidoraLtdaMember to label_PaxEditoraEDistribuidoraLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PaxEditoraEDistribuidoraLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PaxEditoraEDistribuidoraLtdaMember_2" xml:lang="en-US" id="label_PaxEditoraEDistribuidoraLtdaMember_2">Pax Editora E Distribuidora Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaxEditoraEDistribuidoraLtdaMember" xlink:to="label_PaxEditoraEDistribuidoraLtdaMember_2" xlink:title="Label : PaxEditoraEDistribuidoraLtdaMember to label_PaxEditoraEDistribuidoraLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SomosEducacaoSaMember" xlink:label="SomosEducacaoSaMember" xlink:title="SomosEducacaoSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SomosEducacaoSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SomosEducacaoSaMember" xml:lang="en-US" id="label_SomosEducacaoSaMember">Somos Educacao Sa [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosEducacaoSaMember" xlink:to="label_SomosEducacaoSaMember" xlink:title="Label : SomosEducacaoSaMember to label_SomosEducacaoSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SomosEducacaoSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SomosEducacaoSaMember_1" xml:lang="en-US" id="label_SomosEducacaoSaMember_1">This member stands for information pertaining to Somos Educacao SA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosEducacaoSaMember" xlink:to="label_SomosEducacaoSaMember_1" xlink:title="Label : SomosEducacaoSaMember to label_SomosEducacaoSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SomosEducacaoSaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SomosEducacaoSaMember_2" xml:lang="en-US" id="label_SomosEducacaoSaMember_2">Somos Educacao S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SomosEducacaoSaMember" xlink:to="label_SomosEducacaoSaMember_2" xlink:title="Label : SomosEducacaoSaMember to label_SomosEducacaoSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SaberServicosEducacionaisAsMember" xlink:label="SaberServicosEducacionaisAsMember" xlink:title="SaberServicosEducacionaisAsMember" />
    <link:label xlink:type="resource" xlink:label="label_SaberServicosEducacionaisAsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SaberServicosEducacionaisAsMember" xml:lang="en-US" id="label_SaberServicosEducacionaisAsMember">Saber Servicos Educacionais As [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaberServicosEducacionaisAsMember" xlink:to="label_SaberServicosEducacionaisAsMember" xlink:title="Label : SaberServicosEducacionaisAsMember to label_SaberServicosEducacionaisAsMember" />
    <link:label xlink:type="resource" xlink:label="label_SaberServicosEducacionaisAsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SaberServicosEducacionaisAsMember_1" xml:lang="en-US" id="label_SaberServicosEducacionaisAsMember_1">This member stands for information pertaining to Saber Servicos Educacionais as.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaberServicosEducacionaisAsMember" xlink:to="label_SaberServicosEducacionaisAsMember_1" xlink:title="Label : SaberServicosEducacionaisAsMember to label_SaberServicosEducacionaisAsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SaberServicosEducacionaisAsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SaberServicosEducacionaisAsMember_2" xml:lang="en-US" id="label_SaberServicosEducacionaisAsMember_2">Saber Servicos Educacionais as</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaberServicosEducacionaisAsMember" xlink:to="label_SaberServicosEducacionaisAsMember_2" xlink:title="Label : SaberServicosEducacionaisAsMember to label_SaberServicosEducacionaisAsMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_EditoraEDistribuidoraEducacionalAsMember" xlink:label="EditoraEDistribuidoraEducacionalAsMember" xlink:title="EditoraEDistribuidoraEducacionalAsMember" />
    <link:label xlink:type="resource" xlink:label="label_EditoraEDistribuidoraEducacionalAsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EditoraEDistribuidoraEducacionalAsMember" xml:lang="en-US" id="label_EditoraEDistribuidoraEducacionalAsMember">Editora E Distribuidora Educacional As [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditoraEDistribuidoraEducacionalAsMember" xlink:to="label_EditoraEDistribuidoraEducacionalAsMember" xlink:title="Label : EditoraEDistribuidoraEducacionalAsMember to label_EditoraEDistribuidoraEducacionalAsMember" />
    <link:label xlink:type="resource" xlink:label="label_EditoraEDistribuidoraEducacionalAsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EditoraEDistribuidoraEducacionalAsMember_1" xml:lang="en-US" id="label_EditoraEDistribuidoraEducacionalAsMember_1">This member stands for information pertaining to Editora E Distribuidora Educacional as.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditoraEDistribuidoraEducacionalAsMember" xlink:to="label_EditoraEDistribuidoraEducacionalAsMember_1" xlink:title="Label : EditoraEDistribuidoraEducacionalAsMember to label_EditoraEDistribuidoraEducacionalAsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EditoraEDistribuidoraEducacionalAsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EditoraEDistribuidoraEducacionalAsMember_2" xml:lang="en-US" id="label_EditoraEDistribuidoraEducacionalAsMember_2">Editora E Distribuidora Educacional as</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditoraEDistribuidoraEducacionalAsMember" xlink:to="label_EditoraEDistribuidoraEducacionalAsMember_2" xlink:title="Label : EditoraEDistribuidoraEducacionalAsMember to label_EditoraEDistribuidoraEducacionalAsMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">Transactions held with Related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:title="Label : DisclosureOfTransactionsBetweenRelatedPartiesLineItems to label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_1" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_1">Disclosure of transactions between related parties [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_1" xlink:title="Label : DisclosureOfTransactionsBetweenRelatedPartiesLineItems to label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_2" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_2">Related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_2" xlink:title="Label : DisclosureOfTransactionsBetweenRelatedPartiesLineItems to label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherReceivablesRelatedParties" xlink:label="OtherReceivablesRelatedParties" xlink:title="OtherReceivablesRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReceivablesRelatedParties" xml:lang="en-US" id="label_OtherReceivablesRelatedParties">Other receivables, Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesRelatedParties" xlink:to="label_OtherReceivablesRelatedParties" xlink:title="Label : OtherReceivablesRelatedParties to label_OtherReceivablesRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherReceivablesRelatedParties_1" xml:lang="en-US" id="label_OtherReceivablesRelatedParties_1">The amount of other receivables resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesRelatedParties" xlink:to="label_OtherReceivablesRelatedParties_1" xlink:title="Label : OtherReceivablesRelatedParties to label_OtherReceivablesRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherReceivablesRelatedParties_2" xml:lang="en-US" id="label_OtherReceivablesRelatedParties_2">Other receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesRelatedParties" xlink:to="label_OtherReceivablesRelatedParties_2" xlink:title="Label : OtherReceivablesRelatedParties to label_OtherReceivablesRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradeReceivablesRelatedParties" xlink:label="TradeReceivablesRelatedParties" xlink:title="TradeReceivablesRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeReceivablesRelatedParties" xml:lang="en-US" id="label_TradeReceivablesRelatedParties">Trade receivables, Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesRelatedParties" xlink:to="label_TradeReceivablesRelatedParties" xlink:title="Label : TradeReceivablesRelatedParties to label_TradeReceivablesRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeReceivablesRelatedParties_1" xml:lang="en-US" id="label_TradeReceivablesRelatedParties_1">The amount of trade receivables resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesRelatedParties" xlink:to="label_TradeReceivablesRelatedParties_1" xlink:title="Label : TradeReceivablesRelatedParties to label_TradeReceivablesRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeReceivablesRelatedParties_2" xml:lang="en-US" id="label_TradeReceivablesRelatedParties_2">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesRelatedParties" xlink:to="label_TradeReceivablesRelatedParties_2" xlink:title="Label : TradeReceivablesRelatedParties to label_TradeReceivablesRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IndemnificationAssetRelatedParties" xlink:label="IndemnificationAssetRelatedParties" xlink:title="IndemnificationAssetRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationAssetRelatedParties" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IndemnificationAssetRelatedParties" xml:lang="en-US" id="label_IndemnificationAssetRelatedParties">Indemnification asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationAssetRelatedParties" xlink:to="label_IndemnificationAssetRelatedParties" xlink:title="Label : IndemnificationAssetRelatedParties to label_IndemnificationAssetRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationAssetRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IndemnificationAssetRelatedParties_1" xml:lang="en-US" id="label_IndemnificationAssetRelatedParties_1">Indemnification asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationAssetRelatedParties" xlink:to="label_IndemnificationAssetRelatedParties_1" xlink:title="Label : IndemnificationAssetRelatedParties to label_IndemnificationAssetRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationAssetRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IndemnificationAssetRelatedParties_2" xml:lang="en-US" id="label_IndemnificationAssetRelatedParties_2">The amount of indemnification asset resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationAssetRelatedParties" xlink:to="label_IndemnificationAssetRelatedParties_2" xlink:title="Label : IndemnificationAssetRelatedParties to label_IndemnificationAssetRelatedParties_2" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationAssetRelatedParties_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndemnificationAssetRelatedParties_3" xml:lang="en-US" id="label_IndemnificationAssetRelatedParties_3">Indemnification asset, Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationAssetRelatedParties" xlink:to="label_IndemnificationAssetRelatedParties_3" xlink:title="Label : IndemnificationAssetRelatedParties to label_IndemnificationAssetRelatedParties_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherPaymentsDueToRelatedParties" xlink:label="OtherPaymentsDueToRelatedParties" xlink:title="OtherPaymentsDueToRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_OtherPaymentsDueToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherPaymentsDueToRelatedParties" xml:lang="en-US" id="label_OtherPaymentsDueToRelatedParties">Other payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherPaymentsDueToRelatedParties" xlink:to="label_OtherPaymentsDueToRelatedParties" xlink:title="Label : OtherPaymentsDueToRelatedParties to label_OtherPaymentsDueToRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_OtherPaymentsDueToRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherPaymentsDueToRelatedParties_1" xml:lang="en-US" id="label_OtherPaymentsDueToRelatedParties_1">The amount of other payments due resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherPaymentsDueToRelatedParties" xlink:to="label_OtherPaymentsDueToRelatedParties_1" xlink:title="Label : OtherPaymentsDueToRelatedParties to label_OtherPaymentsDueToRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherPaymentsDueToRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherPaymentsDueToRelatedParties_2" xml:lang="en-US" id="label_OtherPaymentsDueToRelatedParties_2">Other payments due to Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherPaymentsDueToRelatedParties" xlink:to="label_OtherPaymentsDueToRelatedParties_2" xlink:title="Label : OtherPaymentsDueToRelatedParties to label_OtherPaymentsDueToRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LoansPayableRelatedParties" xlink:label="LoansPayableRelatedParties" xlink:title="LoansPayableRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_LoansPayableRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansPayableRelatedParties" xml:lang="en-US" id="label_LoansPayableRelatedParties">Loans Payable, Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansPayableRelatedParties" xlink:to="label_LoansPayableRelatedParties" xlink:title="Label : LoansPayableRelatedParties to label_LoansPayableRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_LoansPayableRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansPayableRelatedParties_1" xml:lang="en-US" id="label_LoansPayableRelatedParties_1">The amount of loans payable resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansPayableRelatedParties" xlink:to="label_LoansPayableRelatedParties_1" xlink:title="Label : LoansPayableRelatedParties to label_LoansPayableRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansPayableRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansPayableRelatedParties_2" xml:lang="en-US" id="label_LoansPayableRelatedParties_2">Loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansPayableRelatedParties" xlink:to="label_LoansPayableRelatedParties_2" xlink:title="Label : LoansPayableRelatedParties to label_LoansPayableRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradeSuppliersRelatedParties" xlink:label="TradeSuppliersRelatedParties" xlink:title="TradeSuppliersRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_TradeSuppliersRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeSuppliersRelatedParties" xml:lang="en-US" id="label_TradeSuppliersRelatedParties">Trade Suppliers, Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeSuppliersRelatedParties" xlink:to="label_TradeSuppliersRelatedParties" xlink:title="Label : TradeSuppliersRelatedParties to label_TradeSuppliersRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_TradeSuppliersRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeSuppliersRelatedParties_1" xml:lang="en-US" id="label_TradeSuppliersRelatedParties_1">The amount of trade suppliers resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeSuppliersRelatedParties" xlink:to="label_TradeSuppliersRelatedParties_1" xlink:title="Label : TradeSuppliersRelatedParties to label_TradeSuppliersRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeSuppliersRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeSuppliersRelatedParties_2" xml:lang="en-US" id="label_TradeSuppliersRelatedParties_2">Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeSuppliersRelatedParties" xlink:to="label_TradeSuppliersRelatedParties_2" xlink:title="Label : TradeSuppliersRelatedParties to label_TradeSuppliersRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BondsPayableRelatedParties" xlink:label="BondsPayableRelatedParties" xlink:title="BondsPayableRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_BondsPayableRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BondsPayableRelatedParties" xml:lang="en-US" id="label_BondsPayableRelatedParties">Bonds Payable, Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsPayableRelatedParties" xlink:to="label_BondsPayableRelatedParties" xlink:title="Label : BondsPayableRelatedParties to label_BondsPayableRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_BondsPayableRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BondsPayableRelatedParties_1" xml:lang="en-US" id="label_BondsPayableRelatedParties_1">The amount of bonds payable resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsPayableRelatedParties" xlink:to="label_BondsPayableRelatedParties_1" xlink:title="Label : BondsPayableRelatedParties to label_BondsPayableRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_BondsPayableRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BondsPayableRelatedParties_2" xml:lang="en-US" id="label_BondsPayableRelatedParties_2">Bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsPayableRelatedParties" xlink:to="label_BondsPayableRelatedParties_2" xlink:title="Label : BondsPayableRelatedParties to label_BondsPayableRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions" xlink:label="SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions" xlink:title="SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions" xml:lang="en-US" id="label_SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions">Settlement of liabilities by entity on behalf of related party, related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions" xlink:to="label_SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions" xlink:title="Label : SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions to label_SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions_1" xml:lang="en-US" id="label_SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions_1">Repayment of loan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions" xlink:to="label_SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions_1" xlink:title="Label : SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions to label_SettlementOfLiabilitiesByEntityOnBehalfOfRelatedPartyRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SoeOperacoesEscolaresSaMember" xlink:label="SoeOperacoesEscolaresSaMember" xlink:title="SoeOperacoesEscolaresSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SoeOperacoesEscolaresSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SoeOperacoesEscolaresSaMember" xml:lang="en-US" id="label_SoeOperacoesEscolaresSaMember">SOE Operacoes Escolares SA. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SoeOperacoesEscolaresSaMember" xlink:to="label_SoeOperacoesEscolaresSaMember" xlink:title="Label : SoeOperacoesEscolaresSaMember to label_SoeOperacoesEscolaresSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SoeOperacoesEscolaresSaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SoeOperacoesEscolaresSaMember_1" xml:lang="en-US" id="label_SoeOperacoesEscolaresSaMember_1">SOE Opera&#xE7;&#xF5;es Escolares SA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SoeOperacoesEscolaresSaMember" xlink:to="label_SoeOperacoesEscolaresSaMember_1" xlink:title="Label : SoeOperacoesEscolaresSaMember to label_SoeOperacoesEscolaresSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SoeOperacoesEscolaresSaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SoeOperacoesEscolaresSaMember_2" xml:lang="en-US" id="label_SoeOperacoesEscolaresSaMember_2">This member stands for information pertaining to SOE Opera&#xE7;&#xF5;es Escolares SA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SoeOperacoesEscolaresSaMember" xlink:to="label_SoeOperacoesEscolaresSaMember_2" xlink:title="Label : SoeOperacoesEscolaresSaMember to label_SoeOperacoesEscolaresSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherRelatedPartiesMember" xlink:label="OtherRelatedPartiesMember" xlink:title="OtherRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherRelatedPartiesMember" xml:lang="en-US" id="label_OtherRelatedPartiesMember">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherRelatedPartiesMember" xlink:to="label_OtherRelatedPartiesMember" xlink:title="Label : OtherRelatedPartiesMember to label_OtherRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherRelatedPartiesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherRelatedPartiesMember_1" xml:lang="en-US" id="label_OtherRelatedPartiesMember_1">Other related parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherRelatedPartiesMember" xlink:to="label_OtherRelatedPartiesMember_1" xlink:title="Label : OtherRelatedPartiesMember to label_OtherRelatedPartiesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherRelatedPartiesMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherRelatedPartiesMember_2" xml:lang="en-US" id="label_OtherRelatedPartiesMember_2">Free Float</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherRelatedPartiesMember" xlink:to="label_OtherRelatedPartiesMember_2" xlink:title="Label : OtherRelatedPartiesMember to label_OtherRelatedPartiesMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" xlink:label="SociedadeEducacionalNeodnaCuiabaLtdaEppMember" xlink:title="SociedadeEducacionalNeodnaCuiabaLtdaEppMember" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" xml:lang="en-US" id="label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember">Sociedade Educacional Neodna Cuiaba Ltda Epp [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalNeodnaCuiabaLtdaEppMember" xlink:to="label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" xlink:title="Label : SociedadeEducacionalNeodnaCuiabaLtdaEppMember to label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember_1" xml:lang="en-US" id="label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember_1">This member stands for information pertaining to Sociedade Educacional NEODNA Cuiaba Ltda - EPP.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalNeodnaCuiabaLtdaEppMember" xlink:to="label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember_1" xlink:title="Label : SociedadeEducacionalNeodnaCuiabaLtdaEppMember to label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember_2" xml:lang="en-US" id="label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember_2">Sociedade Educacional NEODNA Cuiaba Ltda - EPP</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SociedadeEducacionalNeodnaCuiabaLtdaEppMember" xlink:to="label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember_2" xlink:title="Label : SociedadeEducacionalNeodnaCuiabaLtdaEppMember to label_SociedadeEducacionalNeodnaCuiabaLtdaEppMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RevenuesFromRelatedParties" xlink:label="RevenuesFromRelatedParties" xlink:title="RevenuesFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_RevenuesFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenuesFromRelatedParties" xml:lang="en-US" id="label_RevenuesFromRelatedParties">Revenues from Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenuesFromRelatedParties" xlink:to="label_RevenuesFromRelatedParties" xlink:title="Label : RevenuesFromRelatedParties to label_RevenuesFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_RevenuesFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevenuesFromRelatedParties_1" xml:lang="en-US" id="label_RevenuesFromRelatedParties_1">The amount of revenues resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenuesFromRelatedParties" xlink:to="label_RevenuesFromRelatedParties_1" xlink:title="Label : RevenuesFromRelatedParties to label_RevenuesFromRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenuesFromRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenuesFromRelatedParties_2" xml:lang="en-US" id="label_RevenuesFromRelatedParties_2">Revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenuesFromRelatedParties" xlink:to="label_RevenuesFromRelatedParties_2" xlink:title="Label : RevenuesFromRelatedParties to label_RevenuesFromRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FinanceCostsToRelatedParties" xlink:label="FinanceCostsToRelatedParties" xlink:title="FinanceCostsToRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCostsToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceCostsToRelatedParties" xml:lang="en-US" id="label_FinanceCostsToRelatedParties">Finance Costs to Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCostsToRelatedParties" xlink:to="label_FinanceCostsToRelatedParties" xlink:title="Label : FinanceCostsToRelatedParties to label_FinanceCostsToRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCostsToRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceCostsToRelatedParties_1" xml:lang="en-US" id="label_FinanceCostsToRelatedParties_1">The amount of finance costs resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCostsToRelatedParties" xlink:to="label_FinanceCostsToRelatedParties_1" xlink:title="Label : FinanceCostsToRelatedParties to label_FinanceCostsToRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCostsToRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceCostsToRelatedParties_2" xml:lang="en-US" id="label_FinanceCostsToRelatedParties_2">Finance costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCostsToRelatedParties" xlink:to="label_FinanceCostsToRelatedParties_2" xlink:title="Label : FinanceCostsToRelatedParties to label_FinanceCostsToRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CostSharingExpensesToRelatedParties" xlink:label="CostSharingExpensesToRelatedParties" xlink:title="CostSharingExpensesToRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_CostSharingExpensesToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostSharingExpensesToRelatedParties" xml:lang="en-US" id="label_CostSharingExpensesToRelatedParties">Cost Sharing Expenses to Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostSharingExpensesToRelatedParties" xlink:to="label_CostSharingExpensesToRelatedParties" xlink:title="Label : CostSharingExpensesToRelatedParties to label_CostSharingExpensesToRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_CostSharingExpensesToRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostSharingExpensesToRelatedParties_1" xml:lang="en-US" id="label_CostSharingExpensesToRelatedParties_1">The amount of cost Sharing expenses resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostSharingExpensesToRelatedParties" xlink:to="label_CostSharingExpensesToRelatedParties_1" xlink:title="Label : CostSharingExpensesToRelatedParties to label_CostSharingExpensesToRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_CostSharingExpensesToRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostSharingExpensesToRelatedParties_2" xml:lang="en-US" id="label_CostSharingExpensesToRelatedParties_2">Cost Sharing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostSharingExpensesToRelatedParties" xlink:to="label_CostSharingExpensesToRelatedParties_2" xlink:title="Label : CostSharingExpensesToRelatedParties to label_CostSharingExpensesToRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SubleaseIncomeFromRelatedParties" xlink:label="SubleaseIncomeFromRelatedParties" xlink:title="SubleaseIncomeFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_SubleaseIncomeFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubleaseIncomeFromRelatedParties" xml:lang="en-US" id="label_SubleaseIncomeFromRelatedParties">Sublease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubleaseIncomeFromRelatedParties" xlink:to="label_SubleaseIncomeFromRelatedParties" xlink:title="Label : SubleaseIncomeFromRelatedParties to label_SubleaseIncomeFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_SubleaseIncomeFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubleaseIncomeFromRelatedParties_1" xml:lang="en-US" id="label_SubleaseIncomeFromRelatedParties_1">The amount of sublease income resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubleaseIncomeFromRelatedParties" xlink:to="label_SubleaseIncomeFromRelatedParties_1" xlink:title="Label : SubleaseIncomeFromRelatedParties to label_SubleaseIncomeFromRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_SubleaseIncomeFromRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubleaseIncomeFromRelatedParties_2" xml:lang="en-US" id="label_SubleaseIncomeFromRelatedParties_2">Sublease Income from Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubleaseIncomeFromRelatedParties" xlink:to="label_SubleaseIncomeFromRelatedParties_2" xlink:title="Label : SubleaseIncomeFromRelatedParties to label_SubleaseIncomeFromRelatedParties_2" />
    <link:label xlink:type="resource" xlink:label="label_SubleaseIncomeFromRelatedParties_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_SubleaseIncomeFromRelatedParties_3" xml:lang="en-US" id="label_SubleaseIncomeFromRelatedParties_3">Income from lease and sublease agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubleaseIncomeFromRelatedParties" xlink:to="label_SubleaseIncomeFromRelatedParties_3" xlink:title="Label : SubleaseIncomeFromRelatedParties to label_SubleaseIncomeFromRelatedParties_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RelatedPartiesMember" xlink:label="RelatedPartiesMember" xlink:title="RelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_RelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RelatedPartiesMember" xml:lang="en-US" id="label_RelatedPartiesMember">Related parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesMember" xlink:to="label_RelatedPartiesMember" xlink:title="Label : RelatedPartiesMember to label_RelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_RelatedPartiesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RelatedPartiesMember_1" xml:lang="en-US" id="label_RelatedPartiesMember_1">Related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesMember" xlink:to="label_RelatedPartiesMember_1" xlink:title="Label : RelatedPartiesMember to label_RelatedPartiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions" xlink:label="SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions" xlink:title="SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions" xml:lang="en-US" id="label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions">Settlement of reverse factoring supplier liabilities to related party, related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions" xlink:to="label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions" xlink:title="Label : SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions to label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions_1" xml:lang="en-US" id="label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions_1">The amount of reverse factoring supplier liabilities settled to a related party in the related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions" xlink:to="label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions_1" xlink:title="Label : SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions to label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions_1" />
    <link:label xlink:type="resource" xlink:label="label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions_2" xml:lang="en-US" id="label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions_2">Settlement of reverse factoring supplier liabilities to related party, related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions" xlink:to="label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions_2" xlink:title="Label : SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions to label_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OutstandingCommitmentsMadeByEntityRelatedPartyTransactions" xlink:label="OutstandingCommitmentsMadeByEntityRelatedPartyTransactions" xlink:title="OutstandingCommitmentsMadeByEntityRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_OutstandingCommitmentsMadeByEntityRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OutstandingCommitmentsMadeByEntityRelatedPartyTransactions" xml:lang="en-US" id="label_OutstandingCommitmentsMadeByEntityRelatedPartyTransactions">Outstanding commitments made by entity, related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OutstandingCommitmentsMadeByEntityRelatedPartyTransactions" xlink:to="label_OutstandingCommitmentsMadeByEntityRelatedPartyTransactions" xlink:title="Label : OutstandingCommitmentsMadeByEntityRelatedPartyTransactions to label_OutstandingCommitmentsMadeByEntityRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_OutstandingCommitmentsMadeByEntityRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OutstandingCommitmentsMadeByEntityRelatedPartyTransactions_1" xml:lang="en-US" id="label_OutstandingCommitmentsMadeByEntityRelatedPartyTransactions_1">Outstanding contract commitments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OutstandingCommitmentsMadeByEntityRelatedPartyTransactions" xlink:to="label_OutstandingCommitmentsMadeByEntityRelatedPartyTransactions_1" xlink:title="Label : OutstandingCommitmentsMadeByEntityRelatedPartyTransactions to label_OutstandingCommitmentsMadeByEntityRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BrandNames" xlink:label="BrandNames" xlink:title="BrandNames" />
    <link:label xlink:type="resource" xlink:label="label_BrandNames" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BrandNames" xml:lang="en-US" id="label_BrandNames">Brand names</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrandNames" xlink:to="label_BrandNames" xlink:title="Label : BrandNames to label_BrandNames" />
    <link:label xlink:type="resource" xlink:label="label_BrandNames_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BrandNames_1" xml:lang="en-US" id="label_BrandNames_1">Trademark</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrandNames" xlink:to="label_BrandNames_1" xlink:title="Label : BrandNames to label_BrandNames_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights" xlink:label="CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights" xlink:title="CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights" />
    <link:label xlink:type="resource" xlink:label="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights" xml:lang="en-US" id="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights">Copyrights, patents and other industrial property rights, service and operating rights</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights" xlink:to="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights" xlink:title="Label : CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights to label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights" />
    <link:label xlink:type="resource" xlink:label="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights_1" xml:lang="en-US" id="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights_1">Copyright license</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights" xlink:to="label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights_1" xlink:title="Label : CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights to label_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfLicenseAgreements" xlink:label="NumberOfLicenseAgreements" xlink:title="NumberOfLicenseAgreements" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfLicenseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfLicenseAgreements" xml:lang="en-US" id="label_NumberOfLicenseAgreements">Number of License Agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfLicenseAgreements" xlink:to="label_NumberOfLicenseAgreements" xlink:title="Label : NumberOfLicenseAgreements to label_NumberOfLicenseAgreements" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfLicenseAgreements_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfLicenseAgreements_1" xml:lang="en-US" id="label_NumberOfLicenseAgreements_1">The number of license agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfLicenseAgreements" xlink:to="label_NumberOfLicenseAgreements_1" xlink:title="Label : NumberOfLicenseAgreements to label_NumberOfLicenseAgreements_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfLicenseAgreements_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfLicenseAgreements_2" xml:lang="en-US" id="label_NumberOfLicenseAgreements_2">Number of license agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfLicenseAgreements" xlink:to="label_NumberOfLicenseAgreements_2" xlink:title="Label : NumberOfLicenseAgreements to label_NumberOfLicenseAgreements_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OperatingLeaseTransactionMonthlyRentalPayments" xlink:label="OperatingLeaseTransactionMonthlyRentalPayments" xlink:title="OperatingLeaseTransactionMonthlyRentalPayments" />
    <link:label xlink:type="resource" xlink:label="label_OperatingLeaseTransactionMonthlyRentalPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OperatingLeaseTransactionMonthlyRentalPayments" xml:lang="en-US" id="label_OperatingLeaseTransactionMonthlyRentalPayments">Commercial lease agreement, Monthly payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeaseTransactionMonthlyRentalPayments" xlink:to="label_OperatingLeaseTransactionMonthlyRentalPayments" xlink:title="Label : OperatingLeaseTransactionMonthlyRentalPayments to label_OperatingLeaseTransactionMonthlyRentalPayments" />
    <link:label xlink:type="resource" xlink:label="label_OperatingLeaseTransactionMonthlyRentalPayments_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OperatingLeaseTransactionMonthlyRentalPayments_1" xml:lang="en-US" id="label_OperatingLeaseTransactionMonthlyRentalPayments_1">The amount of the monthly rental payments due under operating lease transaction.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeaseTransactionMonthlyRentalPayments" xlink:to="label_OperatingLeaseTransactionMonthlyRentalPayments_1" xlink:title="Label : OperatingLeaseTransactionMonthlyRentalPayments to label_OperatingLeaseTransactionMonthlyRentalPayments_1" />
    <link:label xlink:type="resource" xlink:label="label_OperatingLeaseTransactionMonthlyRentalPayments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingLeaseTransactionMonthlyRentalPayments_2" xml:lang="en-US" id="label_OperatingLeaseTransactionMonthlyRentalPayments_2">Operating Lease Transaction Monthly Rental Payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeaseTransactionMonthlyRentalPayments" xlink:to="label_OperatingLeaseTransactionMonthlyRentalPayments_2" xlink:title="Label : OperatingLeaseTransactionMonthlyRentalPayments to label_OperatingLeaseTransactionMonthlyRentalPayments_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LesseeOperatingLeasesTermOfContract" xlink:label="LesseeOperatingLeasesTermOfContract" xlink:title="LesseeOperatingLeasesTermOfContract" />
    <link:label xlink:type="resource" xlink:label="label_LesseeOperatingLeasesTermOfContract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LesseeOperatingLeasesTermOfContract" xml:lang="en-US" id="label_LesseeOperatingLeasesTermOfContract">Term of lessee's operating leases, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LesseeOperatingLeasesTermOfContract" xlink:to="label_LesseeOperatingLeasesTermOfContract" xlink:title="Label : LesseeOperatingLeasesTermOfContract to label_LesseeOperatingLeasesTermOfContract" />
    <link:label xlink:type="resource" xlink:label="label_LesseeOperatingLeasesTermOfContract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LesseeOperatingLeasesTermOfContract_1" xml:lang="en-US" id="label_LesseeOperatingLeasesTermOfContract_1">Commercial lease agreement, Maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LesseeOperatingLeasesTermOfContract" xlink:to="label_LesseeOperatingLeasesTermOfContract_1" xlink:title="Label : LesseeOperatingLeasesTermOfContract to label_LesseeOperatingLeasesTermOfContract_1" />
    <link:label xlink:type="resource" xlink:label="label_LesseeOperatingLeasesTermOfContract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LesseeOperatingLeasesTermOfContract_2" xml:lang="en-US" id="label_LesseeOperatingLeasesTermOfContract_2">Lessee Operating Leases Term of Contract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LesseeOperatingLeasesTermOfContract" xlink:to="label_LesseeOperatingLeasesTermOfContract_2" xlink:title="Label : LesseeOperatingLeasesTermOfContract to label_LesseeOperatingLeasesTermOfContract_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DescriptionOfRateUsedInCommercialLeaseAgreement" xlink:label="DescriptionOfRateUsedInCommercialLeaseAgreement" xlink:title="DescriptionOfRateUsedInCommercialLeaseAgreement" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfRateUsedInCommercialLeaseAgreement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfRateUsedInCommercialLeaseAgreement" xml:lang="en-US" id="label_DescriptionOfRateUsedInCommercialLeaseAgreement">Commercial lease agreement, Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfRateUsedInCommercialLeaseAgreement" xlink:to="label_DescriptionOfRateUsedInCommercialLeaseAgreement" xlink:title="Label : DescriptionOfRateUsedInCommercialLeaseAgreement to label_DescriptionOfRateUsedInCommercialLeaseAgreement" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfRateUsedInCommercialLeaseAgreement_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfRateUsedInCommercialLeaseAgreement_1" xml:lang="en-US" id="label_DescriptionOfRateUsedInCommercialLeaseAgreement_1">The description of rate used in commercial lease agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfRateUsedInCommercialLeaseAgreement" xlink:to="label_DescriptionOfRateUsedInCommercialLeaseAgreement_1" xlink:title="Label : DescriptionOfRateUsedInCommercialLeaseAgreement to label_DescriptionOfRateUsedInCommercialLeaseAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfRateUsedInCommercialLeaseAgreement_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfRateUsedInCommercialLeaseAgreement_2" xml:lang="en-US" id="label_DescriptionOfRateUsedInCommercialLeaseAgreement_2">Description of rate used in commercial lease agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfRateUsedInCommercialLeaseAgreement" xlink:to="label_DescriptionOfRateUsedInCommercialLeaseAgreement_2" xlink:title="Label : DescriptionOfRateUsedInCommercialLeaseAgreement to label_DescriptionOfRateUsedInCommercialLeaseAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" xlink:label="DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" xlink:title="DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" xml:lang="en-US" id="label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement">The description of state of the property in use upon commercial lease agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" xlink:to="label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" xlink:title="Label : DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement to label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement_1" xml:lang="en-US" id="label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement_1">Commercial lease agreement, State of the property in use</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" xlink:to="label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement_1" xlink:title="Label : DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement to label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement_2" xml:lang="en-US" id="label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement_2">Description of state of property in use upon commercial lease agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" xlink:to="label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement_2" xlink:title="Label : DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement to label_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SaleLeasebackTransactionsMonthlyRentalPayments" xlink:label="SaleLeasebackTransactionsMonthlyRentalPayments" xlink:title="SaleLeasebackTransactionsMonthlyRentalPayments" />
    <link:label xlink:type="resource" xlink:label="label_SaleLeasebackTransactionsMonthlyRentalPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SaleLeasebackTransactionsMonthlyRentalPayments" xml:lang="en-US" id="label_SaleLeasebackTransactionsMonthlyRentalPayments">Commercial sublease agreement, Monthly payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleLeasebackTransactionsMonthlyRentalPayments" xlink:to="label_SaleLeasebackTransactionsMonthlyRentalPayments" xlink:title="Label : SaleLeasebackTransactionsMonthlyRentalPayments to label_SaleLeasebackTransactionsMonthlyRentalPayments" />
    <link:label xlink:type="resource" xlink:label="label_SaleLeasebackTransactionsMonthlyRentalPayments_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SaleLeasebackTransactionsMonthlyRentalPayments_1" xml:lang="en-US" id="label_SaleLeasebackTransactionsMonthlyRentalPayments_1">The amount of the monthly rental payments due under the lease entered into in connection with the transactions involving the sale of property to another party and the lease of the property back to the seller.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleLeasebackTransactionsMonthlyRentalPayments" xlink:to="label_SaleLeasebackTransactionsMonthlyRentalPayments_1" xlink:title="Label : SaleLeasebackTransactionsMonthlyRentalPayments to label_SaleLeasebackTransactionsMonthlyRentalPayments_1" />
    <link:label xlink:type="resource" xlink:label="label_SaleLeasebackTransactionsMonthlyRentalPayments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SaleLeasebackTransactionsMonthlyRentalPayments_2" xml:lang="en-US" id="label_SaleLeasebackTransactionsMonthlyRentalPayments_2">Sale Leaseback Transactions Monthly Rental Payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleLeasebackTransactionsMonthlyRentalPayments" xlink:to="label_SaleLeasebackTransactionsMonthlyRentalPayments_2" xlink:title="Label : SaleLeasebackTransactionsMonthlyRentalPayments to label_SaleLeasebackTransactionsMonthlyRentalPayments_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CommercialSubleaseAgreementMaturityDate" xlink:label="CommercialSubleaseAgreementMaturityDate" xlink:title="CommercialSubleaseAgreementMaturityDate" />
    <link:label xlink:type="resource" xlink:label="label_CommercialSubleaseAgreementMaturityDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialSubleaseAgreementMaturityDate" xml:lang="en-US" id="label_CommercialSubleaseAgreementMaturityDate">Commercial sublease agreement, Maturity date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialSubleaseAgreementMaturityDate" xlink:to="label_CommercialSubleaseAgreementMaturityDate" xlink:title="Label : CommercialSubleaseAgreementMaturityDate to label_CommercialSubleaseAgreementMaturityDate" />
    <link:label xlink:type="resource" xlink:label="label_CommercialSubleaseAgreementMaturityDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommercialSubleaseAgreementMaturityDate_1" xml:lang="en-US" id="label_CommercialSubleaseAgreementMaturityDate_1">Commercial sublease agreement, Maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialSubleaseAgreementMaturityDate" xlink:to="label_CommercialSubleaseAgreementMaturityDate_1" xlink:title="Label : CommercialSubleaseAgreementMaturityDate to label_CommercialSubleaseAgreementMaturityDate_1" />
    <link:label xlink:type="resource" xlink:label="label_CommercialSubleaseAgreementMaturityDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommercialSubleaseAgreementMaturityDate_2" xml:lang="en-US" id="label_CommercialSubleaseAgreementMaturityDate_2">The date of maturity for commercial sublease agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialSubleaseAgreementMaturityDate" xlink:to="label_CommercialSubleaseAgreementMaturityDate_2" xlink:title="Label : CommercialSubleaseAgreementMaturityDate to label_CommercialSubleaseAgreementMaturityDate_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DescriptionOfRateUsedInCommercialSubleaseAgreement" xlink:label="DescriptionOfRateUsedInCommercialSubleaseAgreement" xlink:title="DescriptionOfRateUsedInCommercialSubleaseAgreement" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfRateUsedInCommercialSubleaseAgreement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfRateUsedInCommercialSubleaseAgreement" xml:lang="en-US" id="label_DescriptionOfRateUsedInCommercialSubleaseAgreement">Description of rate used in commercial sublease agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfRateUsedInCommercialSubleaseAgreement" xlink:to="label_DescriptionOfRateUsedInCommercialSubleaseAgreement" xlink:title="Label : DescriptionOfRateUsedInCommercialSubleaseAgreement to label_DescriptionOfRateUsedInCommercialSubleaseAgreement" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfRateUsedInCommercialSubleaseAgreement_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfRateUsedInCommercialSubleaseAgreement_1" xml:lang="en-US" id="label_DescriptionOfRateUsedInCommercialSubleaseAgreement_1">Commercial sublease agreement, Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfRateUsedInCommercialSubleaseAgreement" xlink:to="label_DescriptionOfRateUsedInCommercialSubleaseAgreement_1" xlink:title="Label : DescriptionOfRateUsedInCommercialSubleaseAgreement to label_DescriptionOfRateUsedInCommercialSubleaseAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfRateUsedInCommercialSubleaseAgreement_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfRateUsedInCommercialSubleaseAgreement_2" xml:lang="en-US" id="label_DescriptionOfRateUsedInCommercialSubleaseAgreement_2">The description of rate used in commercial sublease agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfRateUsedInCommercialSubleaseAgreement" xlink:to="label_DescriptionOfRateUsedInCommercialSubleaseAgreement_2" xlink:title="Label : DescriptionOfRateUsedInCommercialSubleaseAgreement to label_DescriptionOfRateUsedInCommercialSubleaseAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" xlink:label="DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" xlink:title="DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" xml:lang="en-US" id="label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement">Description of state of property in use upon commercial sublease agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" xlink:to="label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" xlink:title="Label : DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement to label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement_1" xml:lang="en-US" id="label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement_1">The description of state of the property in use upon commercial sublease agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" xlink:to="label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement_1" xlink:title="Label : DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement to label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement_2" xml:lang="en-US" id="label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement_2">Commercial sublease agreement, State of the property in use</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" xlink:to="label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement_2" xlink:title="Label : DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement to label_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xlink:label="ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xlink:title="ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xml:lang="en-US" id="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions">Provision of guarantees or collateral by entity, related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xlink:to="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xlink:title="Label : ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions to label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions_1" xml:lang="en-US" id="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions_1">Aggregate amount of Guarantees related to finance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xlink:to="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions_1" xlink:title="Label : ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions to label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:label="KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:title="KeyManagementPersonnelCompensationShorttermEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits">Short-term employee benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:title="Label : KeyManagementPersonnelCompensationShorttermEmployeeBenefits to label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_1" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_1">Key management personnel compensation, short-term employee benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_1" xlink:title="Label : KeyManagementPersonnelCompensationShorttermEmployeeBenefits to label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:label="KeyManagementPersonnelCompensationSharebasedPayment" xlink:title="KeyManagementPersonnelCompensationSharebasedPayment" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationSharebasedPayment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_KeyManagementPersonnelCompensationSharebasedPayment" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationSharebasedPayment">Share-based compensation plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="label_KeyManagementPersonnelCompensationSharebasedPayment" xlink:title="Label : KeyManagementPersonnelCompensationSharebasedPayment to label_KeyManagementPersonnelCompensationSharebasedPayment" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationSharebasedPayment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelCompensationSharebasedPayment_1" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationSharebasedPayment_1">Key management personnel compensation, share-based payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="label_KeyManagementPersonnelCompensationSharebasedPayment_1" xlink:title="Label : KeyManagementPersonnelCompensationSharebasedPayment to label_KeyManagementPersonnelCompensationSharebasedPayment_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="KeyManagementPersonnelCompensation" xlink:title="KeyManagementPersonnelCompensation" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelCompensation" xml:lang="en-US" id="label_KeyManagementPersonnelCompensation">Key management personnel compensation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensation" xlink:to="label_KeyManagementPersonnelCompensation" xlink:title="Label : KeyManagementPersonnelCompensation to label_KeyManagementPersonnelCompensation" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensation_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_KeyManagementPersonnelCompensation_1" xml:lang="en-US" id="label_KeyManagementPersonnelCompensation_1">Total key management personnel compensation expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensation" xlink:to="label_KeyManagementPersonnelCompensation_1" xlink:title="Label : KeyManagementPersonnelCompensation to label_KeyManagementPersonnelCompensation_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfContingentLiabilitiesTable" xlink:label="DisclosureOfContingentLiabilitiesTable" xlink:title="DisclosureOfContingentLiabilitiesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContingentLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfContingentLiabilitiesTable" xml:lang="en-US" id="label_DisclosureOfContingentLiabilitiesTable">Disclosure of contingent liabilities [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContingentLiabilitiesTable" xlink:to="label_DisclosureOfContingentLiabilitiesTable" xlink:title="Label : DisclosureOfContingentLiabilitiesTable to label_DisclosureOfContingentLiabilitiesTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:label="ClassesOfContingentLiabilitiesAxis" xlink:title="ClassesOfContingentLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfContingentLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfContingentLiabilitiesAxis" xml:lang="en-US" id="label_ClassesOfContingentLiabilitiesAxis">Classes of contingent liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfContingentLiabilitiesAxis" xlink:to="label_ClassesOfContingentLiabilitiesAxis" xlink:title="Label : ClassesOfContingentLiabilitiesAxis to label_ClassesOfContingentLiabilitiesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ContingentLiabilitiesMember" xlink:label="ContingentLiabilitiesMember" xlink:title="ContingentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentLiabilitiesMember" xml:lang="en-US" id="label_ContingentLiabilitiesMember">Contingent liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilitiesMember" xlink:to="label_ContingentLiabilitiesMember" xlink:title="Label : ContingentLiabilitiesMember to label_ContingentLiabilitiesMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ContingentLiabilityArisingFromTaxProceedingsMember" xlink:label="ContingentLiabilityArisingFromTaxProceedingsMember" xlink:title="ContingentLiabilityArisingFromTaxProceedingsMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityArisingFromTaxProceedingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContingentLiabilityArisingFromTaxProceedingsMember" xml:lang="en-US" id="label_ContingentLiabilityArisingFromTaxProceedingsMember">This member stands for contingent liability arising from tax proceedings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityArisingFromTaxProceedingsMember" xlink:to="label_ContingentLiabilityArisingFromTaxProceedingsMember" xlink:title="Label : ContingentLiabilityArisingFromTaxProceedingsMember to label_ContingentLiabilityArisingFromTaxProceedingsMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityArisingFromTaxProceedingsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentLiabilityArisingFromTaxProceedingsMember_1" xml:lang="en-US" id="label_ContingentLiabilityArisingFromTaxProceedingsMember_1">Tax proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityArisingFromTaxProceedingsMember" xlink:to="label_ContingentLiabilityArisingFromTaxProceedingsMember_1" xlink:title="Label : ContingentLiabilityArisingFromTaxProceedingsMember to label_ContingentLiabilityArisingFromTaxProceedingsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityArisingFromTaxProceedingsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentLiabilityArisingFromTaxProceedingsMember_2" xml:lang="en-US" id="label_ContingentLiabilityArisingFromTaxProceedingsMember_2">Contingent Liability Arising from Tax Proceedings [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityArisingFromTaxProceedingsMember" xlink:to="label_ContingentLiabilityArisingFromTaxProceedingsMember_2" xlink:title="Label : ContingentLiabilityArisingFromTaxProceedingsMember to label_ContingentLiabilityArisingFromTaxProceedingsMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ContingentLiabilityArisingFromLaborProceedingsMember" xlink:label="ContingentLiabilityArisingFromLaborProceedingsMember" xlink:title="ContingentLiabilityArisingFromLaborProceedingsMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityArisingFromLaborProceedingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContingentLiabilityArisingFromLaborProceedingsMember" xml:lang="en-US" id="label_ContingentLiabilityArisingFromLaborProceedingsMember">This member stands for contingent liability arising from labor proceedings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityArisingFromLaborProceedingsMember" xlink:to="label_ContingentLiabilityArisingFromLaborProceedingsMember" xlink:title="Label : ContingentLiabilityArisingFromLaborProceedingsMember to label_ContingentLiabilityArisingFromLaborProceedingsMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityArisingFromLaborProceedingsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentLiabilityArisingFromLaborProceedingsMember_1" xml:lang="en-US" id="label_ContingentLiabilityArisingFromLaborProceedingsMember_1">Labor proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityArisingFromLaborProceedingsMember" xlink:to="label_ContingentLiabilityArisingFromLaborProceedingsMember_1" xlink:title="Label : ContingentLiabilityArisingFromLaborProceedingsMember to label_ContingentLiabilityArisingFromLaborProceedingsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityArisingFromLaborProceedingsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentLiabilityArisingFromLaborProceedingsMember_2" xml:lang="en-US" id="label_ContingentLiabilityArisingFromLaborProceedingsMember_2">Contingent Liability Arising from Labor Proceedings [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityArisingFromLaborProceedingsMember" xlink:to="label_ContingentLiabilityArisingFromLaborProceedingsMember_2" xlink:title="Label : ContingentLiabilityArisingFromLaborProceedingsMember to label_ContingentLiabilityArisingFromLaborProceedingsMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ContingentLiabilityArisingFromCivilProceedingsMember" xlink:label="ContingentLiabilityArisingFromCivilProceedingsMember" xlink:title="ContingentLiabilityArisingFromCivilProceedingsMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityArisingFromCivilProceedingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentLiabilityArisingFromCivilProceedingsMember" xml:lang="en-US" id="label_ContingentLiabilityArisingFromCivilProceedingsMember">Contingent Liability Arising from Civil Proceedings [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityArisingFromCivilProceedingsMember" xlink:to="label_ContingentLiabilityArisingFromCivilProceedingsMember" xlink:title="Label : ContingentLiabilityArisingFromCivilProceedingsMember to label_ContingentLiabilityArisingFromCivilProceedingsMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityArisingFromCivilProceedingsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentLiabilityArisingFromCivilProceedingsMember_1" xml:lang="en-US" id="label_ContingentLiabilityArisingFromCivilProceedingsMember_1">Civil proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityArisingFromCivilProceedingsMember" xlink:to="label_ContingentLiabilityArisingFromCivilProceedingsMember_1" xlink:title="Label : ContingentLiabilityArisingFromCivilProceedingsMember to label_ContingentLiabilityArisingFromCivilProceedingsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityArisingFromCivilProceedingsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContingentLiabilityArisingFromCivilProceedingsMember_2" xml:lang="en-US" id="label_ContingentLiabilityArisingFromCivilProceedingsMember_2">This member stands for contingent liability arising from civil proceedings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityArisingFromCivilProceedingsMember" xlink:to="label_ContingentLiabilityArisingFromCivilProceedingsMember_2" xlink:title="Label : ContingentLiabilityArisingFromCivilProceedingsMember to label_ContingentLiabilityArisingFromCivilProceedingsMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfContingentLiabilitiesLineItems" xlink:label="DisclosureOfContingentLiabilitiesLineItems" xlink:title="DisclosureOfContingentLiabilitiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContingentLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfContingentLiabilitiesLineItems" xml:lang="en-US" id="label_DisclosureOfContingentLiabilitiesLineItems">Disclosure of contingent liabilities [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContingentLiabilitiesLineItems" xlink:to="label_DisclosureOfContingentLiabilitiesLineItems" xlink:title="Label : DisclosureOfContingentLiabilitiesLineItems to label_DisclosureOfContingentLiabilitiesLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:label="EstimatedFinancialEffectOfContingentLiabilities" xlink:title="EstimatedFinancialEffectOfContingentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedFinancialEffectOfContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedFinancialEffectOfContingentLiabilities" xml:lang="en-US" id="label_EstimatedFinancialEffectOfContingentLiabilities">Estimated financial effect of contingent liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedFinancialEffectOfContingentLiabilities" xlink:to="label_EstimatedFinancialEffectOfContingentLiabilities" xlink:title="Label : EstimatedFinancialEffectOfContingentLiabilities to label_EstimatedFinancialEffectOfContingentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedFinancialEffectOfContingentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedFinancialEffectOfContingentLiabilities_1" xml:lang="en-US" id="label_EstimatedFinancialEffectOfContingentLiabilities_1">Proceedings whose likelihood of loss is probable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedFinancialEffectOfContingentLiabilities" xlink:to="label_EstimatedFinancialEffectOfContingentLiabilities_1" xlink:title="Label : EstimatedFinancialEffectOfContingentLiabilities to label_EstimatedFinancialEffectOfContingentLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" xlink:label="EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" xlink:title="EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" xml:lang="en-US" id="label_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination">Estimated financial effect, contingent liabilities in business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" xlink:to="label_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" xlink:title="Label : EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination to label_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination_1" xml:lang="en-US" id="label_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination_1">Liabilities assumed in Business Combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination" xlink:to="label_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination_1" xlink:title="Label : EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination to label_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfOtherProvisionsAbstract" xlink:label="DisclosureOfOtherProvisionsAbstract" xlink:title="DisclosureOfOtherProvisionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherProvisionsAbstract" xml:lang="en-US" id="label_DisclosureOfOtherProvisionsAbstract">Disclosure of other provisions [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherProvisionsAbstract" xlink:to="label_DisclosureOfOtherProvisionsAbstract" xlink:title="Label : DisclosureOfOtherProvisionsAbstract to label_DisclosureOfOtherProvisionsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfOtherProvisionsTable" xlink:label="DisclosureOfOtherProvisionsTable" xlink:title="DisclosureOfOtherProvisionsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherProvisionsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherProvisionsTable" xml:lang="en-US" id="label_DisclosureOfOtherProvisionsTable">Disclosure of other provisions [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherProvisionsTable" xlink:to="label_DisclosureOfOtherProvisionsTable" xlink:title="Label : DisclosureOfOtherProvisionsTable to label_DisclosureOfOtherProvisionsTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfOtherProvisionsLineItems" xlink:label="DisclosureOfOtherProvisionsLineItems" xlink:title="DisclosureOfOtherProvisionsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherProvisionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherProvisionsLineItems" xml:lang="en-US" id="label_DisclosureOfOtherProvisionsLineItems">Disclosure of other provisions [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherProvisionsLineItems" xlink:to="label_DisclosureOfOtherProvisionsLineItems" xlink:title="Label : DisclosureOfOtherProvisionsLineItems to label_DisclosureOfOtherProvisionsLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract" xlink:label="ReconciliationOfChangesInOtherProvisionsAbstract" xlink:title="ReconciliationOfChangesInOtherProvisionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ReconciliationOfChangesInOtherProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReconciliationOfChangesInOtherProvisionsAbstract" xml:lang="en-US" id="label_ReconciliationOfChangesInOtherProvisionsAbstract">Reconciliation of changes in other provisions [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInOtherProvisionsAbstract" xlink:to="label_ReconciliationOfChangesInOtherProvisionsAbstract" xlink:title="Label : ReconciliationOfChangesInOtherProvisionsAbstract to label_ReconciliationOfChangesInOtherProvisionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ReconciliationOfChangesInOtherProvisionsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReconciliationOfChangesInOtherProvisionsAbstract_1" xml:lang="en-US" id="label_ReconciliationOfChangesInOtherProvisionsAbstract_1">Changes in provision</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInOtherProvisionsAbstract" xlink:to="label_ReconciliationOfChangesInOtherProvisionsAbstract_1" xlink:title="Label : ReconciliationOfChangesInOtherProvisionsAbstract to label_ReconciliationOfChangesInOtherProvisionsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:label="AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" xml:lang="en-US" id="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses">Addition in Non Current Provision for Tax Civil and Labor Losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="Label : AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses to label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_1" xml:lang="en-US" id="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_1">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:title="Label : AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses to label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_2" xml:lang="en-US" id="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_2">Represents the amount of additions in the amount of non-current provision for tax, civil and labor losses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:title="Label : AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses to label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_2" />
    <link:label xlink:type="resource" xlink:label="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_3" xml:lang="en-US" id="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_3">Addition (Total)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_3" xlink:title="Label : AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses to label_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:label="AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses">Business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="Label : AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses to label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses_1">Acquisitions through business combinations, in noncurrent provision for tax civil and labor losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses to label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses_2" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses_2">The increase in noncurrent provision for tax civil and labor losses resulting from acquisitions through business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:title="Label : AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses to label_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:label="ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" xml:lang="en-US" id="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses">Reversal (Total)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="Label : ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses to label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_1" xml:lang="en-US" id="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_1">Reversals in Non Current Provision for Tax Civil and Labor Losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:title="Label : ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses to label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_2" xml:lang="en-US" id="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_2">Reversals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:title="Label : ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses to label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_2" />
    <link:label xlink:type="resource" xlink:label="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_3" xml:lang="en-US" id="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_3">Represents the amount of reversals in the amount of non-current provision for tax, civil and labor losses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_3" xlink:title="Label : ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses to label_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:label="InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" xml:lang="en-US" id="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses">Interest (Total)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="Label : InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses to label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_1" xml:lang="en-US" id="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_1">Interest Expenses on Non Current Provision for Tax Civil and Labor Losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:title="Label : InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses to label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_2" xml:lang="en-US" id="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_2">Represents the amount of interest expenses on the amount of non-current provision for tax, civil and labor losses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:title="Label : InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses to label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_2" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_3" xml:lang="en-US" id="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_3">Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_3" xlink:title="Label : InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses to label_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:label="EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" xml:lang="en-US" id="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses">Total effect on the result</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="Label : EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses to label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_1" xml:lang="en-US" id="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_1">Total effect on the results (Total)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:title="Label : EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses to label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_2" xml:lang="en-US" id="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_2">Represents the amount of effect on the results due to the amount of non-current provision for tax, civil and labor losses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:title="Label : EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses to label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_2" />
    <link:label xlink:type="resource" xlink:label="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_3" xml:lang="en-US" id="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_3">Effect on Results due to Non Current Provision for Tax Civil and Labor Losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_3" xlink:title="Label : EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses to label_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:label="PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" xml:lang="en-US" id="label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses">Payments Non Current Provision for Tax Civil and Labor Losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:title="Label : PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses to label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses_1" xml:lang="en-US" id="label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses_1">Payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses_1" xlink:title="Label : PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses to label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses_2" xml:lang="en-US" id="label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses_2">Represents the amount of payments made on amount of non-current provision for tax, civil and labor losses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" xlink:to="label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses_2" xlink:title="Label : PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses to label_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ReconciliationOfChangesInProvisionsWithProfitLossAbstract" xlink:label="ReconciliationOfChangesInProvisionsWithProfitLossAbstract" xlink:title="ReconciliationOfChangesInProvisionsWithProfitLossAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ReconciliationOfChangesInProvisionsWithProfitLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReconciliationOfChangesInProvisionsWithProfitLossAbstract" xml:lang="en-US" id="label_ReconciliationOfChangesInProvisionsWithProfitLossAbstract">Reconciliation of Changes in Provisions With Profit Loss [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInProvisionsWithProfitLossAbstract" xlink:to="label_ReconciliationOfChangesInProvisionsWithProfitLossAbstract" xlink:title="Label : ReconciliationOfChangesInProvisionsWithProfitLossAbstract to label_ReconciliationOfChangesInProvisionsWithProfitLossAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ReconciliationOfChangesInProvisionsWithProfitLossAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReconciliationOfChangesInProvisionsWithProfitLossAbstract_1" xml:lang="en-US" id="label_ReconciliationOfChangesInProvisionsWithProfitLossAbstract_1">Reconciliation with profit or loss for the period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInProvisionsWithProfitLossAbstract" xlink:to="label_ReconciliationOfChangesInProvisionsWithProfitLossAbstract_1" xlink:title="Label : ReconciliationOfChangesInProvisionsWithProfitLossAbstract to label_ReconciliationOfChangesInProvisionsWithProfitLossAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ChangesInProvisionDueToFinanceInterestExpense" xlink:label="ChangesInProvisionDueToFinanceInterestExpense" xlink:title="ChangesInProvisionDueToFinanceInterestExpense" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInProvisionDueToFinanceInterestExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChangesInProvisionDueToFinanceInterestExpense" xml:lang="en-US" id="label_ChangesInProvisionDueToFinanceInterestExpense">Represents the amount of changes in provision due to finance interest expense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInProvisionDueToFinanceInterestExpense" xlink:to="label_ChangesInProvisionDueToFinanceInterestExpense" xlink:title="Label : ChangesInProvisionDueToFinanceInterestExpense to label_ChangesInProvisionDueToFinanceInterestExpense" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInProvisionDueToFinanceInterestExpense_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ChangesInProvisionDueToFinanceInterestExpense_1" xml:lang="en-US" id="label_ChangesInProvisionDueToFinanceInterestExpense_1">Finance expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInProvisionDueToFinanceInterestExpense" xlink:to="label_ChangesInProvisionDueToFinanceInterestExpense_1" xlink:title="Label : ChangesInProvisionDueToFinanceInterestExpense to label_ChangesInProvisionDueToFinanceInterestExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInProvisionDueToFinanceInterestExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInProvisionDueToFinanceInterestExpense_2" xml:lang="en-US" id="label_ChangesInProvisionDueToFinanceInterestExpense_2">Changes in Provision due to Finance Interest Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInProvisionDueToFinanceInterestExpense" xlink:to="label_ChangesInProvisionDueToFinanceInterestExpense_2" xlink:title="Label : ChangesInProvisionDueToFinanceInterestExpense to label_ChangesInProvisionDueToFinanceInterestExpense_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses" xlink:label="ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses" xlink:title="ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses" xml:lang="en-US" id="label_ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses">Represents the amount of changes in provision due to addition in general and administrative expenses.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses" xlink:to="label_ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses_1" xlink:title="Label : ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses to label_ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses_1" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" xlink:label="ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" xlink:title="ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" xml:lang="en-US" id="label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses">General and administrative expenses, Reversals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" xlink:to="label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" xlink:title="Label : ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses to label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome" xlink:label="ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome" xlink:title="ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome" xlink:to="label_ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome" xlink:title="Label : ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome to label_ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses_1" xml:lang="en-US" id="label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses_1">Represents the amount of changes in provision due to reversal in general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" xlink:to="label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses_1" xlink:title="Label : ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses to label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses_2" xml:lang="en-US" id="label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses_2">Changes in Provision due to Reversal in General and Administrative Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" xlink:to="label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses_2" xlink:title="Label : ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses to label_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ContingentAssetsArisingFromTaxProceedingsMember" xlink:label="ContingentAssetsArisingFromTaxProceedingsMember" xlink:title="ContingentAssetsArisingFromTaxProceedingsMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentAssetsArisingFromTaxProceedingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentAssetsArisingFromTaxProceedingsMember" xml:lang="en-US" id="label_ContingentAssetsArisingFromTaxProceedingsMember">Contingent Assets Arising from Tax Proceedings [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentAssetsArisingFromTaxProceedingsMember" xlink:to="label_ContingentAssetsArisingFromTaxProceedingsMember" xlink:title="Label : ContingentAssetsArisingFromTaxProceedingsMember to label_ContingentAssetsArisingFromTaxProceedingsMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentAssetsArisingFromTaxProceedingsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentAssetsArisingFromTaxProceedingsMember_1" xml:lang="en-US" id="label_ContingentAssetsArisingFromTaxProceedingsMember_1">Tax proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentAssetsArisingFromTaxProceedingsMember" xlink:to="label_ContingentAssetsArisingFromTaxProceedingsMember_1" xlink:title="Label : ContingentAssetsArisingFromTaxProceedingsMember to label_ContingentAssetsArisingFromTaxProceedingsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ContingentAssetsArisingFromTaxProceedingsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContingentAssetsArisingFromTaxProceedingsMember_2" xml:lang="en-US" id="label_ContingentAssetsArisingFromTaxProceedingsMember_2">This member stands for contingent assets arising from tax proceedings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentAssetsArisingFromTaxProceedingsMember" xlink:to="label_ContingentAssetsArisingFromTaxProceedingsMember_2" xlink:title="Label : ContingentAssetsArisingFromTaxProceedingsMember to label_ContingentAssetsArisingFromTaxProceedingsMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ContingentAssetsArisingFromLaborProceedingsMember" xlink:label="ContingentAssetsArisingFromLaborProceedingsMember" xlink:title="ContingentAssetsArisingFromLaborProceedingsMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentAssetsArisingFromLaborProceedingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentAssetsArisingFromLaborProceedingsMember" xml:lang="en-US" id="label_ContingentAssetsArisingFromLaborProceedingsMember">Contingent Assets Arising from Labor Proceedings [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentAssetsArisingFromLaborProceedingsMember" xlink:to="label_ContingentAssetsArisingFromLaborProceedingsMember" xlink:title="Label : ContingentAssetsArisingFromLaborProceedingsMember to label_ContingentAssetsArisingFromLaborProceedingsMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentAssetsArisingFromLaborProceedingsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentAssetsArisingFromLaborProceedingsMember_1" xml:lang="en-US" id="label_ContingentAssetsArisingFromLaborProceedingsMember_1">Labor proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentAssetsArisingFromLaborProceedingsMember" xlink:to="label_ContingentAssetsArisingFromLaborProceedingsMember_1" xlink:title="Label : ContingentAssetsArisingFromLaborProceedingsMember to label_ContingentAssetsArisingFromLaborProceedingsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ContingentAssetsArisingFromLaborProceedingsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContingentAssetsArisingFromLaborProceedingsMember_2" xml:lang="en-US" id="label_ContingentAssetsArisingFromLaborProceedingsMember_2">This member stands for contingent assets arising from labor proceedings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentAssetsArisingFromLaborProceedingsMember" xlink:to="label_ContingentAssetsArisingFromLaborProceedingsMember_2" xlink:title="Label : ContingentAssetsArisingFromLaborProceedingsMember to label_ContingentAssetsArisingFromLaborProceedingsMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ContingentAssetsArisingFromEscrowAccountMember" xlink:label="ContingentAssetsArisingFromEscrowAccountMember" xlink:title="ContingentAssetsArisingFromEscrowAccountMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentAssetsArisingFromEscrowAccountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentAssetsArisingFromEscrowAccountMember" xml:lang="en-US" id="label_ContingentAssetsArisingFromEscrowAccountMember">Contingent Assets Arising from Escrow Account [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentAssetsArisingFromEscrowAccountMember" xlink:to="label_ContingentAssetsArisingFromEscrowAccountMember" xlink:title="Label : ContingentAssetsArisingFromEscrowAccountMember to label_ContingentAssetsArisingFromEscrowAccountMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentAssetsArisingFromEscrowAccountMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentAssetsArisingFromEscrowAccountMember_1" xml:lang="en-US" id="label_ContingentAssetsArisingFromEscrowAccountMember_1">Escrow-account (ii)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentAssetsArisingFromEscrowAccountMember" xlink:to="label_ContingentAssetsArisingFromEscrowAccountMember_1" xlink:title="Label : ContingentAssetsArisingFromEscrowAccountMember to label_ContingentAssetsArisingFromEscrowAccountMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ContingentAssetsArisingFromEscrowAccountMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContingentAssetsArisingFromEscrowAccountMember_2" xml:lang="en-US" id="label_ContingentAssetsArisingFromEscrowAccountMember_2">This member stands for contingent assets arising from escrow account.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentAssetsArisingFromEscrowAccountMember" xlink:to="label_ContingentAssetsArisingFromEscrowAccountMember_2" xlink:title="Label : ContingentAssetsArisingFromEscrowAccountMember to label_ContingentAssetsArisingFromEscrowAccountMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EstimatedFinancialEffectOfContingentAssets" xlink:label="EstimatedFinancialEffectOfContingentAssets" xlink:title="EstimatedFinancialEffectOfContingentAssets" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedFinancialEffectOfContingentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedFinancialEffectOfContingentAssets" xml:lang="en-US" id="label_EstimatedFinancialEffectOfContingentAssets">Estimated financial effect of contingent assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedFinancialEffectOfContingentAssets" xlink:to="label_EstimatedFinancialEffectOfContingentAssets" xlink:title="Label : EstimatedFinancialEffectOfContingentAssets to label_EstimatedFinancialEffectOfContingentAssets" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedFinancialEffectOfContingentAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedFinancialEffectOfContingentAssets_1" xml:lang="en-US" id="label_EstimatedFinancialEffectOfContingentAssets_1">Contingent assets arising from proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedFinancialEffectOfContingentAssets" xlink:to="label_EstimatedFinancialEffectOfContingentAssets_1" xlink:title="Label : EstimatedFinancialEffectOfContingentAssets to label_EstimatedFinancialEffectOfContingentAssets_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IndemnificationAssetsRecognisedAsOfAcquisitionDate" xlink:label="IndemnificationAssetsRecognisedAsOfAcquisitionDate" xlink:title="IndemnificationAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IndemnificationAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_IndemnificationAssetsRecognisedAsOfAcquisitionDate">Indemnification asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_IndemnificationAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : IndemnificationAssetsRecognisedAsOfAcquisitionDate to label_IndemnificationAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationAssetsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndemnificationAssetsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_IndemnificationAssetsRecognisedAsOfAcquisitionDate_1">Indemnification assets recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_IndemnificationAssetsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : IndemnificationAssetsRecognisedAsOfAcquisitionDate to label_IndemnificationAssetsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationAssetsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IndemnificationAssetsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_IndemnificationAssetsRecognisedAsOfAcquisitionDate_2">Maximum Amount of losses indemnifiable by indemnification assets acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_IndemnificationAssetsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : IndemnificationAssetsRecognisedAsOfAcquisitionDate to label_IndemnificationAssetsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ApplicableTaxRate" xlink:label="ApplicableTaxRate" xlink:title="ApplicableTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_ApplicableTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ApplicableTaxRate" xml:lang="en-US" id="label_ApplicableTaxRate">Nominal statutory rate of income tax and social contribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApplicableTaxRate" xlink:to="label_ApplicableTaxRate" xlink:title="Label : ApplicableTaxRate to label_ApplicableTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_ApplicableTaxRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ApplicableTaxRate_1" xml:lang="en-US" id="label_ApplicableTaxRate_1">Applicable tax rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApplicableTaxRate" xlink:to="label_ApplicableTaxRate_1" xlink:title="Label : ApplicableTaxRate to label_ApplicableTaxRate_1" />
    <link:label xlink:type="resource" xlink:label="label_ApplicableTaxRate_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ApplicableTaxRate_2" xml:lang="en-US" id="label_ApplicableTaxRate_2">Combined nominal statutory rate of income tax and social contribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApplicableTaxRate" xlink:to="label_ApplicableTaxRate_2" xlink:title="Label : ApplicableTaxRate to label_ApplicableTaxRate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:label="TaxExpenseIncomeAtApplicableTaxRate" xlink:title="TaxExpenseIncomeAtApplicableTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseIncomeAtApplicableTaxRate" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TaxExpenseIncomeAtApplicableTaxRate" xml:lang="en-US" id="label_TaxExpenseIncomeAtApplicableTaxRate">IRPJ and CSLL calculated at the nominal rates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseIncomeAtApplicableTaxRate" xlink:to="label_TaxExpenseIncomeAtApplicableTaxRate" xlink:title="Label : TaxExpenseIncomeAtApplicableTaxRate to label_TaxExpenseIncomeAtApplicableTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseIncomeAtApplicableTaxRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxExpenseIncomeAtApplicableTaxRate_1" xml:lang="en-US" id="label_TaxExpenseIncomeAtApplicableTaxRate_1">Tax expense (income) at applicable tax rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseIncomeAtApplicableTaxRate" xlink:to="label_TaxExpenseIncomeAtApplicableTaxRate_1" xlink:title="Label : TaxExpenseIncomeAtApplicableTaxRate to label_TaxExpenseIncomeAtApplicableTaxRate_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:label="OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:title="OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:to="label_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:title="Label : OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome to label_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_1" xml:lang="en-US" id="label_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_1">Permanent additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:to="label_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_1" xlink:title="Label : OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome to label_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TaxEffectOfAdditionalCorporateIncomeTax" xlink:label="TaxEffectOfAdditionalCorporateIncomeTax" xlink:title="TaxEffectOfAdditionalCorporateIncomeTax" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfAdditionalCorporateIncomeTax" xlink:to="label_TaxEffectOfAdditionalCorporateIncomeTax" xlink:title="Label : TaxEffectOfAdditionalCorporateIncomeTax to label_TaxEffectOfAdditionalCorporateIncomeTax" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfImpairmentWriteOffOnTaxLossCarryforward" xlink:to="label_TaxEffectOfImpairmentWriteOffOnTaxLossCarryforward_2" xlink:title="Label : TaxEffectOfImpairmentWriteOffOnTaxLossCarryforward to label_TaxEffectOfImpairmentWriteOffOnTaxLossCarryforward_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageEffectiveTaxRate" xlink:to="label_AverageEffectiveTaxRate_1" xlink:title="Label : AverageEffectiveTaxRate to label_AverageEffectiveTaxRate_1" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:label="TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:title="TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_UnusedTaxLossesMember" xlink:label="UnusedTaxLossesMember" xlink:title="UnusedTaxLossesMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusedTaxLossesMember" xlink:to="label_UnusedTaxLossesMember" xlink:title="Label : UnusedTaxLossesMember to label_UnusedTaxLossesMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusedTaxLossesMember" xlink:to="label_UnusedTaxLossesMember_1" xlink:title="Label : UnusedTaxLossesMember to label_UnusedTaxLossesMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AllowanceForCreditLossesMember" xlink:label="AllowanceForCreditLossesMember" xlink:title="AllowanceForCreditLossesMember" />
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    <link:label xlink:type="resource" xlink:label="label_AllowanceForCreditLossesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AllowanceForCreditLossesMember_1" xml:lang="en-US" id="label_AllowanceForCreditLossesMember_1">Impairment losses on trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForCreditLossesMember" xlink:to="label_AllowanceForCreditLossesMember_1" xlink:title="Label : AllowanceForCreditLossesMember to label_AllowanceForCreditLossesMember_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ProvisionForObsoleteInventoriesMember" xlink:label="ProvisionForObsoleteInventoriesMember" xlink:title="ProvisionForObsoleteInventoriesMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForObsoleteInventoriesMember" xlink:to="label_ProvisionForObsoleteInventoriesMember" xlink:title="Label : ProvisionForObsoleteInventoriesMember to label_ProvisionForObsoleteInventoriesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForObsoleteInventoriesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForObsoleteInventoriesMember_1" xml:lang="en-US" id="label_ProvisionForObsoleteInventoriesMember_1">Provision for obsolete inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForObsoleteInventoriesMember" xlink:to="label_ProvisionForObsoleteInventoriesMember_1" xlink:title="Label : ProvisionForObsoleteInventoriesMember to label_ProvisionForObsoleteInventoriesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForObsoleteInventoriesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForObsoleteInventoriesMember_2" xml:lang="en-US" id="label_ProvisionForObsoleteInventoriesMember_2">This member stands for information pertaining to provision for obsolete inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForObsoleteInventoriesMember" xlink:to="label_ProvisionForObsoleteInventoriesMember_2" xlink:title="Label : ProvisionForObsoleteInventoriesMember to label_ProvisionForObsoleteInventoriesMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ImputedInterestOnSuppliersMember" xlink:label="ImputedInterestOnSuppliersMember" xlink:title="ImputedInterestOnSuppliersMember" />
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    <link:label xlink:type="resource" xlink:label="label_ImputedInterestOnSuppliersMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImputedInterestOnSuppliersMember_1" xml:lang="en-US" id="label_ImputedInterestOnSuppliersMember_1">Imputed interest on suppliers</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImputedInterestOnSuppliersMember" xlink:to="label_ImputedInterestOnSuppliersMember_2" xlink:title="Label : ImputedInterestOnSuppliersMember to label_ImputedInterestOnSuppliersMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ProvisionForRisksOfTaxCivilAndLaborLossesMember" xlink:label="ProvisionForRisksOfTaxCivilAndLaborLossesMember" xlink:title="ProvisionForRisksOfTaxCivilAndLaborLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForRisksOfTaxCivilAndLaborLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForRisksOfTaxCivilAndLaborLossesMember" xml:lang="en-US" id="label_ProvisionForRisksOfTaxCivilAndLaborLossesMember">Provision for Risks of Tax Civil and Labor Losses [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForRisksOfTaxCivilAndLaborLossesMember" xlink:to="label_ProvisionForRisksOfTaxCivilAndLaborLossesMember" xlink:title="Label : ProvisionForRisksOfTaxCivilAndLaborLossesMember to label_ProvisionForRisksOfTaxCivilAndLaborLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForRisksOfTaxCivilAndLaborLossesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForRisksOfTaxCivilAndLaborLossesMember_1" xml:lang="en-US" id="label_ProvisionForRisksOfTaxCivilAndLaborLossesMember_1">Provision for risks of tax, civil and labor losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForRisksOfTaxCivilAndLaborLossesMember" xlink:to="label_ProvisionForRisksOfTaxCivilAndLaborLossesMember_1" xlink:title="Label : ProvisionForRisksOfTaxCivilAndLaborLossesMember to label_ProvisionForRisksOfTaxCivilAndLaborLossesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForRisksOfTaxCivilAndLaborLossesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForRisksOfTaxCivilAndLaborLossesMember_2" xml:lang="en-US" id="label_ProvisionForRisksOfTaxCivilAndLaborLossesMember_2">This member stands for information pertaining to provision for risks of tax, civil and labor losses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForRisksOfTaxCivilAndLaborLossesMember" xlink:to="label_ProvisionForRisksOfTaxCivilAndLaborLossesMember_2" xlink:title="Label : ProvisionForRisksOfTaxCivilAndLaborLossesMember to label_ProvisionForRisksOfTaxCivilAndLaborLossesMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RefundLiabilitiesAndRightToReturnedGoodsMember" xlink:label="RefundLiabilitiesAndRightToReturnedGoodsMember" xlink:title="RefundLiabilitiesAndRightToReturnedGoodsMember" />
    <link:label xlink:type="resource" xlink:label="label_RefundLiabilitiesAndRightToReturnedGoodsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RefundLiabilitiesAndRightToReturnedGoodsMember" xml:lang="en-US" id="label_RefundLiabilitiesAndRightToReturnedGoodsMember">Refund Liabilities and Right to Returned Goods ]Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RefundLiabilitiesAndRightToReturnedGoodsMember" xlink:to="label_RefundLiabilitiesAndRightToReturnedGoodsMember" xlink:title="Label : RefundLiabilitiesAndRightToReturnedGoodsMember to label_RefundLiabilitiesAndRightToReturnedGoodsMember" />
    <link:label xlink:type="resource" xlink:label="label_RefundLiabilitiesAndRightToReturnedGoodsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RefundLiabilitiesAndRightToReturnedGoodsMember_1" xml:lang="en-US" id="label_RefundLiabilitiesAndRightToReturnedGoodsMember_1">Refund liabilities and right to returned goods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RefundLiabilitiesAndRightToReturnedGoodsMember" xlink:to="label_RefundLiabilitiesAndRightToReturnedGoodsMember_1" xlink:title="Label : RefundLiabilitiesAndRightToReturnedGoodsMember to label_RefundLiabilitiesAndRightToReturnedGoodsMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RefundLiabilitiesAndRightToReturnedGoodsMember" xlink:to="label_RefundLiabilitiesAndRightToReturnedGoodsMember_2" xlink:title="Label : RefundLiabilitiesAndRightToReturnedGoodsMember to label_RefundLiabilitiesAndRightToReturnedGoodsMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LeaseLiabilitiesMember" xlink:label="LeaseLiabilitiesMember" xlink:title="LeaseLiabilitiesMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesMember" xlink:to="label_LeaseLiabilitiesMember" xlink:title="Label : LeaseLiabilitiesMember to label_LeaseLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesMember_1" xml:lang="en-US" id="label_LeaseLiabilitiesMember_1">Lease liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesMember" xlink:to="label_LeaseLiabilitiesMember_1" xlink:title="Label : LeaseLiabilitiesMember to label_LeaseLiabilitiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" xlink:label="GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" xlink:title="GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" xml:lang="en-US" id="label_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember">Fair value adjustments on business combination and goodwill amortization</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LongTermInvestmentVastaToVastaAndCognaMember" xlink:label="LongTermInvestmentVastaToVastaAndCognaMember" xlink:title="LongTermInvestmentVastaToVastaAndCognaMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermInvestmentVastaToVastaAndCognaMember" xlink:to="label_LongTermInvestmentVastaToVastaAndCognaMember_1" xlink:title="Label : LongTermInvestmentVastaToVastaAndCognaMember to label_LongTermInvestmentVastaToVastaAndCognaMember_1" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfVotingRightsHeldByShareholders" xlink:label="PercentageOfVotingRightsHeldByShareholders" xlink:title="PercentageOfVotingRightsHeldByShareholders" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" xlink:label="SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" xlink:title="SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParValuePerShare" xlink:to="label_ParValuePerShare" xlink:title="Label : ParValuePerShare to label_ParValuePerShare" />
    <link:label xlink:type="resource" xlink:label="label_ParValuePerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ParValuePerShare_1" xml:lang="en-US" id="label_ParValuePerShare_1">Par value per share</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MaximumPercentageOfSharesAuthorizedForIssuance" xlink:label="MaximumPercentageOfSharesAuthorizedForIssuance" xlink:title="MaximumPercentageOfSharesAuthorizedForIssuance" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPercentageOfSharesAuthorizedForIssuance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumPercentageOfSharesAuthorizedForIssuance" xml:lang="en-US" id="label_MaximumPercentageOfSharesAuthorizedForIssuance">Maximum Percentage Of Shares Authorized For Issuance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPercentageOfSharesAuthorizedForIssuance" xlink:to="label_MaximumPercentageOfSharesAuthorizedForIssuance" xlink:title="Label : MaximumPercentageOfSharesAuthorizedForIssuance to label_MaximumPercentageOfSharesAuthorizedForIssuance" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPercentageOfSharesAuthorizedForIssuance_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumPercentageOfSharesAuthorizedForIssuance_1" xml:lang="en-US" id="label_MaximumPercentageOfSharesAuthorizedForIssuance_1">Maximum percentage of shares authorized for issuance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPercentageOfSharesAuthorizedForIssuance" xlink:to="label_MaximumPercentageOfSharesAuthorizedForIssuance_1" xlink:title="Label : MaximumPercentageOfSharesAuthorizedForIssuance to label_MaximumPercentageOfSharesAuthorizedForIssuance_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPercentageOfSharesAuthorizedForIssuance_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumPercentageOfSharesAuthorizedForIssuance_2" xml:lang="en-US" id="label_MaximumPercentageOfSharesAuthorizedForIssuance_2">The maximum percentage of shares authorized for issuance to employees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPercentageOfSharesAuthorizedForIssuance" xlink:to="label_MaximumPercentageOfSharesAuthorizedForIssuance_2" xlink:title="Label : MaximumPercentageOfSharesAuthorizedForIssuance to label_MaximumPercentageOfSharesAuthorizedForIssuance_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity" xlink:label="IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity" xlink:title="IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity" xlink:to="label_IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity_1" xlink:title="Label : IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity to label_IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity_1" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ShareBasedPaymentArrangementsBonusInitialPublicOfferingLockupPeriod" xlink:label="ShareBasedPaymentArrangementsBonusInitialPublicOfferingLockupPeriod" xlink:title="ShareBasedPaymentArrangementsBonusInitialPublicOfferingLockupPeriod" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity" xlink:label="IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity" xlink:title="IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ExpenseFromLongTermCompensationPlanExercised" xlink:label="ExpenseFromLongTermCompensationPlanExercised" xlink:title="ExpenseFromLongTermCompensationPlanExercised" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity" xlink:label="IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity" xlink:title="IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity" xlink:to="label_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity_1" xlink:title="Label : IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity to label_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity_2">The increase (decrease) in equity resulting from the exercise of performance based restricted share units, net of withholding taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity" xlink:to="label_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity_2" xlink:title="Label : IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity to label_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" xlink:label="ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" xlink:title="ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" xml:lang="en-US" id="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised">Expense From Performance Based Restricted Share Units Exercised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" xlink:to="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" xlink:title="Label : ExpenseFromPerformanceBasedRestrictedShareUnitsExercised to label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_1" xml:lang="en-US" id="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_1">Payroll charges from performance based restricted share units exercised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" xlink:to="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_1" xlink:title="Label : ExpenseFromPerformanceBasedRestrictedShareUnitsExercised to label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_2" xml:lang="en-US" id="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_2">The amount of expense arising from performance based restricted share units exercised in share-based payment arrangements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" xlink:to="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_2" xlink:title="Label : ExpenseFromPerformanceBasedRestrictedShareUnitsExercised to label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RestrictedShareBasedCompensationPlanMember" xlink:label="RestrictedShareBasedCompensationPlanMember" xlink:title="RestrictedShareBasedCompensationPlanMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedShareBasedCompensationPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedShareBasedCompensationPlanMember" xml:lang="en-US" id="label_RestrictedShareBasedCompensationPlanMember">Restricted Share Based Compensation Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedShareBasedCompensationPlanMember" xlink:to="label_RestrictedShareBasedCompensationPlanMember" xlink:title="Label : RestrictedShareBasedCompensationPlanMember to label_RestrictedShareBasedCompensationPlanMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedShareBasedCompensationPlanMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedShareBasedCompensationPlanMember_1" xml:lang="en-US" id="label_RestrictedShareBasedCompensationPlanMember_1">Restricted share-based compensation plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedShareBasedCompensationPlanMember" xlink:to="label_RestrictedShareBasedCompensationPlanMember_1" xlink:title="Label : RestrictedShareBasedCompensationPlanMember to label_RestrictedShareBasedCompensationPlanMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedShareBasedCompensationPlanMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedShareBasedCompensationPlanMember_2" xml:lang="en-US" id="label_RestrictedShareBasedCompensationPlanMember_2">Represents restricted share-based compensation plan.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedShareBasedCompensationPlanMember" xlink:to="label_RestrictedShareBasedCompensationPlanMember_2" xlink:title="Label : RestrictedShareBasedCompensationPlanMember to label_RestrictedShareBasedCompensationPlanMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_LongTermInvestmentPlanMember" xlink:label="LongTermInvestmentPlanMember" xlink:title="LongTermInvestmentPlanMember" />
    <link:label xlink:type="resource" xlink:label="label_LongTermInvestmentPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongTermInvestmentPlanMember" xml:lang="en-US" id="label_LongTermInvestmentPlanMember">Long Term Investment Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermInvestmentPlanMember" xlink:to="label_LongTermInvestmentPlanMember" xlink:title="Label : LongTermInvestmentPlanMember to label_LongTermInvestmentPlanMember" />
    <link:label xlink:type="resource" xlink:label="label_LongTermInvestmentPlanMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LongTermInvestmentPlanMember_1" xml:lang="en-US" id="label_LongTermInvestmentPlanMember_1">This member stands for a component of equity Restricted share-based compensation plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermInvestmentPlanMember" xlink:to="label_LongTermInvestmentPlanMember_1" xlink:title="Label : LongTermInvestmentPlanMember to label_LongTermInvestmentPlanMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LongTermInvestmentPlanMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongTermInvestmentPlanMember_2" xml:lang="en-US" id="label_LongTermInvestmentPlanMember_2">Long Term Investment Plan (&#x201C;ILP&#x201D;)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermInvestmentPlanMember" xlink:to="label_LongTermInvestmentPlanMember_2" xlink:title="Label : LongTermInvestmentPlanMember to label_LongTermInvestmentPlanMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PerformanceBasedRestrictedShareUnitsBonusPalnMember" xlink:label="PerformanceBasedRestrictedShareUnitsBonusPalnMember" xlink:title="PerformanceBasedRestrictedShareUnitsBonusPalnMember" />
    <link:label xlink:type="resource" xlink:label="label_PerformanceBasedRestrictedShareUnitsBonusPalnMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PerformanceBasedRestrictedShareUnitsBonusPalnMember" xml:lang="en-US" id="label_PerformanceBasedRestrictedShareUnitsBonusPalnMember">Performance Based Restricted Share Units Bonus Pa ln [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PerformanceBasedRestrictedShareUnitsBonusPalnMember" xlink:to="label_PerformanceBasedRestrictedShareUnitsBonusPalnMember" xlink:title="Label : PerformanceBasedRestrictedShareUnitsBonusPalnMember to label_PerformanceBasedRestrictedShareUnitsBonusPalnMember" />
    <link:label xlink:type="resource" xlink:label="label_PerformanceBasedRestrictedShareUnitsBonusPalnMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PerformanceBasedRestrictedShareUnitsBonusPalnMember_1" xml:lang="en-US" id="label_PerformanceBasedRestrictedShareUnitsBonusPalnMember_1">Performance based restricted share units bonus paln</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PerformanceBasedRestrictedShareUnitsBonusPalnMember" xlink:to="label_PerformanceBasedRestrictedShareUnitsBonusPalnMember_1" xlink:title="Label : PerformanceBasedRestrictedShareUnitsBonusPalnMember to label_PerformanceBasedRestrictedShareUnitsBonusPalnMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PerformanceBasedRestrictedShareUnitsBonusPalnMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PerformanceBasedRestrictedShareUnitsBonusPalnMember_2" xml:lang="en-US" id="label_PerformanceBasedRestrictedShareUnitsBonusPalnMember_2">This member stands for a component of equity resulting from share-based payments granted.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PerformanceBasedRestrictedShareUnitsBonusPalnMember" xlink:to="label_PerformanceBasedRestrictedShareUnitsBonusPalnMember_2" xlink:title="Label : PerformanceBasedRestrictedShareUnitsBonusPalnMember to label_PerformanceBasedRestrictedShareUnitsBonusPalnMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfShareBasedCompensationPlans" xlink:label="NumberOfShareBasedCompensationPlans" xlink:title="NumberOfShareBasedCompensationPlans" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfShareBasedCompensationPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfShareBasedCompensationPlans" xml:lang="en-US" id="label_NumberOfShareBasedCompensationPlans">Number Of Share Based Compensation Plans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfShareBasedCompensationPlans" xlink:to="label_NumberOfShareBasedCompensationPlans" xlink:title="Label : NumberOfShareBasedCompensationPlans to label_NumberOfShareBasedCompensationPlans" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfShareBasedCompensationPlans_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfShareBasedCompensationPlans_1" xml:lang="en-US" id="label_NumberOfShareBasedCompensationPlans_1">Number of share based compensation plans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfShareBasedCompensationPlans" xlink:to="label_NumberOfShareBasedCompensationPlans_1" xlink:title="Label : NumberOfShareBasedCompensationPlans to label_NumberOfShareBasedCompensationPlans_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfShareBasedCompensationPlans_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfShareBasedCompensationPlans_2" xml:lang="en-US" id="label_NumberOfShareBasedCompensationPlans_2">The number of share-based compensation plans issued by the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfShareBasedCompensationPlans" xlink:to="label_NumberOfShareBasedCompensationPlans_2" xlink:title="Label : NumberOfShareBasedCompensationPlans to label_NumberOfShareBasedCompensationPlans_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfBonusPlans" xlink:label="NumberOfBonusPlans" xlink:title="NumberOfBonusPlans" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBonusPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfBonusPlans" xml:lang="en-US" id="label_NumberOfBonusPlans">Number Of Bonus Plans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBonusPlans" xlink:to="label_NumberOfBonusPlans" xlink:title="Label : NumberOfBonusPlans to label_NumberOfBonusPlans" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBonusPlans_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfBonusPlans_1" xml:lang="en-US" id="label_NumberOfBonusPlans_1">Number of bonus plans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBonusPlans" xlink:to="label_NumberOfBonusPlans_1" xlink:title="Label : NumberOfBonusPlans to label_NumberOfBonusPlans_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBonusPlans_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfBonusPlans_2" xml:lang="en-US" id="label_NumberOfBonusPlans_2">The number of bonus plans issued by the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBonusPlans" xlink:to="label_NumberOfBonusPlans_2" xlink:title="Label : NumberOfBonusPlans to label_NumberOfBonusPlans_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" xlink:label="MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" xlink:title="MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" xml:lang="en-US" id="label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan">Maximum Period From End Of Vesting Period For Obligation To Transfer Shares Under Share Based Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" xlink:to="label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" xlink:title="Label : MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan to label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan_1" xml:lang="en-US" id="label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan_1">Maximum period from end of vesting period for obligation to transfer shares under share-based plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" xlink:to="label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan_1" xlink:title="Label : MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan to label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan_2" xml:lang="en-US" id="label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan_2">The maximum percentage of shares authorized for issuance to employees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" xlink:to="label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan_2" xlink:title="Label : MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan to label_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PeriodOfContinuedEmploymentUnderServiceConditions" xlink:label="PeriodOfContinuedEmploymentUnderServiceConditions" xlink:title="PeriodOfContinuedEmploymentUnderServiceConditions" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfContinuedEmploymentUnderServiceConditions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOfContinuedEmploymentUnderServiceConditions" xml:lang="en-US" id="label_PeriodOfContinuedEmploymentUnderServiceConditions">The period of continued employment under service conditions in share-based payment arrangements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfContinuedEmploymentUnderServiceConditions" xlink:to="label_PeriodOfContinuedEmploymentUnderServiceConditions" xlink:title="Label : PeriodOfContinuedEmploymentUnderServiceConditions to label_PeriodOfContinuedEmploymentUnderServiceConditions" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfContinuedEmploymentUnderServiceConditions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodOfContinuedEmploymentUnderServiceConditions_1" xml:lang="en-US" id="label_PeriodOfContinuedEmploymentUnderServiceConditions_1">Period of continued employment under service conditions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfContinuedEmploymentUnderServiceConditions" xlink:to="label_PeriodOfContinuedEmploymentUnderServiceConditions_1" xlink:title="Label : PeriodOfContinuedEmploymentUnderServiceConditions to label_PeriodOfContinuedEmploymentUnderServiceConditions_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfContinuedEmploymentUnderServiceConditions_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOfContinuedEmploymentUnderServiceConditions_2" xml:lang="en-US" id="label_PeriodOfContinuedEmploymentUnderServiceConditions_2">Period Of Continued Employment Under Service Conditions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfContinuedEmploymentUnderServiceConditions" xlink:to="label_PeriodOfContinuedEmploymentUnderServiceConditions_2" xlink:title="Label : PeriodOfContinuedEmploymentUnderServiceConditions to label_PeriodOfContinuedEmploymentUnderServiceConditions_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:label="NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:title="NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xml:lang="en-US" id="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement">Number of outstanding restricted shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:to="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:title="Label : NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement to label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_1" xml:lang="en-US" id="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_1">Number of other equity instruments outstanding in share-based payment arrangement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:to="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_1" xlink:title="Label : NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement to label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_2" xml:lang="en-US" id="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_2">Closing Balance of share units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:to="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_2" xlink:title="Label : NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement to label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_2" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_3" xml:lang="en-US" id="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_3">Opening Balance of share units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:to="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_3" xlink:title="Label : NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement to label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_3" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfTranchesGrantedUnderShareBasedPlan" xlink:label="NumberOfTranchesGrantedUnderShareBasedPlan" xlink:title="NumberOfTranchesGrantedUnderShareBasedPlan" />
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    <link:label xlink:type="resource" xlink:label="label_NumberOfTranchesGrantedUnderShareBasedPlan_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfTranchesGrantedUnderShareBasedPlan_1" xml:lang="en-US" id="label_NumberOfTranchesGrantedUnderShareBasedPlan_1">Number of tranches granted under share-based plan</link:label>
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    <link:label xlink:type="resource" xlink:label="label_NumberOfTranchesGrantedUnderShareBasedPlan_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfTranchesGrantedUnderShareBasedPlan_2" xml:lang="en-US" id="label_NumberOfTranchesGrantedUnderShareBasedPlan_2">The number of tranches granted under share-based plan.</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares" xlink:label="MaximumNumberOfTranchesAuthorizedForIssuanceOfShares" xlink:title="MaximumNumberOfTranchesAuthorizedForIssuanceOfShares" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares" xml:lang="en-US" id="label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares">Maximum Number Of Tranches Authorized For Issuance Of Shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfTranchesAuthorizedForIssuanceOfShares" xlink:to="label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares" xlink:title="Label : MaximumNumberOfTranchesAuthorizedForIssuanceOfShares to label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares_1" xml:lang="en-US" id="label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares_1">Maximum number of tranches authorized for issuance of shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfTranchesAuthorizedForIssuanceOfShares" xlink:to="label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares_1" xlink:title="Label : MaximumNumberOfTranchesAuthorizedForIssuanceOfShares to label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares_2" xml:lang="en-US" id="label_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares_2">The maximum number of tranches authorized for issuance of shares by the reporting entity.</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_VestingPeriodUnderSharebasedPaymentArrangement" xlink:label="VestingPeriodUnderSharebasedPaymentArrangement" xlink:title="VestingPeriodUnderSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_VestingPeriodUnderSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VestingPeriodUnderSharebasedPaymentArrangement" xml:lang="en-US" id="label_VestingPeriodUnderSharebasedPaymentArrangement">Represneta the vesting period under share based payment arrangement.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_VestingPeriodUnderSharebasedPaymentArrangement_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_VestingPeriodUnderSharebasedPaymentArrangement_1" xml:lang="en-US" id="label_VestingPeriodUnderSharebasedPaymentArrangement_1">Vesting period under the plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VestingPeriodUnderSharebasedPaymentArrangement" xlink:to="label_VestingPeriodUnderSharebasedPaymentArrangement_1" xlink:title="Label : VestingPeriodUnderSharebasedPaymentArrangement to label_VestingPeriodUnderSharebasedPaymentArrangement_1" />
    <link:label xlink:type="resource" xlink:label="label_VestingPeriodUnderSharebasedPaymentArrangement_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VestingPeriodUnderSharebasedPaymentArrangement_2" xml:lang="en-US" id="label_VestingPeriodUnderSharebasedPaymentArrangement_2">Vesting Period Under Sharebased Payment Arrangement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VestingPeriodUnderSharebasedPaymentArrangement" xlink:to="label_VestingPeriodUnderSharebasedPaymentArrangement_2" xlink:title="Label : VestingPeriodUnderSharebasedPaymentArrangement to label_VestingPeriodUnderSharebasedPaymentArrangement_2" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DescriptionOfExpectedVolatilityOtherEquityInstrumentsGranted" xlink:label="DescriptionOfExpectedVolatilityOtherEquityInstrumentsGranted" xlink:title="DescriptionOfExpectedVolatilityOtherEquityInstrumentsGranted" />
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    <link:label xlink:type="resource" xlink:label="label_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_1" xml:lang="en-US" id="label_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_1">Effect of events on compensation in the Shareholder&#x2019;s Equity</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AccruedLaborChargesOnShareBasedPaymentArrangements" xlink:label="AccruedLaborChargesOnShareBasedPaymentArrangements" xlink:title="AccruedLaborChargesOnShareBasedPaymentArrangements" />
    <link:label xlink:type="resource" xlink:label="label_AccruedLaborChargesOnShareBasedPaymentArrangements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccruedLaborChargesOnShareBasedPaymentArrangements" xml:lang="en-US" id="label_AccruedLaborChargesOnShareBasedPaymentArrangements">Accrued Labor Charges On Share Based Payment Arrangements</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfSharesAuthorizedForRepurchaseProgram" xlink:label="NumberOfSharesAuthorizedForRepurchaseProgram" xlink:title="NumberOfSharesAuthorizedForRepurchaseProgram" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesAuthorizedForRepurchaseProgram" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesAuthorizedForRepurchaseProgram" xml:lang="en-US" id="label_NumberOfSharesAuthorizedForRepurchaseProgram">Number Of Shares Authorized For Repurchase Program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesAuthorizedForRepurchaseProgram" xlink:to="label_NumberOfSharesAuthorizedForRepurchaseProgram" xlink:title="Label : NumberOfSharesAuthorizedForRepurchaseProgram to label_NumberOfSharesAuthorizedForRepurchaseProgram" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesAuthorizedForRepurchaseProgram_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesAuthorizedForRepurchaseProgram_1" xml:lang="en-US" id="label_NumberOfSharesAuthorizedForRepurchaseProgram_1">Number of shres authorized for repurchase program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesAuthorizedForRepurchaseProgram" xlink:to="label_NumberOfSharesAuthorizedForRepurchaseProgram_1" xlink:title="Label : NumberOfSharesAuthorizedForRepurchaseProgram to label_NumberOfSharesAuthorizedForRepurchaseProgram_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesAuthorizedForRepurchaseProgram_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesAuthorizedForRepurchaseProgram_2" xml:lang="en-US" id="label_NumberOfSharesAuthorizedForRepurchaseProgram_2">The number of shres authorized for repurchase program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesAuthorizedForRepurchaseProgram" xlink:to="label_NumberOfSharesAuthorizedForRepurchaseProgram_2" xlink:title="Label : NumberOfSharesAuthorizedForRepurchaseProgram to label_NumberOfSharesAuthorizedForRepurchaseProgram_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfProductsAndServicesTable" xlink:label="DisclosureOfProductsAndServicesTable" xlink:title="DisclosureOfProductsAndServicesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfProductsAndServicesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfProductsAndServicesTable" xml:lang="en-US" id="label_DisclosureOfProductsAndServicesTable">Disclosure of products and services [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfProductsAndServicesTable" xlink:to="label_DisclosureOfProductsAndServicesTable" xlink:title="Label : DisclosureOfProductsAndServicesTable to label_DisclosureOfProductsAndServicesTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProductsAndServicesAxis" xlink:label="ProductsAndServicesAxis" xlink:title="ProductsAndServicesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ProductsAndServicesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductsAndServicesAxis" xml:lang="en-US" id="label_ProductsAndServicesAxis">Products and services [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesAxis" xlink:to="label_ProductsAndServicesAxis" xlink:title="Label : ProductsAndServicesAxis to label_ProductsAndServicesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProductsAndServicesMember" xlink:label="ProductsAndServicesMember" xlink:title="ProductsAndServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProductsAndServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductsAndServicesMember" xml:lang="en-US" id="label_ProductsAndServicesMember">Products and services [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesMember" xlink:to="label_ProductsAndServicesMember" xlink:title="Label : ProductsAndServicesMember to label_ProductsAndServicesMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TextbooksMember" xlink:label="TextbooksMember" xlink:title="TextbooksMember" />
    <link:label xlink:type="resource" xlink:label="label_TextbooksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TextbooksMember" xml:lang="en-US" id="label_TextbooksMember">Textbooks [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TextbooksMember" xlink:to="label_TextbooksMember" xlink:title="Label : TextbooksMember to label_TextbooksMember" />
    <link:label xlink:type="resource" xlink:label="label_TextbooksMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TextbooksMember_1" xml:lang="en-US" id="label_TextbooksMember_1">Textbooks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TextbooksMember" xlink:to="label_TextbooksMember_1" xlink:title="Label : TextbooksMember to label_TextbooksMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TextbooksMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TextbooksMember_2" xml:lang="en-US" id="label_TextbooksMember_2">This member stands for information pertaining to Textbooks.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TextbooksMember" xlink:to="label_TextbooksMember_2" xlink:title="Label : TextbooksMember to label_TextbooksMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ComplementaryEducationServicesMember" xlink:label="ComplementaryEducationServicesMember" xlink:title="ComplementaryEducationServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_ComplementaryEducationServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComplementaryEducationServicesMember" xml:lang="en-US" id="label_ComplementaryEducationServicesMember">Complementary Education Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComplementaryEducationServicesMember" xlink:to="label_ComplementaryEducationServicesMember" xlink:title="Label : ComplementaryEducationServicesMember to label_ComplementaryEducationServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_ComplementaryEducationServicesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComplementaryEducationServicesMember_1" xml:lang="en-US" id="label_ComplementaryEducationServicesMember_1">Complementary Education Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComplementaryEducationServicesMember" xlink:to="label_ComplementaryEducationServicesMember_1" xlink:title="Label : ComplementaryEducationServicesMember to label_ComplementaryEducationServicesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ComplementaryEducationServicesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ComplementaryEducationServicesMember_2" xml:lang="en-US" id="label_ComplementaryEducationServicesMember_2">This member stands for information pertaining to Complementary Education Services.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComplementaryEducationServicesMember" xlink:to="label_ComplementaryEducationServicesMember_2" xlink:title="Label : ComplementaryEducationServicesMember to label_ComplementaryEducationServicesMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherServicesMember" xlink:label="OtherServicesMember" xlink:title="OtherServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherServicesMember" xml:lang="en-US" id="label_OtherServicesMember">Other Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherServicesMember" xlink:to="label_OtherServicesMember" xlink:title="Label : OtherServicesMember to label_OtherServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherServicesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherServicesMember_1" xml:lang="en-US" id="label_OtherServicesMember_1">Other services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherServicesMember" xlink:to="label_OtherServicesMember_1" xlink:title="Label : OtherServicesMember to label_OtherServicesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherServicesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherServicesMember_2" xml:lang="en-US" id="label_OtherServicesMember_2">This member stands for information pertaining to other services.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherServicesMember" xlink:to="label_OtherServicesMember_2" xlink:title="Label : OtherServicesMember to label_OtherServicesMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ECommerceDigitalServicesPlatformMember" xlink:label="ECommerceDigitalServicesPlatformMember" xlink:title="ECommerceDigitalServicesPlatformMember" />
    <link:label xlink:type="resource" xlink:label="label_ECommerceDigitalServicesPlatformMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ECommerceDigitalServicesPlatformMember" xml:lang="en-US" id="label_ECommerceDigitalServicesPlatformMember">E Commerce Digital Services Platform [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ECommerceDigitalServicesPlatformMember" xlink:to="label_ECommerceDigitalServicesPlatformMember" xlink:title="Label : ECommerceDigitalServicesPlatformMember to label_ECommerceDigitalServicesPlatformMember" />
    <link:label xlink:type="resource" xlink:label="label_ECommerceDigitalServicesPlatformMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ECommerceDigitalServicesPlatformMember_1" xml:lang="en-US" id="label_ECommerceDigitalServicesPlatformMember_1">E-commerce</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ECommerceDigitalServicesPlatformMember" xlink:to="label_ECommerceDigitalServicesPlatformMember_1" xlink:title="Label : ECommerceDigitalServicesPlatformMember to label_ECommerceDigitalServicesPlatformMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ECommerceDigitalServicesPlatformMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ECommerceDigitalServicesPlatformMember_2" xml:lang="en-US" id="label_ECommerceDigitalServicesPlatformMember_2">This member stands for E-commerce digital services platform.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ECommerceDigitalServicesPlatformMember" xlink:to="label_ECommerceDigitalServicesPlatformMember_2" xlink:title="Label : ECommerceDigitalServicesPlatformMember to label_ECommerceDigitalServicesPlatformMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherDigitalServicesPlatformMember" xlink:label="OtherDigitalServicesPlatformMember" xlink:title="OtherDigitalServicesPlatformMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherDigitalServicesPlatformMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherDigitalServicesPlatformMember" xml:lang="en-US" id="label_OtherDigitalServicesPlatformMember">Other Digital Services Platform [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherDigitalServicesPlatformMember" xlink:to="label_OtherDigitalServicesPlatformMember" xlink:title="Label : OtherDigitalServicesPlatformMember to label_OtherDigitalServicesPlatformMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherDigitalServicesPlatformMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherDigitalServicesPlatformMember_1" xml:lang="en-US" id="label_OtherDigitalServicesPlatformMember_1">Other digital services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherDigitalServicesPlatformMember" xlink:to="label_OtherDigitalServicesPlatformMember_1" xlink:title="Label : OtherDigitalServicesPlatformMember to label_OtherDigitalServicesPlatformMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherDigitalServicesPlatformMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherDigitalServicesPlatformMember_2" xml:lang="en-US" id="label_OtherDigitalServicesPlatformMember_2">This member stands for other digital services platform.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherDigitalServicesPlatformMember" xlink:to="label_OtherDigitalServicesPlatformMember_2" xlink:title="Label : OtherDigitalServicesPlatformMember to label_OtherDigitalServicesPlatformMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfProductsAndServicesLineItems" xlink:label="DisclosureOfProductsAndServicesLineItems" xlink:title="DisclosureOfProductsAndServicesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfProductsAndServicesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfProductsAndServicesLineItems" xml:lang="en-US" id="label_DisclosureOfProductsAndServicesLineItems">Disclosure of products and services [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfProductsAndServicesLineItems" xlink:to="label_DisclosureOfProductsAndServicesLineItems" xlink:title="Label : DisclosureOfProductsAndServicesLineItems to label_DisclosureOfProductsAndServicesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfProductsAndServicesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfProductsAndServicesLineItems_1" xml:lang="en-US" id="label_DisclosureOfProductsAndServicesLineItems_1">Net Revenue from sales and Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfProductsAndServicesLineItems" xlink:to="label_DisclosureOfProductsAndServicesLineItems_1" xlink:title="Label : DisclosureOfProductsAndServicesLineItems to label_DisclosureOfProductsAndServicesLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_GrossRevenue" xlink:label="GrossRevenue" xlink:title="GrossRevenue" />
    <link:label xlink:type="resource" xlink:label="label_GrossRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossRevenue" xml:lang="en-US" id="label_GrossRevenue">Gross Revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossRevenue" xlink:to="label_GrossRevenue" xlink:title="Label : GrossRevenue to label_GrossRevenue" />
    <link:label xlink:type="resource" xlink:label="label_GrossRevenue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrossRevenue_1" xml:lang="en-US" id="label_GrossRevenue_1">Gross revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossRevenue" xlink:to="label_GrossRevenue_1" xlink:title="Label : GrossRevenue to label_GrossRevenue_1" />
    <link:label xlink:type="resource" xlink:label="label_GrossRevenue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrossRevenue_2" xml:lang="en-US" id="label_GrossRevenue_2">The amount of gross revenue of reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossRevenue" xlink:to="label_GrossRevenue_2" xlink:title="Label : GrossRevenue to label_GrossRevenue_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DeductionsFromGrossRevenueAbstract" xlink:label="DeductionsFromGrossRevenueAbstract" xlink:title="DeductionsFromGrossRevenueAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DeductionsFromGrossRevenueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeductionsFromGrossRevenueAbstract" xml:lang="en-US" id="label_DeductionsFromGrossRevenueAbstract">Deductions from gross revenue [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeductionsFromGrossRevenueAbstract" xlink:to="label_DeductionsFromGrossRevenueAbstract" xlink:title="Label : DeductionsFromGrossRevenueAbstract to label_DeductionsFromGrossRevenueAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DeductionsFromGrossRevenueAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeductionsFromGrossRevenueAbstract_1" xml:lang="en-US" id="label_DeductionsFromGrossRevenueAbstract_1">Deductions from gross revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeductionsFromGrossRevenueAbstract" xlink:to="label_DeductionsFromGrossRevenueAbstract_1" xlink:title="Label : DeductionsFromGrossRevenueAbstract to label_DeductionsFromGrossRevenueAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" xlink:label="TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" xlink:title="TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" xml:lang="en-US" id="label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome">Tax expense (income) other than income tax expense (income)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" xlink:to="label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" xlink:title="Label : TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome to label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome_1" xml:lang="en-US" id="label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome_1">Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" xlink:to="label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome_1" xlink:title="Label : TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome to label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome_2" xml:lang="en-US" id="label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome_2">The amount of tax expense (income) exclusive of income tax expense (benefit).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" xlink:to="label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome_2" xlink:title="Label : TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome to label_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SalesReturns" xlink:label="SalesReturns" xlink:title="SalesReturns" />
    <link:label xlink:type="resource" xlink:label="label_SalesReturns" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SalesReturns" xml:lang="en-US" id="label_SalesReturns">Sales Returns</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesReturns" xlink:to="label_SalesReturns" xlink:title="Label : SalesReturns to label_SalesReturns" />
    <link:label xlink:type="resource" xlink:label="label_SalesReturns_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_SalesReturns_1" xml:lang="en-US" id="label_SalesReturns_1">Returns</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesReturns" xlink:to="label_SalesReturns_1" xlink:title="Label : SalesReturns to label_SalesReturns_1" />
    <link:label xlink:type="resource" xlink:label="label_SalesReturns_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SalesReturns_2" xml:lang="en-US" id="label_SalesReturns_2">The amount of sales returns during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesReturns" xlink:to="label_SalesReturns_2" xlink:title="Label : SalesReturns to label_SalesReturns_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="EmployeeBenefitsExpense" xlink:title="EmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_EmployeeBenefitsExpense" xml:lang="en-US" id="label_EmployeeBenefitsExpense">Salaries and payroll charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpense" xlink:to="label_EmployeeBenefitsExpense" xlink:title="Label : EmployeeBenefitsExpense to label_EmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsExpense_1" xml:lang="en-US" id="label_EmployeeBenefitsExpense_1">Employee benefits expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpense" xlink:to="label_EmployeeBenefitsExpense_1" xlink:title="Label : EmployeeBenefitsExpense to label_EmployeeBenefitsExpense_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RawMaterialsAndConsumablesUsed" xlink:label="RawMaterialsAndConsumablesUsed" xlink:title="RawMaterialsAndConsumablesUsed" />
    <link:label xlink:type="resource" xlink:label="label_RawMaterialsAndConsumablesUsed" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_RawMaterialsAndConsumablesUsed" xml:lang="en-US" id="label_RawMaterialsAndConsumablesUsed">Raw materials and productions costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterialsAndConsumablesUsed" xlink:to="label_RawMaterialsAndConsumablesUsed" xlink:title="Label : RawMaterialsAndConsumablesUsed to label_RawMaterialsAndConsumablesUsed" />
    <link:label xlink:type="resource" xlink:label="label_RawMaterialsAndConsumablesUsed_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RawMaterialsAndConsumablesUsed_1" xml:lang="en-US" id="label_RawMaterialsAndConsumablesUsed_1">Raw materials and consumables used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterialsAndConsumablesUsed" xlink:to="label_RawMaterialsAndConsumablesUsed_1" xlink:title="Label : RawMaterialsAndConsumablesUsed to label_RawMaterialsAndConsumablesUsed_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_EditorialCosts" xlink:label="EditorialCosts" xlink:title="EditorialCosts" />
    <link:label xlink:type="resource" xlink:label="label_EditorialCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EditorialCosts" xml:lang="en-US" id="label_EditorialCosts">Editorial Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditorialCosts" xlink:to="label_EditorialCosts" xlink:title="Label : EditorialCosts to label_EditorialCosts" />
    <link:label xlink:type="resource" xlink:label="label_EditorialCosts_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_EditorialCosts_1" xml:lang="en-US" id="label_EditorialCosts_1">Editorial costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditorialCosts" xlink:to="label_EditorialCosts_1" xlink:title="Label : EditorialCosts to label_EditorialCosts_1" />
    <link:label xlink:type="resource" xlink:label="label_EditorialCosts_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EditorialCosts_2" xml:lang="en-US" id="label_EditorialCosts_2">The amount of costs associated with editorial activities of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EditorialCosts" xlink:to="label_EditorialCosts_2" xlink:title="Label : EditorialCosts to label_EditorialCosts_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="DepreciationAndAmortisationExpense" xlink:title="DepreciationAndAmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DepreciationAndAmortisationExpense" xml:lang="en-US" id="label_DepreciationAndAmortisationExpense">Depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortisationExpense" xlink:to="label_DepreciationAndAmortisationExpense" xlink:title="Label : DepreciationAndAmortisationExpense to label_DepreciationAndAmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationAndAmortisationExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationAndAmortisationExpense_1" xml:lang="en-US" id="label_DepreciationAndAmortisationExpense_1">Depreciation and amortisation expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortisationExpense" xlink:to="label_DepreciationAndAmortisationExpense_1" xlink:title="Label : DepreciationAndAmortisationExpense to label_DepreciationAndAmortisationExpense_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CopyrightExpenses" xlink:label="CopyrightExpenses" xlink:title="CopyrightExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CopyrightExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CopyrightExpenses" xml:lang="en-US" id="label_CopyrightExpenses">Represents copyright exoenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CopyrightExpenses" xlink:to="label_CopyrightExpenses" xlink:title="Label : CopyrightExpenses to label_CopyrightExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CopyrightExpenses_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CopyrightExpenses_1" xml:lang="en-US" id="label_CopyrightExpenses_1">Copyright</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CopyrightExpenses" xlink:to="label_CopyrightExpenses_1" xlink:title="Label : CopyrightExpenses to label_CopyrightExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_CopyrightExpenses_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CopyrightExpenses_2" xml:lang="en-US" id="label_CopyrightExpenses_2">Copyright Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CopyrightExpenses" xlink:to="label_CopyrightExpenses_2" xlink:title="Label : CopyrightExpenses to label_CopyrightExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdvertisingExpense" xlink:label="AdvertisingExpense" xlink:title="AdvertisingExpense" />
    <link:label xlink:type="resource" xlink:label="label_AdvertisingExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdvertisingExpense" xml:lang="en-US" id="label_AdvertisingExpense">Advertising and publicity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdvertisingExpense" xlink:to="label_AdvertisingExpense" xlink:title="Label : AdvertisingExpense to label_AdvertisingExpense" />
    <link:label xlink:type="resource" xlink:label="label_AdvertisingExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdvertisingExpense_1" xml:lang="en-US" id="label_AdvertisingExpense_1">Advertising expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdvertisingExpense" xlink:to="label_AdvertisingExpense_1" xlink:title="Label : AdvertisingExpense to label_AdvertisingExpense_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_UtilitiesCleaningAndSecurityExpenses" xlink:label="UtilitiesCleaningAndSecurityExpenses" xlink:title="UtilitiesCleaningAndSecurityExpenses" />
    <link:label xlink:type="resource" xlink:label="label_UtilitiesCleaningAndSecurityExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UtilitiesCleaningAndSecurityExpenses" xml:lang="en-US" id="label_UtilitiesCleaningAndSecurityExpenses">Represents utilities, cleaning and security.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UtilitiesCleaningAndSecurityExpenses" xlink:to="label_UtilitiesCleaningAndSecurityExpenses" xlink:title="Label : UtilitiesCleaningAndSecurityExpenses to label_UtilitiesCleaningAndSecurityExpenses" />
    <link:label xlink:type="resource" xlink:label="label_UtilitiesCleaningAndSecurityExpenses_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_UtilitiesCleaningAndSecurityExpenses_1" xml:lang="en-US" id="label_UtilitiesCleaningAndSecurityExpenses_1">Utilities, cleaning and security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UtilitiesCleaningAndSecurityExpenses" xlink:to="label_UtilitiesCleaningAndSecurityExpenses_1" xlink:title="Label : UtilitiesCleaningAndSecurityExpenses to label_UtilitiesCleaningAndSecurityExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_UtilitiesCleaningAndSecurityExpenses_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UtilitiesCleaningAndSecurityExpenses_2" xml:lang="en-US" id="label_UtilitiesCleaningAndSecurityExpenses_2">Utilities, Cleaning and Security Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UtilitiesCleaningAndSecurityExpenses" xlink:to="label_UtilitiesCleaningAndSecurityExpenses_2" xlink:title="Label : UtilitiesCleaningAndSecurityExpenses to label_UtilitiesCleaningAndSecurityExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RentAndCondominiumFees" xlink:label="RentAndCondominiumFees" xlink:title="RentAndCondominiumFees" />
    <link:label xlink:type="resource" xlink:label="label_RentAndCondominiumFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RentAndCondominiumFees" xml:lang="en-US" id="label_RentAndCondominiumFees">Represents rent and condominium fees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RentAndCondominiumFees" xlink:to="label_RentAndCondominiumFees" xlink:title="Label : RentAndCondominiumFees to label_RentAndCondominiumFees" />
    <link:label xlink:type="resource" xlink:label="label_RentAndCondominiumFees_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_RentAndCondominiumFees_1" xml:lang="en-US" id="label_RentAndCondominiumFees_1">Rent and condominium fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RentAndCondominiumFees" xlink:to="label_RentAndCondominiumFees_1" xlink:title="Label : RentAndCondominiumFees to label_RentAndCondominiumFees_1" />
    <link:label xlink:type="resource" xlink:label="label_RentAndCondominiumFees_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RentAndCondominiumFees_2" xml:lang="en-US" id="label_RentAndCondominiumFees_2">Rent and Condominium Fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RentAndCondominiumFees" xlink:to="label_RentAndCondominiumFees_2" xlink:title="Label : RentAndCondominiumFees to label_RentAndCondominiumFees_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ThirdPartyServices" xlink:label="ThirdPartyServices" xlink:title="ThirdPartyServices" />
    <link:label xlink:type="resource" xlink:label="label_ThirdPartyServices" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ThirdPartyServices" xml:lang="en-US" id="label_ThirdPartyServices">Represents expenses related to third party services.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThirdPartyServices" xlink:to="label_ThirdPartyServices" xlink:title="Label : ThirdPartyServices to label_ThirdPartyServices" />
    <link:label xlink:type="resource" xlink:label="label_ThirdPartyServices_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ThirdPartyServices_1" xml:lang="en-US" id="label_ThirdPartyServices_1">Third-party services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThirdPartyServices" xlink:to="label_ThirdPartyServices_1" xlink:title="Label : ThirdPartyServices to label_ThirdPartyServices_1" />
    <link:label xlink:type="resource" xlink:label="label_ThirdPartyServices_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ThirdPartyServices_2" xml:lang="en-US" id="label_ThirdPartyServices_2">Third Party Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThirdPartyServices" xlink:to="label_ThirdPartyServices_2" xlink:title="Label : ThirdPartyServices to label_ThirdPartyServices_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TravelExpense" xlink:label="TravelExpense" xlink:title="TravelExpense" />
    <link:label xlink:type="resource" xlink:label="label_TravelExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TravelExpense" xml:lang="en-US" id="label_TravelExpense">Travel</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TravelExpense" xlink:to="label_TravelExpense" xlink:title="Label : TravelExpense to label_TravelExpense" />
    <link:label xlink:type="resource" xlink:label="label_TravelExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TravelExpense_1" xml:lang="en-US" id="label_TravelExpense_1">Travel expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TravelExpense" xlink:to="label_TravelExpense_1" xlink:title="Label : TravelExpense to label_TravelExpense_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProfessionalFeesExpense" xlink:label="ProfessionalFeesExpense" xlink:title="ProfessionalFeesExpense" />
    <link:label xlink:type="resource" xlink:label="label_ProfessionalFeesExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProfessionalFeesExpense" xml:lang="en-US" id="label_ProfessionalFeesExpense">Consulting and advisory services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfessionalFeesExpense" xlink:to="label_ProfessionalFeesExpense" xlink:title="Label : ProfessionalFeesExpense to label_ProfessionalFeesExpense" />
    <link:label xlink:type="resource" xlink:label="label_ProfessionalFeesExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfessionalFeesExpense_1" xml:lang="en-US" id="label_ProfessionalFeesExpense_1">Professional fees expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfessionalFeesExpense" xlink:to="label_ProfessionalFeesExpense_1" xlink:title="Label : ProfessionalFeesExpense to label_ProfessionalFeesExpense_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MaterialsExpenses" xlink:label="MaterialsExpenses" xlink:title="MaterialsExpenses" />
    <link:label xlink:type="resource" xlink:label="label_MaterialsExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaterialsExpenses" xml:lang="en-US" id="label_MaterialsExpenses">Represents expenses related material expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaterialsExpenses" xlink:to="label_MaterialsExpenses" xlink:title="Label : MaterialsExpenses to label_MaterialsExpenses" />
    <link:label xlink:type="resource" xlink:label="label_MaterialsExpenses_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_MaterialsExpenses_1" xml:lang="en-US" id="label_MaterialsExpenses_1">Material</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaterialsExpenses" xlink:to="label_MaterialsExpenses_1" xlink:title="Label : MaterialsExpenses to label_MaterialsExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_MaterialsExpenses_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaterialsExpenses_2" xml:lang="en-US" id="label_MaterialsExpenses_2">Materials Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaterialsExpenses" xlink:to="label_MaterialsExpenses_2" xlink:title="Label : MaterialsExpenses to label_MaterialsExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TaxesAndContributions" xlink:label="TaxesAndContributions" xlink:title="TaxesAndContributions" />
    <link:label xlink:type="resource" xlink:label="label_TaxesAndContributions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxesAndContributions" xml:lang="en-US" id="label_TaxesAndContributions">Represents taxes and contributions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesAndContributions" xlink:to="label_TaxesAndContributions" xlink:title="Label : TaxesAndContributions to label_TaxesAndContributions" />
    <link:label xlink:type="resource" xlink:label="label_TaxesAndContributions_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TaxesAndContributions_1" xml:lang="en-US" id="label_TaxesAndContributions_1">Taxes and contributions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesAndContributions" xlink:to="label_TaxesAndContributions_1" xlink:title="Label : TaxesAndContributions to label_TaxesAndContributions_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxesAndContributions_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxesAndContributions_2" xml:lang="en-US" id="label_TaxesAndContributions_2">Taxes and Contributions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesAndContributions" xlink:to="label_TaxesAndContributions_2" xlink:title="Label : TaxesAndContributions to label_TaxesAndContributions_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ReversalProvisionForTaxCivilAndLaborRisks" xlink:label="ReversalProvisionForTaxCivilAndLaborRisks" xlink:title="ReversalProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_ReversalProvisionForTaxCivilAndLaborRisks" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ReversalProvisionForTaxCivilAndLaborRisks" xml:lang="en-US" id="label_ReversalProvisionForTaxCivilAndLaborRisks">(Provision) reversal for risks of tax, civil and labor losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalProvisionForTaxCivilAndLaborRisks" xlink:to="label_ReversalProvisionForTaxCivilAndLaborRisks" xlink:title="Label : ReversalProvisionForTaxCivilAndLaborRisks to label_ReversalProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_ReversalProvisionForTaxCivilAndLaborRisks_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ReversalProvisionForTaxCivilAndLaborRisks_1" xml:lang="en-US" id="label_ReversalProvisionForTaxCivilAndLaborRisks_1">Represents reversal (provision) for tax, civil and labor risks.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalProvisionForTaxCivilAndLaborRisks" xlink:to="label_ReversalProvisionForTaxCivilAndLaborRisks_1" xlink:title="Label : ReversalProvisionForTaxCivilAndLaborRisks to label_ReversalProvisionForTaxCivilAndLaborRisks_1" />
    <link:label xlink:type="resource" xlink:label="label_ReversalProvisionForTaxCivilAndLaborRisks_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReversalProvisionForTaxCivilAndLaborRisks_2" xml:lang="en-US" id="label_ReversalProvisionForTaxCivilAndLaborRisks_2">Reversal for tax, civil and labor risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalProvisionForTaxCivilAndLaborRisks" xlink:to="label_ReversalProvisionForTaxCivilAndLaborRisks_2" xlink:title="Label : ReversalProvisionForTaxCivilAndLaborRisks to label_ReversalProvisionForTaxCivilAndLaborRisks_2" />
    <link:label xlink:type="resource" xlink:label="label_ReversalProvisionForTaxCivilAndLaborRisks_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReversalProvisionForTaxCivilAndLaborRisks_3" xml:lang="en-US" id="label_ReversalProvisionForTaxCivilAndLaborRisks_3">Reversal Provision for Tax, Civil and Labor Risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalProvisionForTaxCivilAndLaborRisks" xlink:to="label_ReversalProvisionForTaxCivilAndLaborRisks_3" xlink:title="Label : ReversalProvisionForTaxCivilAndLaborRisks to label_ReversalProvisionForTaxCivilAndLaborRisks_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ProvisionForObsoleteInventories" xlink:label="ProvisionForObsoleteInventories" xlink:title="ProvisionForObsoleteInventories" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForObsoleteInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForObsoleteInventories" xml:lang="en-US" id="label_ProvisionForObsoleteInventories">Provision for Obsolete Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForObsoleteInventories" xlink:to="label_ProvisionForObsoleteInventories" xlink:title="Label : ProvisionForObsoleteInventories to label_ProvisionForObsoleteInventories" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForObsoleteInventories_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProvisionForObsoleteInventories_1" xml:lang="en-US" id="label_ProvisionForObsoleteInventories_1">Provision for obsolete inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForObsoleteInventories" xlink:to="label_ProvisionForObsoleteInventories_1" xlink:title="Label : ProvisionForObsoleteInventories to label_ProvisionForObsoleteInventories_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForObsoleteInventories_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForObsoleteInventories_2" xml:lang="en-US" id="label_ProvisionForObsoleteInventories_2">Represents the provision for obsolete inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForObsoleteInventories" xlink:to="label_ProvisionForObsoleteInventories_2" xlink:title="Label : ProvisionForObsoleteInventories to label_ProvisionForObsoleteInventories_2" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForObsoleteInventories_3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_ProvisionForObsoleteInventories_3" xml:lang="en-US" id="label_ProvisionForObsoleteInventories_3">Provision for losses of obsolete inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForObsoleteInventories" xlink:to="label_ProvisionForObsoleteInventories_3" xlink:title="Label : ProvisionForObsoleteInventories to label_ProvisionForObsoleteInventories_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" xlink:label="IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" xlink:title="IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" xml:lang="en-US" id="label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties">Represents the income from lease and sublease agreements with related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" xlink:to="label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" xlink:title="Label : IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties to label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties_1" xml:lang="en-US" id="label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties_1">Income from lease and sublease agreements with related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" xlink:to="label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties_1" xlink:title="Label : IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties to label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties_2" xml:lang="en-US" id="label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties_2">Income from Lease and Sublease Agreements with Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" xlink:to="label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties_2" xlink:title="Label : IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties to label_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MiscellaneousOtherOperatingIncomeExpense" xlink:label="MiscellaneousOtherOperatingIncomeExpense" xlink:title="MiscellaneousOtherOperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MiscellaneousOtherOperatingIncomeExpense" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncomeExpense">Other income, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncomeExpense" xlink:to="label_MiscellaneousOtherOperatingIncomeExpense" xlink:title="Label : MiscellaneousOtherOperatingIncomeExpense to label_MiscellaneousOtherOperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncomeExpense_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MiscellaneousOtherOperatingIncomeExpense_1" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncomeExpense_1">The amount of miscellaneous other operating income (expense).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncomeExpense" xlink:to="label_MiscellaneousOtherOperatingIncomeExpense_1" xlink:title="Label : MiscellaneousOtherOperatingIncomeExpense to label_MiscellaneousOtherOperatingIncomeExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncomeExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousOtherOperatingIncomeExpense_2" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncomeExpense_2">Miscellaneous Other Operating Income (Expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncomeExpense" xlink:to="label_MiscellaneousOtherOperatingIncomeExpense_2" xlink:title="Label : MiscellaneousOtherOperatingIncomeExpense to label_MiscellaneousOtherOperatingIncomeExpense_2" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncomeExpense_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_MiscellaneousOtherOperatingIncomeExpense_3" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncomeExpense_3">Other expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncomeExpense" xlink:to="label_MiscellaneousOtherOperatingIncomeExpense_3" xlink:title="Label : MiscellaneousOtherOperatingIncomeExpense to label_MiscellaneousOtherOperatingIncomeExpense_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ExpenseByNature" xlink:label="ExpenseByNature" xlink:title="ExpenseByNature" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseByNature" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_ExpenseByNature" xml:lang="en-US" id="label_ExpenseByNature">Costs and Expenses by Nature</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseByNature" xlink:to="label_ExpenseByNature" xlink:title="Label : ExpenseByNature to label_ExpenseByNature" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseByNature_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseByNature_1" xml:lang="en-US" id="label_ExpenseByNature_1">Expenses, by nature</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseByNature" xlink:to="label_ExpenseByNature_1" xlink:title="Label : ExpenseByNature to label_ExpenseByNature_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="OtherOperatingIncomeExpense" xlink:title="OtherOperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherOperatingIncomeExpense" xml:lang="en-US" id="label_OtherOperatingIncomeExpense">Other operating income, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense" xlink:title="Label : OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeExpense_1" xml:lang="en-US" id="label_OtherOperatingIncomeExpense_1">Other operating income (expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense_1" xlink:title="Label : OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeExpense_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherOperatingIncomeExpense_2" xml:lang="en-US" id="label_OtherOperatingIncomeExpense_2">Other operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense_2" xlink:title="Label : OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeExpense_3" xlink:role="http://www.xbrl.org/2003/role/negativeLabel" xlink:title="label_OtherOperatingIncomeExpense_3" xml:lang="en-US" id="label_OtherOperatingIncomeExpense_3">Other expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense_3" xlink:title="Label : OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense_3" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeExpense_4" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_OtherOperatingIncomeExpense_4" xml:lang="en-US" id="label_OtherOperatingIncomeExpense_4">Other operating income (expenses), net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense_4" xlink:title="Label : OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense_4" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations" xlink:label="IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations" xlink:title="IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations" xml:lang="en-US" id="label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations">Increase in Employee Benefit Expenses Due to Bonus Initial Public Offering and Business Combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations" xlink:to="label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations" xlink:title="Label : IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations to label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations_1" xml:lang="en-US" id="label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations_1">Increase in salaries and payroll charges impacted by Bonus IPO expenses and business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations" xlink:to="label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations_1" xlink:title="Label : IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations to label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations_2" xml:lang="en-US" id="label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations_2">Represents increase in employee benefit expenses due to bonus initial public offering and business combimations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations" xlink:to="label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations_2" xlink:title="Label : IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations to label_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FinanceIncomeAbstract" xlink:label="FinanceIncomeAbstract" xlink:title="FinanceIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncomeAbstract" xml:lang="en-US" id="label_FinanceIncomeAbstract">Finance Income [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeAbstract" xlink:to="label_FinanceIncomeAbstract" xlink:title="Label : FinanceIncomeAbstract to label_FinanceIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceIncomeAbstract_1" xml:lang="en-US" id="label_FinanceIncomeAbstract_1">Finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeAbstract" xlink:to="label_FinanceIncomeAbstract_1" xlink:title="Label : FinanceIncomeAbstract to label_FinanceIncomeAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_IncomeFromFinancialInvestmentsAndMarketableSecurities" xlink:label="IncomeFromFinancialInvestmentsAndMarketableSecurities" xlink:title="IncomeFromFinancialInvestmentsAndMarketableSecurities" />
    <link:label xlink:type="resource" xlink:label="label_IncomeFromFinancialInvestmentsAndMarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeFromFinancialInvestmentsAndMarketableSecurities" xml:lang="en-US" id="label_IncomeFromFinancialInvestmentsAndMarketableSecurities">Income from financial investments and marketable securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromFinancialInvestmentsAndMarketableSecurities" xlink:to="label_IncomeFromFinancialInvestmentsAndMarketableSecurities" xlink:title="Label : IncomeFromFinancialInvestmentsAndMarketableSecurities to label_IncomeFromFinancialInvestmentsAndMarketableSecurities" />
    <link:label xlink:type="resource" xlink:label="label_IncomeFromFinancialInvestmentsAndMarketableSecurities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeFromFinancialInvestmentsAndMarketableSecurities_1" xml:lang="en-US" id="label_IncomeFromFinancialInvestmentsAndMarketableSecurities_1">The amount of finance income related to financial investements and marketable securities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromFinancialInvestmentsAndMarketableSecurities" xlink:to="label_IncomeFromFinancialInvestmentsAndMarketableSecurities_1" xlink:title="Label : IncomeFromFinancialInvestmentsAndMarketableSecurities to label_IncomeFromFinancialInvestmentsAndMarketableSecurities_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeFromFinancialInvestmentsAndMarketableSecurities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeFromFinancialInvestmentsAndMarketableSecurities_2" xml:lang="en-US" id="label_IncomeFromFinancialInvestmentsAndMarketableSecurities_2">Income from Financial Investments and Marketable Securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromFinancialInvestmentsAndMarketableSecurities" xlink:to="label_IncomeFromFinancialInvestmentsAndMarketableSecurities_2" xlink:title="Label : IncomeFromFinancialInvestmentsAndMarketableSecurities to label_IncomeFromFinancialInvestmentsAndMarketableSecurities_2" />
    <link:label xlink:type="resource" xlink:label="label_IncomeFromFinancialInvestmentsAndMarketableSecurities_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncomeFromFinancialInvestmentsAndMarketableSecurities_3" xml:lang="en-US" id="label_IncomeFromFinancialInvestmentsAndMarketableSecurities_3">Interest on financial investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromFinancialInvestmentsAndMarketableSecurities" xlink:to="label_IncomeFromFinancialInvestmentsAndMarketableSecurities_3" xlink:title="Label : IncomeFromFinancialInvestmentsAndMarketableSecurities to label_IncomeFromFinancialInvestmentsAndMarketableSecurities_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherFinanceIncome" xlink:label="OtherFinanceIncome" xlink:title="OtherFinanceIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherFinanceIncome" xml:lang="en-US" id="label_OtherFinanceIncome">Other finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceIncome" xlink:to="label_OtherFinanceIncome" xlink:title="Label : OtherFinanceIncome to label_OtherFinanceIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherFinanceIncome_1" xml:lang="en-US" id="label_OtherFinanceIncome_1">Other finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceIncome" xlink:to="label_OtherFinanceIncome_1" xlink:title="Label : OtherFinanceIncome to label_OtherFinanceIncome_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FinanceCostAbstract" xlink:label="FinanceCostAbstract" xlink:title="FinanceCostAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCostAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceCostAbstract" xml:lang="en-US" id="label_FinanceCostAbstract">Finance Cost [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCostAbstract" xlink:to="label_FinanceCostAbstract" xlink:title="Label : FinanceCostAbstract to label_FinanceCostAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCostAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceCostAbstract_1" xml:lang="en-US" id="label_FinanceCostAbstract_1">Finance costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCostAbstract" xlink:to="label_FinanceCostAbstract_1" xlink:title="Label : FinanceCostAbstract to label_FinanceCostAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestExpenseOnBonds" xlink:label="InterestExpenseOnBonds" xlink:title="InterestExpenseOnBonds" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnBonds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpenseOnBonds" xml:lang="en-US" id="label_InterestExpenseOnBonds">Interest expense on bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnBonds" xlink:to="label_InterestExpenseOnBonds" xlink:title="Label : InterestExpenseOnBonds to label_InterestExpenseOnBonds" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnBonds_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestExpenseOnBonds_1" xml:lang="en-US" id="label_InterestExpenseOnBonds_1">Interest on bonds and financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnBonds" xlink:to="label_InterestExpenseOnBonds_1" xlink:title="Label : InterestExpenseOnBonds to label_InterestExpenseOnBonds_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ImputedInterestOnSuppliers" xlink:label="ImputedInterestOnSuppliers" xlink:title="ImputedInterestOnSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_ImputedInterestOnSuppliers" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ImputedInterestOnSuppliers" xml:lang="en-US" id="label_ImputedInterestOnSuppliers">Imputed interest on suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImputedInterestOnSuppliers" xlink:to="label_ImputedInterestOnSuppliers" xlink:title="Label : ImputedInterestOnSuppliers to label_ImputedInterestOnSuppliers" />
    <link:label xlink:type="resource" xlink:label="label_ImputedInterestOnSuppliers_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ImputedInterestOnSuppliers_1" xml:lang="en-US" id="label_ImputedInterestOnSuppliers_1">The amount of finance cost related to imputed interest on suppliers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImputedInterestOnSuppliers" xlink:to="label_ImputedInterestOnSuppliers_1" xlink:title="Label : ImputedInterestOnSuppliers to label_ImputedInterestOnSuppliers_1" />
    <link:label xlink:type="resource" xlink:label="label_ImputedInterestOnSuppliers_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImputedInterestOnSuppliers_2" xml:lang="en-US" id="label_ImputedInterestOnSuppliers_2">Imputed Interest on Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImputedInterestOnSuppliers" xlink:to="label_ImputedInterestOnSuppliers_2" xlink:title="Label : ImputedInterestOnSuppliers to label_ImputedInterestOnSuppliers_2" />
    <link:label xlink:type="resource" xlink:label="label_ImputedInterestOnSuppliers_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImputedInterestOnSuppliers_3" xml:lang="en-US" id="label_ImputedInterestOnSuppliers_3">Finance costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImputedInterestOnSuppliers" xlink:to="label_ImputedInterestOnSuppliers_3" xlink:title="Label : ImputedInterestOnSuppliers to label_ImputedInterestOnSuppliers_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestOnLoansFromRelatedParties" xlink:label="InterestOnLoansFromRelatedParties" xlink:title="InterestOnLoansFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_InterestOnLoansFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestOnLoansFromRelatedParties" xml:lang="en-US" id="label_InterestOnLoansFromRelatedParties">Interest on Loans from Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnLoansFromRelatedParties" xlink:to="label_InterestOnLoansFromRelatedParties" xlink:title="Label : InterestOnLoansFromRelatedParties to label_InterestOnLoansFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_InterestOnLoansFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestOnLoansFromRelatedParties_1" xml:lang="en-US" id="label_InterestOnLoansFromRelatedParties_1">The amount of finance cost related to interest on loans from related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnLoansFromRelatedParties" xlink:to="label_InterestOnLoansFromRelatedParties_1" xlink:title="Label : InterestOnLoansFromRelatedParties to label_InterestOnLoansFromRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestOnLoansFromRelatedParties_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestOnLoansFromRelatedParties_2" xml:lang="en-US" id="label_InterestOnLoansFromRelatedParties_2">Interest on Loans from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnLoansFromRelatedParties" xlink:to="label_InterestOnLoansFromRelatedParties_2" xlink:title="Label : InterestOnLoansFromRelatedParties to label_InterestOnLoansFromRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" xlink:label="InterestExpenseOnBankLoansAndOverdrafts" xlink:title="InterestExpenseOnBankLoansAndOverdrafts" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnBankLoansAndOverdrafts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpenseOnBankLoansAndOverdrafts" xml:lang="en-US" id="label_InterestExpenseOnBankLoansAndOverdrafts">Interest expense on bank loans and overdrafts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnBankLoansAndOverdrafts" xlink:to="label_InterestExpenseOnBankLoansAndOverdrafts" xlink:title="Label : InterestExpenseOnBankLoansAndOverdrafts to label_InterestExpenseOnBankLoansAndOverdrafts" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnBankLoansAndOverdrafts_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestExpenseOnBankLoansAndOverdrafts_1" xml:lang="en-US" id="label_InterestExpenseOnBankLoansAndOverdrafts_1">Bank and collection fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnBankLoansAndOverdrafts" xlink:to="label_InterestExpenseOnBankLoansAndOverdrafts_1" xlink:title="Label : InterestExpenseOnBankLoansAndOverdrafts to label_InterestExpenseOnBankLoansAndOverdrafts_1" />
    <link:label xlink:type="resource" xlink:label="label_DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares_1" xml:lang="en-US" id="label_DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares_1">Effects of ordinary potential shares- weighted averaged</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares" xlink:to="label_DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares_1" xlink:title="Label : DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares to label_DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestOnProvisionForTaxCivilAndLaborLosses" xlink:label="InterestOnProvisionForTaxCivilAndLaborLosses" xlink:title="InterestOnProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_InterestOnProvisionForTaxCivilAndLaborLosses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestOnProvisionForTaxCivilAndLaborLosses" xml:lang="en-US" id="label_InterestOnProvisionForTaxCivilAndLaborLosses">The amount of interest expense on provision for tax, civil and labor risks.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnProvisionForTaxCivilAndLaborLosses" xlink:to="label_InterestOnProvisionForTaxCivilAndLaborLosses" xlink:title="Label : InterestOnProvisionForTaxCivilAndLaborLosses to label_InterestOnProvisionForTaxCivilAndLaborLosses" />
    <link:label xlink:type="resource" xlink:label="label_InterestOnProvisionForTaxCivilAndLaborLosses_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestOnProvisionForTaxCivilAndLaborLosses_1" xml:lang="en-US" id="label_InterestOnProvisionForTaxCivilAndLaborLosses_1">Interest on provision for tax, civil and labor losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnProvisionForTaxCivilAndLaborLosses" xlink:to="label_InterestOnProvisionForTaxCivilAndLaborLosses_1" xlink:title="Label : InterestOnProvisionForTaxCivilAndLaborLosses to label_InterestOnProvisionForTaxCivilAndLaborLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestOnProvisionForTaxCivilAndLaborLosses_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestOnProvisionForTaxCivilAndLaborLosses_2" xml:lang="en-US" id="label_InterestOnProvisionForTaxCivilAndLaborLosses_2">Interest on Provision for Tax, Civil and Labor Losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnProvisionForTaxCivilAndLaborLosses" xlink:to="label_InterestOnProvisionForTaxCivilAndLaborLosses_2" xlink:title="Label : InterestOnProvisionForTaxCivilAndLaborLosses to label_InterestOnProvisionForTaxCivilAndLaborLosses_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:label="InterestExpenseOnLeaseLiabilities" xlink:title="InterestExpenseOnLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestExpenseOnLeaseLiabilities" xml:lang="en-US" id="label_InterestExpenseOnLeaseLiabilities">Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLeaseLiabilities" xlink:to="label_InterestExpenseOnLeaseLiabilities" xlink:title="Label : InterestExpenseOnLeaseLiabilities to label_InterestExpenseOnLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpenseOnLeaseLiabilities_1" xml:lang="en-US" id="label_InterestExpenseOnLeaseLiabilities_1">Interest expense on lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLeaseLiabilities" xlink:to="label_InterestExpenseOnLeaseLiabilities_1" xlink:title="Label : InterestExpenseOnLeaseLiabilities to label_InterestExpenseOnLeaseLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnLeaseLiabilities_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestExpenseOnLeaseLiabilities_2" xml:lang="en-US" id="label_InterestExpenseOnLeaseLiabilities_2">Interest on Lease Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLeaseLiabilities" xlink:to="label_InterestExpenseOnLeaseLiabilities_2" xlink:title="Label : InterestExpenseOnLeaseLiabilities to label_InterestExpenseOnLeaseLiabilities_2" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnLeaseLiabilities_3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_InterestExpenseOnLeaseLiabilities_3" xml:lang="en-US" id="label_InterestExpenseOnLeaseLiabilities_3">Financial Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLeaseLiabilities" xlink:to="label_InterestExpenseOnLeaseLiabilities_3" xlink:title="Label : InterestExpenseOnLeaseLiabilities to label_InterestExpenseOnLeaseLiabilities_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherFinanceCost" xlink:label="OtherFinanceCost" xlink:title="OtherFinanceCost" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceCost" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherFinanceCost" xml:lang="en-US" id="label_OtherFinanceCost">Other finance costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceCost" xlink:to="label_OtherFinanceCost" xlink:title="Label : OtherFinanceCost to label_OtherFinanceCost" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceCost_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherFinanceCost_1" xml:lang="en-US" id="label_OtherFinanceCost_1">Other finance cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceCost" xlink:to="label_OtherFinanceCost_1" xlink:title="Label : OtherFinanceCost to label_OtherFinanceCost_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceCost_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_OtherFinanceCost_2" xml:lang="en-US" id="label_OtherFinanceCost_2">Other finance expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceCost" xlink:to="label_OtherFinanceCost_2" xlink:title="Label : OtherFinanceCost to label_OtherFinanceCost_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" xlink:label="PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" xlink:title="PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" xml:lang="en-US" id="label_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember">Phidelis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" xlink:to="label_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" xlink:title="Label : PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember to label_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_EducbankGestaoDePagamentosEducacionaisSAMember" xlink:label="EducbankGestaoDePagamentosEducacionaisSAMember" xlink:title="EducbankGestaoDePagamentosEducacionaisSAMember" />
    <link:label xlink:type="resource" xlink:label="label_EducbankGestaoDePagamentosEducacionaisSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EducbankGestaoDePagamentosEducacionaisSAMember" xml:lang="en-US" id="label_EducbankGestaoDePagamentosEducacionaisSAMember">Educbank</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EducbankGestaoDePagamentosEducacionaisSAMember" xlink:to="label_EducbankGestaoDePagamentosEducacionaisSAMember" xlink:title="Label : EducbankGestaoDePagamentosEducacionaisSAMember to label_EducbankGestaoDePagamentosEducacionaisSAMember" />
    <link:label xlink:type="resource" xlink:label="label_EducbankGestaoDePagamentosEducacionaisSAMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EducbankGestaoDePagamentosEducacionaisSAMember_1" xml:lang="en-US" id="label_EducbankGestaoDePagamentosEducacionaisSAMember_1">Educbank Gestao de Pagamentos Educacionais S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EducbankGestaoDePagamentosEducacionaisSAMember" xlink:to="label_EducbankGestaoDePagamentosEducacionaisSAMember_1" xlink:title="Label : EducbankGestaoDePagamentosEducacionaisSAMember to label_EducbankGestaoDePagamentosEducacionaisSAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EducbankGestaoDePagamentosEducacionaisSAMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EducbankGestaoDePagamentosEducacionaisSAMember_2" xml:lang="en-US" id="label_EducbankGestaoDePagamentosEducacionaisSAMember_2">This member stands for the information pertaining to "Educbank Gest&#xE3;o de Pagamentos Educacionais S.A. (&#x201C;Educbank&#x201D;)".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EducbankGestaoDePagamentosEducacionaisSAMember" xlink:to="label_EducbankGestaoDePagamentosEducacionaisSAMember_2" xlink:title="Label : EducbankGestaoDePagamentosEducacionaisSAMember to label_EducbankGestaoDePagamentosEducacionaisSAMember_2" />
    <link:label xlink:type="resource" xlink:label="label_EmmeProducoesDeMateriaisEmMultimidiaLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmmeProducoesDeMateriaisEmMultimidiaLtdaMember_2" xml:lang="en-US" id="label_EmmeProducoesDeMateriaisEmMultimidiaLtdaMember_2">EMME</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmmeProducoesDeMateriaisEmMultimidiaLtdaMember" xlink:to="label_EmmeProducoesDeMateriaisEmMultimidiaLtdaMember_2" xlink:title="Label : EmmeProducoesDeMateriaisEmMultimidiaLtdaMember to label_EmmeProducoesDeMateriaisEmMultimidiaLtdaMember_2" />
    <link:label xlink:type="resource" xlink:label="label_Nota1000ServicosEducacionaisLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Nota1000ServicosEducacionaisLtdaMember_2" xml:lang="en-US" id="label_Nota1000ServicosEducacionaisLtdaMember_2">Reda&#xE7;&#xE3;o Nota&#xA0;1000</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Nota1000ServicosEducacionaisLtdaMember" xlink:to="label_Nota1000ServicosEducacionaisLtdaMember_2" xlink:title="Label : Nota1000ServicosEducacionaisLtdaMember to label_Nota1000ServicosEducacionaisLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:label="DisclosureOfOperatingSegmentsTable" xlink:title="DisclosureOfOperatingSegmentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOperatingSegmentsTable" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsTable">Disclosure of operating segments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsTable" xlink:to="label_DisclosureOfOperatingSegmentsTable" xlink:title="Label : DisclosureOfOperatingSegmentsTable to label_DisclosureOfOperatingSegmentsTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:label="DisclosureOfOperatingSegmentsLineItems" xlink:title="DisclosureOfOperatingSegmentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfOperatingSegmentsLineItems" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsLineItems">Segment Reporting</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsLineItems" xlink:to="label_DisclosureOfOperatingSegmentsLineItems" xlink:title="Label : DisclosureOfOperatingSegmentsLineItems to label_DisclosureOfOperatingSegmentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOperatingSegmentsLineItems_1" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsLineItems_1">Disclosure of operating segments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsLineItems" xlink:to="label_DisclosureOfOperatingSegmentsLineItems_1" xlink:title="Label : DisclosureOfOperatingSegmentsLineItems to label_DisclosureOfOperatingSegmentsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities" />
    <link:label xlink:type="resource" xlink:label="label_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Liabilities" xml:lang="en-US" id="label_Liabilities">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="label_Liabilities" xlink:title="Label : Liabilities to label_Liabilities" />
    <link:label xlink:type="resource" xlink:label="label_Liabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Liabilities_1" xml:lang="en-US" id="label_Liabilities_1">Current and non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="label_Liabilities_1" xlink:title="Label : Liabilities to label_Liabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GeographicalAreasAxis" xlink:label="GeographicalAreasAxis" xlink:title="GeographicalAreasAxis" />
    <link:label xlink:type="resource" xlink:label="label_GeographicalAreasAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeographicalAreasAxis" xml:lang="en-US" id="label_GeographicalAreasAxis">Geographical areas [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeographicalAreasAxis" xlink:to="label_GeographicalAreasAxis" xlink:title="Label : GeographicalAreasAxis to label_GeographicalAreasAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GeographicalAreasMember" xlink:label="GeographicalAreasMember" xlink:title="GeographicalAreasMember" />
    <link:label xlink:type="resource" xlink:label="label_GeographicalAreasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeographicalAreasMember" xml:lang="en-US" id="label_GeographicalAreasMember">Geographical areas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeographicalAreasMember" xlink:to="label_GeographicalAreasMember" xlink:title="Label : GeographicalAreasMember to label_GeographicalAreasMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ForeignCountriesMember" xlink:label="ForeignCountriesMember" xlink:title="ForeignCountriesMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignCountriesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignCountriesMember" xml:lang="en-US" id="label_ForeignCountriesMember">Foreign countries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCountriesMember" xlink:to="label_ForeignCountriesMember" xlink:title="Label : ForeignCountriesMember to label_ForeignCountriesMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignCountriesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignCountriesMember_1" xml:lang="en-US" id="label_ForeignCountriesMember_1">Foreign customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCountriesMember" xlink:to="label_ForeignCountriesMember_1" xlink:title="Label : ForeignCountriesMember to label_ForeignCountriesMember_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ConcentrationRiskBenchmarkAxis" xlink:label="ConcentrationRiskBenchmarkAxis" xlink:title="ConcentrationRiskBenchmarkAxis" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationRiskBenchmarkAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConcentrationRiskBenchmarkAxis" xml:lang="en-US" id="label_ConcentrationRiskBenchmarkAxis">Concentration Risk Benchmark [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskBenchmarkAxis" xlink:to="label_ConcentrationRiskBenchmarkAxis" xlink:title="Label : ConcentrationRiskBenchmarkAxis to label_ConcentrationRiskBenchmarkAxis" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationRiskBenchmarkAxis_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConcentrationRiskBenchmarkAxis_1" xml:lang="en-US" id="label_ConcentrationRiskBenchmarkAxis_1">This element represents information by benchmark of concentration risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskBenchmarkAxis" xlink:to="label_ConcentrationRiskBenchmarkAxis_1" xlink:title="Label : ConcentrationRiskBenchmarkAxis to label_ConcentrationRiskBenchmarkAxis_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ConcentrationRiskByBenchmarkDomain" xlink:label="ConcentrationRiskByBenchmarkDomain" xlink:title="ConcentrationRiskByBenchmarkDomain" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationRiskByBenchmarkDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConcentrationRiskByBenchmarkDomain" xml:lang="en-US" id="label_ConcentrationRiskByBenchmarkDomain">Concentration Risk by Benchmark [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskByBenchmarkDomain" xlink:to="label_ConcentrationRiskByBenchmarkDomain" xlink:title="Label : ConcentrationRiskByBenchmarkDomain to label_ConcentrationRiskByBenchmarkDomain" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationRiskByBenchmarkDomain_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConcentrationRiskByBenchmarkDomain_1" xml:lang="en-US" id="label_ConcentrationRiskByBenchmarkDomain_1">This element represents the denominator in a calculation of a disclosed concentration risk percentage.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskByBenchmarkDomain" xlink:to="label_ConcentrationRiskByBenchmarkDomain_1" xlink:title="Label : ConcentrationRiskByBenchmarkDomain to label_ConcentrationRiskByBenchmarkDomain_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RevenueBenchmarkMember" xlink:label="RevenueBenchmarkMember" xlink:title="RevenueBenchmarkMember" />
    <link:label xlink:type="resource" xlink:label="label_RevenueBenchmarkMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevenueBenchmarkMember" xml:lang="en-US" id="label_RevenueBenchmarkMember">This member stands for the information pertaining to revenue from sale of product and rendering of service and other sources of income, when it serves as benchmark in concentration of risk calculation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueBenchmarkMember" xlink:to="label_RevenueBenchmarkMember" xlink:title="Label : RevenueBenchmarkMember to label_RevenueBenchmarkMember" />
    <link:label xlink:type="resource" xlink:label="label_RevenueBenchmarkMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueBenchmarkMember_1" xml:lang="en-US" id="label_RevenueBenchmarkMember_1">Revenue Benchmark</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueBenchmarkMember" xlink:to="label_RevenueBenchmarkMember_1" xlink:title="Label : RevenueBenchmarkMember to label_RevenueBenchmarkMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenueBenchmarkMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueBenchmarkMember_2" xml:lang="en-US" id="label_RevenueBenchmarkMember_2">Revenue Benchmark [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueBenchmarkMember" xlink:to="label_RevenueBenchmarkMember_2" xlink:title="Label : RevenueBenchmarkMember to label_RevenueBenchmarkMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_MajorCustomersAxis" xlink:label="MajorCustomersAxis" xlink:title="MajorCustomersAxis" />
    <link:label xlink:type="resource" xlink:label="label_MajorCustomersAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorCustomersAxis" xml:lang="en-US" id="label_MajorCustomersAxis">Customer [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorCustomersAxis" xlink:to="label_MajorCustomersAxis" xlink:title="Label : MajorCustomersAxis to label_MajorCustomersAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_NameOfMajorCustomerDomain" xlink:label="NameOfMajorCustomerDomain" xlink:title="NameOfMajorCustomerDomain" />
    <link:label xlink:type="resource" xlink:label="label_NameOfMajorCustomerDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NameOfMajorCustomerDomain" xml:lang="en-US" id="label_NameOfMajorCustomerDomain">Customer [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NameOfMajorCustomerDomain" xlink:to="label_NameOfMajorCustomerDomain" xlink:title="Label : NameOfMajorCustomerDomain to label_NameOfMajorCustomerDomain" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AggregateCustomersOfEntityMember" xlink:label="AggregateCustomersOfEntityMember" xlink:title="AggregateCustomersOfEntityMember" />
    <link:label xlink:type="resource" xlink:label="label_AggregateCustomersOfEntityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AggregateCustomersOfEntityMember" xml:lang="en-US" id="label_AggregateCustomersOfEntityMember">Aggregate Customers Of Entity [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregateCustomersOfEntityMember" xlink:to="label_AggregateCustomersOfEntityMember" xlink:title="Label : AggregateCustomersOfEntityMember to label_AggregateCustomersOfEntityMember" />
    <link:label xlink:type="resource" xlink:label="label_AggregateCustomersOfEntityMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AggregateCustomersOfEntityMember_1" xml:lang="en-US" id="label_AggregateCustomersOfEntityMember_1">Aggregate customers of entity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregateCustomersOfEntityMember" xlink:to="label_AggregateCustomersOfEntityMember_1" xlink:title="Label : AggregateCustomersOfEntityMember to label_AggregateCustomersOfEntityMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AggregateCustomersOfEntityMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AggregateCustomersOfEntityMember_2" xml:lang="en-US" id="label_AggregateCustomersOfEntityMember_2">This member stands for the information pertaining to aggregate customers of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregateCustomersOfEntityMember" xlink:to="label_AggregateCustomersOfEntityMember_2" xlink:title="Label : AggregateCustomersOfEntityMember to label_AggregateCustomersOfEntityMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ConcentrationsOfRiskAxis" xlink:label="ConcentrationsOfRiskAxis" xlink:title="ConcentrationsOfRiskAxis" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationsOfRiskAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConcentrationsOfRiskAxis" xml:lang="en-US" id="label_ConcentrationsOfRiskAxis">Concentrations of risk [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationsOfRiskAxis" xlink:to="label_ConcentrationsOfRiskAxis" xlink:title="Label : ConcentrationsOfRiskAxis to label_ConcentrationsOfRiskAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ConcentrationsOfRiskMember" xlink:label="ConcentrationsOfRiskMember" xlink:title="ConcentrationsOfRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationsOfRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConcentrationsOfRiskMember" xml:lang="en-US" id="label_ConcentrationsOfRiskMember">Concentrations of risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationsOfRiskMember" xlink:to="label_ConcentrationsOfRiskMember" xlink:title="Label : ConcentrationsOfRiskMember to label_ConcentrationsOfRiskMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CustomerConcentrationsRiskMember" xlink:label="CustomerConcentrationsRiskMember" xlink:title="CustomerConcentrationsRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_CustomerConcentrationsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CustomerConcentrationsRiskMember" xml:lang="en-US" id="label_CustomerConcentrationsRiskMember">Customer Concentrations Risk [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerConcentrationsRiskMember" xlink:to="label_CustomerConcentrationsRiskMember" xlink:title="Label : CustomerConcentrationsRiskMember to label_CustomerConcentrationsRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_CustomerConcentrationsRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CustomerConcentrationsRiskMember_1" xml:lang="en-US" id="label_CustomerConcentrationsRiskMember_1">Customer concentrations risk</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerConcentrationsRiskMember" xlink:to="label_CustomerConcentrationsRiskMember_1" xlink:title="Label : CustomerConcentrationsRiskMember to label_CustomerConcentrationsRiskMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CustomerConcentrationsRiskMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CustomerConcentrationsRiskMember_2" xml:lang="en-US" id="label_CustomerConcentrationsRiskMember_2">This member stands for the information pertaining to reflects the percentage that revenues in the period from one or more significant customers is to net revenues, as defined by the entity, such as total net revenues, product line revenues, segment revenues. The risk is the materially adverse effects of loss of a significant customer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerConcentrationsRiskMember" xlink:to="label_CustomerConcentrationsRiskMember_2" xlink:title="Label : CustomerConcentrationsRiskMember to label_CustomerConcentrationsRiskMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfCustomers" xlink:label="NumberOfCustomers" xlink:title="NumberOfCustomers" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfCustomers" xml:lang="en-US" id="label_NumberOfCustomers">Number Of Customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomers" xlink:to="label_NumberOfCustomers" xlink:title="Label : NumberOfCustomers to label_NumberOfCustomers" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfCustomers_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfCustomers_1" xml:lang="en-US" id="label_NumberOfCustomers_1">The number of customers which reporting entity generate revenue from product or services.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomers" xlink:to="label_NumberOfCustomers_1" xlink:title="Label : NumberOfCustomers to label_NumberOfCustomers_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfCustomers_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfCustomers_2" xml:lang="en-US" id="label_NumberOfCustomers_2">Number of customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomers" xlink:to="label_NumberOfCustomers_2" xlink:title="Label : NumberOfCustomers to label_NumberOfCustomers_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PercentageOfEntitysRevenue" xlink:label="PercentageOfEntitysRevenue" xlink:title="PercentageOfEntitysRevenue" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEntitysRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfEntitysRevenue" xml:lang="en-US" id="label_PercentageOfEntitysRevenue">Percentage of entity's revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysRevenue" xlink:to="label_PercentageOfEntitysRevenue" xlink:title="Label : PercentageOfEntitysRevenue to label_PercentageOfEntitysRevenue" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEntitysRevenue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfEntitysRevenue_1" xml:lang="en-US" id="label_PercentageOfEntitysRevenue_1">Percentage of total net revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysRevenue" xlink:to="label_PercentageOfEntitysRevenue_1" xlink:title="Label : PercentageOfEntitysRevenue to label_PercentageOfEntitysRevenue_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfNonCashTransactionsByTypeTable" xlink:label="DisclosureOfNonCashTransactionsByTypeTable" xlink:title="DisclosureOfNonCashTransactionsByTypeTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonCashTransactionsByTypeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonCashTransactionsByTypeTable" xml:lang="en-US" id="label_DisclosureOfNonCashTransactionsByTypeTable">Disclosure of non-cash transactions, by type [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonCashTransactionsByTypeTable" xlink:to="label_DisclosureOfNonCashTransactionsByTypeTable" xlink:title="Label : DisclosureOfNonCashTransactionsByTypeTable to label_DisclosureOfNonCashTransactionsByTypeTable" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_DisclosureOfNonCashTransactionsLineItems" xlink:label="DisclosureOfNonCashTransactionsLineItems" xlink:title="DisclosureOfNonCashTransactionsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonCashTransactionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonCashTransactionsLineItems" xml:lang="en-US" id="label_DisclosureOfNonCashTransactionsLineItems">Disclosure of non-cash transactions [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonCashTransactionsLineItems" xlink:to="label_DisclosureOfNonCashTransactionsLineItems" xlink:title="Label : DisclosureOfNonCashTransactionsLineItems to label_DisclosureOfNonCashTransactionsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonCashTransactionsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNonCashTransactionsLineItems_1" xml:lang="en-US" id="label_DisclosureOfNonCashTransactionsLineItems_1">Non-cash transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonCashTransactionsLineItems" xlink:to="label_DisclosureOfNonCashTransactionsLineItems_1" xlink:title="Label : DisclosureOfNonCashTransactionsLineItems to label_DisclosureOfNonCashTransactionsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdditionsToRightofuseAssets" xlink:label="AdditionsToRightofuseAssets" xlink:title="AdditionsToRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdditionsToRightofuseAssets" xml:lang="en-US" id="label_AdditionsToRightofuseAssets">Non-monetary transaction, additions of right use and finance lease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToRightofuseAssets" xlink:to="label_AdditionsToRightofuseAssets" xlink:title="Label : AdditionsToRightofuseAssets to label_AdditionsToRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToRightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsToRightofuseAssets_1" xml:lang="en-US" id="label_AdditionsToRightofuseAssets_1">Additions to right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToRightofuseAssets" xlink:to="label_AdditionsToRightofuseAssets_1" xlink:title="Label : AdditionsToRightofuseAssets to label_AdditionsToRightofuseAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToRightofuseAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsToRightofuseAssets_2" xml:lang="en-US" id="label_AdditionsToRightofuseAssets_2">Non-monetary transaction, additions of right of use assets and lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToRightofuseAssets" xlink:to="label_AdditionsToRightofuseAssets_2" xlink:title="Label : AdditionsToRightofuseAssets to label_AdditionsToRightofuseAssets_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LiabilitiesIncurred" xlink:label="LiabilitiesIncurred" xlink:title="LiabilitiesIncurred" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesIncurred" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_LiabilitiesIncurred" xml:lang="en-US" id="label_LiabilitiesIncurred">Non-monetary transaction, accounts payable assumed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesIncurred" xlink:to="label_LiabilitiesIncurred" xlink:title="Label : LiabilitiesIncurred to label_LiabilitiesIncurred" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesIncurred_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilitiesIncurred_1" xml:lang="en-US" id="label_LiabilitiesIncurred_1">Consideration relating to installments and accrued contractual CDI charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesIncurred" xlink:to="label_LiabilitiesIncurred_1" xlink:title="Label : LiabilitiesIncurred to label_LiabilitiesIncurred_1" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesIncurred_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesIncurred_2" xml:lang="en-US" id="label_LiabilitiesIncurred_2">Liabilities incurred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesIncurred" xlink:to="label_LiabilitiesIncurred_2" xlink:title="Label : LiabilitiesIncurred to label_LiabilitiesIncurred_2" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesIncurred_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LiabilitiesIncurred_3" xml:lang="en-US" id="label_LiabilitiesIncurred_3">Consideration to be paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesIncurred" xlink:to="label_LiabilitiesIncurred_3" xlink:title="Label : LiabilitiesIncurred to label_LiabilitiesIncurred_3" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ConsiderationToBeTransferredAcquisitionDateFairValue" xlink:label="ConsiderationToBeTransferredAcquisitionDateFairValue" xlink:title="ConsiderationToBeTransferredAcquisitionDateFairValue" />
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    <link:label xlink:type="resource" xlink:label="label_ConsiderationToBeTransferredAcquisitionDateFairValue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConsiderationToBeTransferredAcquisitionDateFairValue_2" xml:lang="en-US" id="label_ConsiderationToBeTransferredAcquisitionDateFairValue_2">The fair value, at acquisition date, of the consideration to be transferred in a business combination.</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FinanceCostFromInterestAcquisition" xlink:label="FinanceCostFromInterestAcquisition" xlink:title="FinanceCostFromInterestAcquisition" />
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    <link:label xlink:type="resource" xlink:label="label_FinanceCostFromInterestAcquisition_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceCostFromInterestAcquisition_1" xml:lang="en-US" id="label_FinanceCostFromInterestAcquisition_1">The amount of finance cost arising from interest acquisition.</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FinanceIncomeFromContingencies" xlink:label="FinanceIncomeFromContingencies" xlink:title="FinanceIncomeFromContingencies" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeFromContingencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncomeFromContingencies" xml:lang="en-US" id="label_FinanceIncomeFromContingencies">Finance income from contingencies</link:label>
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    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeFromContingencies_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceIncomeFromContingencies_1" xml:lang="en-US" id="label_FinanceIncomeFromContingencies_1">The amount of finance income arising from contingencies.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_EscolaStartLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EscolaStartLtdaMember_1" xml:lang="en-US" id="label_EscolaStartLtdaMember_1">Escola Start Ltda. [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_EscolaStartLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EscolaStartLtdaMember_2" xml:lang="en-US" id="label_EscolaStartLtdaMember_2">This member stands for the information pertaining to Escola Start Ltda.&#x201D;, (&#x201C;Start&#x201D;).</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue2Member" xlink:to="label_BorrowingsIssue2Member_2" xlink:title="Label : BorrowingsIssue2Member to label_BorrowingsIssue2Member_2" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_1" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_1">Later than two years and not later than three years [member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_CashPaymentForAccountsPayableForBusinessCombination" xlink:label="CashPaymentForAccountsPayableForBusinessCombination" xlink:title="CashPaymentForAccountsPayableForBusinessCombination" />
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    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary_1" xml:lang="en-US" id="label_TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary_1">Tax effect of difference in presumed profit rate of subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary" xlink:to="label_TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary_1" xlink:title="Label : TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary to label_TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TaxEffectOfEquityMethodInvestments" xlink:label="TaxEffectOfEquityMethodInvestments" xlink:title="TaxEffectOfEquityMethodInvestments" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfEquityMethodInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TaxEffectOfEquityMethodInvestments" xml:lang="en-US" id="label_TaxEffectOfEquityMethodInvestments">Equity method</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfEquityMethodInvestments" xlink:to="label_TaxEffectOfEquityMethodInvestments_1" xlink:title="Label : TaxEffectOfEquityMethodInvestments to label_TaxEffectOfEquityMethodInvestments_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfEquityMethodInvestments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxEffectOfEquityMethodInvestments_2" xml:lang="en-US" id="label_TaxEffectOfEquityMethodInvestments_2">The amount representing the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to equity method investments.</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TaxEffectOfTaxContingencies" xlink:label="TaxEffectOfTaxContingencies" xlink:title="TaxEffectOfTaxContingencies" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfTaxContingencies" xlink:to="label_TaxEffectOfTaxContingencies" xlink:title="Label : TaxEffectOfTaxContingencies to label_TaxEffectOfTaxContingencies" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" xlink:label="MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" xlink:title="MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" xml:lang="en-US" id="label_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration">Measurement period adjustments recognised for particular assets, liabilities, non-controlling interests or items of consideration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" xlink:to="label_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" xlink:title="Label : MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration to label_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" />
    <link:label xlink:type="resource" xlink:label="label_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration_1" xml:lang="en-US" id="label_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration_1">Measurement period adjustments recognised for intangible assets and goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration" xlink:to="label_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration_1" xlink:title="Label : MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration to label_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration_1" />
    <link:label xlink:type="resource" xlink:label="label_BondMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BondMember_3" xml:lang="en-US" id="label_BondMember_3">Bonds with third parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondMember" xlink:to="label_BondMember_3" xlink:title="Label : BondMember to label_BondMember_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BorrowingsIssue5Member" xlink:label="BorrowingsIssue5Member" xlink:title="BorrowingsIssue5Member" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue5Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsIssue5Member" xml:lang="en-US" id="label_BorrowingsIssue5Member">This member stands for the information pertaining to "Borrowings issue 5".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue5Member" xlink:to="label_BorrowingsIssue5Member" xlink:title="Label : BorrowingsIssue5Member to label_BorrowingsIssue5Member" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue5Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsIssue5Member_1" xml:lang="en-US" id="label_BorrowingsIssue5Member_1">Borrowings issue 5 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue5Member" xlink:to="label_BorrowingsIssue5Member_1" xlink:title="Label : BorrowingsIssue5Member to label_BorrowingsIssue5Member_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue5Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsIssue5Member_2" xml:lang="en-US" id="label_BorrowingsIssue5Member_2">Bonds, 9th Issuance, 2nd series [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue5Member" xlink:to="label_BorrowingsIssue5Member_2" xlink:title="Label : BorrowingsIssue5Member to label_BorrowingsIssue5Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BorrowingsIssue6Member" xlink:label="BorrowingsIssue6Member" xlink:title="BorrowingsIssue6Member" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue6Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsIssue6Member" xml:lang="en-US" id="label_BorrowingsIssue6Member">Bonds 1st Issuance Single Series [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue6Member" xlink:to="label_BorrowingsIssue6Member" xlink:title="Label : BorrowingsIssue6Member to label_BorrowingsIssue6Member" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue6Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsIssue6Member_1" xml:lang="en-US" id="label_BorrowingsIssue6Member_1">Borrowings issue 6 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue6Member" xlink:to="label_BorrowingsIssue6Member_1" xlink:title="Label : BorrowingsIssue6Member to label_BorrowingsIssue6Member_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue6Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsIssue6Member_2" xml:lang="en-US" id="label_BorrowingsIssue6Member_2">This member stands for the information pertaining to "Borrowings issue 6".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue6Member" xlink:to="label_BorrowingsIssue6Member_2" xlink:title="Label : BorrowingsIssue6Member to label_BorrowingsIssue6Member_2" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2">2025 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2" xlink:title="Label : LaterThanTwoYearsAndNotLaterThanThreeYearsMember to label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue8Member_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsIssue8Member_3" xml:lang="en-US" id="label_BorrowingsIssue8Member_3">This member stands for the information pertaining to "Borrowings issue 8".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue8Member" xlink:to="label_BorrowingsIssue8Member_3" xlink:title="Label : BorrowingsIssue8Member to label_BorrowingsIssue8Member_3" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue5Member_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BorrowingsIssue5Member_3" xml:lang="en-US" id="label_BorrowingsIssue5Member_3">Private Bonds &#x2013; 9th Issuance &#x2013; series 2</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue5Member" xlink:to="label_BorrowingsIssue5Member_3" xlink:title="Label : BorrowingsIssue5Member to label_BorrowingsIssue5Member_3" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue6Member_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BorrowingsIssue6Member_3" xml:lang="en-US" id="label_BorrowingsIssue6Member_3">Bonds &#x2013; 1st Issuance &#x2013; single</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue6Member" xlink:to="label_BorrowingsIssue6Member_3" xlink:title="Label : BorrowingsIssue6Member to label_BorrowingsIssue6Member_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BorrowingsIssue11Member" xlink:label="BorrowingsIssue11Member" xlink:title="BorrowingsIssue11Member" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue11Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsIssue11Member" xml:lang="en-US" id="label_BorrowingsIssue11Member">Borrowings issue 11 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue11Member" xlink:to="label_BorrowingsIssue11Member" xlink:title="Label : BorrowingsIssue11Member to label_BorrowingsIssue11Member" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue11Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsIssue11Member_1" xml:lang="en-US" id="label_BorrowingsIssue11Member_1">Private Bonds &#x2013; 6th Issuance &#x2013; series 2</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue11Member" xlink:to="label_BorrowingsIssue11Member_1" xlink:title="Label : BorrowingsIssue11Member to label_BorrowingsIssue11Member_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIssue11Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsIssue11Member_2" xml:lang="en-US" id="label_BorrowingsIssue11Member_2">This member stands for the information pertaining to "Borrowings issue 11".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIssue11Member" xlink:to="label_BorrowingsIssue11Member_2" xlink:title="Label : BorrowingsIssue11Member to label_BorrowingsIssue11Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_BondsAndFinancingMember" xlink:label="BondsAndFinancingMember" xlink:title="BondsAndFinancingMember" />
    <link:label xlink:type="resource" xlink:label="label_BondsAndFinancingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BondsAndFinancingMember" xml:lang="en-US" id="label_BondsAndFinancingMember">Bonds and financing [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsAndFinancingMember" xlink:to="label_BondsAndFinancingMember" xlink:title="Label : BondsAndFinancingMember to label_BondsAndFinancingMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradePayablesToReverseFactoringSuppliersMember" xlink:label="TradePayablesToReverseFactoringSuppliersMember" xlink:title="TradePayablesToReverseFactoringSuppliersMember" />
    <link:label xlink:type="resource" xlink:label="label_TradePayablesToReverseFactoringSuppliersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradePayablesToReverseFactoringSuppliersMember" xml:lang="en-US" id="label_TradePayablesToReverseFactoringSuppliersMember">Trade payables to reverse factoring suppliers [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayablesToReverseFactoringSuppliersMember" xlink:to="label_TradePayablesToReverseFactoringSuppliersMember" xlink:title="Label : TradePayablesToReverseFactoringSuppliersMember to label_TradePayablesToReverseFactoringSuppliersMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_TradePayablesToSuppliersMember" xlink:label="TradePayablesToSuppliersMember" xlink:title="TradePayablesToSuppliersMember" />
    <link:label xlink:type="resource" xlink:label="label_TradePayablesToSuppliersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradePayablesToSuppliersMember" xml:lang="en-US" id="label_TradePayablesToSuppliersMember">Trade payables to suppliers [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayablesToSuppliersMember" xlink:to="label_TradePayablesToSuppliersMember" xlink:title="Label : TradePayablesToSuppliersMember to label_TradePayablesToSuppliersMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AccountsPayableForBusinessCombinationMember" xlink:label="AccountsPayableForBusinessCombinationMember" xlink:title="AccountsPayableForBusinessCombinationMember" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombinationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccountsPayableForBusinessCombinationMember" xml:lang="en-US" id="label_AccountsPayableForBusinessCombinationMember">This member stands for the information pertaining to "Accounts payable for business combination".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombinationMember" xlink:to="label_AccountsPayableForBusinessCombinationMember" xlink:title="Label : AccountsPayableForBusinessCombinationMember to label_AccountsPayableForBusinessCombinationMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_OtherLiabilitiesToRelatedPartiesMember" xlink:label="OtherLiabilitiesToRelatedPartiesMember" xlink:title="OtherLiabilitiesToRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesToRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLiabilitiesToRelatedPartiesMember" xml:lang="en-US" id="label_OtherLiabilitiesToRelatedPartiesMember">Other liabilities to related parties [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesToRelatedPartiesMember" xlink:to="label_OtherLiabilitiesToRelatedPartiesMember" xlink:title="Label : OtherLiabilitiesToRelatedPartiesMember to label_OtherLiabilitiesToRelatedPartiesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="LevelsOfFairValueHierarchyAxis" xlink:title="LevelsOfFairValueHierarchyAxis" />
    <link:label xlink:type="resource" xlink:label="label_LevelsOfFairValueHierarchyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LevelsOfFairValueHierarchyAxis" xml:lang="en-US" id="label_LevelsOfFairValueHierarchyAxis">Levels of fair value hierarchy [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LevelsOfFairValueHierarchyAxis" xlink:to="label_LevelsOfFairValueHierarchyAxis" xlink:title="Label : LevelsOfFairValueHierarchyAxis to label_LevelsOfFairValueHierarchyAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:label="AllLevelsOfFairValueHierarchyMember" xlink:title="AllLevelsOfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_AllLevelsOfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllLevelsOfFairValueHierarchyMember" xml:lang="en-US" id="label_AllLevelsOfFairValueHierarchyMember">All levels of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllLevelsOfFairValueHierarchyMember" xlink:to="label_AllLevelsOfFairValueHierarchyMember" xlink:title="Label : AllLevelsOfFairValueHierarchyMember to label_AllLevelsOfFairValueHierarchyMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="Level1OfFairValueHierarchyMember" xlink:title="Level1OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level1OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Level1OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level1OfFairValueHierarchyMember">Level 1 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level1OfFairValueHierarchyMember" xlink:to="label_Level1OfFairValueHierarchyMember" xlink:title="Label : Level1OfFairValueHierarchyMember to label_Level1OfFairValueHierarchyMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Level3OfFairValueHierarchyMember" xlink:label="Level3OfFairValueHierarchyMember" xlink:title="Level3OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level3OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Level3OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level3OfFairValueHierarchyMember">Level 3 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level3OfFairValueHierarchyMember" xlink:to="label_Level3OfFairValueHierarchyMember" xlink:title="Label : Level3OfFairValueHierarchyMember to label_Level3OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents1Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalents1Member_1" xml:lang="en-US" id="label_CashAndCashEquivalents1Member_1">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents1Member" xlink:to="label_CashAndCashEquivalents1Member_1" xlink:title="Label : CashAndCashEquivalents1Member to label_CashAndCashEquivalents1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents1Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashAndCashEquivalents1Member_2" xml:lang="en-US" id="label_CashAndCashEquivalents1Member_2">This member stands for the information pertaining to "Cash and cash equivalents".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents1Member" xlink:to="label_CashAndCashEquivalents1Member_2" xlink:title="Label : CashAndCashEquivalents1Member to label_CashAndCashEquivalents1Member_2" />
    <link:label xlink:type="resource" xlink:label="label_MarketableSecuritiesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MarketableSecuritiesMember_1" xml:lang="en-US" id="label_MarketableSecuritiesMember_1">Marketable securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketableSecuritiesMember" xlink:to="label_MarketableSecuritiesMember_1" xlink:title="Label : MarketableSecuritiesMember to label_MarketableSecuritiesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MarketableSecuritiesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MarketableSecuritiesMember_2" xml:lang="en-US" id="label_MarketableSecuritiesMember_2">This member stands for the information pertaining to "Marketable securities".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketableSecuritiesMember" xlink:to="label_MarketableSecuritiesMember_2" xlink:title="Label : MarketableSecuritiesMember to label_MarketableSecuritiesMember_2" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeReceivablesMember_1" xml:lang="en-US" id="label_TradeReceivablesMember_1">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesMember" xlink:to="label_TradeReceivablesMember_1" xlink:title="Label : TradeReceivablesMember to label_TradeReceivablesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherReceivablesMember_1" xml:lang="en-US" id="label_OtherReceivablesMember_1">Other receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesMember" xlink:to="label_OtherReceivablesMember_1" xlink:title="Label : OtherReceivablesMember to label_OtherReceivablesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherReceivablesMember_2" xml:lang="en-US" id="label_OtherReceivablesMember_2">This member stands for the information pertaining to "Other receivables".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesMember" xlink:to="label_OtherReceivablesMember_2" xlink:title="Label : OtherReceivablesMember to label_OtherReceivablesMember_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesFromRelatedPartiesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherReceivablesFromRelatedPartiesMember_1" xml:lang="en-US" id="label_OtherReceivablesFromRelatedPartiesMember_1">Related parties &#x2013; other receivables</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesFromRelatedPartiesMember" xlink:to="label_OtherReceivablesFromRelatedPartiesMember_2" xlink:title="Label : OtherReceivablesFromRelatedPartiesMember to label_OtherReceivablesFromRelatedPartiesMember_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsAndInterestsInEntitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherInvestmentsAndInterestsInEntitiesMember_1" xml:lang="en-US" id="label_OtherInvestmentsAndInterestsInEntitiesMember_1">Other investments and interests in entities</link:label>
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    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsAndInterestsInEntitiesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherInvestmentsAndInterestsInEntitiesMember_2" xml:lang="en-US" id="label_OtherInvestmentsAndInterestsInEntitiesMember_2">This member stands for the information pertaining to "Other investments and interests in entities".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsAndInterestsInEntitiesMember" xlink:to="label_OtherInvestmentsAndInterestsInEntitiesMember_2" xlink:title="Label : OtherInvestmentsAndInterestsInEntitiesMember to label_OtherInvestmentsAndInterestsInEntitiesMember_2" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember_1" xml:lang="en-US" id="label_FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember_1">Liabilities - Fair value through profit or loss [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_BondsAndFinancingMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BondsAndFinancingMember_1" xml:lang="en-US" id="label_BondsAndFinancingMember_1">Bonds and financing</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsAndFinancingMember" xlink:to="label_BondsAndFinancingMember_2" xlink:title="Label : BondsAndFinancingMember to label_BondsAndFinancingMember_2" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LeaseLiabilitiesMember_2" xml:lang="en-US" id="label_LeaseLiabilitiesMember_2">Lease Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesMember" xlink:to="label_LeaseLiabilitiesMember_2" xlink:title="Label : LeaseLiabilitiesMember to label_LeaseLiabilitiesMember_2" />
    <link:label xlink:type="resource" xlink:label="label_TradePayablesToReverseFactoringSuppliersMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradePayablesToReverseFactoringSuppliersMember_1" xml:lang="en-US" id="label_TradePayablesToReverseFactoringSuppliersMember_1">Reverse factoring</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayablesToReverseFactoringSuppliersMember" xlink:to="label_TradePayablesToReverseFactoringSuppliersMember_1" xlink:title="Label : TradePayablesToReverseFactoringSuppliersMember to label_TradePayablesToReverseFactoringSuppliersMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayablesToReverseFactoringSuppliersMember" xlink:to="label_TradePayablesToReverseFactoringSuppliersMember_2" xlink:title="Label : TradePayablesToReverseFactoringSuppliersMember to label_TradePayablesToReverseFactoringSuppliersMember_2" />
    <link:label xlink:type="resource" xlink:label="label_TradePayablesToSuppliersMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradePayablesToSuppliersMember_1" xml:lang="en-US" id="label_TradePayablesToSuppliersMember_1">Suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayablesToSuppliersMember" xlink:to="label_TradePayablesToSuppliersMember_1" xlink:title="Label : TradePayablesToSuppliersMember to label_TradePayablesToSuppliersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TradePayablesToSuppliersMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradePayablesToSuppliersMember_2" xml:lang="en-US" id="label_TradePayablesToSuppliersMember_2">This member stands for the information pertaining to "Trade payables to suppliers".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayablesToSuppliersMember" xlink:to="label_TradePayablesToSuppliersMember_2" xlink:title="Label : TradePayablesToSuppliersMember to label_TradePayablesToSuppliersMember_2" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombinationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccountsPayableForBusinessCombinationMember_1" xml:lang="en-US" id="label_AccountsPayableForBusinessCombinationMember_1">Accounts payable for business combination and acquisition of associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombinationMember" xlink:to="label_AccountsPayableForBusinessCombinationMember_1" xlink:title="Label : AccountsPayableForBusinessCombinationMember to label_AccountsPayableForBusinessCombinationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AccountsPayableForBusinessCombinationMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccountsPayableForBusinessCombinationMember_2" xml:lang="en-US" id="label_AccountsPayableForBusinessCombinationMember_2">Accounts payable for business combination [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableForBusinessCombinationMember" xlink:to="label_AccountsPayableForBusinessCombinationMember_2" xlink:title="Label : AccountsPayableForBusinessCombinationMember to label_AccountsPayableForBusinessCombinationMember_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesToRelatedPartiesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherLiabilitiesToRelatedPartiesMember_1" xml:lang="en-US" id="label_OtherLiabilitiesToRelatedPartiesMember_1">Other liabilities - related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesToRelatedPartiesMember" xlink:to="label_OtherLiabilitiesToRelatedPartiesMember_1" xlink:title="Label : OtherLiabilitiesToRelatedPartiesMember to label_OtherLiabilitiesToRelatedPartiesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesToRelatedPartiesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherLiabilitiesToRelatedPartiesMember_2" xml:lang="en-US" id="label_OtherLiabilitiesToRelatedPartiesMember_2">This member stands for the information pertaining to "Other liabilities to related parties".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesToRelatedPartiesMember" xlink:to="label_OtherLiabilitiesToRelatedPartiesMember_2" xlink:title="Label : OtherLiabilitiesToRelatedPartiesMember to label_OtherLiabilitiesToRelatedPartiesMember_2" />
    <link:label xlink:type="resource" xlink:label="label_Level1OfFairValueHierarchyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Level1OfFairValueHierarchyMember_1" xml:lang="en-US" id="label_Level1OfFairValueHierarchyMember_1">Level 1</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level1OfFairValueHierarchyMember" xlink:to="label_Level1OfFairValueHierarchyMember_1" xlink:title="Label : Level1OfFairValueHierarchyMember to label_Level1OfFairValueHierarchyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_Level3OfFairValueHierarchyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Level3OfFairValueHierarchyMember_1" xml:lang="en-US" id="label_Level3OfFairValueHierarchyMember_1">Level 3</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level3OfFairValueHierarchyMember" xlink:to="label_Level3OfFairValueHierarchyMember_1" xlink:title="Label : Level3OfFairValueHierarchyMember to label_Level3OfFairValueHierarchyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfFinancialAssetsAbstract_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CategoriesOfFinancialAssetsAbstract_2" xml:lang="en-US" id="label_CategoriesOfFinancialAssetsAbstract_2">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfFinancialAssetsAbstract" xlink:to="label_CategoriesOfFinancialAssetsAbstract_2" xlink:title="Label : CategoriesOfFinancialAssetsAbstract to label_CategoriesOfFinancialAssetsAbstract_2" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentBondsWithRelatedPartiesMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NonCurrentBondsWithRelatedPartiesMember_3" xml:lang="en-US" id="label_NonCurrentBondsWithRelatedPartiesMember_3">Non-current Bonds with related parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentBondsWithRelatedPartiesMember" xlink:to="label_NonCurrentBondsWithRelatedPartiesMember_3" xlink:title="Label : NonCurrentBondsWithRelatedPartiesMember to label_NonCurrentBondsWithRelatedPartiesMember_3" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssets_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinancialAssets_2" xml:lang="en-US" id="label_FinancialAssets_2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssets" xlink:to="label_FinancialAssets_2" xlink:title="Label : FinancialAssets to label_FinancialAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfFinancialLiabilitiesAbstract_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CategoriesOfFinancialLiabilitiesAbstract_2" xml:lang="en-US" id="label_CategoriesOfFinancialLiabilitiesAbstract_2">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfFinancialLiabilitiesAbstract" xlink:to="label_CategoriesOfFinancialLiabilitiesAbstract_2" xlink:title="Label : CategoriesOfFinancialLiabilitiesAbstract to label_CategoriesOfFinancialLiabilitiesAbstract_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBondsWithRelatedPartiesMember_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentBondsWithRelatedPartiesMember_3" xml:lang="en-US" id="label_CurrentBondsWithRelatedPartiesMember_3">Current Bonds with Related Parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBondsWithRelatedPartiesMember" xlink:to="label_CurrentBondsWithRelatedPartiesMember_3" xlink:title="Label : CurrentBondsWithRelatedPartiesMember to label_CurrentBondsWithRelatedPartiesMember_3" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialLiabilities_3" xml:lang="en-US" id="label_FinancialLiabilities_3">Total financial liabilities</link:label>
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    <link:label xlink:type="resource" xlink:label="label_AdditionsToRightofuseAssets_3" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_AdditionsToRightofuseAssets_3" xml:lang="en-US" id="label_AdditionsToRightofuseAssets_3">Recognition of new lease agreements</link:label>
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    <link:label xlink:type="resource" xlink:label="label_SaraivaEducacaoSaMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_SaraivaEducacaoSaMember_3" xml:lang="en-US" id="label_SaraivaEducacaoSaMember_3">Saraiva Educa&#xE7;&#xE3;o S.A (&#x201C;Saraiva&#x201D;)</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xml:lang="en-US" id="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1">Share of profit loss of associates and joint ventures accounted for using equity method</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod" xlink:label="AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod" xlink:title="AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForDecreaseIncreaseInOtherReceivablesFromRelatedParties" xlink:label="AdjustmentsForDecreaseIncreaseInOtherReceivablesFromRelatedParties" xlink:title="AdjustmentsForDecreaseIncreaseInOtherReceivablesFromRelatedParties" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ProceedsFromIssueOfSecuritiesWithRelatedPartiesClassifiedAsFinancingActivities" xlink:label="ProceedsFromIssueOfSecuritiesWithRelatedPartiesClassifiedAsFinancingActivities" xlink:title="ProceedsFromIssueOfSecuritiesWithRelatedPartiesClassifiedAsFinancingActivities" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FlexFlixLimitedMember" xlink:label="FlexFlixLimitedMember" xlink:title="FlexFlixLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_FlexFlixLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FlexFlixLimitedMember" xml:lang="en-US" id="label_FlexFlixLimitedMember">This member stands for the information pertaining to "Flex Flix Limited (&#x201C;Flex Flix&#x201D;)".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FlexFlixLimitedMember" xlink:to="label_FlexFlixLimitedMember" xlink:title="Label : FlexFlixLimitedMember to label_FlexFlixLimitedMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FlexFlixLimitedMember" xlink:to="label_FlexFlixLimitedMember_2" xlink:title="Label : FlexFlixLimitedMember to label_FlexFlixLimitedMember_2" />
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    <link:label xlink:type="resource" xlink:label="label_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember_3" xml:lang="en-US" id="label_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember_3">Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (&#x201C;Phidelis&#x201D;)</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MvpConsultoriaESistemasLtdaMember" xlink:to="label_MvpConsultoriaESistemasLtdaMember_3" xlink:title="Label : MvpConsultoriaESistemasLtdaMember to label_MvpConsultoriaESistemasLtdaMember_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfInstallmentsForConsiderationPayment" xlink:label="NumberOfInstallmentsForConsiderationPayment" xlink:title="NumberOfInstallmentsForConsiderationPayment" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInstallmentsForConsiderationPayment" xlink:to="label_NumberOfInstallmentsForConsiderationPayment" xlink:title="Label : NumberOfInstallmentsForConsiderationPayment to label_NumberOfInstallmentsForConsiderationPayment" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfInstallmentsForConsiderationPayment_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfInstallmentsForConsiderationPayment_1" xml:lang="en-US" id="label_NumberOfInstallmentsForConsiderationPayment_1">The number of installments for consideration payment in a business combination.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInstallmentsForConsiderationPayment" xlink:to="label_NumberOfInstallmentsForConsiderationPayment_2" xlink:title="Label : NumberOfInstallmentsForConsiderationPayment to label_NumberOfInstallmentsForConsiderationPayment_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FinanceIncomeFromIndemnificationAssetsAndContingencies" xlink:label="FinanceIncomeFromIndemnificationAssetsAndContingencies" xlink:title="FinanceIncomeFromIndemnificationAssetsAndContingencies" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeFromIndemnificationAssetsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceIncomeFromIndemnificationAssetsAndContingencies" xml:lang="en-US" id="label_FinanceIncomeFromIndemnificationAssetsAndContingencies">The amount of finance income arising from indemnification assets and contingencies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeFromIndemnificationAssetsAndContingencies" xlink:to="label_FinanceIncomeFromIndemnificationAssetsAndContingencies" xlink:title="Label : FinanceIncomeFromIndemnificationAssetsAndContingencies to label_FinanceIncomeFromIndemnificationAssetsAndContingencies" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeFromIndemnificationAssetsAndContingencies_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncomeFromIndemnificationAssetsAndContingencies_1" xml:lang="en-US" id="label_FinanceIncomeFromIndemnificationAssetsAndContingencies_1">Finance income from indemnification assets and contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeFromIndemnificationAssetsAndContingencies" xlink:to="label_FinanceIncomeFromIndemnificationAssetsAndContingencies_1" xlink:title="Label : FinanceIncomeFromIndemnificationAssetsAndContingencies to label_FinanceIncomeFromIndemnificationAssetsAndContingencies_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeFromIndemnificationAssetsAndContingencies" xlink:to="label_FinanceIncomeFromIndemnificationAssetsAndContingencies_2" xlink:title="Label : FinanceIncomeFromIndemnificationAssetsAndContingencies to label_FinanceIncomeFromIndemnificationAssetsAndContingencies_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_InterestExpenseOnAccountPayablesForBusinessCombinations" xlink:label="InterestExpenseOnAccountPayablesForBusinessCombinations" xlink:title="InterestExpenseOnAccountPayablesForBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnAccountPayablesForBusinessCombinations" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestExpenseOnAccountPayablesForBusinessCombinations" xml:lang="en-US" id="label_InterestExpenseOnAccountPayablesForBusinessCombinations">Interest on account payables for business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnAccountPayablesForBusinessCombinations" xlink:to="label_InterestExpenseOnAccountPayablesForBusinessCombinations" xlink:title="Label : InterestExpenseOnAccountPayablesForBusinessCombinations to label_InterestExpenseOnAccountPayablesForBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnAccountPayablesForBusinessCombinations_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpenseOnAccountPayablesForBusinessCombinations_1" xml:lang="en-US" id="label_InterestExpenseOnAccountPayablesForBusinessCombinations_1">Interest expense on account payables for business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnAccountPayablesForBusinessCombinations" xlink:to="label_InterestExpenseOnAccountPayablesForBusinessCombinations_1" xlink:title="Label : InterestExpenseOnAccountPayablesForBusinessCombinations to label_InterestExpenseOnAccountPayablesForBusinessCombinations_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnAccountPayablesForBusinessCombinations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestExpenseOnAccountPayablesForBusinessCombinations_2" xml:lang="en-US" id="label_InterestExpenseOnAccountPayablesForBusinessCombinations_2">The amount of interest expense arising from account payables for business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnAccountPayablesForBusinessCombinations" xlink:to="label_InterestExpenseOnAccountPayablesForBusinessCombinations_2" xlink:title="Label : InterestExpenseOnAccountPayablesForBusinessCombinations to label_InterestExpenseOnAccountPayablesForBusinessCombinations_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses" xlink:label="FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses" xlink:title="FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses" xml:lang="en-US" id="label_FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses">Income finance from reversal of interest on provision for tax losses</link:label>
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    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses_2" xml:lang="en-US" id="label_FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses_2">Finance income from reversal of interest on provision for tax losses</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ThirdPartyLawsuitsMember" xlink:label="ThirdPartyLawsuitsMember" xlink:title="ThirdPartyLawsuitsMember" />
    <link:label xlink:type="resource" xlink:label="label_ThirdPartyLawsuitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ThirdPartyLawsuitsMember" xml:lang="en-US" id="label_ThirdPartyLawsuitsMember">This member stands for the information pertaining to "Third-party lawsuits".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThirdPartyLawsuitsMember" xlink:to="label_ThirdPartyLawsuitsMember" xlink:title="Label : ThirdPartyLawsuitsMember to label_ThirdPartyLawsuitsMember" />
    <link:label xlink:type="resource" xlink:label="label_ThirdPartyLawsuitsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ThirdPartyLawsuitsMember_1" xml:lang="en-US" id="label_ThirdPartyLawsuitsMember_1">Third-party lawsuits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThirdPartyLawsuitsMember" xlink:to="label_ThirdPartyLawsuitsMember_1" xlink:title="Label : ThirdPartyLawsuitsMember to label_ThirdPartyLawsuitsMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThirdPartyLawsuitsMember" xlink:to="label_ThirdPartyLawsuitsMember_2" xlink:title="Label : ThirdPartyLawsuitsMember to label_ThirdPartyLawsuitsMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering" xlink:label="NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering" xlink:title="NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering" xml:lang="en-US" id="label_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering">The number of shares vested in connection with bonus initial public offering in share-based payment arrangements.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering_2" xml:lang="en-US" id="label_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering_2">Number of shares vested in connection with Bonus IPO</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering" xlink:to="label_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering_2" xlink:title="Label : NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering to label_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering_2" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments_2" xml:lang="en-US" id="label_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments_2">The amount representing the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to share of profit (loss) of equity method investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfShareOfProfitLossOfEquityMethodInvestments" xlink:to="label_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments_2" xlink:title="Label : TaxEffectOfShareOfProfitLossOfEquityMethodInvestments to label_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments_2" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary_2" xml:lang="en-US" id="label_TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary_2">The amount representing the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to difference in presumed profit rate of subsidiary.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_CashPaymentForAccountsPayableForBusinessCombination_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashPaymentForAccountsPayableForBusinessCombination_2" xml:lang="en-US" id="label_CashPaymentForAccountsPayableForBusinessCombination_2">Cash payment for accounts payable for business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashPaymentForAccountsPayableForBusinessCombination" xlink:to="label_CashPaymentForAccountsPayableForBusinessCombination_2" xlink:title="Label : CashPaymentForAccountsPayableForBusinessCombination to label_CashPaymentForAccountsPayableForBusinessCombination_2" />
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction" xlink:label="WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction" xlink:title="WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction" xlink:to="label_WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction_2" xlink:title="Label : WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction to label_WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction_2" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetInvestmentOfParentCompany_5" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xlink:title="label_IncreaseDecreaseThroughNetInvestmentOfParentCompany_5" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetInvestmentOfParentCompany_5">Net investments</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_SomosGroupMember" xlink:label="SomosGroupMember" xlink:title="SomosGroupMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfCurrentBorrowings" xlink:to="label_RepaymentsOfCurrentBorrowings" xlink:title="Label : RepaymentsOfCurrentBorrowings to label_RepaymentsOfCurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfCurrentBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentsOfCurrentBorrowings_1" xml:lang="en-US" id="label_RepaymentsOfCurrentBorrowings_1">Repayments of current borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfCurrentBorrowings" xlink:to="label_RepaymentsOfCurrentBorrowings_1" xlink:title="Label : RepaymentsOfCurrentBorrowings to label_RepaymentsOfCurrentBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:label="DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:title="DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory">Schedule of significant investments in subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:to="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:title="Label : DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory to label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:to="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_1" xlink:title="Label : DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory to label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_3" xml:lang="en-US" id="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_3">Labor charges from performance based restricted share units exercised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" xlink:to="label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_3" xlink:title="Label : ExpenseFromPerformanceBasedRestrictedShareUnitsExercised to label_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" xlink:label="AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" xlink:title="AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" xlink:to="label_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" xlink:title="Label : AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties to label_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties_1" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties_1">Other liabilities - related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" xlink:to="label_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties_1" xlink:title="Label : AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties to label_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties_2" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties_2">Adjustments for increase (decrease) in other liabilities from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" xlink:to="label_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties_2" xlink:title="Label : AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties to label_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties_2" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForInterestOnAccountsPayableForBusinessCombination_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdjustmentsForInterestOnAccountsPayableForBusinessCombination_3" xml:lang="en-US" id="label_AdjustmentsForInterestOnAccountsPayableForBusinessCombination_3">Provision for interest on account payable from business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForInterestOnAccountsPayableForBusinessCombination" xlink:to="label_AdjustmentsForInterestOnAccountsPayableForBusinessCombination_3" xlink:title="Label : AdjustmentsForInterestOnAccountsPayableForBusinessCombination to label_AdjustmentsForInterestOnAccountsPayableForBusinessCombination_3" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ContractOfExclusivityForProcessingPayrollMember" xlink:label="ContractOfExclusivityForProcessingPayrollMember" xlink:title="ContractOfExclusivityForProcessingPayrollMember" />
    <link:label xlink:type="resource" xlink:label="label_ContractOfExclusivityForProcessingPayrollMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContractOfExclusivityForProcessingPayrollMember" xml:lang="en-US" id="label_ContractOfExclusivityForProcessingPayrollMember">Contract of exclusivity for processing payroll [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractOfExclusivityForProcessingPayrollMember" xlink:to="label_ContractOfExclusivityForProcessingPayrollMember" xlink:title="Label : ContractOfExclusivityForProcessingPayrollMember to label_ContractOfExclusivityForProcessingPayrollMember" />
    <link:label xlink:type="resource" xlink:label="label_ContractOfExclusivityForProcessingPayrollMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContractOfExclusivityForProcessingPayrollMember_1" xml:lang="en-US" id="label_ContractOfExclusivityForProcessingPayrollMember_1">Contract of exclusivity for processing payroll</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractOfExclusivityForProcessingPayrollMember" xlink:to="label_ContractOfExclusivityForProcessingPayrollMember_1" xlink:title="Label : ContractOfExclusivityForProcessingPayrollMember to label_ContractOfExclusivityForProcessingPayrollMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ContractOfExclusivityForProcessingPayrollMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContractOfExclusivityForProcessingPayrollMember_2" xml:lang="en-US" id="label_ContractOfExclusivityForProcessingPayrollMember_2">This member stands for exclusivity for processing payroll component of contract liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractOfExclusivityForProcessingPayrollMember" xlink:to="label_ContractOfExclusivityForProcessingPayrollMember_2" xlink:title="Label : ContractOfExclusivityForProcessingPayrollMember to label_ContractOfExclusivityForProcessingPayrollMember_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" xlink:label="PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" xlink:title="PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" xlink:to="label_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" xlink:title="Label : PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities to label_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities_1">Transaction cost of bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" xlink:to="label_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities_1" xlink:title="Label : PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities to label_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities_1" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities_2" xml:lang="en-US" id="label_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities_2">The cash (inflow) outflow due to debt issue (appropriation of) costs during the period, classified as financing activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" xlink:to="label_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities_2" xlink:title="Label : PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities to label_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" xlink:label="DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" xlink:title="DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" xml:lang="en-US" id="label_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory">Schedule of valuation techniques and significant unobservable inputs</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" xlink:to="label_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory_1" xlink:title="Label : DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory to label_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfLiabilitiesAxis" xlink:label="ClassesOfLiabilitiesAxis" xlink:title="ClassesOfLiabilitiesAxis" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfLiabilitiesAxis" xlink:to="label_ClassesOfLiabilitiesAxis" xlink:title="Label : ClassesOfLiabilitiesAxis to label_ClassesOfLiabilitiesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LiabilitiesMember" xlink:label="LiabilitiesMember" xlink:title="LiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesMember" xml:lang="en-US" id="label_LiabilitiesMember">Liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesMember" xlink:to="label_LiabilitiesMember" xlink:title="Label : LiabilitiesMember to label_LiabilitiesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ContingentConsiderationMember" xlink:label="ContingentConsiderationMember" xlink:title="ContingentConsiderationMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentConsiderationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentConsiderationMember" xml:lang="en-US" id="label_ContingentConsiderationMember">Contingent consideration [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentConsiderationMember" xlink:to="label_ContingentConsiderationMember" xlink:title="Label : ContingentConsiderationMember to label_ContingentConsiderationMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RevenueTargetsAxis" xlink:label="RevenueTargetsAxis" xlink:title="RevenueTargetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTargetsAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevenueTargetsAxis" xml:lang="en-US" id="label_RevenueTargetsAxis">Information by revenue targets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTargetsAxis" xlink:to="label_RevenueTargetsAxis" xlink:title="Label : RevenueTargetsAxis to label_RevenueTargetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTargetsAxis_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueTargetsAxis_1" xml:lang="en-US" id="label_RevenueTargetsAxis_1">Revenue targets [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTargetsAxis" xlink:to="label_RevenueTargetsAxis_1" xlink:title="Label : RevenueTargetsAxis to label_RevenueTargetsAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTargetsAxis_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueTargetsAxis_2" xml:lang="en-US" id="label_RevenueTargetsAxis_2">Revenue targets [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTargetsAxis" xlink:to="label_RevenueTargetsAxis_2" xlink:title="Label : RevenueTargetsAxis to label_RevenueTargetsAxis_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RevenueTargetsDomain" xlink:label="RevenueTargetsDomain" xlink:title="RevenueTargetsDomain" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTargetsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueTargetsDomain" xml:lang="en-US" id="label_RevenueTargetsDomain">Revenue targets [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTargetsDomain" xlink:to="label_RevenueTargetsDomain" xlink:title="Label : RevenueTargetsDomain to label_RevenueTargetsDomain" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTargetsDomain_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevenueTargetsDomain_1" xml:lang="en-US" id="label_RevenueTargetsDomain_1">Information by revenue target levels.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTargetsDomain" xlink:to="label_RevenueTargetsDomain_1" xlink:title="Label : RevenueTargetsDomain to label_RevenueTargetsDomain_1" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RevenueTarget1Member" xlink:label="RevenueTarget1Member" xlink:title="RevenueTarget1Member" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevenueTarget1Member" xml:lang="en-US" id="label_RevenueTarget1Member">This member stands for the information pertaining to "Revenue target, 1".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget1Member" xlink:to="label_RevenueTarget1Member" xlink:title="Label : RevenueTarget1Member to label_RevenueTarget1Member" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget1Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueTarget1Member_1" xml:lang="en-US" id="label_RevenueTarget1Member_1">Revenue target, 1</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget1Member" xlink:to="label_RevenueTarget1Member_1" xlink:title="Label : RevenueTarget1Member to label_RevenueTarget1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget1Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueTarget1Member_2" xml:lang="en-US" id="label_RevenueTarget1Member_2">Revenue target, 1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget1Member" xlink:to="label_RevenueTarget1Member_2" xlink:title="Label : RevenueTarget1Member to label_RevenueTarget1Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RevenueTarget2Member" xlink:label="RevenueTarget2Member" xlink:title="RevenueTarget2Member" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevenueTarget2Member" xml:lang="en-US" id="label_RevenueTarget2Member">This member stands for the information pertaining to "Revenue target, 2".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget2Member" xlink:to="label_RevenueTarget2Member" xlink:title="Label : RevenueTarget2Member to label_RevenueTarget2Member" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget2Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueTarget2Member_1" xml:lang="en-US" id="label_RevenueTarget2Member_1">Revenue target, 2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget2Member" xlink:to="label_RevenueTarget2Member_1" xlink:title="Label : RevenueTarget2Member to label_RevenueTarget2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget2Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueTarget2Member_2" xml:lang="en-US" id="label_RevenueTarget2Member_2">Revenue target, 2</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget2Member" xlink:to="label_RevenueTarget2Member_2" xlink:title="Label : RevenueTarget2Member to label_RevenueTarget2Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RevenueTarget4Member" xlink:label="RevenueTarget4Member" xlink:title="RevenueTarget4Member" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget4Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueTarget4Member" xml:lang="en-US" id="label_RevenueTarget4Member">Revenue target, 4 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget4Member" xlink:to="label_RevenueTarget4Member" xlink:title="Label : RevenueTarget4Member to label_RevenueTarget4Member" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget4Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevenueTarget4Member_1" xml:lang="en-US" id="label_RevenueTarget4Member_1">This member stands for the information pertaining to "Revenue target, 4".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget4Member" xlink:to="label_RevenueTarget4Member_1" xlink:title="Label : RevenueTarget4Member to label_RevenueTarget4Member_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget4Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueTarget4Member_2" xml:lang="en-US" id="label_RevenueTarget4Member_2">Revenue target, 4</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget4Member" xlink:to="label_RevenueTarget4Member_2" xlink:title="Label : RevenueTarget4Member to label_RevenueTarget4Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RevenueTarget5Member" xlink:label="RevenueTarget5Member" xlink:title="RevenueTarget5Member" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget5Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueTarget5Member" xml:lang="en-US" id="label_RevenueTarget5Member">Revenue target, 5</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget5Member" xlink:to="label_RevenueTarget5Member" xlink:title="Label : RevenueTarget5Member to label_RevenueTarget5Member" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget5Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevenueTarget5Member_1" xml:lang="en-US" id="label_RevenueTarget5Member_1">This member stands for the information pertaining to "Revenue target, 5".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget5Member" xlink:to="label_RevenueTarget5Member_1" xlink:title="Label : RevenueTarget5Member to label_RevenueTarget5Member_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget5Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueTarget5Member_2" xml:lang="en-US" id="label_RevenueTarget5Member_2">Revenue target, 5 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget5Member" xlink:to="label_RevenueTarget5Member_2" xlink:title="Label : RevenueTarget5Member to label_RevenueTarget5Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_RevenueTarget3Member" xlink:label="RevenueTarget3Member" xlink:title="RevenueTarget3Member" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget3Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevenueTarget3Member" xml:lang="en-US" id="label_RevenueTarget3Member">This member stands for the information pertaining to "Revenue target, 3".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget3Member" xlink:to="label_RevenueTarget3Member" xlink:title="Label : RevenueTarget3Member to label_RevenueTarget3Member" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget3Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueTarget3Member_1" xml:lang="en-US" id="label_RevenueTarget3Member_1">Revenue target, 3 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget3Member" xlink:to="label_RevenueTarget3Member_1" xlink:title="Label : RevenueTarget3Member to label_RevenueTarget3Member_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenueTarget3Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueTarget3Member_2" xml:lang="en-US" id="label_RevenueTarget3Member_2">Revenue target, 3</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueTarget3Member" xlink:to="label_RevenueTarget3Member_2" xlink:title="Label : RevenueTarget3Member to label_RevenueTarget3Member_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:label="RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:title="RetrospectiveApplicationAndRetrospectiveRestatementAxis" />
    <link:label xlink:type="resource" xlink:label="label_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xml:lang="en-US" id="label_RetrospectiveApplicationAndRetrospectiveRestatementAxis">Retrospective application and retrospective restatement [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:to="label_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:title="Label : RetrospectiveApplicationAndRetrospectiveRestatementAxis to label_RetrospectiveApplicationAndRetrospectiveRestatementAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RestatedMember" xlink:label="RestatedMember" xlink:title="RestatedMember" />
    <link:label xlink:type="resource" xlink:label="label_RestatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestatedMember" xml:lang="en-US" id="label_RestatedMember">Currently stated [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestatedMember" xlink:to="label_RestatedMember" xlink:title="Label : RestatedMember to label_RestatedMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PreviouslyStatedMember" xlink:label="PreviouslyStatedMember" xlink:title="PreviouslyStatedMember" />
    <link:label xlink:type="resource" xlink:label="label_PreviouslyStatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreviouslyStatedMember" xml:lang="en-US" id="label_PreviouslyStatedMember">Previously stated [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreviouslyStatedMember" xlink:to="label_PreviouslyStatedMember" xlink:title="Label : PreviouslyStatedMember to label_PreviouslyStatedMember" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_UnobservableInputs1Member" xlink:label="UnobservableInputs1Member" xlink:title="UnobservableInputs1Member" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputs1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnobservableInputs1Member" xml:lang="en-US" id="label_UnobservableInputs1Member">This member stands for the information pertaining to "Unobservable inputs, 1".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnobservableInputs1Member" xlink:to="label_UnobservableInputs1Member" xlink:title="Label : UnobservableInputs1Member to label_UnobservableInputs1Member" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputs1Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnobservableInputs1Member_1" xml:lang="en-US" id="label_UnobservableInputs1Member_1">Unobservable inputs, 1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnobservableInputs1Member" xlink:to="label_UnobservableInputs1Member_1" xlink:title="Label : UnobservableInputs1Member to label_UnobservableInputs1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputs1Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnobservableInputs1Member_2" xml:lang="en-US" id="label_UnobservableInputs1Member_2">Unobservable inputs, 1</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnobservableInputs1Member" xlink:to="label_UnobservableInputs1Member_2" xlink:title="Label : UnobservableInputs1Member to label_UnobservableInputs1Member_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_UnobservableInputs2Member" xlink:label="UnobservableInputs2Member" xlink:title="UnobservableInputs2Member" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputs2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnobservableInputs2Member" xml:lang="en-US" id="label_UnobservableInputs2Member">Unobservable inputs, 2</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnobservableInputs2Member" xlink:to="label_UnobservableInputs2Member" xlink:title="Label : UnobservableInputs2Member to label_UnobservableInputs2Member" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputs2Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnobservableInputs2Member_1" xml:lang="en-US" id="label_UnobservableInputs2Member_1">Unobservable inputs, 2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnobservableInputs2Member" xlink:to="label_UnobservableInputs2Member_1" xlink:title="Label : UnobservableInputs2Member to label_UnobservableInputs2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputs2Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnobservableInputs2Member_2" xml:lang="en-US" id="label_UnobservableInputs2Member_2">This member stands for the information pertaining to "Unobservable inputs, 2".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnobservableInputs2Member" xlink:to="label_UnobservableInputs2Member_2" xlink:title="Label : UnobservableInputs2Member to label_UnobservableInputs2Member_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_UnobservableInputsAxis" xlink:label="UnobservableInputsAxis" xlink:title="UnobservableInputsAxis" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnobservableInputsAxis" xml:lang="en-US" id="label_UnobservableInputsAxis">Unobservable inputs [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnobservableInputsAxis" xlink:to="label_UnobservableInputsAxis" xlink:title="Label : UnobservableInputsAxis to label_UnobservableInputsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_UnobservableInputsMember" xlink:label="UnobservableInputsMember" xlink:title="UnobservableInputsMember" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnobservableInputsMember" xml:lang="en-US" id="label_UnobservableInputsMember">Unobservable inputs [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnobservableInputsMember" xlink:to="label_UnobservableInputsMember" xlink:title="Label : UnobservableInputsMember to label_UnobservableInputsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" xlink:label="DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" xlink:title="DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" xml:lang="en-US" id="label_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities">Description of valuation techniques used in fair value measurement, liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" xlink:to="label_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" xlink:title="Label : DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities to label_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfInputsUsedInFairValueMeasurementLiabilities" xlink:label="DescriptionOfInputsUsedInFairValueMeasurementLiabilities" xlink:title="DescriptionOfInputsUsedInFairValueMeasurementLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfInputsUsedInFairValueMeasurementLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfInputsUsedInFairValueMeasurementLiabilities" xml:lang="en-US" id="label_DescriptionOfInputsUsedInFairValueMeasurementLiabilities">Description of inputs used in fair value measurement, liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfInputsUsedInFairValueMeasurementLiabilities" xlink:to="label_DescriptionOfInputsUsedInFairValueMeasurementLiabilities" xlink:title="Label : DescriptionOfInputsUsedInFairValueMeasurementLiabilities to label_DescriptionOfInputsUsedInFairValueMeasurementLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfInputsUsedInFairValueMeasurementLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfInputsUsedInFairValueMeasurementLiabilities_1" xml:lang="en-US" id="label_DescriptionOfInputsUsedInFairValueMeasurementLiabilities_1">Significant unobservable inputs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfInputsUsedInFairValueMeasurementLiabilities" xlink:to="label_DescriptionOfInputsUsedInFairValueMeasurementLiabilities_1" xlink:title="Label : DescriptionOfInputsUsedInFairValueMeasurementLiabilities to label_DescriptionOfInputsUsedInFairValueMeasurementLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities_1" xml:lang="en-US" id="label_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities_1">Valuation technique</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities" xlink:to="label_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities_1" xlink:title="Label : DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities to label_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities" xlink:label="DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities" xlink:title="DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities" xml:lang="en-US" id="label_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities">Inter-relationship between signigicant unobservable and fair value measurement</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ExpectedWeightedAverageAnnualRevenueGrowthRate" xlink:label="ExpectedWeightedAverageAnnualRevenueGrowthRate" xlink:title="ExpectedWeightedAverageAnnualRevenueGrowthRate" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedWeightedAverageAnnualRevenueGrowthRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExpectedWeightedAverageAnnualRevenueGrowthRate" xml:lang="en-US" id="label_ExpectedWeightedAverageAnnualRevenueGrowthRate">The expected percentage of weighted average annual revenue growth rate.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ExpectedWeightedAverageAnnualRevenueGrowthRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpectedWeightedAverageAnnualRevenueGrowthRate_1" xml:lang="en-US" id="label_ExpectedWeightedAverageAnnualRevenueGrowthRate_1">Expected weighted average annual revenue growth rate (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedWeightedAverageAnnualRevenueGrowthRate" xlink:to="label_ExpectedWeightedAverageAnnualRevenueGrowthRate_1" xlink:title="Label : ExpectedWeightedAverageAnnualRevenueGrowthRate to label_ExpectedWeightedAverageAnnualRevenueGrowthRate_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedWeightedAverageAnnualRevenueGrowthRate_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpectedWeightedAverageAnnualRevenueGrowthRate_2" xml:lang="en-US" id="label_ExpectedWeightedAverageAnnualRevenueGrowthRate_2">Expected weighted average annual revenue growth rate</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NetRevenueTargetForNextFiscalYear" xlink:label="NetRevenueTargetForNextFiscalYear" xlink:title="NetRevenueTargetForNextFiscalYear" />
    <link:label xlink:type="resource" xlink:label="label_NetRevenueTargetForNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetRevenueTargetForNextFiscalYear" xml:lang="en-US" id="label_NetRevenueTargetForNextFiscalYear">The amount of net revenue target for next fiscal year.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_NetRevenueTargetForNextFiscalYear_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetRevenueTargetForNextFiscalYear_1" xml:lang="en-US" id="label_NetRevenueTargetForNextFiscalYear_1">Net Revenue Target for next fiscal year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRevenueTargetForNextFiscalYear" xlink:to="label_NetRevenueTargetForNextFiscalYear_1" xlink:title="Label : NetRevenueTargetForNextFiscalYear to label_NetRevenueTargetForNextFiscalYear_1" />
    <link:label xlink:type="resource" xlink:label="label_NetRevenueTargetForNextFiscalYear_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetRevenueTargetForNextFiscalYear_2" xml:lang="en-US" id="label_NetRevenueTargetForNextFiscalYear_2">Net Revenue Target 2023</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRevenueTargetForNextFiscalYear" xlink:to="label_NetRevenueTargetForNextFiscalYear_2" xlink:title="Label : NetRevenueTargetForNextFiscalYear to label_NetRevenueTargetForNextFiscalYear_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_PercentageOfNetRevenueTargetForNextFiscalYear" xlink:label="PercentageOfNetRevenueTargetForNextFiscalYear" xlink:title="PercentageOfNetRevenueTargetForNextFiscalYear" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfNetRevenueTargetForNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfNetRevenueTargetForNextFiscalYear" xml:lang="en-US" id="label_PercentageOfNetRevenueTargetForNextFiscalYear">The percentage of net revenue target for next fiscal year.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_PercentageOfNetRevenueTargetForNextFiscalYear_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfNetRevenueTargetForNextFiscalYear_1" xml:lang="en-US" id="label_PercentageOfNetRevenueTargetForNextFiscalYear_1">Percentage of Net Revenue Target for next fiscal year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfNetRevenueTargetForNextFiscalYear" xlink:to="label_PercentageOfNetRevenueTargetForNextFiscalYear_1" xlink:title="Label : PercentageOfNetRevenueTargetForNextFiscalYear to label_PercentageOfNetRevenueTargetForNextFiscalYear_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfNetRevenueTargetForNextFiscalYear_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfNetRevenueTargetForNextFiscalYear_2" xml:lang="en-US" id="label_PercentageOfNetRevenueTargetForNextFiscalYear_2">Net Revenue Target 2023 (as a percent)</link:label>
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    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_ExpectedNumberOfNewStudentsToBeHiredEffectively" xlink:label="ExpectedNumberOfNewStudentsToBeHiredEffectively" xlink:title="ExpectedNumberOfNewStudentsToBeHiredEffectively" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedNumberOfNewStudentsToBeHiredEffectively" xlink:to="label_ExpectedNumberOfNewStudentsToBeHiredEffectively" xlink:title="Label : ExpectedNumberOfNewStudentsToBeHiredEffectively to label_ExpectedNumberOfNewStudentsToBeHiredEffectively" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedNumberOfNewStudentsToBeHiredEffectively_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExpectedNumberOfNewStudentsToBeHiredEffectively_1" xml:lang="en-US" id="label_ExpectedNumberOfNewStudentsToBeHiredEffectively_1">The expected number of new students to be hired effectively.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedNumberOfNewStudentsToBeHiredEffectively" xlink:to="label_ExpectedNumberOfNewStudentsToBeHiredEffectively_1" xlink:title="Label : ExpectedNumberOfNewStudentsToBeHiredEffectively to label_ExpectedNumberOfNewStudentsToBeHiredEffectively_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedNumberOfNewStudentsToBeHiredEffectively_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpectedNumberOfNewStudentsToBeHiredEffectively_2" xml:lang="en-US" id="label_ExpectedNumberOfNewStudentsToBeHiredEffectively_2">Expected number of new students to be hired effectively</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedNumberOfNewStudentsToBeHiredEffectively" xlink:to="label_ExpectedNumberOfNewStudentsToBeHiredEffectively_2" xlink:title="Label : ExpectedNumberOfNewStudentsToBeHiredEffectively to label_ExpectedNumberOfNewStudentsToBeHiredEffectively_2" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_2" xml:lang="en-US" id="label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_2">Purchase of investment in marketable securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:to="label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_2" xlink:title="Label : PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities to label_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_2" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury" xlink:label="NumberOfSharesIssuedIncludingSharesHeldInTreasury" xlink:title="NumberOfSharesIssuedIncludingSharesHeldInTreasury" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury" xml:lang="en-US" id="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury">Number of shares issued including shares held in treasury</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssuedIncludingSharesHeldInTreasury" xlink:to="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury" xlink:title="Label : NumberOfSharesIssuedIncludingSharesHeldInTreasury to label_NumberOfSharesIssuedIncludingSharesHeldInTreasury" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_1" xml:lang="en-US" id="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_1">Number of shares issued at end of period</link:label>
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    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_2" xml:lang="en-US" id="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_2">Number of shares issued at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssuedIncludingSharesHeldInTreasury" xlink:to="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_2" xlink:title="Label : NumberOfSharesIssuedIncludingSharesHeldInTreasury to label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_2" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_3" xml:lang="en-US" id="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_3">The number of shares issued by the entity including the shares held in treasury.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssuedIncludingSharesHeldInTreasury" xlink:to="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_3" xlink:title="Label : NumberOfSharesIssuedIncludingSharesHeldInTreasury to label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_3" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_4" xml:lang="en-US" id="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_4">Total number of shares issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssuedIncludingSharesHeldInTreasury" xlink:to="label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_4" xlink:title="Label : NumberOfSharesIssuedIncludingSharesHeldInTreasury to label_NumberOfSharesIssuedIncludingSharesHeldInTreasury_4" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit" xlink:label="MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit" xlink:title="MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit" xlink:to="label_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit" xlink:title="Label : MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit to label_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit" />
    <link:loc xlink:type="locator" xlink:href="vsta-20221231.xsd#vsta_EstimatedPeriodForTaxBenefitIsExpectedToBeRealizedFromFourthFiscalYear" xlink:label="EstimatedPeriodForTaxBenefitIsExpectedToBeRealizedFromFourthFiscalYear" xlink:title="EstimatedPeriodForTaxBenefitIsExpectedToBeRealizedFromFourthFiscalYear" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit" xlink:to="label_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit_1" xlink:title="Label : MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit to label_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit_2" xml:lang="en-US" id="label_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit_2">The percentage of taxable income that can be a maximum limit for offsetting tax loss carryforwards.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit" xlink:to="label_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit_2" xlink:title="Label : MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit to label_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit_2" />
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>040191 - Disclosure - Accounts payable for business combination and acquisition of associates (Details 2)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/AccountspayableforbusinesscombinationandacquisitionofassociatesDetails3" id="AccountspayableforbusinesscombinationandacquisitionofassociatesDetails3">
        <link:definition>040192 - Disclosure - Accounts payable for business combination and acquisition of associates (Details 3)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/SalariesandSocialContributionDetails" id="SalariesandSocialContributionDetails">
        <link:definition>040200 - Disclosure - Salaries and Social Contribution (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/RelatedpartiesDetails" id="RelatedpartiesDetails">
        <link:definition>040210 - Disclosure - Related parties (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/RelatedpartiesDetails2" id="RelatedpartiesDetails2">
        <link:definition>040211 - Disclosure - Related parties (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/RelatedpartiesDetails3" id="RelatedpartiesDetails3">
        <link:definition>040212 - Disclosure - Related parties (Details 3)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/RelatedpartiesDetails4" id="RelatedpartiesDetails4">
        <link:definition>040213 - Disclosure - Related parties (Details 4)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/RelatedpartiesDetails5" id="RelatedpartiesDetails5">
        <link:definition>040214 - Disclosure - Related parties (Details 5)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/ProvisionfortaxcivilandlaborlossesandJudicialdepositsandescrowaccountsDetails" id="ProvisionfortaxcivilandlaborlossesandJudicialdepositsandescrowaccountsDetails">
        <link:definition>040220 - Disclosure - Provision for tax, civil and labor losses and Judicial deposits and escrow accounts (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/ProvisionfortaxcivilandlaborlossesandJudicialdepositsandescrowaccountsDetails2" id="ProvisionfortaxcivilandlaborlossesandJudicialdepositsandescrowaccountsDetails2">
        <link:definition>040221 - Disclosure - Provision for tax, civil and labor losses and Judicial deposits and escrow accounts (Details 2)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/ProvisionfortaxcivilandlaborlossesandJudicialdepositsandescrowaccountsDetails3" id="ProvisionfortaxcivilandlaborlossesandJudicialdepositsandescrowaccountsDetails3">
        <link:definition>040222 - Disclosure - Provision for tax, civil and labor losses and Judicial deposits and escrow accounts (Details 3)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/ProvisionfortaxcivilandlaborlossesandJudicialdepositsandescrowaccountsDetails4Textuals" id="ProvisionfortaxcivilandlaborlossesandJudicialdepositsandescrowaccountsDetails4Textuals">
        <link:definition>040223 - Disclosure - Provision for tax, civil and labor losses and Judicial deposits and escrow accounts (Details 4 - Textuals)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/CurrentandDeferredIncomeTaxandSocialContributionDetails2" id="CurrentandDeferredIncomeTaxandSocialContributionDetails2">
        <link:definition>040229 - Disclosure - Current and Deferred Income Tax and Social Contribution (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/CurrentandDeferredIncomeTaxandSocialContributionDetails" id="CurrentandDeferredIncomeTaxandSocialContributionDetails">
        <link:definition>040230 - Disclosure - Current and Deferred Income Tax and Social Contribution (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/ShareholdersEquityDetails" id="ShareholdersEquityDetails">
        <link:definition>040231 - Disclosure - Shareholder's Equity (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/ShareholdersEquityDetails1" id="ShareholdersEquityDetails1">
        <link:definition>040232 - Disclosure - Shareholder's Equity (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/ShareholdersEquityDetails2" id="ShareholdersEquityDetails2">
        <link:definition>040233 - Disclosure - Shareholder's Equity (Details 2)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/ShareholdersEquityDetails3Textuals1" id="ShareholdersEquityDetails3Textuals1">
        <link:definition>040235 - Disclosure - Shareholder's Equity (Details 3 - Textuals 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/ShareholdersEquityDetails4Textuals2" id="ShareholdersEquityDetails4Textuals2">
        <link:definition>040240 - Disclosure - Shareholder's Equity (Details 4 - Textuals 2)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/NetRevenuefromsalesandServicesDetails" id="NetRevenuefromsalesandServicesDetails">
        <link:definition>040250 - Disclosure - Net Revenue from sales and Services (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/CostsandExpensesbyNatureDetails" id="CostsandExpensesbyNatureDetails">
        <link:definition>040251 - Disclosure - Costs and Expenses by Nature (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/CostsandExpensesbyNatureDetails2" id="CostsandExpensesbyNatureDetails2">
        <link:definition>040270 - Disclosure - Costs and Expenses by Nature (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/FinanceresultDetails" id="FinanceresultDetails">
        <link:definition>040271 - Disclosure - Finance result (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/FinanceresultAdditionalinformationDetails1" id="FinanceresultAdditionalinformationDetails1">
        <link:definition>040280 - Disclosure - Finance result - Additional information (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/SegmentReportingDetails" id="SegmentReportingDetails">
        <link:definition>040281 - Disclosure - Segment Reporting (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/SegmentReportingDetails1Textuals" id="SegmentReportingDetails1Textuals">
        <link:definition>040290 - Disclosure - Segment Reporting (Details 1 - Textuals)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/NoncashtransactionsAdditionalinformationDetails" id="NoncashtransactionsAdditionalinformationDetails">
        <link:definition>040300 - Disclosure - Non-cash transactions - Additional information (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.vastaedu.com.br/role/SubsequenteventsAdditionalinformationDetails" id="SubsequenteventsAdditionalinformationDetails">
        <link:definition>123456 - Disclosure - Subsequent events - Additional information (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.vastaedu.com.br/role/SubsequenteventsDetails1" id="SubsequenteventsDetails1">
        <link:definition>8000 - Disclosure - Subsequent events (Details 1)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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  <xsd:element name="AdjustmentsForInterestOnLeaseLiabilities" id="vsta_AdjustmentsForInterestOnLeaseLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" id="vsta_AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForDisposalsOfRightOfUseAssetsAndLeaseLiabilities" id="vsta_AdjustmentsForDisposalsOfRightOfUseAssetsAndLeaseLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ChangeInOperatingAssetsAndLiabilitiesAbstract" id="vsta_ChangeInOperatingAssetsAndLiabilitiesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForDecreaseIncreaseInPrepayments" id="vsta_AdjustmentsForDecreaseIncreaseInPrepayments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForDecreaseIncreaseInTaxesRecoverable" id="vsta_AdjustmentsForDecreaseIncreaseInTaxesRecoverable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForDecreaseIncreaseInJudicialDepositsAndEscrowAccounts" id="vsta_AdjustmentsForDecreaseIncreaseInJudicialDepositsAndEscrowAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInTaxLiabilities" id="vsta_AdjustmentsForIncreaseDecreaseInTaxLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForDecreaseIncreaseInOtherReceivablesAndLiabilitiesFromRelatedParties" id="vsta_AdjustmentsForDecreaseIncreaseInOtherReceivablesAndLiabilitiesFromRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" id="vsta_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" id="vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities" id="vsta_PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PaymentOfProvisionForTaxCivilAndLaborRisksClassifiedAsOperatingActivities" id="vsta_PaymentOfProvisionForTaxCivilAndLaborRisksClassifiedAsOperatingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ProceedsFromCapitalContributionClassifiedAsFinancingActivities" id="vsta_ProceedsFromCapitalContributionClassifiedAsFinancingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PaymentsForSuppliersFromRelatedPartiesClassifiedAsFinancingActivities" id="vsta_PaymentsForSuppliersFromRelatedPartiesClassifiedAsFinancingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany" id="vsta_CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities" id="vsta_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfGeneralInformationAboutEntityAbstract" id="vsta_DisclosureOfGeneralInformationAboutEntityAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfGeneralInformationAboutEntityTextBlock" id="vsta_DisclosureOfGeneralInformationAboutEntityTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfBasisOfPreparationOfFinancialStatementsAbstract" id="vsta_DisclosureOfBasisOfPreparationOfFinancialStatementsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfAccountingJudgementsAndEstimatesAbstract" id="vsta_DisclosureOfAccountingJudgementsAndEstimatesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfNewAccountingPoliciesAndSignificantAccountingPoliciesAdoptedAbstract" id="vsta_DisclosureOfNewAccountingPoliciesAndSignificantAccountingPoliciesAdoptedAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfNewAccountingPoliciesAndSignificantAccountingPoliciesAdoptedTextBlock" id="vsta_DisclosureOfNewAccountingPoliciesAndSignificantAccountingPoliciesAdoptedTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfFinancialRiskManagementAbstract" id="vsta_DisclosureOfFinancialRiskManagementAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfMarketableSecuritiesAbstract" id="vsta_DisclosureOfMarketableSecuritiesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfContractLiabilitiesAndDeferredIncomeAbstract" id="vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfContractLiabilitiesAndDeferredIncomeTextBlock" id="vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfAccountsPayableForBusinessCombinationAbstract" id="vsta_DisclosureOfAccountsPayableForBusinessCombinationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfAccountsPayableForBusinessCombinationTextBlock" id="vsta_DisclosureOfAccountsPayableForBusinessCombinationTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfProvisionForTaxCivilAndLaborLossesAndJudicialDepositsAndEscrowAccountsAbstract" id="vsta_DisclosureOfProvisionForTaxCivilAndLaborLossesAndJudicialDepositsAndEscrowAccountsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfProvisionForTaxCivilAndLaborLossesAndJudicialDepositsAndEscrowAccountsTextBlock" id="vsta_DisclosureOfProvisionForTaxCivilAndLaborLossesAndJudicialDepositsAndEscrowAccountsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfFinanceIncomeCostAbstract" id="vsta_DisclosureOfFinanceIncomeCostAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfNonCashTransactionsAbstract" id="vsta_DisclosureOfNonCashTransactionsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfNonCashTransactionsTextBlock" id="vsta_DisclosureOfNonCashTransactionsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfAuthorisationOfFinancialStatementsAbstract" id="vsta_DisclosureOfAuthorisationOfFinancialStatementsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfAccountingPolicyForCashAndCashEquivalentsAndMarketableSecuriritesPolicyTextBlock" id="vsta_DescriptionOfAccountingPolicyForCashAndCashEquivalentsAndMarketableSecuriritesPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock" id="vsta_ScheduleOfEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfFinancialLiabilitiesByMaturityRangesForEstimatedAmountsPayableBasedOnUndiscountedContractualAmountsTableTextBlock" id="vsta_ScheduleOfFinancialLiabilitiesByMaturityRangesForEstimatedAmountsPayableBasedOnUndiscountedContractualAmountsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfCalculationOfGearingRatioTableTextBlock" id="vsta_ScheduleOfCalculationOfGearingRatioTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTableTextBlock" id="vsta_ScheduleOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfCashAndCashEquivalentTableTextBlock" id="vsta_ScheduleOfCashAndCashEquivalentTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfMarketableSecuritiesTableTextBlock" id="vsta_ScheduleOfMarketableSecuritiesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfTradeReceivablesTableTextBlock" id="vsta_ScheduleOfTradeReceivablesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfMaturitiesOfTradeReceivablesTableTextBlock" id="vsta_ScheduleOfMaturitiesOfTradeReceivablesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfChangesInImpairmentLossesOnTradeReceivablesTableTextBlock" id="vsta_ScheduleOfChangesInImpairmentLossesOnTradeReceivablesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfInventoriesTableTextBlock" id="vsta_ScheduleOfInventoriesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfChangesInProvisionForInventoriesTableTextBlock" id="vsta_ScheduleOfChangesInProvisionForInventoriesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfChangesInPropertyPlantAndEquipmentTableTextBlock" id="vsta_ScheduleOfChangesInPropertyPlantAndEquipmentTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfKeyAssumptionsUsedForValueInUseCalculationsTableTextBlock" id="vsta_ScheduleOfKeyAssumptionsUsedForValueInUseCalculationsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfBondsDescriptionTableTextBlock" id="vsta_ScheduleOfBondsDescriptionTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfBondsAndFinancingMaturitiesTableTextBlock" id="vsta_ScheduleOfBondsAndFinancingMaturitiesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfTradeSuppliersTableTextBlock" id="vsta_ScheduleOfTradeSuppliersTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfLeaseLiabilitiesTableTextBlock" id="vsta_ScheduleOfLeaseLiabilitiesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" id="vsta_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock" id="vsta_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock" id="vsta_ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock" id="vsta_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfMaturitiesOfAccountsPayableForBusinessCombinationTableTextBlock" id="vsta_ScheduleOfMaturitiesOfAccountsPayableForBusinessCombinationTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfSalariesAndSocialContributionTableTextBlock" id="vsta_ScheduleOfSalariesAndSocialContributionTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfBalancesWithRelatedPartiesTableTextBlock" id="vsta_ScheduleOfBalancesWithRelatedPartiesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfCommercialLeaseAndSubleaseAgreementsWithRelatedPartiesTableTextBlock" id="vsta_ScheduleOfCommercialLeaseAndSubleaseAgreementsWithRelatedPartiesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfChangesInProvisionForContingentLiabilitiesTableTextBlock" id="vsta_ScheduleOfChangesInProvisionForContingentLiabilitiesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfJudicialDepositsAndEscrowAccountsTableTextBlock" id="vsta_ScheduleOfJudicialDepositsAndEscrowAccountsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfReconciliationOfIncomeTaxAndSocialContributionExpenseTableTextBlock" id="vsta_ScheduleOfReconciliationOfIncomeTaxAndSocialContributionExpenseTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfCostsAndExpensesByNatureTableTextBlock" id="vsta_ScheduleOfCostsAndExpensesByNatureTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfFinanceResultNetTableTextBlock" id="vsta_ScheduleOfFinanceResultNetTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfGeneralInformationAboutEntityTable" id="vsta_DisclosureOfGeneralInformationAboutEntityTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinanceIncomeFromIndemnificationAsset" id="vsta_FinanceIncomeFromIndemnificationAsset" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="SomosSistemasDeEnsinoSaMember" id="vsta_SomosSistemasDeEnsinoSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BondMember" id="vsta_BondMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfGeneralInformationAboutEntityLineItems" id="vsta_DisclosureOfGeneralInformationAboutEntityLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfReportableSegments1" id="vsta_NumberOfReportableSegments1" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="BusinessCombinationPurchasePriceAmount" id="vsta_BusinessCombinationPurchasePriceAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount" id="vsta_BusinessCombinationConsiderationPaidAsDepositInRestrictedEscrowAccount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ShareIssuePricePerShare" id="vsta_ShareIssuePricePerShare" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfDebtInstruments" id="vsta_NumberOfDebtInstruments" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LivrariaLivroFacilLtdaMember" id="vsta_LivrariaLivroFacilLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AAndRComercioEServicosDeInformaticaLtdaMember" id="vsta_AAndRComercioEServicosDeInformaticaLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MindMakersEditoraEducacionalMember" id="vsta_MindMakersEditoraEducacionalMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ColegioAngloSaoPauloMember" id="vsta_ColegioAngloSaoPauloMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MerittInformacaoEducacionalLtdaMember" id="vsta_MerittInformacaoEducacionalLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SociedadeEducacionalDaLagoaLtdaMember" id="vsta_SociedadeEducacionalDaLagoaLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Nota1000ServicosEducacionaisSAMember" id="vsta_Nota1000ServicosEducacionaisSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EmmeProducoesDeMateriaisEmMultimidiaMember" id="vsta_EmmeProducoesDeMateriaisEmMultimidiaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EditoraDeGougesSAMember" id="vsta_EditoraDeGougesSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SalesReturnTermFromDeliveryDate" id="vsta_SalesReturnTermFromDeliveryDate" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="VestingPeriodOfRestrictedPlan" id="vsta_VestingPeriodOfRestrictedPlan" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PropertyBuildingsAndLeaseholdImprovementsMember" id="vsta_PropertyBuildingsAndLeaseholdImprovementsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NominalStatutoryRateForCalculatingCorporateIncomeTax" id="vsta_NominalStatutoryRateForCalculatingCorporateIncomeTax" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" id="vsta_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ClassBCommonSharesMember" id="vsta_ClassBCommonSharesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaximumMaturityPeriodOfCashAndCashEquivalents" id="vsta_MaximumMaturityPeriodOfCashAndCashEquivalents" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PeriodOfLeaseTermOfShortTermLeases" id="vsta_PeriodOfLeaseTermOfShortTermLeases" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PurchaseOfTreasurySharesNumber" id="vsta_PurchaseOfTreasurySharesNumber" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems" id="vsta_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" id="vsta_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NominalStatutoryRateOnServiceRevenues" id="vsta_NominalStatutoryRateOnServiceRevenues" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MunicipalServiceTaxStatutoryRate" id="vsta_MunicipalServiceTaxStatutoryRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" id="vsta_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="MinimumAmountOfContractRevenueRequired" id="vsta_MinimumAmountOfContractRevenueRequired" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PeriodOfConsiderationTermsDividedInInstallments" id="vsta_PeriodOfConsiderationTermsDividedInInstallments" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BusinessCombinationConsiderationPaymentsFinalDueDate" id="vsta_BusinessCombinationConsiderationPaymentsFinalDueDate" type="xbrli:dateItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SalesDiscounts" id="vsta_SalesDiscounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="MaximumPeriodForDiscountsOnSalePrice" id="vsta_MaximumPeriodForDiscountsOnSalePrice" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LimitedAmountOfDiscountsOnSalePrice" id="vsta_LimitedAmountOfDiscountsOnSalePrice" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TradeReceivablesRecognisedAsOfAcquisitionDate" id="vsta_TradeReceivablesRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" id="vsta_InventoriesRecognisedAsOfAcquisitionDateBasedOnExpectationOfSales" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PrepaymentsRecognisedAsOfAcquisitionDate" id="vsta_PrepaymentsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="TaxesRecoverableRecognisedAsOfAcquisitionDate" id="vsta_TaxesRecoverableRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" id="vsta_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" id="vsta_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" id="vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" id="vsta_TrademarksRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" id="vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IdentifiableAssetsRecognisedAsOfAcquisitionDate" id="vsta_IdentifiableAssetsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" id="vsta_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="TaxesPayableRecognisedAsOfAcquisitionDate" id="vsta_TaxesPayableRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" id="vsta_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" id="vsta_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" id="vsta_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherLiabilitiesRecognisedAsOfAcquisitionDate" id="vsta_OtherLiabilitiesRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" id="vsta_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" id="vsta_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" id="vsta_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock" id="vsta_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock" id="vsta_ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MarketableSecuritiesMember" id="vsta_MarketableSecuritiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfReceivables" id="vsta_PercentageOfReceivables" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfEstimatedSalesRate" id="vsta_PercentageOfEstimatedSalesRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfEstimatedSaleRateForInventory" id="vsta_PercentageOfEstimatedSaleRateForInventory" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CashAndCashEquivalents1Member" id="vsta_CashAndCashEquivalents1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod" id="vsta_IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InterestRateHedgingInstruments1Member" id="vsta_InterestRateHedgingInstruments1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateHedgingInstruments2Member" id="vsta_InterestRateHedgingInstruments2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateHedgingInstruments3Member" id="vsta_InterestRateHedgingInstruments3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateHedgingInstruments4Member" id="vsta_InterestRateHedgingInstruments4Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateHedgingInstruments5Member" id="vsta_InterestRateHedgingInstruments5Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateHedgingInstruments6Member" id="vsta_InterestRateHedgingInstruments6Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateHedgingInstruments7Member" id="vsta_InterestRateHedgingInstruments7Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfInterestRateRiskExposureAbstract" id="vsta_DisclosureOfInterestRateRiskExposureAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AccountsPayableForBusinessCombination" id="vsta_AccountsPayableForBusinessCombination" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="LoansFromRelatedParties" id="vsta_LoansFromRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="BorrowingsAndOtherPayablesUnderInterestRateRiskContract" id="vsta_BorrowingsAndOtherPayablesUnderInterestRateRiskContract" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfInterestRateBasis" id="vsta_PercentageOfInterestRateBasis" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="LaterThanTwoYearsMember" id="vsta_LaterThanTwoYearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinancialLiabilitiesWithUndiscountedContractualAmountMember" id="vsta_FinancialLiabilitiesWithUndiscountedContractualAmountMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ReverseFactoringSuppliers" id="vsta_ReverseFactoringSuppliers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherLiabilitiesRelatedParties" id="vsta_OtherLiabilitiesRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="EstimatedInterestRate" id="vsta_EstimatedInterestRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="CapitalManagementAbstract" id="vsta_CapitalManagementAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Capitalisation" id="vsta_Capitalisation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="GearingRatioPercentage" id="vsta_GearingRatioPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTable" id="vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ScenarioAxis" id="vsta_ScenarioAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ScenarioMember" id="vsta_ScenarioMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BaseScenarioMember" id="vsta_BaseScenarioMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Scenario1Member" id="vsta_Scenario1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Scenario2Member" id="vsta_Scenario2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateHedgingInstruments9Member" id="vsta_InterestRateHedgingInstruments9Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateHedgingInstruments10Member" id="vsta_InterestRateHedgingInstruments10Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateHedgingInstruments11Member" id="vsta_InterestRateHedgingInstruments11Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateHedgingInstruments12Member" id="vsta_InterestRateHedgingInstruments12Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems" id="vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" id="vsta_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInCurrentMarketableSecurities" id="vsta_IncreaseDecreaseInCurrentMarketableSecurities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInAccountsPayableForBusinessCombination" id="vsta_IncreaseDecreaseInAccountsPayableForBusinessCombination" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInAmountOfLeaseLiabilities" id="vsta_IncreaseDecreaseInAmountOfLeaseLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInAmountOfBorrowings" id="vsta_IncreaseDecreaseInAmountOfBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInFinancialLiabilities" id="vsta_IncreaseDecreaseInFinancialLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NetFinancialAssetsLiabilities" id="vsta_NetFinancialAssetsLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IncreaseDecreaseInNetFinancialAssetsLiabilities" id="vsta_IncreaseDecreaseInNetFinancialAssetsLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfIncreaseInExpectedCreditLossRate" id="vsta_PercentageOfIncreaseInExpectedCreditLossRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NonCurrentBondsMember" id="vsta_NonCurrentBondsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AverageGrossYieldOfDeposits" id="vsta_AverageGrossYieldOfDeposits" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="CurrentBills" id="vsta_CurrentBills" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTreasuryBills" id="vsta_CurrentTreasuryBills" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="AverageGrossYieldOfSecurities" id="vsta_AverageGrossYieldOfSecurities" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TradeReceivableGrossCurrent" id="vsta_TradeReceivableGrossCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="TradeReceivableRelatedPartiesCurrent" id="vsta_TradeReceivableRelatedPartiesCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ProvisionForImpairmentOfTradeReceivables" id="vsta_ProvisionForImpairmentOfTradeReceivables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="MaturityOfTradeReceivablesTable" id="vsta_MaturityOfTradeReceivablesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForOtherFinanceCostsNet" id="vsta_AdjustmentsForOtherFinanceCostsNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CurrentReverseFactoringSuppliers" id="vsta_CurrentReverseFactoringSuppliers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="MaturityOfTradeReceivablesLineItems" id="vsta_MaturityOfTradeReceivablesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TradeReceivablesRecordedInvestmentPastDue" id="vsta_TradeReceivablesRecordedInvestmentPastDue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="TradeReceivablesRelatedToCustomersInBankruptcy" id="vsta_TradeReceivablesRelatedToCustomersInBankruptcy" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt" id="vsta_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer" id="vsta_NumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomer" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension" id="vsta_IncreaseInNumberOfOutstandingDaysOfSalesForIndividualAndCorporateCustomerDueToCreditTermsExtension" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ExpectedCreditLossesForAgingOfTradeReceivablesTable" id="vsta_ExpectedCreditLossesForAgingOfTradeReceivablesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExpectedCreditLossesForAgingOfTradeReceivablesLineItems" id="vsta_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LifetimeExpectedCreditLosses" id="vsta_LifetimeExpectedCreditLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" id="vsta_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NumberOfCustomersThatWentBankrupt" id="vsta_NumberOfCustomersThatWentBankrupt" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="WriteOffsOfImpairmentProvisionOfTradeReceivables" id="vsta_WriteOffsOfImpairmentProvisionOfTradeReceivables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables" id="vsta_AcquisitionsThroughBusinessCombinationsImpairmentProvisionOfTradeReceivables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ImportsInProgress" id="vsta_ImportsInProgress" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentProvisionForLossesWithInventories" id="vsta_CurrentProvisionForLossesWithInventories" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="InventoryGainLosses" id="vsta_InventoryGainLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="FurnitureEquipmentAndFittingsMember" id="vsta_FurnitureEquipmentAndFittingsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TradeAgreementMember" id="vsta_TradeAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PlatformContentProductionMember" id="vsta_PlatformContentProductionMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AmortisationRateIntangibleAssetsAndGoodwill" id="vsta_AmortisationRateIntangibleAssetsAndGoodwill" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill" id="vsta_AdditionsThroughAcquisitionsIntangibleAssetsAndGoodwill" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ContentAndEdTechPlatformMember" id="vsta_ContentAndEdTechPlatformMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DigitalServicesPlatformMember" id="vsta_DigitalServicesPlatformMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfGrowthRateInPerpetuityCashFlowProjections" id="vsta_DescriptionOfGrowthRateInPerpetuityCashFlowProjections" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="IntangibleAssetsYearsProjected" id="vsta_IntangibleAssetsYearsProjected" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PlurallDigitalTransformationMember" id="vsta_PlurallDigitalTransformationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LearningSystemsMember" id="vsta_LearningSystemsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AmountInvestedForDevelopmentProject" id="vsta_AmountInvestedForDevelopmentProject" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NumberOfCashGeneratingUnits" id="vsta_NumberOfCashGeneratingUnits" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ForecastPeriodOfCashFlowProjections" id="vsta_ForecastPeriodOfCashFlowProjections" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CurrentBondsWithRelatedPartiesMember" id="vsta_CurrentBondsWithRelatedPartiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentBondsMember" id="vsta_CurrentBondsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentFinanceLeasesMember" id="vsta_CurrentFinanceLeasesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NonCurrentBondsWithRelatedPartiesMember" id="vsta_NonCurrentBondsWithRelatedPartiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NonCurrentFinanceLeasesMember" id="vsta_NonCurrentFinanceLeasesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BondsWithRelatedPartiesMember" id="vsta_BondsWithRelatedPartiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsBySeriesAxis" id="vsta_BorrowingsBySeriesAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsBySeriesMember" id="vsta_BorrowingsBySeriesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfMarketableSecuritiesTable" id="vsta_DisclosureOfMarketableSecuritiesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfMarketableSecuritiesLineItems" id="vsta_DisclosureOfMarketableSecuritiesLineItems" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentPrivateInvestmentFund" id="vsta_CurrentPrivateInvestmentFund" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="TaxaDeJurosDeLongoPrazoMember" id="vsta_TaxaDeJurosDeLongoPrazoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BancoDeDesenvolvimentoDeMinasGeraisSAMember" id="vsta_BancoDeDesenvolvimentoDeMinasGeraisSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsMaturityTerm" id="vsta_BorrowingsMaturityTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PeriodicPaymentOfBorrowingsByMonthlyPrincipal" id="vsta_PeriodicPaymentOfBorrowingsByMonthlyPrincipal" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PeriodicPaymentOfBorrowingsByMonthlyInterest" id="vsta_PeriodicPaymentOfBorrowingsByMonthlyInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" id="vsta_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" id="vsta_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsDateOfIssuance" id="vsta_BorrowingsDateOfIssuance" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsMaturityDate" id="vsta_BorrowingsMaturityDate" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfPeriodicPaymentFrequencyOfBorrowings" id="vsta_DescriptionOfPeriodicPaymentFrequencyOfBorrowings" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfCurrentBondsAndFinancing" id="vsta_PercentageOfCurrentBondsAndFinancing" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfNonCurrentBondsAndFinancing" id="vsta_PercentageOfNonCurrentBondsAndFinancing" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfBondsAndFinancing" id="vsta_PercentageOfBondsAndFinancing" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MeasurementPeriodOneMember" id="vsta_MeasurementPeriodOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MeasurementPeriodTwoMember" id="vsta_MeasurementPeriodTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MeasurementPeriodThreeMember" id="vsta_MeasurementPeriodThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MeasurementPeriodFourMember" id="vsta_MeasurementPeriodFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" id="vsta_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfConsecutivePeriods" id="vsta_NumberOfConsecutivePeriods" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfAlternatePeriods" id="vsta_NumberOfAlternatePeriods" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LocalSuppliers" id="vsta_LocalSuppliers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="RelatedPartiesSuppliers" id="vsta_RelatedPartiesSuppliers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CopyrightSuppliers" id="vsta_CopyrightSuppliers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="MaximumMaturityPeriodOfReverseFactoring" id="vsta_MaximumMaturityPeriodOfReverseFactoring" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AverageTermOfLeaseAgreements" id="vsta_AverageTermOfLeaseAgreements" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LeaseAgreementsWeightedAverageDiscountRatePercent" id="vsta_LeaseAgreementsWeightedAverageDiscountRatePercent" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract" id="vsta_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdditionsToNewLeaseAgreements" id="vsta_AdditionsToNewLeaseAgreements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="RenegotiationOfLeaseLiabilities" id="vsta_RenegotiationOfLeaseLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CancellationOfLeaseAgreements" id="vsta_CancellationOfLeaseAgreements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InterestExpenseRecognisedOnLeaseLiabilities" id="vsta_InterestExpenseRecognisedOnLeaseLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TermOfNewSubleaseAgreements" id="vsta_TermOfNewSubleaseAgreements" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" id="vsta_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" id="vsta_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumShortTermLeasePeriodOfLeaseAgreements" id="vsta_MaximumShortTermLeasePeriodOfLeaseAgreements" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FixedAndVariableLeasePaymentsAbstract" id="vsta_FixedAndVariableLeasePaymentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AggregateFixedAndVariableLeasePayments" id="vsta_AggregateFixedAndVariableLeasePayments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ContractLiabilitiesAndDeferredIncomeTable" id="vsta_ContractLiabilitiesAndDeferredIncomeTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PredecessorsMember" id="vsta_PredecessorsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TypesOfContractLiabilitiesAndDeferredIncomeAxis" id="vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TypesOfContractLiabilitiesAndDeferredIncomeMember" id="vsta_TypesOfContractLiabilitiesAndDeferredIncomeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RefundLiabilityMember" id="vsta_RefundLiabilityMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RevenueTargetsAxis" id="vsta_RevenueTargetsAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredIncomeInLeasebackAgreementMember" id="vsta_DeferredIncomeInLeasebackAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherContractLiabilitiesMember" id="vsta_OtherContractLiabilitiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems" id="vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LeaseTerm" id="vsta_LeaseTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfAccountsPayableForBusinessCombinationTable" id="vsta_DisclosureOfAccountsPayableForBusinessCombinationTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SociedadeEducationalDaLagoaLtdaMember" id="vsta_SociedadeEducationalDaLagoaLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Nota1000ServicosEducacionaisLtdaMember" id="vsta_Nota1000ServicosEducacionaisLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EmmeProducoesDeMateriaisEmMultimidiaLtdaMember" id="vsta_EmmeProducoesDeMateriaisEmMultimidiaLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfAccountsPayableForBusinessCombinationLineItems" id="vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract" id="vsta_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdditionsToAccountsPayableForBusinessCombination" id="vsta_AdditionsToAccountsPayableForBusinessCombination" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction" id="vsta_WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="InterestAdjustmentOnAccountsPayableForBusinessCombination" id="vsta_InterestAdjustmentOnAccountsPayableForBusinessCombination" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RemeasurementOnAccountsPayableForBusinessCombination" id="vsta_RemeasurementOnAccountsPayableForBusinessCombination" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfAccountsPayableForBusinessCombination" id="vsta_PercentageOfAccountsPayableForBusinessCombination" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="SalariesPayableCurrent" id="vsta_SalariesPayableCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="SocialContributionPayableCurrent" id="vsta_SocialContributionPayableCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ProvisionForVacationPayAnd13ThSalaryCurrent" id="vsta_ProvisionForVacationPayAnd13ThSalaryCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ProvisionForProfitSharingAndBonusCurrent" id="vsta_ProvisionForProfitSharingAndBonusCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherSalariesAndSocialContributionsCurrent" id="vsta_OtherSalariesAndSocialContributionsCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AcelAdministracaoDeCursosEducacionaisLtdaMember" id="vsta_AcelAdministracaoDeCursosEducacionaisLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AnhangueraEducacionalParticipacoesSaMember" id="vsta_AnhangueraEducacionalParticipacoesSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CentroEducacionalLeonardoDaVinciSsMember" id="vsta_CentroEducacionalLeonardoDaVinciSsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CognaEducacaoSaMember" id="vsta_CognaEducacaoSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ColegioAmbientalLtdaMember" id="vsta_ColegioAmbientalLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ColegioJaoLtdaMember" id="vsta_ColegioJaoLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ColegioManauaraLatoSensuLtdaMember" id="vsta_ColegioManauaraLatoSensuLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ColegioManauaraCidadeNovaLtdaMember" id="vsta_ColegioManauaraCidadeNovaLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ColegioMotivoLtdaMember" id="vsta_ColegioMotivoLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ColegioVisaoEireliMember" id="vsta_ColegioVisaoEireliMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ColegioCidadeLtdaMember" id="vsta_ColegioCidadeLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ColegioDoSalvadorLtdaMember" id="vsta_ColegioDoSalvadorLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CursoEColegioCoqueiroLtdaMember" id="vsta_CursoEColegioCoqueiroLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EcsaEscolaAChaveDoSaberLtdaMember" id="vsta_EcsaEscolaAChaveDoSaberLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EditoraAticaSaMember" id="vsta_EditoraAticaSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EditoraEDistribuidoraEducacionalSaMember" id="vsta_EditoraEDistribuidoraEducacionalSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EditoraScipioneSaMember" id="vsta_EditoraScipioneSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EducacaoInovacaoETecnologiaSaMember" id="vsta_EducacaoInovacaoETecnologiaSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EduforServicosEducacionaisLtdaMember" id="vsta_EduforServicosEducacionaisLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EscolaMaterChristiLtdaMember" id="vsta_EscolaMaterChristiLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EscolaRiachoDoceLtdaMember" id="vsta_EscolaRiachoDoceLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaxiprintEditoraLtdaMember" id="vsta_MaxiprintEditoraLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NucleoBrasileiroDeEstudosAvancadosLtdaMember" id="vsta_NucleoBrasileiroDeEstudosAvancadosLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PapelariaBrasilianaLtdaMember" id="vsta_PapelariaBrasilianaLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PitagorasSistemaDeEducacaoSuperiorLtdaMember" id="vsta_PitagorasSistemaDeEducacaoSuperiorLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SaberServicosEducacionaisSaMember" id="vsta_SaberServicosEducacionaisSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SaraivaEducacaoSaMember" id="vsta_SaraivaEducacaoSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SgeComercioDeMaterialDidaticoLtdaMember" id="vsta_SgeComercioDeMaterialDidaticoLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SistemaPHDeEnsinoLtdaMember" id="vsta_SistemaPHDeEnsinoLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SociedadeEducacionalAlphavilleLtdaMember" id="vsta_SociedadeEducacionalAlphavilleLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SociedadeEducacionalDozeDeOutubroLtdaMember" id="vsta_SociedadeEducacionalDozeDeOutubroLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SociedadeEducacionalParanaLtdaMember" id="vsta_SociedadeEducacionalParanaLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SociedadeEducacionalNeodnaCuiabaLtdaMember" id="vsta_SociedadeEducacionalNeodnaCuiabaLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SomosIdiomasSaMember" id="vsta_SomosIdiomasSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SomosOperacoesEscolaresSaMember" id="vsta_SomosOperacoesEscolaresSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SseServicosEducacionaisLtdaMember" id="vsta_SseServicosEducacionaisLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PaxEditoraEDistribuidoraLtdaMember" id="vsta_PaxEditoraEDistribuidoraLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SomosEducacaoSaMember" id="vsta_SomosEducacaoSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SaberServicosEducacionaisAsMember" id="vsta_SaberServicosEducacionaisAsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EditoraEDistribuidoraEducacionalAsMember" id="vsta_EditoraEDistribuidoraEducacionalAsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherReceivablesRelatedParties" id="vsta_OtherReceivablesRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="TradeReceivablesRelatedParties" id="vsta_TradeReceivablesRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IndemnificationAssetRelatedParties" id="vsta_IndemnificationAssetRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherPaymentsDueToRelatedParties" id="vsta_OtherPaymentsDueToRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="LoansPayableRelatedParties" id="vsta_LoansPayableRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="TradeSuppliersRelatedParties" id="vsta_TradeSuppliersRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="BondsPayableRelatedParties" id="vsta_BondsPayableRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="SoeOperacoesEscolaresSaMember" id="vsta_SoeOperacoesEscolaresSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SociedadeEducacionalNeodnaCuiabaLtdaEppMember" id="vsta_SociedadeEducacionalNeodnaCuiabaLtdaEppMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RevenuesFromRelatedParties" id="vsta_RevenuesFromRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="FinanceCostsToRelatedParties" id="vsta_FinanceCostsToRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostSharingExpensesToRelatedParties" id="vsta_CostSharingExpensesToRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SubleaseIncomeFromRelatedParties" id="vsta_SubleaseIncomeFromRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions" id="vsta_SettlementOfReverseFactoringSupplierLiabilitiesToRelatedPartyRelatedPartyTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NumberOfLicenseAgreements" id="vsta_NumberOfLicenseAgreements" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="OperatingLeaseTransactionMonthlyRentalPayments" id="vsta_OperatingLeaseTransactionMonthlyRentalPayments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LesseeOperatingLeasesTermOfContract" id="vsta_LesseeOperatingLeasesTermOfContract" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfRateUsedInCommercialLeaseAgreement" id="vsta_DescriptionOfRateUsedInCommercialLeaseAgreement" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" id="vsta_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SaleLeasebackTransactionsMonthlyRentalPayments" id="vsta_SaleLeasebackTransactionsMonthlyRentalPayments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="CommercialSubleaseAgreementMaturityDate" id="vsta_CommercialSubleaseAgreementMaturityDate" type="xbrli:dateItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfRateUsedInCommercialSubleaseAgreement" id="vsta_DescriptionOfRateUsedInCommercialSubleaseAgreement" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" id="vsta_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ContingentLiabilityArisingFromTaxProceedingsMember" id="vsta_ContingentLiabilityArisingFromTaxProceedingsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ContingentLiabilityArisingFromLaborProceedingsMember" id="vsta_ContingentLiabilityArisingFromLaborProceedingsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ContingentLiabilityArisingFromCivilProceedingsMember" id="vsta_ContingentLiabilityArisingFromCivilProceedingsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" id="vsta_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" id="vsta_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" id="vsta_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" id="vsta_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" id="vsta_EffectOnResultsDueToNonCurrentProvisionForTaxCivilAndLaborLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" id="vsta_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfChangesInProvisionsWithProfitLossAbstract" id="vsta_ReconciliationOfChangesInProvisionsWithProfitLossAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChangesInProvisionDueToFinanceInterestExpense" id="vsta_ChangesInProvisionDueToFinanceInterestExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses" id="vsta_ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" id="vsta_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ContingentAssetsArisingFromTaxProceedingsMember" id="vsta_ContingentAssetsArisingFromTaxProceedingsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ContingentAssetsArisingFromLaborProceedingsMember" id="vsta_ContingentAssetsArisingFromLaborProceedingsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ContingentAssetsArisingFromEscrowAccountMember" id="vsta_ContingentAssetsArisingFromEscrowAccountMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxEffectOfAdditionalCorporateIncomeTax" id="vsta_TaxEffectOfAdditionalCorporateIncomeTax" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TaxEffectOfImpairmentWriteOffOnTaxLossCarryforward" id="vsta_TaxEffectOfImpairmentWriteOffOnTaxLossCarryforward" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ProvisionForObsoleteInventoriesMember" id="vsta_ProvisionForObsoleteInventoriesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ImputedInterestOnSuppliersMember" id="vsta_ImputedInterestOnSuppliersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProvisionForRisksOfTaxCivilAndLaborLossesMember" id="vsta_ProvisionForRisksOfTaxCivilAndLaborLossesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RefundLiabilitiesAndRightToReturnedGoodsMember" id="vsta_RefundLiabilitiesAndRightToReturnedGoodsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" id="vsta_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughAdoptionOfNewIfrsStandardDeferredTaxLiabilityAsset" id="vsta_IncreaseDecreaseThroughAdoptionOfNewIfrsStandardDeferredTaxLiabilityAsset" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedPaymentTransactionsToEmployeesAbstract" id="vsta_ShareBasedPaymentTransactionsToEmployeesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncreaseInNumberOfOrdinarySharesIssuedThroughBonusInitialPublicOffering" id="vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughBonusInitialPublicOffering" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncreaseInNumberOfOrdinarySharesIssuedThroughLongTermCompensationPlanExercised" id="vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughLongTermCompensationPlanExercised" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized" id="vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfOwnershipInterestHeldByShareholders" id="vsta_PercentageOfOwnershipInterestHeldByShareholders" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LongTermInvestmentVastaToVastaAndCognaMember" id="vsta_LongTermInvestmentVastaToVastaAndCognaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationPlanBonusInitialPublicOfferingMember" id="vsta_ShareBasedCompensationPlanBonusInitialPublicOfferingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedPlanMigratedCognaToVastaMember" id="vsta_ShareBasedPlanMigratedCognaToVastaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfVotingRightsHeldByShareholders" id="vsta_PercentageOfVotingRightsHeldByShareholders" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumPercentageOfSharesAuthorizedForIssuance" id="vsta_MaximumPercentageOfSharesAuthorizedForIssuance" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity" id="vsta_IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedPaymentArrangementsBonusInitialPublicOfferingLockupPeriod" id="vsta_ShareBasedPaymentArrangementsBonusInitialPublicOfferingLockupPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ExpenseFromBonusInitialPublicOffering" id="vsta_ExpenseFromBonusInitialPublicOffering" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity" id="vsta_IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ExpenseFromLongTermCompensationPlanExercised" id="vsta_ExpenseFromLongTermCompensationPlanExercised" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity" id="vsta_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" id="vsta_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RestrictedShareBasedCompensationPlanMember" id="vsta_RestrictedShareBasedCompensationPlanMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LongTermInvestmentPlanMember" id="vsta_LongTermInvestmentPlanMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PerformanceBasedRestrictedShareUnitsBonusPalnMember" id="vsta_PerformanceBasedRestrictedShareUnitsBonusPalnMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfShareBasedCompensationPlans" id="vsta_NumberOfShareBasedCompensationPlans" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfBonusPlans" id="vsta_NumberOfBonusPlans" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" id="vsta_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PeriodOfContinuedEmploymentUnderServiceConditions" id="vsta_PeriodOfContinuedEmploymentUnderServiceConditions" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfTranchesGrantedUnderShareBasedPlan" id="vsta_NumberOfTranchesGrantedUnderShareBasedPlan" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumNumberOfTranchesAuthorizedForIssuanceOfShares" id="vsta_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="VestingPeriodUnderSharebasedPaymentArrangement" id="vsta_VestingPeriodUnderSharebasedPaymentArrangement" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfExpectedVolatilityOtherEquityInstrumentsGranted" id="vsta_DescriptionOfExpectedVolatilityOtherEquityInstrumentsGranted" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AccruedLaborChargesOnShareBasedPaymentArrangements" id="vsta_AccruedLaborChargesOnShareBasedPaymentArrangements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NumberOfSharesAuthorizedForRepurchaseProgram" id="vsta_NumberOfSharesAuthorizedForRepurchaseProgram" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TextbooksMember" id="vsta_TextbooksMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ComplementaryEducationServicesMember" id="vsta_ComplementaryEducationServicesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherServicesMember" id="vsta_OtherServicesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ECommerceDigitalServicesPlatformMember" id="vsta_ECommerceDigitalServicesPlatformMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherDigitalServicesPlatformMember" id="vsta_OtherDigitalServicesPlatformMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GrossRevenue" id="vsta_GrossRevenue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DeductionsFromGrossRevenueAbstract" id="vsta_DeductionsFromGrossRevenueAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" id="vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SalesReturns" id="vsta_SalesReturns" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="EditorialCosts" id="vsta_EditorialCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CopyrightExpenses" id="vsta_CopyrightExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="UtilitiesCleaningAndSecurityExpenses" id="vsta_UtilitiesCleaningAndSecurityExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RentAndCondominiumFees" id="vsta_RentAndCondominiumFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ThirdPartyServices" id="vsta_ThirdPartyServices" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="MaterialsExpenses" id="vsta_MaterialsExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TaxesAndContributions" id="vsta_TaxesAndContributions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ReversalProvisionForTaxCivilAndLaborRisks" id="vsta_ReversalProvisionForTaxCivilAndLaborRisks" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ProvisionForObsoleteInventories" id="vsta_ProvisionForObsoleteInventories" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" id="vsta_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="MiscellaneousOtherOperatingIncomeExpense" id="vsta_MiscellaneousOtherOperatingIncomeExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations" id="vsta_IncreaseInEmployeeBenefitExpensesDueToBonusInitialPublicOfferingAndBusinessCombinations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FinanceIncomeAbstract" id="vsta_FinanceIncomeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeFromFinancialInvestmentsAndMarketableSecurities" id="vsta_IncomeFromFinancialInvestmentsAndMarketableSecurities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="FinanceCostAbstract" id="vsta_FinanceCostAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ImputedInterestOnSuppliers" id="vsta_ImputedInterestOnSuppliers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InterestOnLoansFromRelatedParties" id="vsta_InterestOnLoansFromRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InterestOnProvisionForTaxCivilAndLaborLosses" id="vsta_InterestOnProvisionForTaxCivilAndLaborLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="EducbankGestaoDePagamentosEducacionaisSAMember" id="vsta_EducbankGestaoDePagamentosEducacionaisSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ConcentrationRiskBenchmarkAxis" id="vsta_ConcentrationRiskBenchmarkAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ConcentrationRiskByBenchmarkDomain" id="vsta_ConcentrationRiskByBenchmarkDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RevenueBenchmarkMember" id="vsta_RevenueBenchmarkMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AggregateCustomersOfEntityMember" id="vsta_AggregateCustomersOfEntityMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CustomerConcentrationsRiskMember" id="vsta_CustomerConcentrationsRiskMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfCustomers" id="vsta_NumberOfCustomers" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfNonCashTransactionsByTypeTable" id="vsta_DisclosureOfNonCashTransactionsByTypeTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfNonCashTransactionsLineItems" id="vsta_DisclosureOfNonCashTransactionsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" id="vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ConsiderationToBeTransferredAcquisitionDateFairValue" id="vsta_ConsiderationToBeTransferredAcquisitionDateFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FinanceCostFromInterestAcquisition" id="vsta_FinanceCostFromInterestAcquisition" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FinanceIncomeFromContingencies" id="vsta_FinanceIncomeFromContingencies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="TaxEffectOfShareOfProfitLossOfEquityMethodInvestments" id="vsta_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfFinanceIncomeCostTable" id="vsta_DisclosureOfFinanceIncomeCostTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EscolaStartLtdaMember" id="vsta_EscolaStartLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsIssue1Member" id="vsta_BorrowingsIssue1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome" id="vsta_ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NiceParticipacoesLtdaMember" id="vsta_NiceParticipacoesLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsIssue2Member" id="vsta_BorrowingsIssue2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsIssue3Member" id="vsta_BorrowingsIssue3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfPeriodOfBorrowingPayments" id="vsta_DescriptionOfPeriodOfBorrowingPayments" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfCompositionOfInterestAndPrincipalPaymentsOfBondsAndFinancingTableTextBlock" id="vsta_ScheduleOfCompositionOfInterestAndPrincipalPaymentsOfBondsAndFinancingTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsIssue7Member" id="vsta_BorrowingsIssue7Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsIssue4Member" id="vsta_BorrowingsIssue4Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsIssue8Member" id="vsta_BorrowingsIssue8Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsIssue9Member" id="vsta_BorrowingsIssue9Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" id="vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MvpConsultoriaESistemasLtdaMember" id="vsta_MvpConsultoriaESistemasLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PeriodForMinimumAmountOfContractRevenueToBeAchieved" id="vsta_PeriodForMinimumAmountOfContractRevenueToBeAchieved" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfInstallmentsForContingentConsiderationPayment" id="vsta_NumberOfInstallmentsForContingentConsiderationPayment" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="BorrowingsIssue5Member" id="vsta_BorrowingsIssue5Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsIssue6Member" id="vsta_BorrowingsIssue6Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsIssue11Member" id="vsta_BorrowingsIssue11Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherReceivablesMember" id="vsta_OtherReceivablesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherReceivablesFromRelatedPartiesMember" id="vsta_OtherReceivablesFromRelatedPartiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherInvestmentsAndInterestsInEntitiesMember" id="vsta_OtherInvestmentsAndInterestsInEntitiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BondsAndFinancingMember" id="vsta_BondsAndFinancingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TradePayablesToReverseFactoringSuppliersMember" id="vsta_TradePayablesToReverseFactoringSuppliersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TradePayablesToSuppliersMember" id="vsta_TradePayablesToSuppliersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AccountsPayableForBusinessCombinationMember" id="vsta_AccountsPayableForBusinessCombinationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherLiabilitiesToRelatedPartiesMember" id="vsta_OtherLiabilitiesToRelatedPartiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForDecreaseIncreaseInOtherReceivablesFromRelatedParties" id="vsta_AdjustmentsForDecreaseIncreaseInOtherReceivablesFromRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ProceedsFromIssueOfSecuritiesWithRelatedPartiesClassifiedAsFinancingActivities" id="vsta_ProceedsFromIssueOfSecuritiesWithRelatedPartiesClassifiedAsFinancingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FlexFlixLimitedMember" id="vsta_FlexFlixLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfInstallmentsForConsiderationPayment" id="vsta_NumberOfInstallmentsForConsiderationPayment" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="FinanceIncomeFromIndemnificationAssetsAndContingencies" id="vsta_FinanceIncomeFromIndemnificationAssetsAndContingencies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="InterestExpenseOnAccountPayablesForBusinessCombinations" id="vsta_InterestExpenseOnAccountPayablesForBusinessCombinations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses" id="vsta_FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ThirdPartyLawsuitsMember" id="vsta_ThirdPartyLawsuitsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering" id="vsta_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="CashPaymentForAccountsPayableForBusinessCombination" id="vsta_CashPaymentForAccountsPayableForBusinessCombination" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="SomosGroupMember" id="vsta_SomosGroupMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" id="vsta_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" id="vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ContractOfExclusivityForProcessingPayrollMember" id="vsta_ContractOfExclusivityForProcessingPayrollMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RevenueTargetsDomain" id="vsta_RevenueTargetsDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RevenueTarget1Member" id="vsta_RevenueTarget1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RevenueTarget2Member" id="vsta_RevenueTarget2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RevenueTarget4Member" id="vsta_RevenueTarget4Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RevenueTarget5Member" id="vsta_RevenueTarget5Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RevenueTarget3Member" id="vsta_RevenueTarget3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnobservableInputs1Member" id="vsta_UnobservableInputs1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnobservableInputs2Member" id="vsta_UnobservableInputs2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExpectedWeightedAverageAnnualRevenueGrowthRate" id="vsta_ExpectedWeightedAverageAnnualRevenueGrowthRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NetRevenueTargetForNextFiscalYear" id="vsta_NetRevenueTargetForNextFiscalYear" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfNetRevenueTargetForNextFiscalYear" id="vsta_PercentageOfNetRevenueTargetForNextFiscalYear" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ExpectedNumberOfNewStudentsToBeHiredEffectively" id="vsta_ExpectedNumberOfNewStudentsToBeHiredEffectively" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NumberOfSharesIssuedIncludingSharesHeldInTreasury" id="vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit" id="vsta_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EstimatedPeriodForTaxBenefitIsExpectedToBeRealizedFromFourthFiscalYear" id="vsta_EstimatedPeriodForTaxBenefitIsExpectedToBeRealizedFromFourthFiscalYear" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>27
<FILENAME>ex21_1.htm
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt 0pt 10pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 2.1</font></p>
<p style="margin: 10pt 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">DESCRIPTION OF SECURITIES</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">22</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vasta Platform Limited (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font>&nbsp;<font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">we,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font>&nbsp;<font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">us,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">our</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) had the following series of securities registered pursuant to Section 12(b) of the Exchange Act:</font></p>
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<p style="margin: 0pt 9.35pt; text-indent: -9.35pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Class A common shares, par value US$0.00005 per share</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
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<p style="margin: 0pt 9.35pt; text-align: center; text-indent: -9.35pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">VSTA</font></p>
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<p style="margin: 0pt 9.35pt; text-align: center; text-indent: -9.35pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Nasdaq Global Select Market</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta Platform Limited was incorporated on October 16, 2019, as a Cayman Islands exempted company with limited liability duly registered with the Cayman Islands Registrar of Companies. Our corporate purposes are unrestricted, and we have the authority to carry out any object not prohibited by any law as provided by Section 7(4) of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">As Revised</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) of the Cayman Islands, or the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our affairs are governed principally by: (1)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;Memorandum and&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Articles of Association; (2)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">; and (3)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the common law of the Cayman Islands. As provided in our Memorandum and Articles of Association, subject to Cayman Islands law, we have full capacity to carry on or undertake any business or activity, do any </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or enter into any transaction, and, for such purposes, full rights, powers and privileges. Our registered office is c/o Maples Corporate Services Limited, P.O.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Box</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">309, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ugland</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> House, Grand Cayman, KY1</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1104, Cayman Islands.</font></p>
<p style="margin: 10pt 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CLASS A COMMON SHARES</font></p>
<p style="margin: 0pt 0pt 10pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 9. General</font></p>
<p style="margin: 0pt 0pt 10pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">9.A.3 Preemptive R</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ights</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">See </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8212;Item 10.B Memorandum and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rticles of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ssociation&#8212;Preemptive or Similar Rights</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> below.</font></p>
<p style="margin: 0pt 0pt 10pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">9.A.5 Type and C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">lass </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">of S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ecurities</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2022</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s total authorized share capital was US$50,000, divided into 1,000,000,000 shares with par value of US$0.00005 each, of which:</font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">500,000,000 shares are designated as Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shares;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">250,000,000 shares are designated as Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares.</font></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The remaining authorized but unissued shares are presently undesignated and may be issued by our board of directors as common shares of any class or as shares with preferred, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">deferred</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or other special rights or restrictions.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Memorandum and Articles of Association authorize two classes of common shares: Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares, which are entitled to one vote per share, and Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares, which are entitled to 10 votes per share and to maintain a proportional ownership interest in the event that additional Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares are issued. Any holder of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares may convert his or her shares at any time into Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares on a share</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">for</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">share basis. The rights of the two classes of common shares are otherwise identical, except as described below. The implementation of this dual class structure was required by Cogna Educa&#231;&#227;o S.A. (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cogna</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), our principal shareholder, as a condition of undertaking an initial public offering of our common shares. See </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8212;Anti</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Takeover Provisions in our Articles of Association&#8212;Two Classes of Shares.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font></p>
<p style="margin: 0pt 0pt 10pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 9.A.6. Limitations or Q</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ualifications</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Not applicable.</font></p>
<p style="margin: 0pt 0pt 10pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 9.A.7. Other R</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ights</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Not applicable.</font></p>
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<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt 0pt 10pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 10.B Memorandum and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Articles </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Association</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following information describes our Class A common shares and provisions set forth by our Memorandum and Articles of Association, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and the common law of the Cayman Islands. This description is only a summary. You should read and refer to our Memorandum and Articles of Association included as Exhibit 1.1 hereto.</font></p>
<p style="margin: 0pt 0pt 10pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Description of Our Memorandum and Articles of Association</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">History of Share Capital</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On July 23, 2020, the registration statement on Form F-1 (File No 333-239686) relating to our initial public offering of our common shares was declared effective by the SEC. On July 23, 2020, we commenced our initial public offering. On August 4, 2020, we closed our initial public offering, pursuant to which we issued and sold </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">18,575,492</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Class A common shares for an aggregate price of US$353.0 million.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2022, Vasta had </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1,000,000</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shares in treasury.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">General</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our shareholders adopted the Memorandum and Articles of Association included as Exhibit 3.1 to the Amendment No. 1 to our registration statement on Form F-1 (File no. 333- 239686), filed with the SEC on July 23, 2020. </font><font style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt;">The following summary is subject to and qualified in its entirety by </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta Platform Limited</font><font style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt;">s memorandum and articles of association. This is not a summary of all the significant provisions of our Memorandum and Articles of Association, of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt;"> or of the common law of the Cayman Islands and does not purport to be complete. Capitalized terms used but not defined herein have the meanings given to them in our annual report on Form 20-F for the fiscal </font><font style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt;">year ended December 31, 2022</font><font style="background-color: #ffffff; font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Corporate Purposes</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our corporate purposes are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unrestricted</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and we have the authority to carry out any object not prohibited by any law as provided by Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">7(4) of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">As Revised</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) of the Cayman Islands, or the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">generally.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Issuance of Shares</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Except as expressly provided in Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s Articles of Association, Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s board of directors has general and unconditional authority to allot, grant options over, offer or otherwise deal with or dispose of any unissued shares in the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s capital without the approval of our shareholders (whether forming part of the original or any increased share capital), either at a premium or at par, with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise and to such persons, on such terms and conditions, and at such times as the directors may decide, but so that no share shall be issued at a discount, except in accordance with the provisions of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. In accordance with its Articles of Association, Vasta shall not issue bearer shares.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s Articles of Association provide that at any time that there are Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares in issue, additional Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares may only be issued pursuant to (1)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a share split, subdivision of shares or similar transaction or where a dividend or other distribution is paid by the issue of shares or rights to acquire shares or following capitalization of profits, (2)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a merger, consolidation, or other business combination involving the issuance of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares as full or partial consideration, or (3)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an issuance of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares, whereby holders of the Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares are entitled to purchase a number of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares that would allow them to maintain their proportional ownership interests in Vasta (following an offer by Vasta to each holder of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares to issue to such holder, upon the same economic terms and at the same price, such number of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares as would ensure such holder may maintain a proportional ownership interest in Vasta pursuant to Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s Articles of Association). In light of: (a)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the above provisions; (b)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the fact that future transfers by holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares will generally result in those shares converting to Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares, subject to limited exceptions as provided in the Articles of Association; and (c)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the ten</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">one voting ratio between our Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares and Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares, means that holders of our Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares will in many situations continue to maintain control of all matters requiring shareholder approval. This concentration of ownership and voting power will limit or preclude your ability to influence corporate matters for the foreseeable future. For more information see </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8212;Preemptive or Similar Rights.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s Articles of Association also provide that the issuance of non</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">voting common shares requires the affirmative vote of a majority of the of then</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">outstanding Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares.</font></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Voting Rights</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The holders of the Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares and Class B common shares have identical rights, except that (1) the holder of Class B common shares is entitled to 10 votes per share, whereas holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares are entitled to one vote per share, (2)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Class B common shares have certain conversion rights and (3) the holder of Class B common shares is entitled to maintain a proportional ownership interest in the event that additional Class A common shares are issued. For more information see </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8212;Preemptive or Similar Rights</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8212;Conversion.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;The holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares and Class B common shares vote together as a single class on all matters (including the election of directors) submitted to a vote of shareholders, except as provided below and as otherwise required by law.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s Articles of Association provide as follows regarding the respective rights of holders of Class A common shares and Class B common shares:</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(1)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Class consents from the holders of Class A common shares or Class B common shares, as applicable, shall be required for any variation to the rights attached to their respective class of shares, however, the Directors may treat any two or more classes of shares as forming one class if they consider that all such classes would be affected in the same way by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">proposal;</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(2)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the rights conferred on holders of Class A common shares shall not be deemed to be varied by the creation or issue of further Class B common shares and vice versa; and</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(3)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the rights attaching to the Class A common shares and the Class B common shares shall not be deemed to be varied by the creation or issue of shares with preferred or other rights, including, without limitation, shares with enhanced or weighted voting rights.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As set forth in the Articles of Association, the holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares and Class B common shares, respectively, do not have the right to vote separately if the number of authorized shares of such class is increased or decreased. Rather, the number of authorized Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares and Class B common shares may be increased or decreased (but not below the number of shares of such class then outstanding) by the affirmative vote of the holders of a majority of the voting power of the issued and outstanding Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares and Class B common shares, voting together in a general meeting.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Preemptive or Similar Rights</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Class A common shares and Class B common shares are not entitled to preemptive rights upon transfer and are not subject to conversion (except as described below under </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8212;Conversion</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), redemption or sinking fund provisions.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Class B common shares are entitled to maintain a proportional ownership interest in the event that additional Class A common shares are issued. As such, except for certain exceptions, if Vasta issues Class A common shares, it must first make an offer to each holder of Class B common shares to issue to such holder on the same economic terms such number of Class B common shares as would ensure such holder may maintain a proportional ownership interest in Vasta. This right to maintain a proportional ownership interest may be waived by a majority of the holders of Class B common shares.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Conversion</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The outstanding Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares are convertible at any time as follows: (1)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">at the option of the holder, a Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common share may be converted at any time into one Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common share or (2)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">upon the election of the holders of a majority of the then outstanding Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares, all outstanding Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares may be converted into a like number of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares. In addition, each Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common share will convert automatically into one Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common share upon any transfer, whether or not for value, except for certain transfers described in the Articles of Association, including transfers to affiliates, transfers to and between Cogna, transfers to subsidiaries of Cogna, transfers to trusts solely for the benefit of Cogna or its affiliates, and partnerships, corporations and other entities exclusively owned by Cogna or its affiliates and certain transfers to organizations that are exempt from taxation under Section</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">501(c)(3) of the Internal Revenue Code of 1986, as amended. Furthermore, each Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common share will convert automatically into one Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common share and no Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares will be issued thereafter if, at any time, the total number of the issued and outstanding Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares is less than 10% of the total number of shares outstanding.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">No class of Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s common shares may be subdivided or combined unless the other class of common shares is concurrently subdivided or combined in the same proportion and in the same manner.</font></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Equal Status</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Except as expressly provided in Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s Articles of Association, Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares and Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares have the same rights and privileges and rank equally, share proportionally and are identical in all respects as to all matters. In the event of any merger, consolidation, scheme, arrangement or other business combination requiring the approval of our shareholders entitled to vote thereon (whether or not Vasta is the surviving entity), the holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares, and the holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares shall have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares. In the event of any (1)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tender or exchange offer to acquire any Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares or Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares by any third</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">party pursuant to an agreement to which Vasta is a party, or (2)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">any tender or exchange offer by Vasta to acquire any Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares or Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares, the holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares, and the holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares shall have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Record Dates</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For the purpose of determining shareholders entitled to notice of, or to vote at any general meeting of shareholders or any adjournment thereof, or shareholders entitled to receive dividend or other distribution payments, or in order to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">make a determination</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of shareholders for any other purpose, Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s board of directors may set a record date which shall not exceed forty (40)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">clear days prior to the date where the determination will be made.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">General Meetings of Shareholders</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As a condition of admission to a shareholders</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> meeting, a shareholder must be duly registered as a shareholder of Vasta at the applicable record date for that meeting and, in order to vote, all calls or installments then payable by such shareholder to Vasta in respect of the shares that such shareholder holds must have been paid.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Subject to any special rights or restrictions as to voting then attached to any shares, at any general meeting every shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative not being himself or herself a shareholder entitled to vote) shall have one vote per Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common share and 10 votes per Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common share.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As a Cayman Islands exempted company, Vasta is not obliged by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to call annual general meetings; however, the Articles of Association provide that in each year the company will hold an annual general meeting of shareholders, at a time deter</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mined by the board of directors</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. For the annual general meeting of shareholders, the agenda will include, among other things, the presentation of the annual accounts and the report of the directors. In addition, the agenda for an annual general meeting of shareholders will only include such items as have been included therein by the board of directors.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Also, Vasta may, but is not required to (unless required by the laws of the Cayman Islands), hold other extraordinary general meetings during the year. General meetings of shareholders are generally expected to take place in S&#227;o Paulo, Brazil, but may be held elsewhere if the directors so decide.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> provides shareholders a limited right to request a general meeting and does not provide shareholders with any right to put any proposal before a general meeting in default of a company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s Articles of Association. However, these rights may be provided in a company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s Articles of Association. Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s Articles of Association provide that upon the requisition of one or more shareholders representing not less than one</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">third of the voting rights entitled to vote at general meetings, the board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. The Articles of Association provide no other right to put any proposals before annual general meetings or extraordinary general meetings.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Subject to regulatory requirements, the annual general meeting and any extraordinary general meetings must be called by not less than ten (10)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">clear days</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> notice prior to the relevant shareholders meeting and convened by a notice, as discussed below. Alternatively, upon the prior consent of all holders entitled to receive notice, with regards to the annual general meeting, and the holders of 95% in par value of the shares entitled to attend and vote at an extraordinary general meeting, that meeting may be convened by a shorter notice and in a manner deemed appropriate by those holders.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta will give notice of each general meeting of shareholders by publication on its website and in any other manner that it may be required to follow in order to comply with Cayman Islands law, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Nasdaq</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and SEC requirements. The holders of registered shares may be given notice of a shareholders</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> meeting by means of letters sent to the addresses of those shareholders as registered in our shareholders</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> register, or, subject to certain statutory requirements, by electronic means.</font></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Holders whose shares are registered in the name of DTC or its nominee, which we expect will be the case for all holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">A common shares, will not be a shareholder or member of the company and must rely on the procedures of DTC regarding notice of shareholders</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;"> meetings and the exercise of rights of a holder of the Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">A common shares.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A quorum for a general meeting consists of any one or more persons holding or representing by proxy not less than one</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">third of the aggregate voting power of all shares in issue and entitled to vote upon the business to be transacted.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A resolution put to a vote at a general meeting shall be decided on a poll. An ordinary resolution to be passed by the shareholders at a general meeting requires the affirmative vote of a simple majority of the votes cast by, or on behalf of, the shareholders entitled to vote, present in person or by proxy and voting at the meeting. A special resolution requires the affirmative vote on a poll of no less than two</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">thirds of the votes cast by the shareholders entitled to vote who are present in person or by proxy at a general meeting. Both ordinary resolutions and special resolutions may also be passed by a unanimous written resolution signed by all of our shareholders, as permitted by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and our Articles of Association.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s Articles of Association, general meetings of shareholders are to be chaired by the chairman of our board of directors or in his absence the vice</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">chairman of the board of directors. If both the chairman and vice</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">chairman of our board of directors are absent, the directors present at the meeting shall appoint one of them to be chairman of the general meeting. If neither the chairman nor another director is present at the general meeting within 15 minutes after the time appointed for holding the meeting, the shareholders present in person or by proxy and entitled to vote may elect any one of the shareholders to be chairman. The order of business at each meeting shall be determined by the chairman of the meeting, and he or she shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation, the establishment of procedures for the maintenance of order and safety, limitations on the time allotted to questions or comments on our affairs, restrictions on entry to such meeting after the time prescribed for the commencement thereof, and the opening and closing of the polls.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Liquidation Rights</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If Vasta is voluntarily wound up, the liquidator, after taking into account and giving effect to the rights of preferred and secured creditors and to any agreement between Vasta and any creditors that the claims of such creditors shall be subordinated or otherwise deferred to the claims of any other creditors and to any contractual rights of set-off or netting of claims between Vasta and any person or persons (including without limitation any bilateral or any multi-lateral set-off or netting arrangements between the company and any person or persons) and subject to any agreement between Vasta and any person or persons to waive or limit the same, shall apply Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s property in satisfaction of its liabilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">pari</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> passu</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and subject thereto shall distribute the property amongst the shareholders according to their rights and interests in Vasta.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Changes to Capital</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the Articles of Association, Vasta may from time to time by ordinary resolution:</font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">increase its share capital by such sum, to be divided into shares of such amount, as the resolution shall </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">prescribe;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">consolidate and divide all or any of its share capital into shares of a larger amount than its existing </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shares;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">convert all or any of its paid-up shares into stock and reconvert that stock into paid up shares of any </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">denomination;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">subdivide its existing shares or any of them into shares of a smaller amount, provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived; or</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.</font></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s shareholders may by special resolution, subject to confirmation by the Grand Court of the Cayman Islands on an application by us for an order confirming such reduction, reduce its share capital or any capital redemption reserve in any manner permitted by law.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In addition, subject to the provisions of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and our Articles of Association, Vasta may:</font></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">issue shares on terms that they are to be redeemed or are liable to be </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">redeemed;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">purchase its own shares (including any redeemable shares); and</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">make a payment in respect of the redemption or purchase of its own shares in any manner authorized by the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, including out of its own capital.</font></li>
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<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Transfer of Shares</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Subject to any applicable restrictions set forth in the Articles of Association, any shareholder of Vasta may transfer all or any of his or her common shares by an instrument of transfer in the usual or common form or in the form prescribed by the Nasdaq or any other form approved by our board of directors.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares are traded on the Nasdaq in book-entry form and may be transferred in accordance with Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s Articles of Association and the Nasdaq</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s rules and regulations.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">However, Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s board of directors may, in its absolute discretion, decline to register any transfer of any common share which is either not fully paid up to a person of whom it does not approve or is issued under any share incentive scheme for employees which contains a transfer restriction that is still applicable to such common share. The board of directors may also decline to register any transfer of any common share unless:</font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a fee of such maximum sum as the Nasdaq may determine to be payable or such lesser sum as the board of directors may from time to time require is paid to Vasta in respect </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">thereof;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the instrument of transfer is lodged with Vasta, accompanied by the certificate (if any) for the common shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">transfer;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the instrument of transfer is in respect of only one class of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shares;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the instrument of transfer is properly stamped, if </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">required;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the common shares transferred are free of any lien in favor of Vasta; and</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the case of a transfer to joint holders, the transfer is not to more than four joint holders.</font></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If the directors refuse to register a transfer they are required, within two months after the date on which the instrument of transfer was lodged, to send to the transferee notice of such refusal.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Share Repurchase</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and the Articles of Association permit Vasta to purchase its own shares, subject to certain restrictions. The board of directors may only exercise this power on behalf of Vasta, subject to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the Articles of Association and to any applicable requirements imposed from time to time by the SEC, the Nasdaq, or by any recognized stock exchange on which our securities are listed.</font></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Dividend Rights</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">We have not adopted a dividend policy with respect to payments of any future dividends by Vasta. Subject to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s shareholders may, by resolution passed by a simple majority of the voting rights entitled to vote at a general meeting, declare dividends (including interim dividends) to be paid to shareholders but no dividend shall be declared in excess of the amount recommended by the board of directors. The board of directors may also declare dividends. Dividends may be declared and paid out of funds lawfully available to Vasta. Except as otherwise provided by the rights attached to shares and the Articles of Association of Vasta, all dividends shall be paid in proportion to the number of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares or Class B common shares a shareholder holds at the date the dividend is declared (or such other date as may </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">be set as a record date); but, (1) if any share is issued on terms providing that it shall rank for dividend as from a particular date, that share shall rank for dividend accordingly, and (2) where we have shares in issue which are not fully paid up (as to par value) we may pay dividends in proportion to the amounts paid up on each share.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares and Class B common shares shall be entitled to share equally in any dividends that may be declared in respect of Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s common shares from time to time. In the event that a dividend is paid in the form of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares or Class B common shares, or rights to acquire Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares or Class B common shares, (1)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the holders of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares shall receive Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares, or rights to acquire Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares, as the case may be; and (2)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the holders of Class B common shares shall receive Class B common shares, or rights to acquire Class B common shares, as the case may be.</font></p>
<p style="margin: 0pt 0pt 10pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Appointment, Disqualification and Removal of Directors</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta is managed by its board of directors. The Articles of Association provide that, unless otherwise determined by a special resolution of shareholders, the board of directors will be composed of four (4) to eleven (11) directors, with the number being determined by a majority of the directors then in office. There are no provisions relating to retirement of directors upon reaching any age limit. The Articles of Association also provide that, while Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s shares are admitted to trading on the Nasdaq, the board of directors must always comply with the residency and citizenship requirements of the U.S. securities laws applicable to foreign private issuers.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Articles of Association provide that directors shall be elected by an ordinary resolution of our shareholders, which requires the affirmative vote of a simple majority of the votes cast on the resolution by the shareholders entitled to vote who are present, in person or by proxy, at the meeting. Each director shall be appointed and elected for such term as the resolution appointing him or her may determine or until his or her death, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">resignation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or removal.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Any vacancies on the board of directors that arise other than upon the removal of a director by resolution passed at a general meeting can be filled by the remaining directors (notwithstanding that they may constitute less than a quorum). Any such appointment shall be as an interim director to fill such vacancy until the next annual general meeting of shareholders.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Additions to the existing board (within the limits set pursuant to the Articles of Association) may be made by ordinary resolution of the shareholders.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Grounds for Removing a Director</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A director may be removed with or without cause by ordinary resolution. The notice of general meeting must contain a statement of the intention to remove the director and must be served on the director not less than ten calendar days before the meeting. The director is entitled to attend the meeting and be heard on the motion for his removal.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The office of a director will be vacated automatically if he or she (1)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">becomes prohibited by law from being a director, (2)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">becomes bankrupt or makes an arrangement or composition with his creditors, (3)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">dies or is, in the opinion of all his co-directors, incapable by reason of mental disorder of discharging his duties as director, (4)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">resigns his office by notice to us or (5)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">has for more than six months been absent without permission of the directors from meetings of the board of directors held during that period, and the remaining directors resolve that his or her office be vacated.</font></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Proceedings of the Board of Directors</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Articles of Association provide that Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s business is to be managed and conducted by the board of directors. The quorum necessary for the board meeting shall be a simple majority of the directors then in office (subject to there being a minimum of two directors present) and business at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the chairman shall have a casting vote.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Subject to the provisions of the Articles of Association, the board of directors may regulate its proceedings as they determine is appropriate. Board meetings shall be held at least once every calendar quarter and shall take place either in S&#227;o Paulo, Brazil or at such other place as the directors may determine.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Subject to the provisions of the Articles of Association, to any directions given by ordinary resolution of the shareholders and the listing rules of the Nasdaq, the board of directors may from time to time at its discretion exercise all powers of Vasta, including, subject to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the power to issue debentures, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">bonds</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and other securities of the company, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Inspection of Books and Records</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Holders of Vasta shares will have no general right under Cayman Islands law to inspect or obtain copies of the list of our shareholders or our corporate records. However, the board of directors may determine from time to time whether and to what extent Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s accounting records and books shall be open to inspection by shareholders who are not members of the board of directors. Notwithstanding the above, the Articles of Association provide shareholders with the right to receive annual financial statements. Such right to receive annual financial statements may be satisfied by publishing the same on the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s website or filing such annual reports as we are required to file with the SEC.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Register of Shareholders</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares are held through DTC, and DTC or Cede</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&amp; Co., as nominee for DTC, will be recorded in the shareholders</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> register as the holder of our Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Under Cayman Islands law, Vasta must keep a register of shareholders that includes:</font></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the names and addresses of the shareholders, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">member;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">whether voting rights attach to the shares in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">issue;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the date on which the name of any person was entered on the register as a member; and</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the date on which any person ceased to be a member.</font></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Under Cayman Islands law, the register of shareholders of Vasta is prima facie evidence of the matters set out therein (</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">i.e.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the register of shareholders will raise a presumption of fact on the matters referred to above unless rebutted) and a shareholder registered in the register of shareholders is deemed as a matter of Cayman Islands law to have </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">prima facie</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> legal title to the shares as set against his or her name in the register of shareholders. Once the register of shareholders has been updated, the shareholders recorded in the register of shareholders should be deemed to have legal title to the shares set against their name.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application for an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Exempted Company</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta is an exempted company with limited liability under the Companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:</font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an exempted company does not have to file an annual return of its shareholders with the Registrar of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an exempted company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s register of shareholders is not open to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">inspection;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an exempted company does not have to hold an annual general </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">meeting;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an exempted company may issue shares with no par </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">value;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">);</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Islands;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an exempted company may register as a limited duration company; and</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt 0pt; padding-left: 8.4pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an exempted company may register as a segregated portfolio company.</font></li>
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<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Limited liability</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta is subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Except as otherwise disclosed in this annual report, Vasta currently intends to comply with the Nasdaq rules in lieu of following home country practice.</font></p>
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<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Anti</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Takeover Provisions in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Our </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Articles of Association</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Some provisions of the Articles of Association may discourage, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">delay</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or prevent a change in control of Vasta or management that shareholders may consider favorable. In particular, the capital structure of Vasta concentrates ownership of voting rights in the hands of Cogna. These provisions, which are summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of Vasta to first negotiate with the board of directors. However, these provisions could also have the effect of discouraging others from attempting hostile takeovers and, consequently, they may also inhibit temporary fluctuations in the market price of the Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in the management of Vasta. It is possible that these provisions could make it more difficult to accomplish transactions that shareholders may otherwise deem to be in their best interests.</font></p>
<p style="margin: 0pt 0pt 10pt 18pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Two Classes of Common Shares</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares of Vasta are entitled to 10</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">votes per share, while the Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares are entitled to one vote per share. Since it owns of all of the Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B common shares of Vasta, Cogna currently has the ability to elect all directors and to determine the outcome of most matters submitted for a vote of shareholders. This concentrated voting control could discourage others from initiating any potential merger, takeover, or other change of control transaction that other shareholders may view as beneficial.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">So long as Cogna has the ability to determine the outcome of most matters submitted to a vote of shareholders as well as the overall management and direction of Vasta, third parties may be deterred in their willingness to make an unsolicited merger, takeover, or other change of control proposal, or to engage in a proxy contest for the election of directors. As a result, the fact that Vasta has two classes of common shares may have the effect of depriving you as a holder of Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares of an opportunity to sell your Class</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A common shares at a premium over prevailing market prices and make it more difficult to replace the directors and management of Vasta.</font></p>
<p style="margin: 0pt 0pt 10pt 18pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Preferred Shares</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s board of directors is given wide powers to issue one or more classes or series of shares with preferred rights. Such preferences may include, for example, dividend rights, conversion rights, redemption privileges, enhanced voting powers and liquidation preferences.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Despite the anti-takeover provisions described above, under Cayman Islands law, Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s board of directors may only exercise the rights and powers granted to them under the Articles of Association, for what they believe in good faith to be in the best interests of Vasta.</font></p>
<p style="margin: 0pt 0pt 10pt 9.35pt; page-break-after: avoid;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Protection of Non</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">&#8209;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Controlling Shareholders</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Grand Court of the Cayman Islands may, on the application of shareholders holding not less than one fifth of the shares of Vasta in issue, appoint an inspector to examine our affairs and report thereon in a manner as the Grand Court shall direct.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Subject to the provisions of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Companies Act</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, any shareholder may petition the Grand Court of the Cayman Islands which may make a winding up order, if the court is of the opinion that this winding up is just and equitable.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Notwithstanding the U.S. securities laws and regulations that are applicable to Vasta, general corporate claims against Vasta by its shareholders must, as a general rule, be based on the general laws of contract or tort applicable in the Cayman Islands or their individual rights as shareholders as established by Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s Articles of Association.</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Cayman Islands courts ordinarily would be expected to follow English case law precedents, which permit a minority shareholder to commence a representative action against Vasta, or derivative actions in Vasta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s name, to challenge (1)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an act which is ultra vires or illegal, (2)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an act which constitutes a fraud against the minority and the wrongdoers themselves control Vasta, and (3)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an irregularity in the passing of a resolution that requires a qualified (or special) majority.</font></p>
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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>28
<FILENAME>ex121_2.htm
<DESCRIPTION>EXHIBIT 12.1
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<p style="margin: 0pt 0pt 10pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 12.1</font></p>
<p style="margin: 10pt 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">I,</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">M&#225;rio Ghio Junior</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, certify that:</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">1.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">I have reviewed this annual report on Form 20-F of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">V</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">asta</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">Platform </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Limited;</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">report;</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">3.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">report;</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">4.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">The company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">prepared</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">b.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purpose</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in accordance with generally accepted accounting </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">principles;</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Evaluated the effectiveness of the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">; and</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">d.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Disclosed in this report any change in the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably liked to materially affect, the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s internal control over financial reporting.</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">5.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">The company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s auditors and the audit committee of the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s ability to record, process, summarize and report financial information; and</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">b.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Any fraud, whether or not material, that involves management or other employees who have a significant role in the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s internal control over financial reporting.</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Date: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">April 25, 2023</font></font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">By:</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">/s/ </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">M&#225;rio Ghio Junior</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Name:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">M&#225;rio Ghio Junior</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Title:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Chief Executive Officer</font></p>
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<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>29
<FILENAME>ex122_3.htm
<DESCRIPTION>EXHIBIT 12.2
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<p style="margin: 0pt 0pt 10pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 12.2</font></p>
<p style="margin: 10pt 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">I, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cesar Augusto Silva</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">certify</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">that</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">1.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">I have reviewed this annual report on Form 20-F of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">V</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">asta Platform</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">Limited;</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">report;</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">3.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">report;</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">4.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">The company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">prepared;</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">b.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">principles;</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Evaluated the effectiveness of the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">d.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Disclosed in this report any change in the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably liked to materially affect, the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s internal control over financial reporting.</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">5.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">The company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s auditors and the audit committee of the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s ability to record, process, summarize and report financial information; and</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">b.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">Any fraud, whether or not material, that involves management or other employees who have a significant role in the company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s internal control over financial reporting.</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Date: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">April 25, 2023</font></font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">/s/ </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cesar Augusto Silva</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Name:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cesar Augusto Silva</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Title:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Chief </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Officer</font></p>
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<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>30
<FILENAME>ex131_4.htm
<DESCRIPTION>EXHIBIT 13.1
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<p style="margin: 0pt 0pt 10pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 13.1</font></p>
<p style="margin: 10pt 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The certification set forth below is being submitted in connection with the Annual Report on Form 20-F of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta Platform</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Limited (the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) for the fiscal </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year ended</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> December 31, 2022</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">(the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Report</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), I, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">M&#225;rio Ghio Junior</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">1.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Date: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">April 25, 2023</font></font></p>
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<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">By:</font></p>
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<td style="padding-right: 5.75pt; vertical-align: top; height: 17px; width: 37%;border-bottom-width:1pt; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">/s/ </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">M&#225;rio Ghio Junior</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Name:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">M&#225;rio Ghio Junior</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="padding-right: 5.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Title:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Chief Executive Officer</font></p>
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<p style="margin: 0pt 0pt 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>31
<FILENAME>ex132_5.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 0pt 0pt 10pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 13.2</font></p>
<p style="margin: 10pt 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO</font><br><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The certification set forth below is being submitted in connection with the Annual Report on Form 20-F of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vasta Platform</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Limited (the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) for the fiscal </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year ended December 31, 2022</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">(the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Report</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), I, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cesar Augusto Silva</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">1.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>
<p style="margin: 0pt 0pt 10pt 45pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; margin-left: 25px;">the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
<p style="margin: 0pt 0pt 10pt 72pt; text-indent: -27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Date: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">April 25, 2023</font></font></p>
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<td style="padding-right: 0px; vertical-align: top; height: 10px; padding-left: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td colspan="2" style="padding-right: 0px; vertical-align: top; height: 10px; padding-left: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="padding-right: 5.75pt; vertical-align: top; width: 60%; height: 17px;"><br></td>
<td style="padding-right: 5.75pt; vertical-align: top; width: 3%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">By:</font></p>
</td>
<td style="padding-right: 5.75pt; vertical-align: top; width: 37%; height: 17px;border-bottom-width:1pt; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">/s/ </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cesar Augusto Silva</font></p>
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<tr style="height: 17px;">
<td style="padding-right: 5.75pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Name:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cesar Augusto Silva</font></p>
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<td style="padding-right: 5.75pt; vertical-align: top; height: 10px;"><br></td>
<td style="padding-right: 5.75pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="padding-right: 5.75pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Title:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Chief Financial Officer</font></p>
</td>
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<p style="margin: 0pt 0pt 10pt;"><br></p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>32
<FILENAME>ex211_6.htm
<DESCRIPTION>EXHIBIT 21.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt 0pt 10pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 21.1</font></p>
<p style="margin: 10pt 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">List of Subsidiaries</font></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The table below is a complete list of the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s subsidiaries as of December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">22</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt; height: 257px; width: 100%;" width="100%">

<tr style="height: 19px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 19px;">
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Name</font></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 28.94%; height: 19px;">
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Principal Activities</font></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 14.06%; height: 19px;">
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; line-height: 9pt; margin: 1pt 0pt 2pt; padding-bottom: 1pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Country</font></p>
</td>
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<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Somos Sistemas de Ensino S.A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Somos Sistemas</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) </font></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Content </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&amp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EdTech Platform</font></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil</font></p>
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<tr style="height: 17px;">
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Livraria Livro F&#225;cil Ltda. (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Livro F&#225;cil</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font></p>
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<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Digital Platform</font></p>
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<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil</font></p>
</td>
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<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Col&#233;gio Anglo S&#227;o Paulo Ltda. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Col&#233;gio</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Anglo</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) </font></p>
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<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Content </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&amp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EdTech Platform</font></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil</font></p>
</td>
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<tr style="height: 17px;">
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A&amp;R Comercio e Servi&#231;os de Inform&#225;tica Ltda. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Pluri</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Content </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&amp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EdTech Platform</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil</font></p>
</td>
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<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Mind Makers </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Editora</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">Educacional</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Mind Makers</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) </font></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Content </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&amp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EdTech Platform</font></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil</font></p>
</td>
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<tr style="height: 17px;">
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Meritt</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Informa&#231;&#227;o Educacional Ltda. (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Meritt</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Content </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&amp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EdTech Platform</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sociedade Educacional da Lagoa Ltda (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">SEL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Content </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&amp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EdTech Platform</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Nota 1000 Servi&#231;os Educacionais Ltda (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Reda&#231;&#227;o Nota 1000</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Content </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&amp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EdTech Platform</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">EMME &#8211; Produ&#231;&#245;es de Materiais em Multim&#237;dia Ltda (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">EMME</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">). </font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Digital Platform</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Editora De </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Gouges</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> S.A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">De </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Gouges</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Content </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&amp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EdTech Platform</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil</font></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> MVP Consultoria e Sistemas Ltda. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Phidelis</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) </font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Digital Platform</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 34px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: top; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 28.94%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="background-color: rgb(255, 255, 255); padding-left: 2.9pt; padding-right: 2.9pt; vertical-align: bottom; width: 14.06%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>33
<FILENAME>ex231_7.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt 0pt 10pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 23.1</font></p>
<p align="center" style="text-align: center; margin: 0in 0in 10pt; font-size: 11pt; font-family: 'Times New Roman', 'serif';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font lang="EN-US">Consent of Independent Registered Public Accounting Firm</font></b></font></p>
<p style="margin: 0in 0in 10pt; line-height: 12pt; font-size: 10pt; font-family: Arial, 'sans-serif';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font lang="EN-US" style="mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast; mso-bidi-font-family: Arial;">We consent to the incorporation by reference in the registration statement (No. </font><font lang="EN-US">333-240254</font><font lang="EN-US" style="mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast; mso-bidi-font-family: Arial;">) on Form S-8 of our report dated April 25, 2023, with respect to the consolidated financial statements of Vasta Platform Limited.</font><font lang="EN-US" style="mso-bidi-font-family: Arial;"></font></font></p>
<p style="margin: 0in 0in 10pt; text-align: center; break-after: avoid; font-size: 11pt; font-family: 'Times New Roman', 'serif';"><font lang="EN-US" style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin: 0in 0in 0.0001pt; line-height: normal; font-size: 10pt; font-family: Arial, 'sans-serif';"><font lang="EN-US"><font style="font-family: 'times new roman', times; font-size: 10pt;">S&#227;o Paulo, Brazil</font></font></p>
<p style="margin: 0in 0in 0.0001pt; line-height: normal; font-size: 10pt; font-family: Arial, 'sans-serif';"><font lang="EN-US"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 25, 2023</font></font></p>
<p style="margin: 0in 0in 0.0001pt; line-height: normal; font-size: 10pt; font-family: Arial, 'sans-serif';"><font lang="EN-US"><font style="font-family: 'times new roman', times; font-size: 10pt;">/s/ KPMG Auditores&nbsp;Independentes&nbsp;Ltda.</font></font></p>
<p style="margin: 0pt 0pt 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<TYPE>XML
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<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737875264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2022 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document Registration Statement</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Vasta Platform Limited<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001792829<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-39415<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">E9<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Av. Paulista, 901, 5th Floor<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Bela Vista<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">S&#227;o Paulo<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">01310-100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">BR<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A common shares, par value US$0.00005 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">VSTA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Accelerated Filer<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityExTransitionPeriod', window );">Entity Ex Transition Period</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_IcfrAuditorAttestationFlag', window );">ICFR Auditor Attestation Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAccountingStandard', window );">Document Accounting Standard</a></td>
<td class="text">International Financial Reporting Standards<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorName', window );">Auditor Name</a></td>
<td class="text">KPMG Auditores Independentes Ltda.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorFirmId', window );">Auditor Firm ID</a></td>
<td class="text">1124<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorLocation', window );">Auditor Location</a></td>
<td class="text">S&#227;o Paulo - Brazil<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business Contact [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="text">Cesar Augusto Silva<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Av. Paulista, 901, 5th Floor<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Bela Vista<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">S&#227;o Paulo<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">01310-100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">BR<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">+55 11<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">3133-7311<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember', window );">Class A common shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">18,213,794<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember', window );">Class B common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">64,436,093<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorFirmId">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>PCAOB issued Audit Firm Identifier</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorFirmId</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:nonemptySequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorLocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorLocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td>na</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAccountingStandard">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAccountingStandard</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentShellCompanyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_IcfrAuditorAttestationFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:tradingSymbolItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451730052640">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statement of Financial Position - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 45,765<span></span>
</td>
<td class="nump">R$ 309,893<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentMarketableSecurities', window );">Marketable securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">380,514<span></span>
</td>
<td class="nump">166,349<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">649,135<span></span>
</td>
<td class="nump">505,514<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">266,450<span></span>
</td>
<td class="nump">242,363<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax', window );">Taxes recoverable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">19,120<span></span>
</td>
<td class="nump">24,564<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssetsCurrent', window );">Income tax and social contribution recoverable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17,746<span></span>
</td>
<td class="nump">8,771<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentPrepayments', window );">Prepayments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">56,645<span></span>
</td>
<td class="nump">40,069<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">972<span></span>
</td>
<td class="nump">2,105<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties', window );">Related parties &#8211; other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,759<span></span>
</td>
<td class="nump">501<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,438,106<span></span>
</td>
<td class="nump">1,300,129<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentJudicialDepositsAndEscrowAccounts', window );">Judicial deposits and escrow accounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">194,859<span></span>
</td>
<td class="nump">178,824<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxAssets', window );">Deferred income tax and social contribution</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">170,851<span></span>
</td>
<td class="nump">130,405<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Equity accounted investees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">83,139<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments and interests in entities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,272<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">197,688<span></span>
</td>
<td class="nump">185,682<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,427,676<span></span>
</td>
<td class="nump">5,538,367<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,082,485<span></span>
</td>
<td class="nump">6,033,278<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,520,591<span></span>
</td>
<td class="nump">7,333,407<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">93,779<span></span>
</td>
<td class="nump">281,491<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Lease liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">23,151<span></span>
</td>
<td class="nump">26,636<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">250,647<span></span>
</td>
<td class="nump">167,168<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentReverseFactoringSuppliers', window );">Reverse factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">155,469<span></span>
</td>
<td class="nump">97,619<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Income tax and social contribution payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,564<span></span>
</td>
<td class="nump">16,666<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentProvisionsForEmployeeBenefits', window );">Salaries and social contributions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100,057<span></span>
</td>
<td class="nump">62,829<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">57,852<span></span>
</td>
<td class="nump">46,037<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentAccountsPayableForBusinessCombination', window );">Accounts payable for business combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">73,007<span></span>
</td>
<td class="nump">20,502<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">29,630<span></span>
</td>
<td class="nump">20,033<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentOtherLiabilitiesRelatedParties', window );">Other liabilities - related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">54<span></span>
</td>
<td class="nump">39,271<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">789,210<span></span>
</td>
<td class="nump">778,252<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">749,217<span></span>
</td>
<td class="nump">549,735<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Lease liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">117,412<span></span>
</td>
<td class="nump">133,906<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentAccountsPayableForBusinessCombination', window );">Accounts payable for business combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">552,270<span></span>
</td>
<td class="nump">511,811<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">651,252<span></span>
</td>
<td class="nump">646,850<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">128<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31,551<span></span>
</td>
<td class="nump">47,516<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,101,702<span></span>
</td>
<td class="nump">1,889,946<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>Shareholder's Equity</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Share capital</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,820,815<span></span>
</td>
<td class="nump">4,820,815<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CapitalReserve', window );">Capital reserve</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">80,531<span></span>
</td>
<td class="nump">61,488<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TreasuryShares', window );">Treasury shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(23,880)<span></span>
</td>
<td class="num">(23,880)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Accumulated losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(247,787)<span></span>
</td>
<td class="num">(193,214)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total Shareholder's Equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,629,679<span></span>
</td>
<td class="nump">4,665,209<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">Total Liabilities and Shareholder's Equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 7,520,591<span></span>
</td>
<td class="nump">R$ 7,333,407<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Considers the review of goodwill and intangibles assets of the acquisition of EMME and Reda&#231;&#227;o Nota Mil, acquired during the year 2021.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">As of December 31, 2022, the balance of reverse factoring was R$ 155,469 (R$ 97,619 as of December 31, 2021), and the discount rates of assignment operations carried out by our suppliers with financial institutions had a weighted average of 1.27% per month (as of December 31, 2021, the weighted average was 1.05% 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.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CapitalReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the capital reserves.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CapitalReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current deferred income including current contract liabilities. [Refer: Deferred income including contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.
Effective 2023-01-01: The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have the right at the end of the reporting period to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current prepayments. [Refer: Prepayments]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisionsForEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions for employee benefits. [Refer: Provisions for employee benefits]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisionsForEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables from taxes other than income tax. [Refer: Receivables from taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax assets. [Refer: Current tax assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph n<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph n<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 36<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee. [Refer: At cost [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B16&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax assets net of deferred tax liabilities, when the absolute amount of deferred tax assets is greater than the absolute amount of deferred tax liabilities. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current deferred income including non-current contract liabilities. [Refer: Deferred income including contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph IG6<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current amount of payment due to suppliers for goods and services used in entity's business. [Refer: Current liabilities; Trade payables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 70<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_70&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>An entity&#8217;s own equity instruments, held by the entity or other members of the consolidated group.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2022-03-24<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentAccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentAccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentMarketableSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current marketable securities that are not classified as cash and cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentMarketableSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentOtherLiabilitiesRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other current payables due to related parties.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentOtherLiabilitiesRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentReverseFactoringSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount payable to current reverse factoring suppliers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentReverseFactoringSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NonCurrentAccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NonCurrentAccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NonCurrentJudicialDepositsAndEscrowAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current judicial deposits and escrow accounts.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NonCurrentJudicialDepositsAndEscrowAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provision for tax, civil and labor losses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NonCurrentProvisionForTaxCivilAndLaborLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737714912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statement of Profit or Loss and Other Comprehensive Loss - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_StatementOfComprehensiveIncomeAbstract', window );"><strong>Consolidated Statement of Profit or Loss and Other Comprehensive Income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">R$ 1,264,280<span></span>
</td>
<td class="nump">R$ 947,419<span></span>
</td>
<td class="nump">R$ 997,628<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoods', window );">Sales</a></td>
<td class="nump">1,229,827<span></span>
</td>
<td class="nump">914,266<span></span>
</td>
<td class="nump">967,374<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Services</a></td>
<td class="nump">34,453<span></span>
</td>
<td class="nump">33,153<span></span>
</td>
<td class="nump">30,254<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of goods sold and services</a></td>
<td class="num">(473,135)<span></span>
</td>
<td class="num">(396,829)<span></span>
</td>
<td class="num">(378,003)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">791,145<span></span>
</td>
<td class="nump">550,590<span></span>
</td>
<td class="nump">619,625<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OperatingIncomeExpensesAbstract', window );"><strong>Operating income (expenses)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="num">(471,626)<span></span>
</td>
<td class="num">(430,279)<span></span>
</td>
<td class="num">(406,352)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CommercialExpenses', window );">Commercial expenses</a></td>
<td class="num">(194,043)<span></span>
</td>
<td class="num">(164,439)<span></span>
</td>
<td class="num">(165,169)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other operating income</a></td>
<td class="nump">1,020<span></span>
</td>
<td class="nump">5,554<span></span>
</td>
<td class="nump">4,283<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Impairment losses on trade receivables</a></td>
<td class="num">(45,904)<span></span>
</td>
<td class="num">(32,726)<span></span>
</td>
<td class="num">(25,015)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Share of loss equity-accounted investees</a></td>
<td class="num">(4,512)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Profit (loss) before finance result and taxes</a></td>
<td class="nump">76,080<span></span>
</td>
<td class="num">(71,300)<span></span>
</td>
<td class="nump">27,372<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceIncomeCostAbstract', window );"><strong>Finance result</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income</a></td>
<td class="nump">88,557<span></span>
</td>
<td class="nump">35,640<span></span>
</td>
<td class="nump">20,984<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Finance costs</a></td>
<td class="num">(270,324)<span></span>
</td>
<td class="num">(120,183)<span></span>
</td>
<td class="num">(119,409)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Total finance result</a></td>
<td class="num">(181,767)<span></span>
</td>
<td class="num">(84,543)<span></span>
</td>
<td class="num">(98,425)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Loss before income tax and social contribution</a></td>
<td class="num">(105,687)<span></span>
</td>
<td class="num">(155,843)<span></span>
</td>
<td class="num">(71,053)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Total IRPJ and CSLL</a></td>
<td class="nump">51,114<span></span>
</td>
<td class="nump">37,089<span></span>
</td>
<td class="nump">25,404<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods', window );">Current</a></td>
<td class="nump">10,668<span></span>
</td>
<td class="num">(11,297)<span></span>
</td>
<td class="nump">7,874<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncome', window );">Deferred</a></td>
<td class="nump">40,446<span></span>
</td>
<td class="nump">48,386<span></span>
</td>
<td class="nump">17,530<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the year</a></td>
<td class="num">(54,573)<span></span>
</td>
<td class="num">(118,754)<span></span>
</td>
<td class="num">(45,649)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive loss for the year</a></td>
<td class="num">R$ (54,573)<span></span>
</td>
<td class="num">R$ (118,754)<span></span>
</td>
<td class="num">R$ (45,649)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Loss per share</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShare', window );">Basic</a></td>
<td class="num">R$ (0.65)<span></span>
</td>
<td class="num">R$ (1.44)<span></span>
</td>
<td class="num">R$ (0.55)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShare', window );">Diluted</a></td>
<td class="num">R$ (0.65)<span></span>
</td>
<td class="num">R$ (1.44)<span></span>
</td>
<td class="num">R$ (0.55)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of all expenses directly or indirectly attributed to the goods or services sold. Attributed expenses include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, such as depreciation and maintenance of factory buildings and equipment used in the production process, unallocated production overheads, and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current tax expense (income) and adjustments for the current tax of prior periods. [Refer: Current tax expense (income); Adjustments for current tax of prior periods]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 80<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_80&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense (income) relating to changes in deferred tax liabilities and deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss or reversal of impairment loss recognised in profit or loss for trade receivables. [Refer: Impairment loss recognised in profit or loss; Reversal of impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2022-03-24<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2022-03-24<br> -Paragraph 35<br> -Subparagraph b<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35_b_iv&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2022-03-24<br> -Paragraph 39L<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2023-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2022-03-24<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2022-03-24<br> -Paragraph IE33<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromSaleOfGoods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of goods. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfGoods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2022-03-24<br> -Paragraph 39M<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_39M_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfComprehensiveIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CommercialExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to commercial activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CommercialExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_FinanceIncomeCostAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_FinanceIncomeCostAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_OperatingIncomeExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_OperatingIncomeExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451732236976">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statement of Changes in Equity - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Parent Company's Net Investment [member]</div></th>
<th class="th"><div>Share capital [member]</div></th>
<th class="th"><div>Share issuance costs [member]</div></th>
<th class="th"><div>Share-based compensation reserve for granted [member]</div></th>
<th class="th"><div>Share-based compensation reserve for vested [member]</div></th>
<th class="th"><div>Treasury shares</div></th>
<th class="th"><div>Accumulated losses [member]</div></th>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity at beginning of the period at Dec. 31, 2019</a></td>
<td class="nump">R$ 3,100,083<span></span>
</td>
<td class="nump">R$ 3,100,083<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Share-based payment contributions</a></td>
<td class="nump">686<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">686<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseThroughNetInvestmentOfParentCompany', window );">Increase (decrease) through net investment of parent company</a></td>
<td class="num">(6,335)<span></span>
</td>
<td class="num">(6,335)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet', window );">Changes in parent company's investment, net</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(3,093,748)<span></span>
</td>
<td class="nump">3,123,245<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(686)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(28,811)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners', window );">Capital contribution</a></td>
<td class="nump">2,426<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">2,426<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAbstract', window );"><strong>Comprehensive loss for the year</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the year</a></td>
<td class="num">(45,649)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(45,649)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive loss for the year</a></td>
<td class="num">(45,649)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(45,649)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ChangesInEquityAbstract', window );"><strong>Shareholders' contribution and distributions to shareholders</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Issuance of common shares at initial public offering (Note 1.2)</a></td>
<td class="nump">1,836,317<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,836,317<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued', window );">Share based compensation granted and issued (Note 23)</a></td>
<td class="nump">38,962<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">38,962<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareIssueRelatedCost', window );">Share issuance costs, net of taxes</a></td>
<td class="num">(141,173)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(141,173)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners', window );">Total shareholders' contribution and distributions to shareholders</a></td>
<td class="nump">1,734,106<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,836,317<span></span>
</td>
<td class="num">(141,173)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity at end of the period at Dec. 31, 2020</a></td>
<td class="nump">4,785,317<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,961,988<span></span>
</td>
<td class="num">(141,173)<span></span>
</td>
<td class="nump">38,962<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(74,460)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAbstract', window );"><strong>Comprehensive loss for the year</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the year</a></td>
<td class="num">(118,754)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(118,754)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive loss for the year</a></td>
<td class="num">(118,754)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(118,754)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ChangesInEquityAbstract', window );"><strong>Shareholders' contribution and distributions to shareholders</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued', window );">Share based compensation granted and issued (Note 23)</a></td>
<td class="nump">22,526<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">22,526<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseThroughShareBasedCompensationVestedEquity', window );">Share based compensation vested (Note 23)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(31,043)<span></span>
</td>
<td class="nump">31,043<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of shares (Note 23d)</a></td>
<td class="num">(23,880)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(23,880)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity at end of the period at Dec. 31, 2021</a></td>
<td class="nump">4,665,209<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,961,988<span></span>
</td>
<td class="num">(141,173)<span></span>
</td>
<td class="nump">30,445<span></span>
</td>
<td class="nump">31,043<span></span>
</td>
<td class="num">(23,880)<span></span>
</td>
<td class="num">(193,214)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAbstract', window );"><strong>Comprehensive loss for the year</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Loss for the year</a></td>
<td class="num">(54,573)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(54,573)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive loss for the year</a></td>
<td class="num">(54,573)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(54,573)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ChangesInEquityAbstract', window );"><strong>Shareholders' contribution and distributions to shareholders</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued', window );">Share based compensation granted and issued (Note 23)</a></td>
<td class="nump">19,043<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">19,043<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseThroughShareBasedCompensationVestedEquity', window );">Share based compensation vested (Note 23)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(3,243)<span></span>
</td>
<td class="nump">3,243<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of shares (Note 23d)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(23,880)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity at end of the period at Dec. 31, 2022</a></td>
<td class="nump">R$ 4,629,679<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">R$ 4,961,988<span></span>
</td>
<td class="num">R$ (141,173)<span></span>
</td>
<td class="nump">R$ 46,245<span></span>
</td>
<td class="nump">R$ 34,286<span></span>
</td>
<td class="num">R$ (23,880)<span></span>
</td>
<td class="num">R$ (247,787)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ChangesInEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ChangesInEquityAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through other contributions by owners that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from transactions with owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssueOfEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of equity instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssueOfEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2022-03-24<br> -Paragraph 39L<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2023-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2022-03-24<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity resulting from the purchase of treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareIssueRelatedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cost related to the issuance of shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareIssueRelatedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from changes in parent company's investment, net.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseThroughChangesInInvestmentOfParentCompanyNet</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseThroughNetInvestmentOfParentCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from parent company's net investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseThroughNetInvestmentOfParentCompany</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from share based compensation granted and issued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseThroughShareBasedCompensationGrantedAndIssued</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseThroughShareBasedCompensationVestedEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from share-based compensation vested.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseThroughShareBasedCompensationVestedEquity</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737219904">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated statement of cash flows - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
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<tr>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>CASH FLOWS FROM OPERATING ACTIVITIES</strong></a></td>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">R$ (71,053)<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation and amortization</a></td>
<td class="nump">268,714<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">211,156<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">174,088<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod', window );">Share of loss profit of equity-accounted investees</a></td>
<td class="nump">4,512<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables', window );">Impairment losses on trade receivables</a></td>
<td class="nump">45,904<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">32,726<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">25,015<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses', window );">Reversal for tax, civil and labor risks, net</a></td>
<td class="num">(15,099)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,986)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,092)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForInterestOnProvisionForTaxCivilAndLaborLosses', window );">Interest on provision for tax, civil and labor losses</a></td>
<td class="nump">42,063<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">34,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,297<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForProvisionReversalForObsoleteInventories', window );">Provision for obsolete inventories</a></td>
<td class="nump">40,924<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">22,117<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,057<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForInterestOnBondsAndFinancing', window );">Interest on bonds and financing</a></td>
<td class="nump">108,896<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">43,549<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">52,935<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForInterestOnLoansFromRelatedParties', window );">Interest on loans from related parties</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,922<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForRefundLiabilityAndRightToReturnedGoods', window );">Contractual obligations and right to returned goods</a></td>
<td class="nump">11,312<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,159)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,454<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForInterestOnAccountsPayableForBusinessCombination', window );">Interest on accounts payable for business combination and acquisition of associates</a></td>
<td class="nump">65,725<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8,158<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,568<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForImputedInterestOnSuppliers', window );">Imputed interest on suppliers</a></td>
<td class="nump">19,810<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">157<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,945<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForSharebasedPayments', window );">Share-based payment expense</a></td>
<td class="nump">19,043<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">22,526<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">39,648<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForInterestOnLeaseLiabilities', window );">Interest on lease liabilities</a></td>
<td class="nump">13,143<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">14,984<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15,091<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected', window );">Interest on marketable securities</a></td>
<td class="num">(54,954)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(26,719)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(16,907)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForOtherFinanceCostsNet', window );">Other finance costs, net</a></td>
<td class="nump">3,441<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForDisposalsOfRightOfUseAssetsAndLeaseLiabilities', window );">Cancellations of right-of-use contracts</a></td>
<td class="nump">616<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(195)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets', window );">Residual value of disposals of property and equipment and intangible assets</a></td>
<td class="nump">13,960<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">124<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(454)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital', window );">Cash flows from operating activities before changes in working capital</a></td>
<td class="nump">482,323<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">203,895<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">242,514<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ChangeInOperatingAssetsAndLiabilitiesAbstract', window );"><strong>Changes in</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable', window );">Trade receivables</a></td>
<td class="num">(189,329)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(25,408)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(123,412)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Inventories</a></td>
<td class="num">(65,011)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(14,038)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(20,812)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForDecreaseIncreaseInPrepayments', window );">Prepayments</a></td>
<td class="num">(16,576)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(12,511)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,060)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForDecreaseIncreaseInTaxesRecoverable', window );">Taxes recoverable</a></td>
<td class="num">(16,566)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,914)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">24,573<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForDecreaseIncreaseInJudicialDepositsAndEscrowAccounts', window );">Judicial deposits and escrow accounts</a></td>
<td class="num">(16,035)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(6,076)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">184<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables', window );">Other receivables</a></td>
<td class="nump">1,133<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,789)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,516<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForDecreaseIncreaseInOtherReceivablesFromRelatedParties', window );">Related parties &#8211; other receivables</a></td>
<td class="num">(1,258)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable', window );">Suppliers</a></td>
<td class="nump">121,519<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(16,124)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">42,620<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities', window );">Salaries and social charges</a></td>
<td class="nump">37,166<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(9,890)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(6,693)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForIncreaseDecreaseInTaxLiabilities', window );">Tax payable</a></td>
<td class="num">(4,039)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,711<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,629<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="nump">375<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,659)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,163)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables', window );">Other liabilities</a></td>
<td class="num">(3,084)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(671)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,295<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties', window );">Other liabilities - related parties</a></td>
<td class="num">(39,218)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(94,155)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">117,299<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperations', window );">Cash from operating activities</a></td>
<td class="nump">291,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">21,371<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">292,490<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities', window );">Payment of interest on leases</a></td>
<td class="num">(14,941)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(14,692)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(14,675)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest on bonds and financing</a></td>
<td class="num">(92,500)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(24,922)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(49,404)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities', window );">Payment of interest on business combinations</a></td>
<td class="num">(603)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,571)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities', window );">Income tax and social contribution paid</a></td>
<td class="num">(7,153)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,167)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5,234)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfProvisionForTaxCivilAndLaborRisksClassifiedAsOperatingActivities', window );">Payment of provision for tax, civil and labor losses</a></td>
<td class="num">(1,363)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(627)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(7,716)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash from (applied in) operating activities</a></td>
<td class="nump">174,840<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(21,608)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">215,461<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>CASH FLOWS FROM INVESTING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Acquisition of property and equipment</a></td>
<td class="num">(61,143)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(20,910)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,642)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities', window );">Additions of intangible assets</a></td>
<td class="num">(90,588)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(55,878)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(42,793)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Acquisition of subsidiaries net of cash acquired</a></td>
<td class="num">(80,559)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(186,218)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(23,147)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities', window );">Proceeds from investment in marketable securities</a></td>
<td class="nump">1,637,898<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,641,308<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,212,876<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities', window );">Purchase of investment in marketable securities</a></td>
<td class="num">(1,800,550)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,289,836)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,687,071)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash (applied in) from investing activities</a></td>
<td class="num">(394,942)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">88,466<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(541,777)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>CASH FLOWS FROM FINANCING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ProceedsFromCapitalContributionClassifiedAsFinancingActivities', window );">Capital contribution</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,426<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsForSuppliersFromRelatedPartiesClassifiedAsFinancingActivities', window );">Suppliers - related parties</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,450)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(207,174)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAdvancesAndLoansFromRelatedParties', window );">Loans from related parties</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">65,600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashRepaymentsOfAdvancesAndLoansFromRelatedParties', window );">Payments of loans from related parties</a></td>
<td class="num">(254,885)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(20,884)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(76,830)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities', window );">Lease liabilities paid</a></td>
<td class="num">(27,003)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(21,998)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(12,835)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares', window );">Acquisition of treasury shares</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(23,880)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany', window );">Parent Company's Net Investment</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(6,335)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssueOfOrdinaryShares', window );">Issuance of common shares in initial public offering</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,836,317<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsForShareIssueCosts', window );">Transaction costs in initial public offering</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(154,849)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfCurrentBorrowings', window );">Payments of bonds and financing</a></td>
<td class="num">(759)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(477,741)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(852,135)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ProceedsFromIssueOfSecuritiesWithRelatedPartiesClassifiedAsFinancingActivities', window );">Issuance of securities with related parties</a></td>
<td class="nump">250,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures', window );">Issuance of bonds net off issuance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">497,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities', window );">Payments of accounts payable for business combination and acquisition of associates</a></td>
<td class="num">(11,379)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(19,168)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash (applied in) from financing activities</a></td>
<td class="num">(44,026)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(68,121)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">594,185<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</a></td>
<td class="num">(264,128)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,263)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">267,869<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at beginning of period</a></td>
<td class="nump">309,893<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">311,156<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">43,287<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at end of period</a></td>
<td class="nump">45,765<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">309,893<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">311,156<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</a></td>
<td class="num">R$ (264,128)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">R$ (1,263)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 267,869<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We present below the composition of interest and principal payments considering the issues made:</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">On March 15, 2021, the Company, substantially settled bonds with related parties amounting to R$ 100,000 and R$ 1,488, in principal and interest, respectively as follows: 5th Issuance, 1st series &#8211; R$ 101,488. In addition, the Company settled only interest on the following bonds: 5th Issuance, 2nd series &#8211; R$ 1,451, 6th Issuance, 2nd series &#8211; R$ 3,613 and 7th Issuance, single series &#8211; R$ 5,663. This measure is part of a commitment with shareholders as a result of the IPO.

On May 31, 2021, the Company partially settled bonds with related parties amounting to R$ 188,000, of principal of the 7th issuance single series.

On August 6, 2021, the Company settled the remaining 7th issuance with related parties in the amounts of R$189,564 and R$5,871, as principal and interest. In addition, the Company settled only interest on the following bonds: 5th Issuance, 2nd series &#8211; R$ 2,029 and 6th Issuance, 2nd series &#8211; R$ 4,758.

Regarding the financing with Banco de Desenvolvimento de Minas Gerais SA - BDMG, the Company pays monthly the amount of R$ 15 and R$ 4, respectively, of principal and interest, totaling on December 31, 2021 an amount of R$177 and R$49, respectively, of principal and interest.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other operating receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation and amortisation expense and impairment loss (reversal of impairment loss) to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Impairment loss; Depreciation and amortisation expense; Impairment loss (reversal of impairment loss) recognised in profit or loss; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) on trade and other receivables recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Impairment loss; Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss; Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for the increase (decrease) in deferred income including contract liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Deferred income including contract liabilities; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in employee benefit liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in other operating payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for losses (gains) on disposal of non-current assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Non-current assets; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 14<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_14&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForSharebasedPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForSharebasedPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for undistributed profits of investments accounted for using the equity method to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Investments accounted for using equity method; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAdvancesAndLoansFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from advances and loans from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAdvancesAndLoansFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash from (used in) the entity's operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Section A Statement of cash flows for an entity other than a financial institution<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;doctype=Illustrative%20Examples&amp;dita_xref=IAS07_IE_A__IAS07_IE_A_TI<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) from the entity's operations before changes in working capital.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Section A Statement of cash flows for an entity other than a financial institution<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;doctype=Illustrative%20Examples&amp;dita_xref=IAS07_IE_A__IAS07_IE_A_TI<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 39<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashRepaymentsOfAdvancesAndLoansFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for repayments of advances and loans from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashRepaymentsOfAdvancesAndLoansFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 14<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_14_f&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents after the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsForShareIssueCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for share issue costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsForShareIssueCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire or redeem entity's shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsToAcquireOrRedeemEntitysShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuing of bonds, notes and debentures.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssueOfOrdinaryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuing of ordinary shares. [Refer: Ordinary shares [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssueOfOrdinaryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sales or maturity of financial instruments, classified as investing activities. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of financial instruments. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfCurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for repayments of current borrowings. [Refer: Current borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfCurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForDecreaseIncreaseInJudicialDepositsAndEscrowAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in judicial deposits and escrow accounts to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForDecreaseIncreaseInJudicialDepositsAndEscrowAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForDecreaseIncreaseInOtherReceivablesFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other receivables from related parties to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForDecreaseIncreaseInOtherReceivablesFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForDecreaseIncreaseInPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in prepayments to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForDecreaseIncreaseInPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForDecreaseIncreaseInTaxesRecoverable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in taxes recoverable to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForDecreaseIncreaseInTaxesRecoverable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForDisposalsOfRightOfUseAssetsAndLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for disposals of right of use assets and lease liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForDisposalsOfRightOfUseAssetsAndLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForImputedInterestOnSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for imputed interest on suppliers to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForImputedInterestOnSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in other liabilities from related parties to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForIncreaseDecreaseInTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for the increase (decrease) in tax liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForIncreaseDecreaseInTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForInterestOnAccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for interest expense on accounts payable for business combination to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForInterestOnAccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForInterestOnBondsAndFinancing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for interest expense on bonds and financing to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForInterestOnBondsAndFinancing</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForInterestOnLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for interest expense on lease liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForInterestOnLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForInterestOnLoansFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for interest expense on loans from related parties to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForInterestOnLoansFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for interest income on marketable securities incurred and not collected to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForInterestOnMarketableSecuritiesIncurredAndNotCollected</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForInterestOnProvisionForTaxCivilAndLaborLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for interest expense on provision for tax, civil and labor losses to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForInterestOnProvisionForTaxCivilAndLaborLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForOtherFinanceCostsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for other finance costs, net to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForOtherFinanceCostsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForProvisionReversalForObsoleteInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for provision (reversal) for obsolete inventories to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForProvisionReversalForObsoleteInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for provision (reversal of provision) for tax, civil and labor losses to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForProvisionReversalOfProvisionForTaxCivilAndLaborLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdjustmentsForRefundLiabilityAndRightToReturnedGoods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for refund liability and right to returned goods to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdjustmentsForRefundLiabilityAndRightToReturnedGoods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) due to an increase (decrease) in parent company's net investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CashFlowsFromUsedInIncreaseDecreaseInNetInvestmentFromParentCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ChangeInOperatingAssetsAndLiabilitiesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of interest on leases, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest on bonds and financing, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest on business combinations, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for provision for tax, civil and labor risks, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PaymentOfProvisionForTaxCivilAndLaborRisksClassifiedAsOperatingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for accounts payable for business combination, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PaymentsForSuppliersFromRelatedPartiesClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payments for suppliers from related parties, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PaymentsForSuppliersFromRelatedPartiesClassifiedAsFinancingActivities</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ProceedsFromCapitalContributionClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from proceeds from capital contributions, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ProceedsFromCapitalContributionClassifiedAsFinancingActivities</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuing of securities with related parties, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ProceedsFromIssueOfSecuritiesWithRelatedPartiesClassifiedAsFinancingActivities</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733414304">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>The Company and Basis of Presentation<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityAbstract', window );"><strong>The Company and Basis of Presentation</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityTextBlock', window );">The Company and Basis of Presentation</a></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">1</span>.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">The Company and Basis of Presentation</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>1.1</span> The Company</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> <span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Vasta Platform Ltd., together with its subsidiaries (the Company) is a publicly held company incorporated in the Cayman Islands on October 16, 2019, </span><span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">with headquarters in the city of S&#227;o Paulo, Brazil. </span> The Company </span><span>is a technology-powered education content providing</span><span>&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">end-to-end</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">educational and digital solutions that cater to all needs of private schools operating in the</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">K-<span>12</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">educational segment.</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta&#8217;s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> fiscal year begins on January 1 of each year and ends on December 31 of the same year.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has built a &#8220;Platform as a Service&#8221;, solution or PaaS, with two main modules: </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Content</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&amp; EdTech Platform and Digital Services. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company&#8217;s Content &amp; EdTech Platform combines a multi-brand and tech-enabled array with digital and printed content through long-term contracts with partner schools.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Since July 31, 2020, VASTA Platform Ltd. has been a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">publicly-held</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> company registered with SEC (&#8220;The US Securities and Exchange Commission) and its shares are traded on Nasdaq Global Select Market under ticker symbol &#8220;VSTA&#8221;.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>1.2</span> Corporate</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">restructuring</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">and business</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">combinations</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">U</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ntil July 23, 2020, <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">VASTA Platform,</span> was not a separate legal entity. <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">The Business, (referred herein when the company presented its financial statements combined with other entities),&#160;</span>comprised combined carved-out historical balances of certain assets, liabilities and results of operations related to the delivery of educational content for private sector basic and secondary education (&#8220;K-<span>12</span> curriculum&#8221;) previously carried out by the legal entity </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educa&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> S.A. and its subsidiaries (hereinafter referred to as &#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221; or &#8220;Parent Entity&#8221;, or in combination with its subsidiaries, &#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Group&#8221;).</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On January 1, 2020, the business activities were restructured in the legal entity </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A (&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#8221;). On January 7, 2020, the Company concluded the acquisition of the entire ownership interest in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pluri</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. On February 13, 2020, the Company concluded the acquisition of the entire ownership interest in Mind Makers.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On July 23, 2020, prior to the completion of the Initial Public Offering &#8211; IPO, the &#8216;Board of Directors&#8217; Meeting approved the Contribution Agreement which </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta&#8217;s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Parent Company) contributed with 100% of the shares issued by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> held by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform&#8217;s share capital. After the contribution, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> became wholly owned by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta&#8217;s</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Parent Company, which, in turn, continued to be controlled by </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. In addition, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> contributed with shareholders capital in the amount of R$ 2,426 in cash on July 23, 2020.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>

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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On March 2, 2021, the Company acquired an ownership interest in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sociedade</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Educacional da </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Lagoa</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Ltda.(&#8220;SEL&#8221;) through its wholly owned subsidiary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. See Note <span>5</span>.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On May 27, 2021, the Company acquired an ownership interest in Nota <span>1000</span> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Servi&#231;os</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Educacionais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> S.A (&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Reda&#231;&#227;o</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Nota <span>1000</span>&#8221;) through its wholly owned subsidiary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. See Note <span>5</span>.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On August 1, 2021, the Company acquired an ownership interest in EMME &#8211; </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Produ&#231;&#245;es</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Materiais</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> em </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Multim&#237;dia</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (&#8220;EMME&#8221;) through its wholly owned subsidiary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. See Note <span>5</span>. </span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On October 29, 2021, the Company acquired an equity interest in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Editora</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> De Gouges SA &#8211; Learning System Eleva - (&#8220;De Gouges&#8221;) through its wholly-owned subsidiary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. See Note <span>5</span>.</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">January</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>14</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, the Company acquired an equity interest in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Phidelis</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Tecnologia Desenvolvimento de Sistemas Ltda. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> MVP Consultoria e Sistemas Ltda</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#8211;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">through its wholly-owned subsidiary </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> de Ensino S.A. See Note <span>5</span>.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><span style="font-size: 10.0pt;">On July 19, 2022, the Company acquired a non-controlling interest (45%) in Educbank Gest&#227;o de Pagamentos Educacionais S.A. (&#8220;Educbank&#8221;). The consideration paid was R$ 87,651, 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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><span style="font-size: 10.0pt;">On July 19, 2022, the Company acquired a non-controlling interest (10%) in Flex Flix Limited (&#8220;Flex Flix&#8221;). The consideration paid was R$ 8,271, paid in cash. The amount paid to acquire a stake in this company was recorded in &#8220;other investments and interests in entities&#8221;.</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Consolidated Financial Statements comprise the following entities, which are all fully owned by the Company:</span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Somos Sistemas de Ensino S.A ("Somos Sistemas") </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Livraria Livro F&#225;cil Ltda. ("Livro F&#225;cil") </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> A &amp; R Comercio e Servi&#231;os de Inform&#225;tica Ltda. (&#8220;Pluri&#8221;) </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Mind Makers Editora Educacional (&#8220;Mind Makers&#8221;) (i) </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Col&#233;gio Anglo S&#227;o Paulo </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (&#8220;Phidelis&#8221;) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> MVP Consultoria e Sistemas Ltda. (&#8220;MVP&#8221;) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Meritt Informa&#231;&#227;o Educacional Ltda (&#8220;Meritt&#8221;) (i) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Sociedade Educacional da Lagoa Ltda (&#8220;SEL&#8221;) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Nota <span>1000</span> Servi&#231;os Educacionais Ltda ("Reda&#231;&#227;o Nota <span>1000</span>") (i) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="2" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> EMME &#8211; Produ&#231;&#245;es de Materiais em Multim&#237;dia Ltda (&#8220;EMME&#8221;). </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Editora De Gouges S.A ("De Gouges")&#160; (i) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><span><span style="border-right: none; border-left: none;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; color: #000000;">Entities that were merged during the fiscal year ended December 31,2022</span></span></span></span></p>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of preparation and presentation of the Consolidated Financial Statements<br></strong></div></th>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>2</span>. Basis of preparation</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">and presentation of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Consolidated Financial Statements</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Consolidated Financial Statements of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vasta</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Platform, the reporting entity, have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). </span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Consolidated Financial Statements as of December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span>,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> were approved by the Executive Board on April&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">25</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, <span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>23</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">a.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Consolidation</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company consolidates all entities over which it has control, that is, when it is exposed or is entitled to variable returns from its involvement with the investee and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">has the ability to</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> direct the relevant activities of the investee. The subsidiaries included in the consolidation are described in the following note.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Subsidiaries are fully consolidated from the date on which control is transferred to the Company Consolidation is interrupted from the date on which the Company ceases to have control.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Transactions, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">balances</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and unrealized gains on transactions between Company companies are eliminated</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The accounting policies of the new subsidiaries are changed, when necessary, to ensure consistency with the policies adopted by the Company.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Below is a list of the companies controlled by the Company for the years ended December 31, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span>,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">:</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>

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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Company </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Interest </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Nota <span>1000</span> Servi&#231;os Educacionais Ltda ("Reda&#231;&#227;o Nota <span>1000</span>") (i) </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> EMME &#8211; Produ&#231;&#245;es de Materiais em Multim&#237;dia Ltda (&#8220;EMME&#8221;). </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Editora De Gouges S.A ("De Gouges")</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
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<p style="margin: 0px; text-indent: 0px;"><br/></p>
<p style="margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"><span style="font-family: 'times new roman', times;"><b><span style="font-size: 10pt; color: #000000;">b.&#160;&#160;Associates</span></b></span></p>
<p style="text-align: justify; margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"><span style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;">Associates are those entities in which the Group, has significant influence, but does not control or jointly control, over the financial and operating policies.</span></p>
<p style="margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"><span style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;">Investments in associates are accounted for using the equity method. Such investments are initially recognized at cost, which includes transaction costs. After initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence ceases.</span></p>
<p style="margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"><span style="font-family: 'times new roman', times;"><b><span style="font-size: 10pt; color: #000000;">c.&#160;&#160;Operating segment</span></b> </span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;">The information by operating segment is presented in a manner consistent with the internal report provided to the Executive Board, which is the Chief Operating Decision Maker (CODM) in addition to being responsible for allocating resources, evaluating performance and making strategic decisions in the Company.&#160; &#160;&#160;</span></p>
<p style="text-align: justify; margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;">The Executive Board considers the business to be segregated into Content EdTech and Digital Service.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt; font-weight: bold;">d.</span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">Cash Generating Units &#8211; (&#8220;CGU&#8221;)</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'times new roman', times;">For purposes</span> of assessing impairment, these assets are grouped into the lowest levels for which there are separately identifiable cash flows (Cash Generating Units - CGU). For the purposes of this test, the goodwill is allocated to the Cash Generating Units, segregated into Content EdTech and Digital Service.</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">e.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Functional and Presentation Currency</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The Consolidated Financial Statements are presented in thousands of Brazilian Reais (&#8220;R$&#8221;), which is the Company's functional currency. All financial information presented in R$ has been rounded to the nearest </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">thousand</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, except as otherwise indicated.</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">f.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Measurement basis</span></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The Consolidated Financial Statements were prepared based on historical cost, except for certain assets and liabilities that are measured at fair value, as explained in the accounting policies below.</span></p>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451732634592">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Use of estimates and judgements<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>3</span>.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Use of estimates and judgements</span>
<p style="margin: 0pt 0pt 0pt 14.2pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In preparing the Consolidated Financial Statements, Management has made judgements and estimates that affect the application of Company&#180; accounting policies and the reported amounts of assets, liabilities, </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">income</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and expenses. Actual results may differ from these estimates.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Those estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable and relevant under the circumstances. Revisions to estimates are recognized prospectively.</span></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>3.1</span></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Judgements</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> a. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Determination of the lease period </span></p>
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<p style="margin: 8pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company has lease contracts where it acts as </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">lessee,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and it is related to warehousing, equipment and computers used to </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">learning systems and education solutions. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be exercised (or not terminated). For leases of warehouses, equipment or even computer used in education solutions, the following factors are normally the most relevant:</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> If there are significant penalties for termination (or not to extend), the Company is reasonably certain to extend (or not terminate) the lease. </span></p>
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<td style="vertical-align: bottom; padding: 0px 0px 4px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> If there are any leasehold improvements with significant residual balances, the Company is reasonably certain to extend (or not terminate) the lease. </span></p>
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<td style="vertical-align: top;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="margin: 0px; text-indent: 0px; padding: 0px 0px 4px;"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Also, the Company considers other factors including past practices related to the use of specific categories of assets (leased or owned assets) as well as the historical length of the leases and the costs and business disruptions required to replace the leased asset. See Note <span>1</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span>7</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;</span></td>
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<p style="margin: 5pt 0pt 0pt 18pt; text-indent: -18pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">3.2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Assumptions and estimation uncertainties</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> a. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Deferred Income tax&#160;and social contribution </span></p>
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<p style="margin: 6pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The liability method is used to account for deferred income tax and social contribution in respect of temporary differences between the carrying amount of assets and liabilities and the related tax bases. The amount of deferred tax assets is reviewed at the end of each reporting period and reduced for the amount that is no longer probable to be realized through future taxable income. The estimates of the availability of future taxable income against which deductible temporary differences and tax losses may be used to reduce income taxes expenses, therefore, deferred tax assets are subject to significant judgement. Additionally, future taxable income may be higher or lower than the estimates considered in determining the deferred tax assets. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">See Note </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>23</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> b. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provision for risks of tax, civil and&#160;labor&#160;losses </span></p>
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<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company is a party to judicial and administrative proceedings.&#160;We accounts for provisions for all judicial proceedings whose likelihood of loss is probable. The assessment of the likelihood of a loss and the estimate of probable disbursements by the Company, in connection of such losses, include the evaluation of available evidence as well the opinion of internal and external legal advisors. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">See Note <span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> c. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Impairment&#160;losses on trade receivables </span></p>
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<p style="margin: 8pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The expected credit losses (&#8220;ECL&#8221;) for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company&#8217;s historical collection information, existing market conditions, as well as forward looking estimates at the end of each reporting period.&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Note <span>10</span>.</span></p>
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<p style="margin: 6pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company adopts as a </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">criteria</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> for the provision of inventory losses estimating the percentage of loss based on the historical production index, which considers the production aging data by type of product. The Company considers the editorial renewal calendar of its products to determine the number of periods in which the products may become obsolescent. In addition, the Company assesses whether inventories are overvalued, that is, whether the selling price is lower than the average cost of production. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">See note <span>11</span>.</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> e. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Impairment of Goodwill </span></p>
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<p style="margin: 6pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Company annually tests goodwill for impairment based on the recoverable amounts of Cash Generating Units (CGUs), determined based on estimated value-in-use calculations. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for a foreseeable future, and it do not include restructuring activities to which the Company has not yet committed or significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the Discounted Cash Flow (DCF) model as well as to expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill recognized by the Company. The key assumptions used to determine the recoverable amount of the different CGUs are disclosed and further explained in </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Note <span>13</span>.</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> f. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Rights to Returned Goods and Refund Liabilities </span></p>
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<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pursuant to the terms of the contracts with some customers, they are required to provide the Company with an estimate of the number of students that will access the content in the next school year (which typically starts in February of the following year), allowing the Company to start the delivery of its products. Since the contracts allows product returns (generally for period of <span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;">four months</span> </span>from delivery date) up to a certain limit, the Company recognizes revenue for the amount that is expected to be received based on </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">past experience</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, assuming that the other conditions for revenue recognition </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are met.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Therefore, the amount of revenue recognized is adjusted for expected returns, which are estimated based on historical data on a portfolio basis. In these circumstances a refund liability and a right to recover returned goods asset are recognized</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. See Note <span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>8</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 8pt 0pt 5pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover goods. The refund liability is included in Contractual Obligations</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and Deferred Income and the right to recover returned goods is included in Inventories. The Company reviews its estimate of expected returns at each reporting date and updates the amounts of the asset and liability </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">accordingly. See Note</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> g. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair value measurements and valuation processes </span></p>
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<p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">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:</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Level&#160;<span>1</span>&#160;- Quoted (unadjusted) market prices in active markets for identical assets or liabilities. </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Level&#160;<span>2</span>&#160;- Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#8226; </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Level <span>3</span> - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. </span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Where Level <span>1</span> inputs are not available, if needed, the Company engages third party qualified appraisers to perform the valuation using Level <span>2</span> and / or Level <span>3</span> inputs. The Company&#8217;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.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The valuations of identifiable assets and contingent liabilities in business combinations could be particularly sensitive to changes in <span>one</span> or more unobservable inputs considered in the valuation process. Further information on the assumptions used in the valuation p</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">rocess of such items is provided in Note </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>7</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Fair value measurement assumptions are also used for determination of expenses with Share-based Compensation, which are disclosed in Note <span>2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> h. </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Purchase Price Allocation <b><span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">&#8211; Business combination</span></b> </span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">During the process of allocating the acquisition price in a business combination, management records the fair value of the consideration transferred (including contingent consideration) and the fair value of the assets </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">acquired</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and liabilities assumed.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The valuation techniques used for measuring the fair value of material assets acquired were as follows:</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Property, plant and equipment uses Market comparison technique and cost technique: The valuation model considers market prices for similar items when they are available, and depreciated replacement cost when appropriate. Depreciated replacement cost reflects adjustments for physical deterioration as well as functional and economic obsolescence; </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Intangible assets use Relief-from-royalty method and multi-period excess earnings method: The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the patents being owned. The multi-period excess earnings method considers the present value of net cash flows expected to be generated by the customer relationships, by excluding any cash flows related to contributory assets; </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Inventories uses Market comparison technique: The fair value is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories. </span></p>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of judgements that management has made in the process of applying the entity's accounting policies that have the most significant effect on amounts recognised in the financial statements along with information about the assumptions that the entity makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. [Refer: Carrying amount [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733500400">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies and new and not yet effective accounting standards<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNewAccountingPoliciesAndSignificantAccountingPoliciesAdoptedAbstract', window );"><strong>New accounting policies and significant accounting policies adopted</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNewAccountingPoliciesAndSignificantAccountingPoliciesAdoptedTextBlock', window );">New accounting policies and significant accounting policies adopted</a></td>
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<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt;"><span style="text-align: justify; font-size: 10pt; font-weight: bold; line-height: inherit;">4.</span><span style="text-align: justify; font-size: 10pt; line-height: inherit;">&#160;</span><span style="text-align: justify; font-size: 10pt; line-height: inherit;">&#160;</span><span style="text-align: justify; font-size: 10pt; line-height: inherit;">&#160;</span><span style="text-align: justify; font-size: 10pt; line-height: inherit;">&#160;</span><span style="text-align: justify; font-size: 10pt; line-height: inherit;">&#160;</span><span style="text-align: justify; font-size: 10pt; font-weight: bold; line-height: inherit;">Significant accounting policies and new and not yet effective accounting standards</span><br/></div>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">4.1<span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">&#160;</span></span>New and not yet effective accounting standards</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">A</span> <span style="font-size: 10pt; line-height: inherit;">number of</span><span style="font-size: 10pt; line-height: inherit;"> new standards, amendments and interpretations were effective for <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">annual periods beginning after January 1, 2022, none of which had a material impact. Below are presented the new and not yet effective standards:</span> </span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
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<td style="text-align: center; vertical-align: top; width: 5%;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
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<p><span style="font-family: 'times new roman', times; line-height: inherit;"> Insurance&#160;contracts&#160;(IFRS <span>17</span>) </span></p>
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<td style="text-align: center; vertical-align: top;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
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<p><span style="font-family: 'times new roman', times; line-height: inherit;"> Income tax&#160;Deferred&#160;(Amendments to IAS<span>12</span>) </span></p>
</td>
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<td style="text-align: center; vertical-align: top;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="text-align: justify;">
<p><span style="font-family: 'times new roman', times; line-height: inherit;"> Classification&#160;of liabilities as current or non-current&#160;(Amendments to IAS<span>1</span>) </span></p>
</td>
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<td style="text-align: center; vertical-align: top;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="text-align: justify;">
<p><span style="font-family: 'times new roman', times; line-height: inherit;"> Disclosure of accounting Policies (Amendments to IAS<span>1</span> and IFRS&#160;Practice Statement <span>2</span>) </span></p>
</td>
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<p style="margin: 8pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The new and not yet effective accounting standards, when adopted, are not expected to have a material impact on these consolidated financial statements.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">4.2<span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;">&#160;</span></span></span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Significant accounting policies</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The significant accounting policies applied in the preparation of the Consolidated Financial Statements are presented below. These policies have been consistently applied in the periods presented herein.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>

<div style="margin: 0pt 0pt 10pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">a.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Cash and Cash Equivalents</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents include cash on hand, bank deposits and highly liquid short-term investments and have maturities of </span>three months or less from the date of purchase and that are readily convertible into a known amount of cash and are subject to immaterial risk of change in value.</span></p>

<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></span></p>

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">b.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Financial Assets and Liabilities</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></span></div>
<p style="margin: 0pt 0pt 8pt 22pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-style: italic; line-height: inherit;">i</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">Classification</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial Assets&#8217; classification depends on the entity&#8217;s business model for managing them and if their contractual cash flows represent solely payments of principal and interest. Based on this assessment Financial Assets are classified as measured: at amortized cost, at FVTOCI (fair value through other comprehensive income); or at FVTPL (fair value through profit or loss).</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A business model to manage financial assets refers to the way the Company manages its financial assets to generate cash flows, determining if the cash flows will occur through the collection of contractual cash flows at maturity date, through the sale of the financial asset, or both. The information considered in the business model evaluation includes the following: </span></p>
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<td style="height: 20px; text-align: center; vertical-align: top; width: 5%;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="height: 20px; width: 95%; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-family: 'times new roman', times; line-height: inherit;"> The policies and goals established for the portfolio of financial assets and feasibility of these policies. They include whether management&#8217;s strategy focuses on obtaining contractual interest income, maintaining a certain interest rate profile, matching the duration of financial assets with the duration of related liabilities or expected cash outflows, or the realization of cash flows through the sale of&#160;assets.</span></td>
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<td style="height: 17px; text-align: center; vertical-align: top;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="height: 17px; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-family: 'times new roman', times; line-height: inherit;"> how the performance of the portfolio is evaluated and reported to the Company&#8217;s Management.&#160; </span></td>
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<td style="height: 17px; text-align: center; vertical-align: top;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="height: 17px; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-family: 'times new roman', times; line-height: inherit;"> risks that affect the performance of the business model (and the financial assets held in that business model) and the&#160;manner in which&#160;those risks are managed. </span></td>
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</div>
<div id="t_ft_2DR5UKC50W00000000000000000000b">
<table style="width: 100%; margin: 0px; height: 34px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">
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<td style="height: 17px; text-align: center; vertical-align: top; width: 5%;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="height: 17px; text-align: justify; width: 95%; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> how business managers are compensated - for example, if the compensation is based on the fair value of managed assets or on the contractual cash flows obtained; and </span></p>
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<td style="height: 17px; text-align: center; vertical-align: top;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="height: 17px; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> the volume and timing of sales of financial assets in prior periods, the reasons for such sales and future sales expectations. </span></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">For assessing whether contractual cash flows represent solely payments of principal and interest, &#8220;principal&#8221; is defined as the fair value of the financial asset upon initial recognition. &#8220;Interest&#8221; is defined as a consideration </span><span style="font-size: 10pt; line-height: inherit;">for the amount of</span><span style="font-size: 10pt; line-height: inherit;"> cash at the time and for the credit risk associated with outstanding principal amount during a certain period and for other risks and base costs of loans (for example, liquidity risk and administrative costs), as well as for the profit margin.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company considers the contractual terms of the instruments to evaluate whether the contractual cash flows are only payments of principal and interest. This includes evaluating whether the financial asset contains a contractual term that could change the timing or amount of the contractual cash flows so that it would not meet this condition. In making this evaluation, the Company considers the following:</span></p>
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<td style="text-align: center; vertical-align: top; width: 5%; height: 15px;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="width: 95%; height: 15px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"> contingent events that change the amount or timing of cash&#160;flows. </span></p>
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<td style="text-align: center; vertical-align: top; height: 15px;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"> terms that may adjust the contractual rate, including variable&#160;rates. </span></p>
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<td style="text-align: center; vertical-align: top; height: 15px;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> the prepayment and the extension of the term; and </span></p>
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<td style="text-align: center; vertical-align: top; height: 10px;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> the terms that limit the access of the Company to cash flows from specific assets (for example, based on the performance of an asset). </span></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Due to their nature, as of December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s financial assets are classified as &#8220;measured at amortized cost&#8221;</span><span style="font-size: 10pt; line-height: inherit;">, except </span><span style="font-size: 10pt; line-height: inherit;">for </span><span style="font-size: 10pt; line-height: inherit;">the</span><span style="font-size: 10pt; line-height: inherit;"> Marketable securities <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">and</span> <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">other investments and interests in entities, which are classified as &#8220;measured at fair value through profit or loss&#8221;.</span> </span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets are not reclassified after initial recognition, unless the Company changes the business model for the management of financial assets, in which case all financial assets affected are reclassified on the first day of the reporting period subsequent to the change in the business model.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities are classified as measured as amortized cost or at FVTPL. A financial liability is classified as measured at fair value through profit or loss if it is classified as held for trading, if it is a derivative or assigned as such upon initial recognition.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Due to their nature, as of December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s financial liabilities are classified as &#8220;measured at amortized cost&#8221;.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-style: italic; line-height: inherit;">ii.</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;"> Initial Recognition and Subsequent Measurement </span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables are initially recognized on the date they were originated. All other financial assets and liabilities are initially recognized when the Company becomes a party to the instrument&#8217;s contractual provisions. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A financial asset (unless it is trade receivable without a significant financing component) or a financial liability is initially measured at fair value, plus, for an item not measured at FVTPL (fair value through profit or loss), transaction costs which are directly attributable to its acquisition or issuance. A trade receivable without a significant financing component is initially measured at its transaction price. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in statements of profit or loss.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets are derecognized when the rights to receive the cash flows expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. </span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gains or losses arising from changes in the fair value of the "Financial assets at fair value through profit or loss", as well as interest income accrued over &#8220;Assets measured at amortized cost&#8221;, are presented in statements of profit or loss under "Finance income" in the period in which they arise.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company derecognizes a financial liability when its contractual obligations are discharged or canceled or expired. The Company also derecognizes a financial liability when the terms are modified, and the cash flows of the modified liability are substantially different. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in statements of profit or loss.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-style: italic; line-height: inherit;">iii.</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">Offsetting of financial assets and liabilities</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets and liabilities are offset, and the net amount presented in the Consolidated Statement of Financial Position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle them a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-style: italic; line-height: inherit;">iv.</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">Impairment of financial assets</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company assesses on a prospective basis the expected credit loss (&#8220;ECL&#8221;) associated with its financial asset instruments carried at amortized cost, with accruals and reversals recorded in the Statement of Profit or </span><span style="font-size: 10pt; line-height: inherit;">Loss .</span><span style="font-size: 10pt; line-height: inherit;"> ECLs are based on the difference between the contractual cash flows due in accordance with the contractual terms and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The methodology applied depends on whether there has been a significant increase in credit risk.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">For</span> trade receivables, the Company applied the simplified approach&#160;and calculated impairment losses based on lifetime expected credit losses as from their initial recognition, as described in </span><span style="font-size: 10pt; line-height: inherit;">Note <span>10</span>.c.</span></span></p>

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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">c.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Inventories</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Inventories are stated at cost or net realizable value, whichever is lower. The method of valuation of inventories is the average cost. The cost of finished goods and work in progress comprises project costs, raw materials, publishing costs (e.g., direct labor, other direct </span><span style="font-size: 10pt; line-height: inherit;">costs</span><span style="font-size: 10pt; line-height: inherit;"> and the related direct production costs).</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Editorial costs incurred during the development phase of a new product are presented within inventories as &#8220;work in progress&#8221;, as materials are substantially revised annually. After the conclusion of its production and allocation in the line of "finished products", the sales of the product begins and any subsequent costs incurred are recognized in profit or loss as "cost of goods sold and services ", according to the accrual period on which the services are provided.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company recognizes a provision for losses on finished products and low-handling raw materials, which are periodically analyzed and evaluated in terms of the expected realization of these inventories.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">If losses are not expected, the provision is reversed. Management periodically assesses whether obsolete inventories need to be destroyed.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company also recognizes the right of return on its inventories. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>3.2</span> </span><span style="font-size: 10pt; line-height: inherit;">f</span></span></p>

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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">

<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">d.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Property, Plant and Equipment</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Property, </span><span style="font-size: 10pt; line-height: inherit;">plant</span><span style="font-size: 10pt; line-height: inherit;"> and equipment is stated at historical cost less accumulated depreciation. Historical cost includes the cost of acquisition.</span></span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subsequent costs are included in the asset&#8217;s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with these costs will flow to the Company, and they can be measured reliably. The carrying amount of the replaced items or parts is derecognized. All other repairs and maintenance are charged to statement of Profit or Loss during the financial period in which they are incurred. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciation of assets is calculated using the straight-line method to reduce their cost to their residual values over their estimated useful lives, as follows:</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>

<table cellpadding="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 80px;" width="100%">
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
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<td style="vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Years </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 90%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Property, buildings and leasehold improvements </span></p>
</td>
<td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 5-20 </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> IT equipment </span></p>
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<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 3-10 </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Furniture, equipment and fittings </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 3-10 </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Right of use assets </span></p>
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<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 3-15 </span></p>
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</tbody>
</table>

<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The assets&#8217; residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in statement of Profit or Loss when control of the asset is transferred. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>

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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">e.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 18px;">Business Combination</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisitions of businesses are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and included in general and administrative expenses.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognized at their fair value at the acquisition date.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer&#8217;s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not </span><span style="font-size: 10pt; line-height: inherit;">remeasured</span><span style="font-size: 10pt; line-height: inherit;"> and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in statement of profit or loss.</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>5</span>.</span></span></p>

</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;">

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">f.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Intangible Assets and Goodwill</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company&#8217;s intangible assets are mostly comprised of software, trademarks, customer portfolio, platform content production, trade agreement, </span><span style="font-size: 10pt; line-height: inherit;">copyrights</span><span style="font-size: 10pt; line-height: inherit;"> and goodwill. Those items are further described below:</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; margin: 0pt 0pt 0pt 30.85pt; padding-left: 4.6pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Goodwill</span></li>
</ol>
<div>

</div>
<p style="margin: 10pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Goodwill arising on the acquisition of subsidiaries is measured as set out in </span><span style="font-size: 10pt; line-height: inherit;">Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">b.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Software</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Computer software licenses purchased are capitalized based on the costs incurred to acquire and bring to use the specific software or to develop new functionalities to existing ones. Directly attributable costs that are capitalized as part of the software product / project include the software / project development employee costs and an appropriate portion of significant direct expenses.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Other development costs and subsequent expenditures that do not meet these capitalization criteria (</span><span style="font-size: 10pt; line-height: inherit;">e.g.</span><span style="font-size: 10pt; line-height: inherit;"> maintenance and on-going operations) are recognized as an expense as incurred. Development costs previously recorded as an expense are not recognized as an asset in a subsequent period. </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Software recognized as assets is amortized using straight-line method over its estimated useful lives, not greater than 5 years. The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">c.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Trademarks</span></span></div>
<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Separately acquired trademarks are initially stated at historical cost. Trademarks acquired in a business combination are recognized at fair value at the acquisition date. Subsequently, trademarks are amortized to the end of their useful lives.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Amortization is calculated using the straight-line method to allocate the cost of trademarks over their estimated useful lives of 20 to 30 years&#160;. The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 20</span><span style="font-size: 10pt; line-height: inherit;"><span>22</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">d.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Customer portfolio</span></span></div>
<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Customer portfolios acquired in a business combination are recognized at fair value at the acquisition date. The contractual customer relationship has an estimated finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method over the expected life of the customer relationship (from 12 to 13 years). The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">e.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Platform content production</span></span></div>
<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Development expenditure with platform content is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are </span><span style="font-size: 10pt; line-height: inherit;">probable</span><span style="font-size: 10pt; line-height: inherit;"> and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. </span><span style="font-size: 10pt; line-height: inherit;">Subsequent to</span><span style="font-size: 10pt; line-height: inherit;"> initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Amortization is calculated on the straight-line method over their estimated useful lives of 3 years. The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>

</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">g.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Copyrights</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company accounts for different copyright agreements as follows:</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div id="t_ft_C9BE8WO4PS00000000000000000000b">
<table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">
<tbody>
<tr>
<td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top">i.</td>
<td style="width: 94.7261%; text-align: justify; margin: 0px; text-indent: 0px; padding: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Copyrights are paid to the authors of the content included in the textbooks produced by the Company and are calculated based on agreed upon percentages of revenue or cash inflows related to the books sold, as defined in each contract. Payments are made on a monthly, quarterly, semi-annually, annually or hybrid basis. For these contracts the authors maintain the legal title of the copyrights. These copyrights are charged to the statement of profit or loss and other comprehensive income on an accrual basis when the products are sold.</span></td>
</tr>
<tr>
<td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top">ii.</td>
<td style="width: 94.7261%; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">In some instances where the authors maintain the legal title of the copyrights, contracts require the prepayment of part or even the full down payment of forecasted sales before the authors start the production of the content. In such cases, copyrights are recognized as a &#8220;Prepayments&#8221; in the Consolidated Statement of Financial Position</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">and charged to statements of Profit or Loss when the books are sold based on the related sales forecast. The Company reviews regularly the forecast sales to determine if an impairment is required.</span></span></td>
</tr>
<tr>
<td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top">iii.</td>
<td style="width: 94.7261%; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">When <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">the Company purchases permanently the legal title of the copyright from the authors, the amounts are capitalized in &#8220;Intangible Assets and Goodwill&#8221; as &#8220;Other intangible assets&#8221; and are amortized on the straight-line method over their estimated useful lives, which are not greater than 3 years, which is the content renewal estimated timeline.</span> </span></span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div>

</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company did not identify changes in the useful life as of December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>

</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;">

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">h.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Impairment of non-financial assets</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized when the asset&#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested annually for impairment. Goodwill impairment tests are undertaken annually or more frequently if events or changes in circumstances indicate potential impairment, at the end of each fiscal year.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable and independent cash inflows (Cash-generating units &#8211; CGU&#8217;s). </span><span style="font-size: 10pt; line-height: inherit;">For the purpose of</span><span style="font-size: 10pt; line-height: inherit;"> impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs (or groups of CGUs) that is expected to benefit from the synergies of the combination. </span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Non-financial assets, other than goodwill, that have been adjusted following impairment are subsequently reviewed for possible reversal of the impairment at each reporting date. The impairment of goodwill recognized in statement of profit or loss is not reversed</span><span style="font-size: 10pt; line-height: inherit;">. See Note <span>5</span>.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>

</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;">

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">i.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Bonds and Financing</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Bonds and financing are recognized initially at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost. Any difference between the proceeds (net of transaction costs) and the total amount payable is recognized in consolidated profit and loss over the period of the bonds and financing using the effective interest rate method.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Following initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest rate method. The Bonds and financing are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least <span>twelve</span> months after the reporting period. Both general and specific borrowing costs directly related to the acquisition, construction or production of a qualifying asset that requires a substantial </span><span style="font-size: 10pt; line-height: inherit;">period of time</span><span style="font-size: 10pt; line-height: inherit;"> to be prepared for its intended use or sale, are capitalized as part of the cost of that asset when it is probable that future economic benefits associated with the item will flow to the Company and the costs can be measured </span><span style="font-size: 10pt; line-height: inherit;">reliably. The other borrowing costs are recognized as finance costs in the period in which they are incurred. See Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>

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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;">

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">j.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Suppliers (including Reverse Factoring)</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Suppliers are obligations to pay for goods or services that have been acquired in the ordinary course of business. They are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Some of the Company&#8217;s domestic suppliers sell their products with extended payment terms and may subsequently transfer their receivables due by the Company to financial institutions without right of recourse, in a transaction characterized as &#8220;Reverse Factoring&#8221;. The Company charged interest over the payment term at a rate that is commensurate with its own credit risk being subsequently recorded as finance cost using the effective interest rate method. </span><span style="font-size: 10pt; line-height: inherit;">The operation </span><span style="font-size: 10pt; line-height: inherit;">does not affect </span><span style="font-size: 10pt; line-height: inherit;">the deadlines, </span><span style="font-size: 10pt; line-height: inherit;">prices</span><span style="font-size: 10pt; line-height: inherit;"> and conditions </span><span style="font-size: 10pt; line-height: inherit;">previously</span><span style="font-size: 10pt; line-height: inherit;"> agreed.</span> <span style="font-size: 10pt; line-height: inherit;">The suppliers specifically related to Reverse Factoring are segregated in the </span><span style="font-size: 10pt; line-height: inherit;">Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>6</span></span><span style="font-size: 10pt; line-height: inherit;">. In addition, the effects of Reverse Factoring on Cash Flows are recognized in &#8220;Cash flow from operating activities&#8221;.</span></span><span style="font-size: 10pt; text-indent: 0pt;">&#160;</span></p>

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<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; padding-left: 0px; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt !important;">k.<span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times; margin-left: 20px;">Leases</span></span></div>
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<li style="font-family: 'Times New Roman'; font-size: 10pt; margin: 0pt 0pt 0pt 30.88pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Right-of-use assets</span></li>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life or the lease term, as most of the Company&#8217; leases are related to property leases.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.59pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">ii.&#160;&#160;<span style="font-size: 10pt; line-height: inherit;">Lease liabilities</span></span></div>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The accounting amount of the lease liabilities is remeasured if there is a change in the term of the lease, a change in fixed lease payments or a change in valuation to purchase the right-of-use asset.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">iii.&#160;&#160;<span style="font-size: 10pt; line-height: inherit;">Short-term leases and leases of low-value assets</span></span></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company applies the short-term lease recognition exemption to its short-term leases of properties (i.e., those leases that have a lease term of 12 months&#160;or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">iv.&#160;&#160;<span style="font-size: 10pt; line-height: inherit;">Determining the lease term of contracts with renewal options</span></span></div>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if reasonably certain to be exercised.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has the option, under some of its leases to lease the assets for additional terms. The Company applies judgment in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).</span></p>

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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">l.&#160;&#160;<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Provision for tax, civil and labor losses</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The provisions for risks related to lawsuits and administrative proceedings involving tax, civil and labor matters are recognized when (</span><span style="font-size: 10pt; line-height: inherit;">i</span><span style="font-size: 10pt; line-height: inherit;">) the Company has a present legal or constructive obligation </span><span style="font-size: 10pt; line-height: inherit;">as a result of</span><span style="font-size: 10pt; line-height: inherit;"> past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) the amount can be reliably estimated. </span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The likelihood of loss of judicial/administrative proceedings in which the Company appears as a defendant is assessed by Management on the financial statement dates.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Provisions are recorded in an amount the Company believes it is adequate to cover probable losses, being determined by the expected future cash flows to settle the obligation that reflects current risks specific to the liability. The increase in the provision due to the time elapsed is recognized as interest expense. Penalties assessed on these proceedings are recognized in general and administrative expenses when incurred. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>2</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>

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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">m.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Current and Deferred income tax and social contribution</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Taxes comprise current and deferred Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL), calculated on pre-tax profit basis.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IRPJ and CSLL are calculated based on the nominal statutory rates of 25% and 9%, respectively, adjusted by non-taxable/nondeductible items provided for by law. Deferred income tax and social contribution are calculated on income tax and social contribution losses and other temporary differences in relation to the balances of assets and liabilities in the Statement of Financial Position. The deferred income tax and social contribution assets are fully accounted for, except when it is not probable that assets will be recovered by future taxable income. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Current and deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when current and deferred tax assets and liabilities are related to the tax levied by the same tax authority on the taxable entity where there is an intention to settle the balances on a net basis. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>2</span></span><span style="font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>

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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;">

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">n.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Employee Benefits</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has the following employee benefits:</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<li style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; margin: 0pt 0pt 0pt 30.85pt; padding-left: 4.6pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Short-term employee benefits</span></li>
</ol>
<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Obligations for short-term employee benefits are recognized as personnel expenses as the related service is rendered. The liability is recognized at the amount expected to be paid, if the Company has a legal or constructive obligation to pay this amount </span><span style="font-size: 10pt; line-height: inherit;">as a result of</span><span style="font-size: 10pt; line-height: inherit;"> prior service rendered by the employee, and the obligation can be reliably estimated. </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company also provides its commercial team with commissions calculated considering existing sales and revenue targets that are periodically reviewed. These amounts are accrued in &#8220;Salaries and Social contributions&#8221; </span><span style="font-size: 10pt; line-height: inherit;">on a monthly basis</span><span style="font-size: 10pt; line-height: inherit;"> based on the achievements of such goals, with payments generally being made twice a year. Since commissions are paid based on the annual sales of each contract, the Company elected to use the practical expedient to expense the costs as incurred.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">b.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Pension Contributions</span></span></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company offered a defined contribution plan to its employees and once the contributions have been made, the Company has no additional payment obligation, and the costs are therefore recognized in the month in which the contribution is incurred (</span><span style="font-size: 10pt; line-height: inherit;">i.e</span><span style="font-size: 10pt; line-height: inherit;"> employees have rendered services entitling them to the right to receive those benefits), which is consistent with recognition of payroll expenses in statement of Profit or Loss.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">c.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Share-based Payments</span></span></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company compensates part of its Management and some employees through share-based compensation by plans involving Restricted Share Units or &#8220;RSU&#8221;. The RSU plans are based on Company shares, through a fixed share price (market price) determined on the grant date which the Company has the obligation of delivering shares without cash settled payment. The Share based payment is divided in the following:</span></p>
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<td style="vertical-align: top; width: 5%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">i</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">)</span></td>
<td style="margin: 0px; text-indent: 0px; width: 95%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">L</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">ong Term Investment &#8211; &#8220;ILP&#8221; &#8211; Refers to RSU plans for which some Company management and employees are eligible. In those plans the Company will deliver a fixed number of shares at a fixed share price measured at the Plan&#8217;s inception. The Company recognizes the expense and inherent labor taxes related to the RSU plan in profit and loss. In addition, the effects of the constructive obligation are recognized in statement of financial position under the share-based compensation reserve in equity and the corresponding taxes under &#8220;Salaries and Contributions&#8221;.<span>&#160;</span>See Note<span>&#160;</span><span style="cursor: default;">2</span><span style="cursor: default;">4</span>.</span></td>
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<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">d.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Termination benefits </span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; line-height: inherit;">Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts voluntary resignation in exchange for these benefits. The Company recognizes termination benefits at the earlier of the following dates: (</span><span style="font-size: 10pt; line-height: inherit;">i</span><span style="font-size: 10pt; line-height: inherit;">) when the Company can no longer withdraw the offer of those benefits; and (ii) when the entity recognizes costs for a restructuring and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than <span>12</span> months after the end of the reporting period are discounted to their present value.</span></span></span></p>

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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">

<div style="margin: 0px; padding-left: 0px; line-height: 1.2; text-indent: 0pt; text-align: justify;"><span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times;">o.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Shareholders&#8217; Equity</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Until July 23, </span><span style="font-size: 10pt; line-height: inherit;"><span>2020</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company presented its financial statement based on the combined carve-out, where the capital reserves were not presented, and all effects were recorded in Parent Company&#8217;s Net Investment. </span><span style="font-size: 10pt; line-height: inherit;">As a consequence of</span><span style="font-size: 10pt; line-height: inherit;"> the restructuring completed on July 23, 2020, the Company presented its consolidated financial statements considering a new basis of preparation where the share capital, capital reserve and accumulated losses were disclosed.</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Since July 1, 2020, amounts previously recorded in Parent Company&#8217;s net investment in Equity have been recorded as net income and portions were reclassified to share capital and capital reserve. </span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 12.99pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">ii.&#160;&#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Share Capital </span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>2021</span>,</span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s share capital was R$ 4,820,815, divided into 82,649,887&#160;</span><span style="font-size: 10pt; line-height: inherit;">shares of which 64,436,093 are Class B shares held by </span><span style="font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-size: 10pt; line-height: inherit;"> Group and 18,213,794&#160;</span><span style="font-size: 10pt; line-height: inherit;">are Class A common shares held by others.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 13.02pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">iii.&#160;&#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Capital </span><span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">reserve</span> </span></div>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The breakdown of capital reserves is arising from share-based payment in the amount of R$ 80,531&#160;</span><span style="font-size: 10pt; line-height: inherit;">on December 31, 2022</span><span style="font-size: 10pt; line-height: inherit;">,</span><span style="font-size: 10pt; line-height: inherit;"> and R$61,488</span><span style="font-size: 10pt; line-height: inherit;">&#160;on December 31,2021</span><span style="font-size: 10pt; line-height: inherit;">.</span> <span style="font-size: 10pt; line-height: inherit;">S</span><span style="font-size: 10pt; line-height: inherit;">ee Note <span>2</span></span><span style="font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-size: 10pt; line-height: inherit;">. </span></span></p>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; line-height: 1.2; text-indent: 0px; padding-left: 13.02pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">iv.&#160;&#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Treasury shares</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>2021</span></span><span style="font-size: 10pt; line-height: inherit;">, the Company holds shares in treasury in the amount of R$ 23,880, corresponding to</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">1,000,000 shares, </span><span style="font-size: 10pt; line-height: inherit;">see Note <span>2</span></span><span style="font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>

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<div style="margin: 0px; padding-left: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times;">p.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Revenue Recognition</span></span></div>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company generates most of its revenue from the sale of textbooks (&#8220;publishing&#8221; when sold as standalone products or &#8220;PAR&#8221; when bundled as an educational platform) and learning systems in printed and digital formats to private schools through short-term transactions or term contracts with an average period from <span style="border-left: none; border-right: none;"><span style="-sec-ix-hidden:Tag3489">three</span></span> to <span style="border-left: none; border-right: none;">five years</span>. </span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contents in printed and digital formats related to these textbooks and learnings systems are mostly the same, with minor supplements presented in digital format only. Therefore, revenue from educational contents is recognized when the Company delivers the content in printed and digital format. </span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company also sells its products directly to students and parents through its e-commerce platform. Since the Company obtains control of the goods sold before they are transferred to its customers, the Company assessed the principal versus agent relationship and determined that it is a principal in the transaction. Therefore, revenue is recognized in a gross amount of consideration to which the Company is entitled in exchange for the specified goods transferred. </span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Pursuant to the terms of the contracts with some customers, they are required to provide the Company with an estimate of the number of students that will access the content in the next school year (which typically starts in February of the following year), allowing the Company to start the delivery of its products. Since the contracts allow product returns (generally for period of <span style="border-left: none; border-right: none;">four months</span> from the delivery date) up to a certain limit, the Company recognizes revenue for the amount that is expected to be received based on </span><span style="font-size: 10pt; line-height: inherit;">past experience</span><span style="font-size: 10pt; line-height: inherit;">, assuming that the other conditions for revenue recognition are met.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"> Therefore, the amount of revenue recognized is adjusted for expected returns, which are estimated based on historical data on a portfolio basis. In these circumstances a contractual obligation and a right to recover returned goods asset are recognized.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover the goods. The refund liability on the return received is included in Contractual Obligations and Deferred Income and the right to recover returned goods is included in Inventories. The Company reviews its estimate of expected returns at each reporting date and updates the amounts of the asset and liability accordingly.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company also provides other types of complementary educational solutions, preparatory courses for university admission exams, digital </span><span style="font-size: 10pt; line-height: inherit;">services</span><span style="font-size: 10pt; line-height: inherit;"> and other services to private schools, such as: teacher training, educators and parenting support, extracurricular educational content and other services related to the management of private schools. Each complementary educational service, digital service and others are deemed to be separate performance obligations. Thus, revenue is recognized over time when the services are rendered (</span><span style="font-size: 10pt; line-height: inherit;">i.e.</span><span style="font-size: 10pt; line-height: inherit;"> output method) to the customer. The Company believes this is an appropriate measure of progress toward satisfaction of performance obligations as it is the most accurate measure of the consideration to which the Company expects to be entitled in exchange for the services. These services may be sold on a standalone basis or bundled within publishing and learning system contracts and when bundled, each performance obligation is recognized separately. Service revenue is presented net of the corresponding discounts, returns and taxes. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span style="border-left: none; border-right: none;">2</span></span><span style="font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">5</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>

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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">q.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Taxes on Revenues</span></span></div>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company and its associates&#160;benefit from tax Law No. <span>10,865</span>/<span>04</span>, as amended by Law No. <span>11,033</span>/<span>04</span>, which provides that our tax rate on the sale of books is zero in respect of contributions to the social integration program tax (</span><span style="font-size: 10pt; line-height: inherit;">Programa</span><span style="font-size: 10pt; line-height: inherit;"> de </span><span style="font-size: 10pt; line-height: inherit;">Integra&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> Social, or PIS) and the social contributions on revenue tax (</span><span style="font-size: 10pt; line-height: inherit;">Contribui&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> para o </span><span style="font-size: 10pt; line-height: inherit;">Financiamento</span><span style="font-size: 10pt; line-height: inherit;"> da </span><span style="font-size: 10pt; line-height: inherit;">Seguridade</span><span style="font-size: 10pt; line-height: inherit;"> Social, or COFINS). The sale of books is also exempt by the Brazilian constitution from Brazilian municipal taxes, Brazilian services tax (</span><span style="font-size: 10pt; line-height: inherit;">Imposto</span> <span style="font-size: 10pt; line-height: inherit;">Sobre</span> <span style="font-size: 10pt; line-height: inherit;">Servi&#231;os</span><span style="font-size: 10pt; line-height: inherit;">, or ISS) and from the Brazilian tax on the circulation of goods, interstate and intercity transportation and communication services (</span><span style="font-size: 10pt; line-height: inherit;">Imposto</span> <span style="font-size: 10pt; line-height: inherit;">sobre</span> <span style="font-size: 10pt; line-height: inherit;">Opera&#231;&#245;es</span> <span style="font-size: 10pt; line-height: inherit;">relativas</span><span style="font-size: 10pt; line-height: inherit;"> &#224; </span><span style="font-size: 10pt; line-height: inherit;">Circula&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> de </span><span style="font-size: 10pt; line-height: inherit;">Mercadorias</span><span style="font-size: 10pt; line-height: inherit;"> e </span><span style="font-size: 10pt; line-height: inherit;">sobre</span> <span style="font-size: 10pt; line-height: inherit;">Presta&#231;&#245;es</span><span style="font-size: 10pt; line-height: inherit;"> de Services de </span><span style="font-size: 10pt; line-height: inherit;">Transporte</span> <span style="font-size: 10pt; line-height: inherit;">Interestadual</span><span style="font-size: 10pt; line-height: inherit;"> e Intermunicipal e de </span><span style="font-size: 10pt; line-height: inherit;">Comunica&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;">, or ICMS). Tax exemption available to physical books have been extended to digital books based on a decision by the Brazilian Supreme Court rendered on March 8, 2017.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The services revenues are subject to PIS and COFINS under the non-cumulative tax regime (with a nominal statutory rate of 9.25%), as well as municipality service taxes (</span><span style="font-size: 10pt; line-height: inherit;">Impostos</span> <span style="font-size: 10pt; line-height: inherit;">sobre</span> <span style="font-size: 10pt; line-height: inherit;">Servi&#231;os</span><span style="font-size: 10pt; line-height: inherit;">, or ISS) for which a statutory rate of 5% is applicable.</span></span></p>

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<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;">

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">r.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Fair Value Measurement</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fair value is the price that would be received upon the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date, on the primary market or, in the absence thereof, on the most advantageous market to which the Business has access on such date. The fair value of a liability reflects its risk of non-performance, which includes, among others, the Company&#8217;s own credit risk.</span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">If there is no price quoted on an active market, the Company uses valuation techniques that maximize the use of relevant observable data and minimize the use of unobservable data. The chosen valuation technique incorporates all the factors market participants would consider</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">when pricing a transaction. If an asset or a liability measured at fair value has a purchase and a selling price, the Company measures the assets based on purchase prices and liabilities based on selling prices. A market is considered as active if the transactions for the asset or liability take place with enough frequency and volume to provide pricing information on an ongoing basis.</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The best evidence of the fair value of a financial instrument upon initial recognition is usually the transaction price - i.e., the fair value of the consideration given or received. If the Company determines that the fair value upon initial recognition differs from the transaction price and the fair value is not evidenced by either a price quoted on an active market for an identical asset or liability or based on a valuation technique for which any non-observable data are judged to be insignificant in relation to measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value upon initial recognition and the transaction price. This difference is subsequently recognized in Profit or Loss on an appropriate basis over the life of the instrument, or until such time when its valuation is fully supported by observable market data or the transaction is closed, whichever comes first.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">To provide an indication of the reliability of the inputs used in determining fair value, the Company has classified its financial instruments according to the judgements and estimates of the observable data as much as possible. The fair value hierarchy is based on the degree to which the fair value used in the valuation techniques is observable, as follows:</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<td style="width: 95%; padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Level <span>1</span>: The fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. </span></td>
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<td style="padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Level <span>2</span>: The fair value measurements are those derived from inputs other than quoted prices included within Level <span>1</span> that are observable for the asset or liability, either directly or indirectly; and </span></td>
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<td style="padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Level <span>3</span>: The fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). </span></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451730048688">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Combinations<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt; font-weight: bold;"><span>5</span></span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-size: 10pt; font-weight: bold;">&#160; &#160;Business Combinations </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The</span><span style="font-size: 10pt; line-height: inherit;"> Company concluded some acquisitions to improve its portfolio of educational solutions as presented below:</span></span></p>
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<p><span style="font-family: 'times new roman', times; line-height: inherit;"> January 14, <span>2022</span>&#8211;Phidelis&#160;Tecnologia&#160;Desenvolvimento&#160;de&#160;Sistemas&#160;Ltda. </span></p>
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<p><span style="font-family: 'times new roman', times; line-height: inherit;"> January 14, 2022 &#8211;&#160;MVP&#160;Consultoria&#160;e&#160;Sistemas&#160;Ltda. </span></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company&#8217; business combinations are described below:</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;">Business Combinations during <span>2022</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">MVP</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Consultoria</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> e </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Sistemas</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Ltda</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">. </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">and </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Phidelis</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Tecnologia</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Desenvolvimento</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> de </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> Ltda. (&#8220;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Phidelis</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#8221;)</span></span></p>
<p style="text-align: justify; margin: 0px; font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On January 14, 2022, the Company acquired though its subsidiary, Somos Sistemas de Ensino S.A. (&#8220;Somos Sistemas&#8221;), the entities Phidelis Tecnologia Desenvolvimento de Sistemas and MVP Consultoria e Sistemas Ltda. </span><span style="font-size: 10pt; line-height: inherit; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(&#8220;Phidelis&#8221;).</span> Phidelis is a complete academic and financial management platform for elementary and high schools, providing (i) licensing and software development and (ii) messaging, retention, enrollment and standard management for schools and students. In addition to adding a digital solution and bringing in new customers, Phidelis' team will support the development of the Company's digital services platform. The Company will pay a total purchase price in the amount of R$21,966, comprised of (i) R$8,854&#160;in cash, paid on the acquisition date, (ii) R$7,638&#160;to be paid in annual installments over the course of&#160;two years, and (iii) a variable of R$5,474,&#160;with the achievement of performance linked to net revenue of the years <span>2023</span> and <span>2024</span>&#160;to be paid in three&#160;annual installments between 2023 and 2026. Both fixed and variable payment to be adjusted by the variation of&#160;Extended National Consumer Price Index (&#8220;IPCA&#8221;)&#160;in the period.</span></span></p>


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<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Phidelis </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
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<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> MVP </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
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<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Current assets </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
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<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
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<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
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<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
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<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
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<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 64%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cash and cash equivalents </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 162 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 217 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 379 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Trade receivables </span></p>
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<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 65 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 131 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 196 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Taxes recoverable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 228 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 352 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 580 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> Property, plant and equipment </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 72 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 72 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Intangible assets - Customer Portfolio </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 1,521 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,313 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 3,834 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Intangible assets - Software </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 523 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,702 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 3,225 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total non-current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 2,044 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 5,087 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 7,131 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total Assets </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,272 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,439 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,711 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> Current liabilities&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Salaries and social contributions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 58 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 62 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Taxes payable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution payable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 80 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 80 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 58 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 106 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 164 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Provision for tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,504 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,504 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,504 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,504 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 58 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,610 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,668 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net identifiable assets at fair value (A) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,214 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,829 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 5,043 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Total Consideration transferred (B) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,600 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,366 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 21,966 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Goodwill (B &#8211; A) (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,386 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 15,537 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 16,923 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>

<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0in 0in 0.0001pt 28.35pt; text-align: justify; text-indent: -28.35pt; font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">(i)</span></span><span style="font-size: 10pt; margin-left: 24px; line-height: inherit;"><span>Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the Company, as well as an expected increase in the Company&#8217;s market-share due to the penetration of the Company&#8217;s products and services in regions where the Company did not operate before. At the time of the acquisition, future tax deductibility is probable as certain actions, necessary to integrate the businesses from a tax perspective, are intended by management and considered feasible from a legal perspective.</span></span></span></p>
<p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"><span style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</span></p>
<p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">From the date of acquisition to December 31, 2022, Phidelis contributed to a net revenue from sales and services in the amount of R$5,157, and net profit for the year in the amount of R$ 780. If the acquisition had occurred on January 1, 2022, Management estimates that net revenue from sales and services would have been R$ 1,264,287 and net loss for the year would have been R$ (54,572).</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;">Business Combinations during <span>2021</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Sociedade</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Educacional</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> da </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Lagoa</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> Ltda. (&#8220;SEL&#8221;)</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On March 2, 2021, the Company acquired </span><span style="font-size: 10pt; line-height: inherit;">through</span><span style="font-size: 10pt; line-height: inherit;"> its subsidiary, </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A. (&#8220;</span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;">&#8221;), the entity </span><span style="font-size: 10pt; line-height: inherit;">Sociedade</span> <span style="font-size: 10pt; line-height: inherit;">Educacional</span><span style="font-size: 10pt; line-height: inherit;"> da </span><span style="font-size: 10pt; line-height: inherit;">Lagoa</span><span style="font-size: 10pt; line-height: inherit;"> Ltda. (&#8220;SEL&#8221;). SEL provides technical and pedagogical services to education platforms, including the maintenance of such platforms, development and improvement of contents and training of professionals. The consideration paid was R$ 65,000, of which R$ 38,124 was paid in cash and</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"> the remaining amount of R$ 26,876 is subject to certain post-closing price adjustments (conditioned to the minimum amount of R$ 39,400 total contract revenue for the next two years, <span>2023</span> and <span>2024</span>, with the client "SESI", and if the minimum amount is not reached, the installment due will be discounted in the percentage of reduction of the minimum value of each contract). The consideration will be divided in installments over a 4-year period (each installment</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">adjusted by the positive variation of 100% of CDI).</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<div>

</div>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Nota <span>1000</span> </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Servi&#231;os</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Educacionais</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> S.A. (&#8220;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Reda&#231;&#227;o</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> Nota <span>1000</span>&#8221;)</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On May 27, 2021, the Company acquired through its subsidiary, </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A. (&#8220;</span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;">&#8221;) the entity </span><span style="font-size: 10pt; line-height: inherit;">Reda&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> Nota <span>1000</span>, which provides essay review services as a service platform, through its proprietary software.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"> The </span><span style="font-size: 10pt; line-height: inherit;">Reda&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> Nota <span>1000</span>&#8217;s users may choose their essays reviewed under different approaches as follows: (</span><span style="font-size: 10pt; line-height: inherit;">i</span><span style="font-size: 10pt; line-height: inherit;">) solely by essay-review specialists (manual); (ii) on an automated basis by the company&#8217;s software, with a final review by a specialist (semi-automated); or (iii) exclusively on an automated basis by the company&#8217;s software. The consideration transferred was R$ 11,387, of which R$ 4,093 was paid in cash and the remaining amount of R$ 7,294 will be paid in installments with final due date on December 24, 2026 (each installment adjusted by the positive variation of 100% of CDI index). In addition, the Company recognized a contingent consideration of R$ 2,650 subjects to certain post-closing price adjustments (achievement of financial targets such as maintenance of contracts, net revenue and average global cost, in addition to non-financial targets such as platform engagement, satisfaction of the customer in the service provided and adequate level of information security, for the years <span>2022</span> and <span>2023</span>). <span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: inherit;">During <span>2022</span>, <span style="color: #000000; line-height: inherit;">the Company concluded the acquisition accounting and adjusted during the measurement period, intangible assets and goodwill in the amount of R$ 1,098.</span></span></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">EMME &#8211; </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Produ&#231;&#245;es</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> de </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Materiais</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> em </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Multim&#237;dia</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> (&#8220;EMME&#8221;)</span><br/></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On August 1, </span><span style="font-size: 10pt; line-height: inherit;"><span>2021</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company acquired through its subsidiary, </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A. (&#8220;</span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;">&#8221;) the entity EMME, which provides educational marketing solutions for schools, through license of its &#8220;software as a service&#8221;. The consideration transferred was R$</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">15,317</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">of which R$</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">3,063</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">was paid in cash and the remaining amount of R$</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">12,253</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">will be paid in installments with final due date on August 16, 2026 (each installment adjusted by the positive variation of inflation- &#8220;IPCA&#8221; &#8211; Extended National Consumer Price Index). <span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: inherit;">During <span>2022</span>, <span style="color: #000000; line-height: inherit;">the Company concluded the acquisition accounting and adjusted, during the measurement period, intangible assets and goodwill, in the amount of R$ 1,055.</span></span> </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Editora</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> De Gouges S.A. (&#8220;De Gouges&#8221;)</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On October 29, 2021 the Company acquired through its subsidiary, </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A. (&#8220;</span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;">&#8221;) the entity De Gouges, which provides learning system (K-<span>12</span>) and solutions on the educational platform. The consideration transferred was R$ 611,554 of which R$ 160,000 was paid in cash and the remaining amount of R$ 451,554 to be paid in installments with final due date on October 29, 2026 (each installment adjusted by the positive variation of 100% of CDI index).</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">The acquisition agreement for De Gouges provided an obligation on the subsidiary, </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A. under the Commercial Agreement. (&#8220;</span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;">&#8221;), to grant an amount of R$62,234 in discounts on the sale price of teaching materials to Eleva Holding&#8217;s partner schools (the selling shareholder), within a period of up to 5 years&#160;limited to the amount of R$16,600 years. For this operation, the Company recorded a liability generated in the business combination (Provision for trade discount) and which should be realized according to its use in the coming years.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Net identifiable assets acquired, and liabilities assumed involved in the Business Combinations and Consideration </span><span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">transferred</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">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.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The following table presents the net identifiable assets acquired and liabilities assumed for each business combination in <span>2021</span>:</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div id="t_ft_2U0OXWU88W00000000000000000000b">


<div>
<table cellpadding="0" style="height: 580px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> SEL </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> Reda&#231;&#227;o Nota <span>1000</span> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> EMME </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> De Gouges </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Current assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Cash and cash equivalents </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,461 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 525 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 637 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 16,439 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 19,062 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Trade receivables (vi) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,327 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,082 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 18,190 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 20,599 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Inventories (iv) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 4,534 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 4,534 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Prepayments </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 14 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 83 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 97 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Taxes recoverable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 9 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,947 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,956 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Other receivables </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 180 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 12 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 192 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total current assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 1,641 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 1,852 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 1,742 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 41,205 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 46,440 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Non-current assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Property, plant and equipment </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 611 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 128 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,272 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 2,011 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Other intangible assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,099 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 38 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,138 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Intangible assets - Customer Portfolio (ii) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 18,783 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 64,806 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 83,589 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Intangible assets - Trade agreement (iii) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 247,622 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 247,622 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Intangible assets - Software (v) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,296 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 5,692 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 4,048 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 11,036 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total non-current assets </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 20,690 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 6,791 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 4,177 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 313,738 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 345,396 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total Assets </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 22,331 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 8,643 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 5,919 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 354,943 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 391,836 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Current liabilities&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Suppliers </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 180 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 13 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,107 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,300 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Salaries and social contributions </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 124 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 600 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 2,871 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 3,596 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Taxes payable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 17 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 207 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 102 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 326 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Income tax and social contribution payable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 33 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 5,232 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 5,265 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Provision for trade discount </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 15,000 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 15,000 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Other liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,673 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 2 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 25 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,700 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 51 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 2,184 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 717 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 24,235 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 27,187 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Provision for tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,231 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,231 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Provision for trade discount </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 47,234 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 47,234 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 48,465 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 48,465 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 51 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 2,184 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 717 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 72,700 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 75,652 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Net identifiable assets at fair value (A) </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 22,280 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 6,459 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 5,202 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 282,243 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 316,184 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Total Consideration transferred (B) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 65,000 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 11,387 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 15,317 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 611,554 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 703,258 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Goodwill (B &#8211; A) (i) </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 42,720 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 4,928 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 10,115 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 329,311 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 387,074 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(</span><span style="font-size: 10pt; line-height: inherit;">i</span><span style="font-size: 10pt; line-height: inherit;">) <span><span style="border-right: none; border-left: none;">Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the acquiror, as well as an expected increase in the Company&#8217;s market-share due to the penetration of the Company&#8217;s products and services in regions where the Company did not operate before. Also, the current tax law allows the deductibility of the acquisition date goodwill and fair value of net assets acquired when a non-substantive action is taken after acquisition by the Company (</span></span></span><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; line-height: inherit;">i.e.</span><span style="font-size: 10pt; line-height: inherit;"> when the Company merges or spins off the companies acquired) and therefore the tax and accounting bases of the net assets acquired are the same as of the acquisition date. </span></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(ii) <span><span style="border-right: none; border-left: none;">As a result of purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;">18,783</span>, customer portfolio (&#8220;SESI&#8221;), and R$ <span style="border-left: none; border-right: none;">64,806</span>, customer portfolio (&#8220;De Gouges&#8221;) based on customer portfolio receivables expectation around <span style="border-left: none; border-right: none;">8</span>% per year. See Note <span>14</span></span></span></span><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; line-height: inherit;">.</span></span></span></p>
<div>
<div style="border-right: none; border-left: none; text-align: justify;">

<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-size: 10pt; text-align: justify;">(iii) <span><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">As a result of the purchase price allocation, the Company identified R$ 247,622,&#160;</span></span></span></span></span><span style="font-size: 10pt; text-align: justify;">a commercial agreement (&#8220;Eleva Holding&#8221;), which corresponds to the sale of teaching material from "De Gouges" to partner schools of "Eleva Holding" within </span><span style="font-size: 10pt; text-align: justify;">10</span><span style="font-size: 10pt; text-align: justify;"> years, with an estimated sales rate of </span><span style="font-size: 10pt; text-align: justify;">10</span><span style="font-size: 10pt; text-align: justify;">% per year.</span></span></p>
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<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(iv) <span>As a result of the purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;">4,534</span> in inventories (&#8220;De Gouges&#8221;), based on the expectation of sales of this inventory at around <span style="border-left: none; border-right: none;">33</span>% per year.</span></span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span> </span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(v) <span><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">As a result of purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;">11,036</span>, Educational Software applied in the &#8220;SESI&#8221; learning system, Writing Correction Software for <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">Education System &#8220;Reda&#231;&#227;o Nota <span>1000</span>&#8221; and software that produces digital marketing material solutions for schools &#8220;EMME&#8221;, all of them based on relief from royalties&#8217; criteria (RIR) and each acquisition with its corresponding rate of net revenue by investment. See Note <span>14</span>.</span> </span></span></span></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(vi) <span><span style="border-right: none; border-left: none;"><span>Accounts receivable from customers comprise gross contractual amounts due of R$<span style="border-right: none; border-left: none;"><span style="border-left: none; border-right: none;">24,344</span>,</span> of which R$<span style="border-left: none; border-right: none;">3,746</span> were uncollectible on the acquisition date. See Note <span style="border-left: none; border-right: none;"><span>10</span></span>e.</span></span></span></span></p>

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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451750635936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Risk Management<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfFinancialRiskManagementAbstract', window );"><strong>Financial Risk Management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory', window );">Financial Risk Management</a></td>
<td class="text">
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> Financial Risk Management</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The economic and financial risks reflect the behavior of macroeconomic variables such as interest rates as well as other characteristics&#160;</span><span style="font-size: 10pt; line-height: inherit;">of the financial instruments maintained by the Company. These risks are managed through control and monitoring policies, specific strategies, and limits.</span></span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; margin: 0pt 0pt 8pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; &#160;Financial risk factors</span></li>
</ol>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company&#8217;s activities expose it to certain financial risks mainly related to market risk, credit risk and liquidity risk. Management and the Group&#8217;s Board of Directors monitor such risks in line with their capital management policy objectives. </span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">This Note presents information on the Company&#8217;s exposure to each of the risks above, the objectives of the Company, measurement policies, and the Company&#8217;s risk and capital management process.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has no derivative transactions.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: 'Times New Roman'; font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt 10pt; padding-left: 5.76pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;">Market <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">risk &#8211; cash flow interest rate risk</span> </span></li>
</ol>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">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 </span><span style="font-size: 10pt; line-height: inherit;">in order to</span><span style="font-size: 10pt; line-height: inherit;"> 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.</span> <span style="font-size: 10pt; line-height: inherit;">Interest rates contracted are as follows:</span></span></p>
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<table cellpadding="0" style="height: 163px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest rate </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 51%;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman', times;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Private Bonds &#8211; <span>6</span><span style="font-size: 8pt;"><sup>th&#160;</sup></span>Issuance <span style="font-size: 9pt; font-family: Georgia, 'serif'; color: #000000; margin: 0pt; text-align: justify;">&#8211; <span style="font-family: 'times new roman', times; font-size: 10pt; ;color: black;">series&#160;</span></span><span>2</span> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 53,688 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 104,844 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 1.00% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Private Bonds &#8211; <span>6</span><span style="font-size: 8pt;"><sup>th</sup></span> Issuance <span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 9pt; font-family: Georgia, 'serif'; margin: 0pt;">&#8211;<span>&#160;</span><span style="font-family: 'times new roman', times; font-size: 10pt; color: black;">series&#160;</span></span><span><span>2</span></span></span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"> - </span></span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 210,920 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 1.70% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Private Bonds &#8211; <span>9</span><span style="font-size: 8pt;"><sup>th</sup></span>&#160;Issuance <span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 9pt; font-family: Georgia, 'serif'; margin: 0pt;">&#8211;<span>&#160;</span><span style="font-family: 'times new roman', times; font-size: 10pt; color: black;">series&#160;</span></span><span><span>2</span></span></span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 259,843 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 2.40% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Bonds &#8211; <span>1</span><sup>st</sup> Issuance - single </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 529,465 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 514,574 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 2.30% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing and Lease Liabilities - Mind Makers </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 888 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> TJPLP + 5% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing and Lease Liabilities </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 140,563 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 160,542 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> IPCA </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accounts Payable for Business Combination and acquisition of associates</span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 625,277 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 532,313 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 100% CDI </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none; font-weight: bold;"> 1,608,836</span>&#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 1,524,081 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>

<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
</div>
<div style="line-height: 1.2;">
<div id="t_ft_18UJPAWS7K00000000000000000000b">

</div>
</div>
<div style="margin: 0pt 0pt 10pt -15pt; padding-left: 0pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; padding-left: 5.76pt; text-indent: 0pt; margin: 0pt 0pt 8pt 10pt;">b.&#160; &#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Credit risk</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Credit risk arises from the potential default of a</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">counterparty</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">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</span><span style="font-size: 10pt; line-height: inherit;">, see N</span><span style="font-size: 10pt; line-height: inherit;">ote</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"><span>10</span></span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">and financial activities that include reverse factoring deposits with banks and other financial institutions and other financial</span><span style="font-size: 10pt; line-height: inherit;"> i</span><span style="font-size: 10pt; line-height: inherit;">nstruments contracted.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">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&#8217;s policy. See </span><span style="font-size: 10pt; line-height: inherit;">Notes </span><span style="font-size: 10pt; line-height: inherit;"><span>8</span></span><span style="font-size: 10pt; line-height: inherit;"> and </span><span style="font-size: 10pt; line-height: inherit;"><span>9</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The diversification of its receivable&#8217;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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">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 </span><span style="font-size: 10pt; line-height: inherit;">recorded (Note <span>10</span>). </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div style="margin: 0pt 0pt 10pt -6pt; padding-left: 0pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; padding-left: 5.76pt; text-indent: 0pt; margin: 0pt 0pt 8pt !important;">c.&#160;&#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Liquidity risk</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">In order to</span><span style="font-size: 10pt; line-height: inherit;"> 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 as long as this credit line is offered by banks and accepted by Company suppliers.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On September 28, </span><span style="font-size: 10pt; line-height: inherit;"><span>2022</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s subsidiary </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A issued R$ </span><span style="font-size: 10pt; line-height: inherit;">250,000</span><span style="font-size: 10pt; line-height: inherit;"> in </span><span style="font-size: 10pt; line-height: inherit;">private</span> <span style="font-size: 10pt; line-height: inherit;">bonds</span><span style="font-size: 10pt; line-height: inherit;">, not </span><span style="font-size: 10pt; line-height: inherit;">convertible. The bonds are aimed to reinforce the Company&#8217;s capital structure</span><span style="font-size: 10pt; line-height: inherit;">, and </span><span style="font-size: 10pt; line-height: inherit;">lengthen the debt maturity profile, whose average term currently is 37 months from the issuance</span><span style="font-size: 10pt; line-height: inherit;">. </span><span style="font-size: 10pt; line-height: inherit;">On August 6, </span><span style="font-size: 10pt; line-height: inherit;"><span>2021</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s subsidiary </span><span style="font-size: 10pt; line-height: inherit;">Somos</span> <span style="font-size: 10pt; line-height: inherit;">Sistemas</span><span style="font-size: 10pt; line-height: inherit;"> de Ensino S.A issued R$ 500,000 in simple debentures, not convertible. The debentures are aimed to reinforce the Company&#8217;s capital structure as well as extending the debt maturity profile, </span><span style="font-size: 10pt; line-height: inherit;">see Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div style="line-height: 1.2;">
<div id="t_ft_JRTXAZG2CG00000000000000000000b">
<div>

</div>
</div>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The table below presents the maturity of the Company&#8217;s financial liabilities.</span></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial liabilities by maturity ranges</span></p>
<div style="border-left: none; border-right: none;">

<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 130px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Less than <span>one</span> year </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Between <span>one</span> and <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Over <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 52%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds and financing (Note <span>15</span>) </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 93,779 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 499,217 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 250,000 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 842,996 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Lease Liabilities (Note <span>17</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 23,151 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 22,921 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 94,491 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 140,563 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accounts Payable for business combination and acquisition of associates (Note <span>19</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 73,007 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 389,186 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 163,084 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 625,277 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Suppliers (Note <span>16</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 250,647 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 250,647 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Reverse Factoring (Note <span>16</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 155,469 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 155,469 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other liabilities - related parties (Note <span>21</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 54 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 54 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 596,107 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 911,324 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 507,575 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,015,006 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>

</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial liabilities by maturity ranges </span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The table below reflects the estimated interest rate based on CDI for <span>12</span> months (</span><span style="font-size: 10pt; line-height: inherit;">12.43</span><span style="font-size: 10pt; line-height: inherit;">% </span><span style="font-size: 10pt; line-height: inherit;">p.a</span><span style="font-size: 10pt; line-height: inherit;">) extracted from BACEN (Brazilian Central Bank) on December 31,202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;">. Amounts payable refer to principal and interest based on undiscounted contractual amounts and, therefore, do not reflect the financial position presented as of December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">:</span></span></p>
<div style="border-left: none; border-right: none;">

<table cellpadding="0" style="height: 129px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-weight: bold; font-size: 8pt;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Less than <span>one</span> year </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Between <span>one</span> and <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Over <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 52%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds and financing </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 105,436 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 561,270 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 281,075 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 947,781 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Lease Liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 26,029 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25,770 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 106,236 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 158,035 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accounts Payable for business combination and acquisition of associates</span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 82,082 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 437,562 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 183,355 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 702,999 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Suppliers </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 281,802 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 281,802 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Reverse Factoring </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 174,794 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 174,794 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other liabilities - related parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 61 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 61 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 670,204 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 1,024,602 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 570,666 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,265,472 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>

</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">Capital </span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">management</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company&#8217;s objectives when managing capital are to safeguard its ability to continue as a going concern </span><span style="font-size: 10pt; line-height: inherit;">in order to</span><span style="font-size: 10pt; line-height: inherit;"> provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">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 </span><span style="font-size: 10pt; line-height: inherit;">amount</span><span style="font-size: 10pt; line-height: inherit;"> of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce, for example, debt.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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&#8217; equity as shown in the consolidated balance sheet plus net debt.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company&#8217;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.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<div style="line-height: 1.2;">
<div id="t_ft_OI3DGHKAGW00000000000000000000b">
<div>

</div>
</div>
</div>
<div style="border-left: none; border-right: none;">

<div style="border-right: none; border-left: none;">
<div>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 78px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 77%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net debt (i) </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,969,241 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,518,247 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total shareholders' equity </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times;font-size: 10pt;line-height: inherit;font-weight: bold;"> 4,629,679 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,665,209 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total capitalization (ii) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,660,438 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 3,146,963 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Gearing ratio - % - (iii) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 74 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">%</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;">48</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">%</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_2CJ8RX3D2800000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 30px; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></td>
<td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"> (i) </span></td>
<td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"><span> Net debt comprises financial liabilities (note <span>7</span>) net of cash and cash equivalents. </span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></td>
<td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (ii) </span></td>
<td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"><span> Refers to the difference between Shareholders&#8217; Equity and Net debt. </span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></td>
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (iii) </span></td>
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"><span> The Gearing Ratio is calculated based on Net Debt/Total Capitalization. </span></td>
</tr>
</tbody>
</table>
</div>
</div>
</div>

</div>
<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -35.45pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Sensitivity analysis</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The following table presents the sensitivity analysis of potential losses from financial instruments, according to Management&#8217;s assessment of relevant market risks presented above.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">A probable scenario (Base scenario) over a <span>12</span>-month horizon was used, with a projected rate of </span><span style="font-size: 10pt; line-height: inherit;">12.43</span><span style="font-size: 10pt; line-height: inherit;">% p.a. as per DI Interest Deposit rate (&#8220;CDI&#8221;) reference rates disclosed by B<span>3</span> S.A. (Brazilian stock exchange). <span>Two</span> further scenarios are presented, stressing, respectively, a 25% deterioration in scenario I and 50% deterioration in scenario II, of the projected rates.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">

<div style="border-right: none; border-left: none;">
<div>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 182px; width: 99.9596%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 38.9053%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Index - % per year </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10.355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Balance as of December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Base scenario </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Scenario I </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Scenario&#160;II </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financial Investments </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 103.40% of CDI </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 39,212 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,874 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,093 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,311 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Marketable Securities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 103.39% CDI </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 380,514 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 47,298 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 59,122 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 70,947 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 419,726 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 52,172 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 65,215 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 78,258 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accounts Payable for Business Combination and acquisition of associates</span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 100% of CDI </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (625,277 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.47929%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (77,722 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (97,152 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (116,583 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Lease liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 1.28% </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (140,563 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (17,472 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (21,840 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (26,208 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds and financing </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 1.66% </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (842,996 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.47929%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (104,784 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (130,981 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (157,177 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,608,836 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (199,978 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (249,973 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (299,968 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net exposure </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 9.91124%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,189,110 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (147,806 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (184,758 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (221,710 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Interest rate -% p.a </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.47929%;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12.43 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 15.54 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18.65 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Stressing scenarios&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 50 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
</tr>
</tbody>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the entity's financial risk management practices and policies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451736376528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Instruments by Category<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
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<p style="font-size: 10pt; line-height: 115%; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>7</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Financial Instruments by Category</span></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>

<p style="font-size: 10pt; line-height: 125%; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The Company holds the following financial instruments:</span></p>
<div style="border-left: none; border-right: none;">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<table cellpadding="0" style="height: 294px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Hierarchy</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-size: 8pt; font-family: 'times new roman', times;"><span style="font-weight: bold;"> December 31, </span><span style="font-weight: bold;"><span>2022</span></span> </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-size: 8pt; font-family: 'times new roman', times;"><span style="font-weight: bold;"> December 31, </span><span style="font-weight: bold;"><span>2021</span></span> </span></td>
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<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Assets - Amortized cost</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; width: 67.9049%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cash and cash equivalents </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.04012%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;">45,765 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.48588%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;">309,893 </span></td>
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<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; width: 67.9049%; margin: 0px; text-indent: 0px; height: 17px;">Marketable securities</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.04012%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;">-</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.48588%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;">166,349</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Trade receivables </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">649,135 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">505,514 </span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other receivables </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">972 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160;2,105 </span></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Related parties &#8211; other receivables </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">1,759 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160;501 </span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">697,631 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160; 984,362 </span></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;">Assets - Fair value </span><span style="font-weight: bold;">through</span><span style="font-weight: bold;">&#160;profit or loss</span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Marketable securities </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span>1</span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">380,514 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">-</span></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; width: 67.9049%;">Other investments and interests in entities</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: center; width: 9.95542%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1.04012%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 9.95542%;">8,272</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 9.95542%;">-</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">388,786 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">-</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Liabilities - Amortized cost</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Bonds and financing </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">842,996 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;831,226 </span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Lease liabilities </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">140,563 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">160,542 </span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reverse factoring </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">155,469 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160;97,619 </span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Suppliers</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">250,647 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">167,168 </span></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Accounts payable for business combination and acquisition of associates</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">569,360 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">497,187 </span></td>
</tr>
<tr style="background-color: #bdd7ee; height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px; width: 67.9049%;">Accounts payable for business combination and acquisition of associates (i)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px; text-align: center; width: 9.95542%;"><span>3</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 1.04012%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 9.95542%;">55,917</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 9.95542%;">35,126</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other liabilities - related parties&#160; </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; 54 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">39,271 </span></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2,015,006 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,828,139 </span></td>
</tr>
</tbody>
</table>
<table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><span style="font-family: 'times new roman', times; font-size: 10pt;">i)</span></td>
<td style="width: 97%; padding: 0px;"><span style="font-size: 10pt; line-height: inherit;"><span>Refers to a portion of the liability remeasured based on economic activity of the acquired entity (post-closing price adjustments).</span></span></td>
</tr>
</tbody>
</table>
</div>
</div>

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<div>

<p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', 'serif';"><br/></p>
<p style="margin: 0px; text-indent: 0px;"><span style="font-weight: bold; margin: 0px; text-indent: 0px; font-size: 10pt; font-family: 'times new roman', times;">Valuation techniques and significant unobservable inputs</span></p>
<p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"><br/></p>
<div style="border-right: none; border-left: none;">

<div style="border-right: none; border-left: none;">
<p style="margin: 0px; text-indent: 0px;"><span style="margin: 0px; text-indent: 0px; font-size: 10pt; font-family: 'times new roman', times;">The following table shows the valuation techniques used in measuring level <span>3</span> fair values, as well as the significant unobservable inputs used:<br/></span></p>
<p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"><br/></p>
<table border="0" cellpadding="0" style="height: 41px; width: 100%; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="width: 15.78%; padding: 0cm 3.5pt; height: 10px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><b><span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"><span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">Entities</span></span></b></p>
</td>
<td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/>
<td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Valuation technique</span></span></b></p>
</td>
<td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/>
<td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"><span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">Significant unobservable inputs</span></span></b></p>
</td>
<td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/>
<td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"><span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">Inter-relationship between key unobservable inputs and fair value measurement</span></span></b></p>
</td>
</tr>
<tr style="height: 1px; background-color: #bdd7ee;">
<td style="width: 15.78%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Phidelis </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;"/>
<td style="width: 29.42%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 26.18%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">1. The achievement of financial targets are linked to net revenue of the years 2023 and 2024. <br/></span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">2.Revenue: we consider for the revenue projection the continuity of old contracts and new contracts with average annual revenue growth of 21.1%.</span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 24.2%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"><span style="-sec-ix-hidden:Tag3486">The estimated fair value would increase (decrease) if:</span></span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">- Any product is no longer monetized (lower)</span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"><span style="line-height: inherit;">&#160;</span><span>- The risk-adjusted discount rates were lower (higher)</span></span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="width: 15.78%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> SEL </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/>
<td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> 1. Renewal, in writing, to the year 2023 and 2024, of the Structured Teaching Program Contract; or </span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">2. Entering a new contract, in writing, with SESI effective for the year 2024, with or without the need for bidding, so that the Buyer continues to provide in the year of 2024 services to SESI, according to the specific scope to be defined by SESI (&#8220;Renovation Structured Teaching Program 2024&#8221;). </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">The estimated fair value would increase (decrease) if:</span></p>
<p style="text-align: right; margin: 20pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">- No contract renewal (lower)<span style="color: #000000; line-height: inherit;"/></span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="width: 15.78%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Reda&#231;&#227;o Nota <span>1000</span> </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/>
<td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> 1. Net Revenue Target 2023: R$3,952 </span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">2. (i) 2023 Net Revenue equal to or greater than R$3,952 so = 100%, (ii) 2023 Net Revenue equal to or greater than R$2,799 and less than R$3,952 so 70%, (iii) 2023 Net Revenue equal to or greater than R$ 2,659 and less than R$2,799 so 60%, (iv) 2023 Net Revenue equal to or greater than R$2,379 and less than R$2,659 so, 40%, and (v) Net Revenue less than R$2,379 so 0%. </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Not applicable. </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="width: 15.78%; border: none; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Educbank </span></p>
</td>
<td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/>
<td style="width: 29.42%; border: none; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (students enrolled). </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 26.18%; border: none; padding: 0px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1. Reaching 25,000 new students effectively hired, as determined after issuing bank slips, in relation to the Company's services</span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2. Reaching 37,000 new students effectively hired, as determined after issuing bank slips, in relation to the Company's services. </span></p>
</td>
<td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 24.2%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The estimated fair value would increase (decrease) if:<span style="color: black; line-height: inherit;"><br/><br/></span></span></p>
<p style="text-align: right; margin: 20pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">- Not applicable.</span></p>
</td>
</tr>
</tbody>
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<p style="margin: 0px; text-indent: 0px;"><br/></p>
<p style="text-align: justify; background: white; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10.0pt;">The Company has not disclosed the fair values of your financial instruments, because their carrying amounts approximates fair value.&#160;</span></p>
</div>
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<span></span>
</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451730032928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text">
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 5pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>8</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Cash and cash equivalents</span></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: 'Times New Roman'; font-size: 10.5pt; font-weight: bold; line-height: 125%; margin: 0pt 0pt 5pt 31.13pt; padding-left: 4.88pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Composition</span></li>
</ol>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The balance of this account comprises the following amounts:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt;"><br/></p>

<div id="t_ft_O3685BO25C00000000000000000000b">
<table cellpadding="0" style="height: 86px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 73%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cash </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 7 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Bank account </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 6,546 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 17,772 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Financial investments (i) </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 39,212 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 292,021 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 45,765 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 309,893 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: Georgia; font-size: 8pt;">&#160;</span></p>
<table style="width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; height: 10px;">
<tbody>
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<td style="vertical-align: top; width: 3%; height: 10px;" valign="top"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">(</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">i</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">)</span><br/></td>
<td style="padding: 0px; text-align: justify; width: 97%; height: 10px;"><span><span style="font-family: 'Times New Roman'; font-size: 10pt;">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</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% of the annual CDI rate on&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">December 31, 2022</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> (105.2</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% on December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">). All investments are highly liquid investments that are readily convertible to known amounts of</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">cash</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">and which are subject to an insignificant risk of changes in value and correspond to the cash obligations for the period.</span></span></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451730032928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Marketable securities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfMarketableSecuritiesAbstract', window );"><strong>Marketable securities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory', window );">Marketable securities</a></td>
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<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 5pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>9</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Marketable</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">securities </span></p>
<p><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160; <span style="border-left: none; border-right: none;">a</span>.&#160; Composition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span></p>
<p><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><br/></span></p>

<div id="t_ft_ON72UZ5LJK00000000000000000000b">
<table cellpadding="0" style="height: 103px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Credit Risk </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Financial bills (LF) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> AAA </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,640 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Financial treasury bills (LFT) </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> AAA </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 164,709 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Private investment fund </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> AAA </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 31,842 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Private investment fund </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> AA </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 348,672 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 380,514 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: middle; background-color: #bdd7ee; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 166,349 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 18px;"><br/></td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
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<p style="margin: 0pt;"><br/></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The average gross yield of securities is based on 104</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% CDI on December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> (101</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% CDI on December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">).</span></p>
<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of investments other than investments accounted for using the equity method. [Refer: Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451736357136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trade receivables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory', window );">Trade receivables</a></td>
<td class="text">
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><span>10</span></span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"> Trade receivables </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.55pt 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The balance of this account comprises the following amounts:</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;">a.<span style="font-weight: bold; line-height: inherit; margin-left: 20px;">Composition</span></span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 14.89pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 14.89pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-weight: bold; line-height: inherit;"><br/></span></span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;">

<div id="t_ft_K7YGPNKLTC00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 79px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 76.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.0355%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 76.9231%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Trade receivables </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9.91124%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 711,439 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9.91124%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 505,190 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> Related Parties (Note <span>21</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,177 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 46,824 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 76.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> ( - ) Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (69,481 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (46,500 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; width: 76.9231%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 649,135 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 1.0355%;"><br/></td>
<td style="vertical-align: middle; height: 18px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 505,514 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>

<span style="font-size: 10pt; text-align: justify;">&#160;</span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;">b.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Maturities of trade receivables</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 14.89pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-weight: bold; line-height: inherit;"><br/></span></span></div>

<div id="t_ft_FISSH7DP2800000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.9241%; height: 200px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 77%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Not yet due </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 563,005 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 417,233 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Past due </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Up to <span>30</span> days </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 19,435 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,657 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> From <span>31</span> to <span>60</span> days </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 22,637 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,331 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> From <span>61</span> to <span>90</span> days </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12,193 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,366 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> From <span>91</span> to <span>180</span> days </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 42,169 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 21,154 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> From <span>181</span> to <span>360</span> days </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 31,357 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 23,852 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Over <span>360</span> days </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 20,643 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 15,597 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total past due </span></p>
</td>
<td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 148,434 </span></p>
</td>
<td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 87,957 </span></p>
</td>
<td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160;Related parties (note <span>21</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,177 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 46,824 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Impairment losses on trade receivables </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (69,481 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (46,500 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 649,135 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 505,514 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>

<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">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.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;">c.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Impairment losses on trade receivables</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company measures impairment losses on trade receivables at an amount equal to lifetime expected credit losses (&#8220;ECL&#8221;) estimated using a monthly provision matrix. This matrix is prepared by analyzing the receivables established each month (in the <span>12</span>-month period) and the related composition per default range and by calculating the recovery performance. In this methodology, for each default range an estimated loss likelihood percentage is established, which considers current and prospective information on macroeconomic factors that affect the customers&#8217; ability to settle the receivables.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company also recognizes impairment losses on trade receivables at 100% for customers that filed for judicial recovery or bankruptcy, based on historical experience, which indicates that these receivables are generally not recoverable.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The credit risk and expected credit losses associated with amounts due from related parties is not significant.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The following table details the risk profile of trade receivables based on the Company&#8217;s provision matrix as of December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and as of December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"> <span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">d.&#160;&#160;</span><span style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;, times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Expected credit losses<span>&#160;</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;, times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">aging</span></span></span></p>

<div style="margin: 0pt; padding-left: 0pt;"><br/></div>
<div style="margin: 0pt; padding-left: 0pt;">
<div id="fs_D3RJWOBYO000000000000000000000B">
<div style="border-left: none; border-right: none;">

<div style="margin: 0pt; padding-left: 0pt;">
<div>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="height: 200px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;">&#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Expected credit loss rate (%) </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Lifetime ECL (R$) </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Expected credit loss rate (%) </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Lifetime ECL (R$) </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 54%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Not yet due </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1.52% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8,970 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 0.30% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,263 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Past due </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Up to <span>30</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 9.53% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,072 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12.67% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,219 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> From <span>31</span> to <span>60</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 14.09% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,728 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 17.01% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,769 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> From <span>61</span> to <span>90</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 19.87% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,335 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 23.75% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,764 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> From <span>91</span> to <span>180</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 29.66% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 10,096 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 35.71% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 7,608 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> From <span>181</span> to <span>360</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 48.35% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12,465 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 72.90% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 17,399 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Over <span>360</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 76.40% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 15,434 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 99.23% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 15,478 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Total past due </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 54,100 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 46,500 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Customers in judicial recovery (i) </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">15,381 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (-) Impairment losses on trade receivables </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 69,481 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 46,500 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt; text-align: justify;"><br/></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3.28346%; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="width: 96.7165%;"><span style="font-size: 10pt; color: #000000;"><span style="mso-list: Ignore;"><span><span style="font-size: 10.0pt; color: black;">On December 31, 2022 the Company&#8217;s Management recorded R$15 million in provision for expected credit loss relating to the entirely of Vasta&#8217;s receivable for products in inventory of a large retail company in judicial recovery. The Company did not identify customers in judicial recovery as of December 31, 2021.</span></span></span></span></td>
</tr>
</tbody>
</table>
</div>
</div>

</div>
</div>
</div>
<p style="margin: 0in 0in 0.0001pt 28.35pt; text-align: justify; text-indent: -28.35pt; font-size: 10pt; font-family: 'Times New Roman', 'serif';"><br/></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="background-color: #ffffff;">The following table shows the c</span>hanges in impairment losses on trade receivables for the years ended December 31, 2022, <span>2021</span> and <span>2020</span>:</span></p>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<div style="margin: 0pt; padding-left: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;">e.&#160;&#160;<span style="font-weight: bold;">Changes on provision</span></span></span></div>
<div style="margin: 0pt; padding-left: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; padding-left: 16.06pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; padding-left: 16.06pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><span style="font-weight: bold;"><br/></span></span></span></div>
<div style="margin: 0pt; padding-left: 0pt;">

<div id="t_ft_ZZ2JFFC59S00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 81px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 64.9331%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.9331%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Opening balance </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 46,500 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 32,055 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 22,524 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.9331%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 45,904 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 39,326 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 29,870 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.9331%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reversals </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (288 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,854 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (4,855 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 64.9331%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Write offs (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (22,635 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">)</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (22,027 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">)</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15,484 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 64.9331%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Closing balance </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 69,481 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 46,500 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 32,055 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin:0pt"><br/></p>
<div id="t_ft_3ZVGVF8MZ400000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="text-align: justify; width: 97%;"><span><span style="border-right: none; border-left: none;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company assessed its customers credit lines, on a regular basis. Due to historical losses and lack of prospects of credit recovery alongside these customers, the Company recognized R$ 22,635 as write-off as of December 31, 2022 (R$ 22,027 as of December 31, 2021).</span></span></span></td>
</tr>
</tbody>
</table>
</div>

</div>
<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451736376528">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInventoriesExplanatory', window );">Inventories</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>11</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Inventories</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The balance of this account comprises the following amounts:</span></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: 125%; margin: 0pt 0pt 10pt 11.24pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; Composition</span></li>
</ol>
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<div>
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 105px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 73%; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Finished products (i) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 12%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 160,519 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 12%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 160,318 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Work in process </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 73,993 </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 51,152 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Raw materials </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 30,773 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 27,081 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Imports in progress </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 347 </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,681 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Right to returned goods (ii) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 818 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,131 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 266,450 </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 242,363 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></span></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; height: 20px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 3%; vertical-align: top; height: 10px;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span><br/></td>
<td style="width: 97%; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><span><span style="font-family: 'Times New Roman'; font-size: 10pt;">These amounts are net of slow-moving items and net realizable value. </span></span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Represents the Company&#8217;s right to recover products from customers when customers exercise their right of return under the Company&#8217;s returns policies, where the Company estimates the volume of goods returned based on experience and foreseen expectations.</span></span></p>
</td>
</tr>
</tbody>
</table>

</div>
<div style="margin: 0pt; text-indent: 0pt;">
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</div>
</div>
<p style="margin: 0px; text-indent: 0px;"><br/></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Changes in provision for losses with slow-moving inventories, net realizable </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">value</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> and provision for right to returned goods are broken down as follows:</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: 125%; margin: 0pt 0pt 8pt 32.76pt; padding-left: 3.24pt; text-align: justify; text-indent: 0pt; margin-left: 0pt !important;"><span>b.&#160; &#160; &#160;&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Changes in provision</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; text-indent: 0pt;">
<div style="margin: 0pt; padding-left: 0pt;"><br/></div>

<div id="t_ft_E3B6NT5MXC00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9598%;" width="100%">
<tbody>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020</span></p>
</td>
<td style="vertical-align: middle;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 59%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Opening balance </span></p>
</td>
<td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 58,723 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 62,210 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 69,080 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 46,138 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 24,178 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8,783 </span></p>
</td>
<td style="vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (Reversals) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,214 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,061 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (4,726 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160; Inventory losses (i) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15,598 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,604 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (10,927 </span></p>
</td>
<td style="vertical-align: bottom;">)</td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Closing balance </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 84,049 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 58,723 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 62,210 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -13.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span><span style="font-family: 'Times New Roman'; font-size: 10pt;">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.</span></span></p>
</td>
</tr>
</tbody>
</table>

</div>
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;doctype=Standard&amp;dita_xref=IAS02_g36-39__IAS02_g36-39_TI<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInventoriesExplanatory</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451736376528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity accounted investees<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory', window );">Equity accounted investees</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;">1</span><span style="font-weight: bold;"><span>2</span></span><span style="font-weight: bold;">&#160;&#160;&#160;&#160; <span style="font-family: 'times new roman', times;"><b><span style="font-size: 10pt;">Equity accounted investees</span></b> </span></span></span></p>

<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">a) Composition of investments</span></p>
<div style="border-right: none; border-left: none;">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 41px; width: 100%;" width="100%">
<tbody>
<tr style="height: 13px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Investment type </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Interest % </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Investment </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Fair value </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Goodwill </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 46%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Educbank </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Associate </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 45% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 41,485 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 7,868 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 33,786 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 83,139 </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 41,485 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 7,868 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 33,786 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 83,139 </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>

<p style="font-size: 10pt; line-height: 125%; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></p>

<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">b) <b><span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">Investments without control and significant influence</span></b> </span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="height: 71px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.9822%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> EducBank </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.47929%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 84.4675%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.07101%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 11.9822%; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.47929%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Acquisition </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.9822%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">87,651 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.47929%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 84.4675%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Equity method </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.07101%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 11.9822%; height: 17px;border-bottom-width: 1pt;border-bottom-style: solid ;border-bottom-color: rgb(0, 0, 0);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">(4,512 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 1.47929%; height: 17px;border-bottom-width: 1pt;border-bottom-style: solid ;border-bottom-color: rgb(0, 0, 0);">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31,2022 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.9822%; height: 10px;border-bottom-width: 2.8pt;border-bottom-style: double ;border-bottom-color: rgb(0, 0, 0) ;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">83,139 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.47929%; height: 10px;border-bottom-width: 2.8pt;border-bottom-style: double ;border-bottom-color: rgb(0, 0, 0) ;"><br/></td>
</tr>
</tbody>
</table>
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<span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of investments accounted for using the equity method. [Refer: Investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451736357136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, Plant and Equipment<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory', window );">Schedule of property, plant and equipment</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 5pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"><span style="font-weight: bold;"><span style="border-left: none; border-right: none;"><span>13</span></span></span><span style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-weight: bold;">Property, </span><span style="font-weight: bold;">plant</span><span style="font-weight: bold;"> and equipment</span></span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The cost, weighted average depreciation rates and accumulated depreciation are as follows:</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>

<div id="t_ft_NYCGF27JOW00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 126px; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="7" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="7" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Weighted average depreciation rate </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Cost </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Accumulated depreciation </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Net book value </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Cost </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Accumulated depreciation </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Net book value </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 31%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> IT equipment </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 10% - 33% </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 80,262 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (43,294 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 36,968 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 44,181 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (27,565 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 16,615 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> Furniture, equipment and fittings </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 10% - 33% </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 60,920 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (36,818 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 24,102 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 38,116 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (29,726 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8,390 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> Property, buildings and improvements </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5%-20% </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 53,027 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (40,381 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12,646 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 54,508 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (36,636 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 17,872 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> In progress </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4,494 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4,494 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 677 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 677 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Right of use assets </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 6%-33% </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 257,034 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (137,948 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 119,086 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 251,694 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (109,957 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 141,737 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Land </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 456,128 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> (258,441 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 197,688 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 389,567 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> (203,885 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 185,682 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>

<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><br/></p>

<div>

</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">Changes in property, plant and equipment are as follows:</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<div id="t_ft_0ZTO5VMSW000000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 129px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> IT equipment </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Furniture, equipment and fittings </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.82143%;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Property, buildings and improvements </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><br/></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> In progress </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Right of use assets <sup>(i) </sup></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.77976%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Land </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 16,615 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 8,390 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 17,872 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 677 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 141,737 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 185,682 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> Additions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 35,086 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 21,571 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 657 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 3,829 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 12,002 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 73,145 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions through business combinations </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 54 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 6 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 72 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Disposals / Cancelled contracts </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (18 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (3,796 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (3,820 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Depreciation </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (15,727 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (5,379 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (5,428 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (30,857 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (57,391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Transfers </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 941 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (486 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (455 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> As of December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 36,968 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 24,102 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 12,646 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 4,494 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 119,086 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 197,688 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><span style="font-family: 'times new roman', times; font-size: 10pt;">(i)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><span>Refers to recognition of new lease agreements of R$ 12,002 which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note <span>17</span>.</span></p>
</td>
</tr>
</tbody>
</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<div id="t_ft_Q6EUDR7Z4G00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 132px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> IT equipment </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Furniture, equipment and fittings </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Property, buildings and improvements </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> In progress </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Right of use assets </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Land </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; width: 24%; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> As of December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 1,479 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 9,908 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 19,978 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 315 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 159,873 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 453 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 192,006 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> Additions (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="border-left: none; border-right: none;">16,105</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="border-left: none; border-right: none;">1,028</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="display: inline; border-left: none; border-right: none;">597</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="display: inline; border-left: none; border-right: none;">2,732</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="display: inline; border-left: none; border-right: none;">25,513</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="display: inline; border-left: none; border-right: none;"> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="display: inline; border-left: none; border-right: none;">45,975</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions through business combinations </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,041 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 835 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 135 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,011 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Renegotiation (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (12,439 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (12,439 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Disposals / Cancelled contracts </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (124 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,286 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,410 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Depreciation </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,010 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,319 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,208 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (27,924 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (38,461 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Transfers </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 62 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,370 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,370 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (62 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 16,615 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 8,390 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 17,872 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 677 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 141,737 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 185,682 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div id="t_ft_TR507D5JHC00000000000000000000b">
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: 0px; line-height: 1.2;"><span><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Refers substantially to recognition of new lease agreements of R$ 25,513 which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note&#160;<span style="line-height: inherit;"><span>17</span></span>.</span></span></span></p>
</td>
</tr>
<tr>
<td style="width: 3%; vertical-align: top; text-align: left;">(ii)</td>
<td style="width: 97%; vertical-align: top;"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company returned part of the S&#227;o Jos&#233; dos Campos warehouse to the lessor in September 2021, maintaining the lease agreement and term, changing only in the subsequent lease installments leading to the reversal adjustments of the right-of-use asset and corresponding lease liabilities.</span></span><br/></td>
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<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The Company assesses at each reporting date, whether there is an indication that a property, plant and equipment asset may be impaired. If any indication exists, the Company estimates the asset&#8217;s recoverable amount. There were no indications of impairment of property, plant and equipment as of December 31, 2022 and </span><span>2021</span><span style="font-size: 10pt; text-indent: 0pt;">.</span><br/></p>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451736351568">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible Assets and Goodwill<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="text">&#160;<span></span>
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<p style="font-size: 10pt; line-height: 150%; margin: 4pt 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;"><span>14</span></span><span style="font-weight: bold;">&#160;</span> <span style="font-weight: bold;">&#160;</span> <span style="font-weight: bold;">&#160;</span><span style="font-weight: bold;">&#160;</span><span style="font-weight: bold;">Intangible Assets and Goodwill</span></span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The cost, weighted average amortization rates and accumulated amortization of intangible assets and goodwill comprise the following amounts:</span></p>

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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="7" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="9" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: top; height: 10px;"/>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Weighted&#160;&#160; average amortization rate </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Cost </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Accumulated amortization </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Net book value </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Cost </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Accumulated amortization </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-weight: bold; font-size: 8pt;"> Net book value </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 18%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Software </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 20% </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 263,433 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (182,711 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 80,722 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 247,326 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (151,281 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 96,045 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Customer Portfolio </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8% </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,201,074 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (377,891 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 823,183 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,197,381 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (275,276 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 922,105 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Trademarks </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5% </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 631,582 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (112,967 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 518,615 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 632,016 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (85,658 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 546,358 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Trade Agreement </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8% </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 247,622 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (28,795 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 218,827 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 247,622 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (4,127 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 243,495 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Platform content production </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 33% </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 123,251 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (74,881 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 48,370 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 73,877 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (49,583 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 24,294 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other Intangible assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 33% </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 39,422 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (32,142 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 7,280 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 39,421 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (32,140 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 7,281 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> In progress </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 18,958 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 18,958 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,991 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,991 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Goodwill </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,711,721 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,711,721 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,694,798 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,694,798 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 6,237,063 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (809,387 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 5,427,676 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 6,136,432 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (598,065 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 5,538,367 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>

<p style="font-size: 10pt; line-height: 125%; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span><span style="font-size: 10pt;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">Changes in intangible assets and goodwill were as follows:</span></p>
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">

<div style="border-left: none; border-right: none;">
<div id="t_ft_8TL6TFRHKW00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 116px;" width="100%">
<tbody>
<tr style="height: 35px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 35px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Software </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Customer Portfolio </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Trademarks </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Trade Agreement </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Platform content production&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Other Intangible assets </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> In progress </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Goodwill</span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2021<span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span>&#160;</span><span style="font-size: 10pt;">(i)</span></span> </span></p>
</td>
<td style="vertical-align: middle; width: 6.80473%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 96,045 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.69231%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 922,105 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 8.43195%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 546,358 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.69231%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 243,495 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.98817%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 24,294 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.10059%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 7,281 </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 6.80473%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,991 </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 9.1716%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,694,798 </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.98817%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 5,538,367 </span></p>
</td>
<td style="vertical-align: middle; width: 1.4881%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12,881 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">-</span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 62,722 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">17</span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 14,967 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 90,587 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions through business combinations </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,225 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,833 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 16,923 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 23,981 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Disposals </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (140 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;">434</span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;">13,348</span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;&#160;</span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;">13,937</span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Amortization </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (31,430 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (102,615 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (27,309 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (24,668 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,298 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">( 3</span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (211,323 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; width: 6.80473%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 80,722 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.69231%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 823,183 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 8.43195%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 518,615 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.69231%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 218,827 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.98817%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 48,370 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.10059%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 7,280 </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 6.80473%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 18,958 </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 9.1716%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,711,721 </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.98817%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 5,427,676 </span></p>
</td>
<td style="vertical-align: middle; width: 1.4881%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt;"><br/></p>
<div>
<div id="t_ft_KBC5NIT7WW00000000000000000000b">

</div>
</div>
<div style="border-left: none; border-right: none;">
<div id="t_ft_7XC9ZAA2R400000000000000000000b">
<table style="width: 100%; margin: 0px; height: 10px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 4%; height: 10px; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span><br/></td>
<td style="width: 96%; height: 10px; padding: 0px 0px 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Considers the review of goodwill and intangibles assets of the acquisition of EMME and Reda&#231;&#227;o Nota Mil, acquired during the year 2021.</span></span></td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="font-size: 8pt; line-height: 125%; margin: 0pt 0pt 0pt 28.35pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_WLELWBKQJ400000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 91px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 16.5179%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Software </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Customer Portfolio </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Trademarks </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Trade Agreement </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Platform content production (i) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Other intangible assets </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> In progress </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Goodwill (ii) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 16.5179%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2020 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 83,414 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 928,858 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 573,586 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 23,821 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 6,243 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 999 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,307,805 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 4,924,726 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.892857%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.84524%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 25,560 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.48214%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.58929%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 20,808 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.99405%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 39 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.54762%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 9,509 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 55,916 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.892857%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions through business combinations </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.84524%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 11,036 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 83,589 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 8.48214%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 247,622 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.58929%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.99405%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,099 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.54762%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 387,074 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 730,419 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Amortization </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.84524%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (30,482 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (90,342 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.48214%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (27,309 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (4,127 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.58929%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (20,335 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.99405%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (100 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.54762%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (172,695 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.892857%;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Transfers </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.84524%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 6,517 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 8.48214%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.58929%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.99405%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.54762%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,517 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 96,045 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 922,105 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 546,277 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 243,495 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 24,294 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 7,281 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,991 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,694,879 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 5,538,367 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_O0GWVOS2XS00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 4%; vertical-align: top; text-align: center;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="width: 96%; padding: 0px 0px 10px; vertical-align: top;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Substantially refers to development of the projects related to&#160;Plurall&#160;Platform. The Company has invested in changes in its digital platform that include &#8220;Plurall&#160;Digital Transformation&#8221; in the amount of R$ 20,808 million, and project related to learning systems, in the amount of R$ 9,509 million.</span></span></td>
</tr>
<tr>
<td style="vertical-align: top; text-align: center;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="vertical-align: top;" valign="top"><span><span style="border-right: none; border-left: none;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company recognized R$ <span style="border-left: none; border-right: none;">387,074</span> as goodwill on SEL,&#160;</span>Reda&#231;&#227;o<span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;Nota <span style="border-left: none; border-right: none;">1000</span>, EMME and De Gouges acquisition, see Note <span style="border-left: none; border-right: none;">5</span>.</span></span></span></td>
</tr>
</tbody>
</table>
</div>
</div>

</div>
<p style="margin: 0pt; text-align: justify;"><br/></p>
</div>
<p style="margin: 0pt;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div id="t_ft_F7YC0T19S000000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
<tr>
<td style="padding: 0.75pt; vertical-align: middle; width: 4%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (i) </span></p>
</td>
<td style="padding: 0.75pt; vertical-align: middle; width: 96%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline;"> Goodwill impairment test </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 8pt 0pt 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The Company performed its annual impairment test in <span>2022</span> and <span>2021</span> The Company also carried out a sensitivity analysis in the long-term model and cash flows. The conclusion of these tests conducted by the Company for the years ended December 31, 2022 and <span>2021</span>, showed that no adjustments were required to these assets.</span></p>
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The Company is comprised of <span style="border-left: none; border-right: none;">two</span> separate CGUs (each <span>one</span> of its reportable operating segments, as per Note <span>28</span>), for which the recoverable amount has been determined based on value-in-use calculations, Goodwill is allocated to each CGU as shown below:&#160;</span></p>
<div style="border-left: none; border-right: none;">
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br/></p>

<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9988%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 67%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Content and Edtech Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 15%; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,674,034 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 15%; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,674,036 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Digital Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 37,687 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 20,843 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,711,721 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,694,879 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>

</div>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The recoverable amount of a CGU has been determined based on value-in-use calculations. These calculations use pre-income tax and social contribution cash flow projections based on financial budget approved by management covering a period of <span style="border-left: none; border-right: none;">eight</span> years. Cash Flows beyond that period are extrapolated using growth rates. The growth rate does not exceed the long-term average growth rate for the business that CGU operates.&#160;&#160;</span></p>
<div>
<div id="t_ft_ST11L802HC00000000000000000000b">

</div>
</div>
<p style="margin: 0pt 0pt 8pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'times new roman', times; font-size: 10pt;">For each of the CGUs, the key assumptions, long-term growth rate and discount rate used in the value-in-use calculations are stated in the table below. In addition, the recoverable amount is also disclosed in the table. The key assumptions used for value-in-use calculations as of December 31, 2022 and <span>2021</span> are as follows:</span></p>
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<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 88px; width: 99.9988%; text-indent: 0px;" width="100%">
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> <span>2022</span> </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> <span>2021</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Content and EdTech Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Digital Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Content and EdTech Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Digital Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 45%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Growth rate - % </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 13.70 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12.5 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 14.40 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 9.7 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discount rate - % </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12.10 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12.10 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 10.81 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 10.81 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">%</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Growth rate (%) in perpetuity </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4.7 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4.7 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5.8 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5.8 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Years projected </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
</tbody>
</table>

</div>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'times new roman', times; font-size: 10pt;">Growth rate is based on assumptions defined by the Company&#8217;s management, underpinned by business performance compared with other competitors and based on internal measures (new initiatives and services provided) taken into consideration. The discount rate is determined by individual WACC (weighted average working capital), net of income taxes. </span></p>
<p style="margin: 0pt 0pt 10pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'times new roman', times; font-size: 10pt;">The assumptions of the long-term model used in the impairment test calculation were assessed and approved by the Business&#8217; Management, as well as the rates used.</span></p>
<div id="t_ft_VC4BSTNVLS00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 10px; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding: 1px 0px 0px; vertical-align: middle; width: 4%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (ii) </span></p>
</td>
<td style="padding: 1px 0px 0px; vertical-align: middle; width: 96%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment of other intangible assets and in progress </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">There were no indications of impairment of intangible assets for the years ended December 31, 2022 and <span>2021</span>. Additionally, intangible assets stated as &#8220;in progress&#8221; were assessed for impairment by comparing its carrying amount with its recoverable amount and no adjustments were considered necessary.</span></p>
<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of intangible assets and goodwill. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733512368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Bonds and financing<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBorrowingsExplanatory', window );">Bonds and financing</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>15</span></span><span style="font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span><span style="font-weight: bold; line-height: inherit;">Bonds and financing</span></span></p>

<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balance of bonds and financing comprises the following amounts:</span></p>
<div id="t_ft_H1L8VSG0SG00000000000000000000b">
<table cellpadding="0" style="height: 114px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Additions (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payment of interest (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payment of principal (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest accrued </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transaction cost of bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transfers </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 21%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds with Related Parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 264,673 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (33,921 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (254,885 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 36,573 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 50,885 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 63,325 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 16,581 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (58,425 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 72,298 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,018 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,018 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 30,454 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 237 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (154 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (759 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 651 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 281,491 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (92,500 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (255,644 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 108,896 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,018 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 50,518 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 93,779 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds with Related Parties </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 51,091 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 250,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (50,885 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 250,206 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 497,993 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,018 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 499,011 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 651 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (651 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 549,735 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 250,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (50,518 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 749,217 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 831,226 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 250,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (92,500 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">(255,644</span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 108,896 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 1,018 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 842,996 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div id="t_ft_4X98E4U41S00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; text-align: left; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></td>
<td style="text-align: justify; vertical-align: top; width: 97%;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On September 28, 2022, the Company issued simple debentures not convertible into shares, subject to remunerative interest of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">100% of the CDI</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, plus a spread of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">2.40</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">% per year, in the total amount of R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">250,000</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">. The debentures aim to strengthen the Company's capital structure and lengthen the maturity profile of the debt, whose average term has become&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">37 months</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</span></span></td>
</tr>
<tr>
<td style="vertical-align: top; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></td>
<td style="text-align: justify; vertical-align: top;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We present below the composition of interest and principal payments considering the issues made:</span></span></td>
</tr>
</tbody>
</table>
</div>


<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 84px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 39.2713%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2.51484%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 29.9562%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1.46413%;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2.04978%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1.46413%;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2.04978%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 39.2713%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Emission </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 2.51484%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 29.9562%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.46413%;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 2.04978%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.46413%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 2.04978%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Principal </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; width: 39.2713%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> SSED<span>21</span> &#8211; <span>6</span>th. SOMOS &#8211; <span>2</span>nd.&#160;S&#233;rie </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; width: 2.51484%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 29.9562%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 02/15/2022 and 08/11/2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 2.04978%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.80966%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,792 </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 2.04978%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.95608%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(50,885 </span></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 39.2713%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> SEDU<span>21</span> &#8211; <span>7</span>th. SOMOS <span>2</span>nd.&#160;S&#233;rie </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.51484%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 29.9562%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 02/15/2022 and 08/11/2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.80966%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(23,129 </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.95608%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(204,000 </span></p>
</td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; width: 1.46413%;" valign="bottom">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 39.2713%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> GAGL<span>11</span> &#8211;&#160;Somos Sistemas </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 2.51484%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 29.9562%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 02/07/2022 and 08/05/2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.80966%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(58,425 </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.95608%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 39.2713%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.51484%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 29.9562%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 06/22/2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(154 </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(759 </span></p>
</td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 39.2713%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 2.51484%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 29.9562%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.80966%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (92,500 </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.95608%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (255,644 </span></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold;">)</span></td>
</tr>
</tbody>
</table>


<div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>

<div>
<table cellpadding="0" style="height: 122px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Additions (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.3947%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payment of interest (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payment of principal (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest accrued </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transaction cost of bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transfers </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;">Bonds with related parties</p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 502,743 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.3947%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (24,873 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (477,564 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.47929%; padding: 0px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25,859 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 238,509 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 264,673 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 17,574 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (993 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">)</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 16,581 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 139 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (49 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (177 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 116 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 208 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 237 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; width: 20.9517%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 502,882 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 1.3947%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (24,922 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (477,741 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 1.47929%;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 43,549 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (993 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 238,717 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 281,491 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds with related parties(i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 289,600 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (238,509 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 51,091 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 20.9517%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 500,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.3947%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.47929%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (2,007 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">)</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 497,993 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 859 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (208 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 651 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 290,459 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 500,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (2,007 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (238,717 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 549,735 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 793,341 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 500,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (24,922 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (477,741 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 43,549 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (3,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 831,226 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div id="t_ft_RXDKC3SFS000000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 78px;">
<tbody>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; width: 3%; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top; width: 97%;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On March 15, 2021, the Company, substantially settled bonds with related parties amounting to R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">100,000</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">1,488</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, in principal and interest, respectively as follows:&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>5</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>1</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">st series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">101,488</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">. In addition, the Company settled only interest on the following bonds:&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>5</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">nd series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">1,451</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>6</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">nd series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">3,613</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>7</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance, single series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">5,663</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">. This measure is part of a commitment with shareholders as a result of the IPO.</span></span></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; text-align: left;" valign="top"><br/></td>
<td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On May 31, 2021, the Company partially settled bonds with related parties amounting to R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">188,000</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, of principal of the&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>7</span><span style="font-size: 8pt;"><sup>th</sup></span>&#160;</span><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">issuance single series.</span></span></span></td>
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<td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On August 6, 2021, the Company settled the remaining&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>7</span><span style="font-size: 8pt;"><sup>th</sup></span></span><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="font-size: 8pt;">&#160;</span>issuance with related parties in the amounts of R$</span></span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">189,564</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">5,871</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, as principal and interest. In addition, the Company settled only interest on the following bonds:&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>5</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">nd series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">2,029</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>6</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">nd series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span style="border-left: none; border-right: none;">4,758</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">.</span></span></td>
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<td style="text-align: justify; padding: 1px 1px 8px; height: 26px; vertical-align: top;" valign="top"><span><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Regarding the financing with Banco de&#160;</span>Desenvolvimento<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;de Minas&#160;</span>Gerais<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;SA - BDMG, the Company pays monthly the amount of R$&#160;</span></span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">15</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">4</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, respectively, of principal and interest, totaling on December 31, 2021 an amount of R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">177</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">49</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, respectively, of principal and interest</span></span></td>
</tr>
<tr style="height: 22px;">
<td style="vertical-align: top; height: 22px; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="text-align: justify; height: 22px; vertical-align: top;" valign="top"><span><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On August 6, 2021, the&#160;</span>Company&#180;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;subsidiary&#160;</span>Somos<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;</span>Sistemas<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;de&#160;</span>Ensino<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;S.A. issued R$&#160;</span></span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">500</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;million in simple debentures not convertible into shares, subject to compensatory interest of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">100% of DI Interest Deposit rate (CDI)</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, plus spread of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">2.30</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">% per year. The debentures are aimed at reinforcing the Company&#8217;s capital structure and elongating the debt maturity profile, which average maturity now stands at&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">35 months</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">.</span></span></td>
</tr>
</tbody>
</table>
</div>

</div>

<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ol style="margin: 0px; padding-left: 0pt; list-style-type: lower-alpha; text-indent: 0px;">
<li style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; margin: 0px; padding-left: 3.76pt; text-align: justify; text-indent: 0px; margin-left: 14px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160; &#160; Bonds&#8217; description</span></li>
</ol>
<p><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">See below the bonds outstanding on December 31, 2022:</span></p>
<div id="t_ft_HHKSP6UFYO00000000000000000000b">

<div>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 146px;" width="100%">
<tbody>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Subscriber </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Related Parties </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Related Parties </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Third parties </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Issuance </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>5</span>th </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>9</span>th </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>1</span>st </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Series </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span>2</span><span style="font-size: 8pt;"><sup>nd</sup></span>&#160;Series</span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2<span style="font-size: 8pt;"><sup>nd</sup></span> Series</span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Single Series </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Date of issuance </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 08/15/2018 </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 09/28/2022 </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 08/06/2021 </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Maturity Date </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 08/15/2023 </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 09/28/2025 </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 08/05/2024 </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> First payment after </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 60 months</span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 36 months</span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 35 months</span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Remuneration payment </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Semi-annual interest </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Semi-annual interest </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Semi-annual interest </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financials charges </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"> CDI + 1.00% p.a. </p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"> CDI + 2.40% p.a. </p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"> CDI + 2.30% p.a. </p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Principal amount (in millions of R$) </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 100 </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 250 </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 500 </span></p>
</td>
</tr>
</tbody>
</table>
</div>

</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 8pt 0pt !important;">b.&#160; &#160; &#160; &#160; &#160;<span style="font-weight: bold; line-height: inherit;">Bond&#8217;s maturities</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The maturities range of these accounts, considering related and third parties are as follow:</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>

<div id="t_ft_3N3QJJJFXS00000000000000000000b">
<table cellpadding="0" style="height: 95px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Maturity of installments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> % </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2021 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> % </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; width: 36%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 93,779 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 11.1 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 281,491 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 33.9 </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 499,217 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 59.2 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 51,063 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6.1 </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>2025</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 250,000 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 29.7 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 498,672 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 60.0 </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total non-current liabilities </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 749,217 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 88.9 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 549,735 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 66.1 </span></p>
</td>
</tr>
<tr style="background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 842,996 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">100.0 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 831,226 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 100.0 </span></p>
</td>
</tr>
</tbody>
</table>
</div>

<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">c.&#160; &#160; &#160; &#160; &#160;<span style="font-weight: bold; line-height: inherit;">Debit commitments</span></span></div>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The maintenance of the contractual maturity of debentures at their original maturities is subject to covenants, which are being regularly complied with. The covenant compliance indicators are the following:</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;">Bonds with related parties </span></p>
<p style="margin: 6pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On November 19, 2019, all rights and obligations related to bonds issued by Saber with third parties were transferred to Cogna, under the condition that R$ 1,535,800 of the amounts should be transferred to the Company upon the Corporate Restructuring. Through this process, the Company is subject to the following clauses: (i) the acceleration of the other debentures originally issued by Saber; (ii) the grant by the Company of any liens on Company assets or its capital stock; (iii) a change in control by Cogna of Saber&#8217;s subsidiaries, subject to certain exceptions. Additionally, the Company has agreed until the maturity of the private debentures that: (i) it will allocate at least 50% of the use of proceeds from any liquidity event to repay such debentures; (ii) it will not obtain any new loans unless the proceeds of such loans are directed to repayment of its debentures with Cogna; and (iii) the Company will not pledge shares and/or dividends.</span></p>
<p style="margin: 10pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company complied with all debt commitments in the period applicable on December 31, 2022 and <span>2021</span>.</span></p>

<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;">Bonds with third parties </span></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The bond issued by Somos Sistemas requires the maintenance of certain financial indicators &#8220;covenants&#8221; which are annually calculated based on Somos Sistemas Consolidated financial statements. The period of covenants compliance comprises <span>12</span> months immediately prior to the end of each year, being the first year of analysis December 31, 2022 and based on ratio between adjusted net debt by adjusted consolidated EBITDA. The net debt adjusted EBITDA ratio should be less or equal:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0px; padding-left: 8.4pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.25%in <span>2021</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0px; padding-left: 8.4pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.00% in <span>2022</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0px; padding-left: 8.4pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.75% in <span>2023</span></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0px; padding-left: 8.4pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.50% in <span>2024</span></span></li>
</ul>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">This ratio cannot be breached&#160;for two consecutive periods or three alternate periods. </span></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="text-decoration: underline; line-height: inherit;">Consolidated net debt</span>: Company&#8217;s total debt (short- and long-term loans and financing, including capital markets operations, less cash equivalents cash which could be withdrawn&#160;until&#160;<span>five</span> business days added by accounts payable for business combinations) </span></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="text-decoration: underline; line-height: inherit;">Adjusted consolidated EBITDA</span>: Earnings before income taxes, depreciation and amortization, financial results (excluding financial expenses), and non recuring expenses. &#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On December 31, 2022, the financial ratio net debt by adjusted EBITDA reached the result of 2.74%, within the conditions established in the aforementioned financial contractual clauses. On December 31, 2021, the financial ratio net debt by adjusted EBITDA reached the result of 4.47%, exceeding the ratio, but yet within the clauses established.</span></p>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451740073776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Suppliers<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesAbstract', window );"><strong>Suppliers</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory', window );">Suppliers</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>16</span></span><span style="font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span><span style="font-weight: bold; line-height: inherit;">Suppliers </span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balance of this account comprises the following amounts:</span></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 150%; margin: 5pt 0pt 5pt 32.24pt; padding-left: 3.76pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Composition</span></li>
</ol>
<div id="t_ft_N5YEQZN2A800000000000000000000b">

<div>
<table cellpadding="0" style="height: 112px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 76.901%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;">&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.0043%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Local suppliers </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 215,593 </span></p>
</td>
<td style="vertical-align: middle; width: 1.0043%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 132,124 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Related parties (note <span>21</span>) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 13,781 </span></p>
</td>
<td style="vertical-align: middle; width: 1.0043%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 19,534 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Copyright </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 21,273 </span></p>
</td>
<td style="vertical-align: middle; width: 1.0043%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 15,510 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; width: 76.901%; height: 10px;"><br/></td>
<td style="vertical-align: bottom; width: 10.043%; height: 10px; padding: 0px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold;">250,647</span></td>
<td style="vertical-align: bottom; width: 1.0043%; height: 10px;"><br/></td>
<td style="vertical-align: bottom; width: 1.0043%; height: 10px;"><br/></td>
<td style="vertical-align: bottom; width: 10.043%; height: 10px; padding: 0px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold;">167,168</span></td>
<td style="vertical-align: bottom; width: 1.0043%; height: 10px;"><br/></td>
</tr>
<tr style="background-color: #bdd7ee; height: 17px;">
<td style="padding: 0px; vertical-align: middle; width: 76.901%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 10.043%; padding: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 10.043%; padding: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reverse Factoring (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 155,469 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.0043%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 97,619 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<div style="border-left: none; border-right: none;">
<table style="width: 100%; margin-left: 0.1px; font-family: &quot;times new roman&quot;; font-size: 10pt; height: 60px;">
<tbody>
<tr style="height: 60px;">
<td style="vertical-align: top; width: 3%; height: 60px;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;(i)</span></td>
<td style="text-align: justify; vertical-align: top; width: 97%; height: 60px;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">As of December 31, 2022, the balance of reverse factoring was R$ 155,469 (R$ 97,619 as of December 31, 2021), and the discount rates of assignment operations carried out by our suppliers with financial institutions had a weighted average of 1.27% per month (as of December 31, 2021, the weighted average was 1.05% 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.</span></span></td>
</tr>
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</div>
<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other payables. [Refer: Trade and other payables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<tr>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451770713920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Lease liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PresentationOfLeasesForLesseeAbstract', window );"><strong>Lease liabilities.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfLeasesExplanatory', window );">Lease liabilities</a></td>
<td class="text">
<p style="margin: 0pt 0pt 8pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>17</span></span><span style="font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-weight: bold; line-height: inherit;">Lease liabilities</span></span></p>
<p style="font-size: 10pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The lease agreements have an average term of 7 years&#160;and weighted average rate of 14.32% p.a.</span></p>
<p style="font-size: 10pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="height: 172px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Opening balance </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 160,542 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 173,103 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Additions for new lease agreements (i) </span></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12,002 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25,513 </span></p>
</td>
<td style="vertical-align: top; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Renegotiation </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (12,439 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cancelled contracts </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,180 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,481 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Renegotiation - COVID-<span>19</span> impact </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (448 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Interest </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 13,143 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 14,984 </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Payment of interest </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (14,941 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (14,692 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Payment of principal </span></p>
</td>
<td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (27,003 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (21,998 </span></p>
</td>
<td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Closing balance </span></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 140,563 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 160,542 </span></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 23,151 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 26,636 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 117,412 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 133,906 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 140,563 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 160,542 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br/></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><span style="font-size: 10pt; font-family: 'times new roman', times;">(i)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Refers to new lease agreements which the Company has embedded part of its digital learning solutions. These lease agreements (digital learning) refer to lease terms of 36 months, with rates negotiated in the range of 10.3% p.a to 10.9% p.a.&#160;</span></p>
</td>
</tr>
</tbody>
</table>

<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Short-term leases (lease period of 12 months&#160;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. Fixed and variable lease payments, including those related to short-term contracts and to low-value assets, were the following for the years ended December 31, 2022 and <span>2021</span>:</span></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="4" style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> For the years ended December 31 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <span>2022</span> </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <span>2021</span> </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: rgb(189, 215, 238); width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Fixed Payments </span></p>
</td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 41,944 </span></p>
</td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 36,689 </span></p>
</td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 5px; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Payments related to short-term contracts and low value assets, variable price contracts (note <span>26</span>) </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,312 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 17,775 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 60,256 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 54,464 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
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<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfLeasesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for leases.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Section Presentation<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;doctype=Standard&amp;dita_xref=IFRS16_g47-50__IFRS16_g47-50_TI<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;doctype=Standard&amp;dita_xref=IFRS16_g51-60__IFRS16_g51-60_TI<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733400880">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Contractual obligations and deferred income<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeTextBlock', window );">Contractual obligations and deferred income</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;"><span>18</span></span><span style="font-weight: bold;">&#160;</span> <span style="font-weight: bold;">&#160;</span> <span style="font-weight: bold;">&#160;</span><span style="font-weight: bold;">&#160; &#160;Contractual obligations</span><span style="font-weight: bold;">&#160;</span><span style="font-weight: bold;">and deferred income</span></span></p>

<div id="t_ft_DRIVC27RR400000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 153px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Refund liability (i) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 51,533 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 37,122 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;">Contract of exclusivity for processing payroll</p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 587 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 783 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Deferred income in leaseback agreement (ii) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4,075 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5,678 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other contractual obligations </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,657 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,582 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 57,852 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 46,165 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Current </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 57,852 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 46,037 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Non-current </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 128 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 57,852 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 46,165 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
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</div>
<p style="margin: 0pt;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div id="t_ft_8O1FCM3ANK00000000000000000000b">
<table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; height: 44px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-top: 7.5pt; width: 3%; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (i) </span></p>
</td>
<td style="padding-bottom: 7.5pt; padding-top: 7.5pt; width: 97%; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span><span style="font-family: 'times new roman', times; font-size: 10pt;"> Refers to the customer&#8217;s right to return products, as mentioned in Note <span>11</span>, the Company business cycle is from September to September for each year, being the provision reduced in the end of business cycle and estimated in the fourth quarter. </span></span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding: 0.75pt; height: 34px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (ii) </span></p>
</td>
<td style="padding: 0.75pt; height: 34px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span><span style="font-family: 'times new roman', times; font-size: 10pt;"> In March 2018, the predecessor Somos-Anglo entered into a sales and leaseback agreement of a property located at Avenida Jo&#227;o Dias in the city of S&#227;o Paulo in the amount of R$ 25,500. This transaction included deferred income of R$ 9,104, which has been appropriated according to the lease term of the property (120 months).</span></span></p>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts payable for business combination and acquisition of associates<br></strong></div></th>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;">&#160;</span><span style="font-size: 10pt; font-weight: bold;"><span>19</span></span><span style="font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span><span style="font-size: 10pt; font-weight: bold;">Accounts payable for business combination and acquisition of associates</span></span></p>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 9pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 77%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Pluri </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;3,653 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 3,251 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Mind Makers </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;7,915 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;7,044 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Livro F&#225;cil </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160;10,516 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 14,055 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Meritt </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;300 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;3,347 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> SEL </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160;30,267 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;26,935 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reda&#231;&#227;o Nota <span>1000</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;6,030 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;7,230 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> EMME </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160;10,827 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12,780 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Editora De Gouges </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;514,299 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 457,671 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Phidelis </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 16,976 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Educbank </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 24,494 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 13px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;625,277 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 532,313 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Current </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;73,007 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,502 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Non-current </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;552,270 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 511,811 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;625,277 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 532,313 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>

<p style="margin: 0pt; text-align: justify;"><br/></p>
<div>
<div>

</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;">The changes in the balance are as follows:</span><span style="font-size: 10pt;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;"><br/></span></span></p>

<table cellpadding="0" style="height: 154px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Opening balance </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 532,313 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 48,055 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 120,344 </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 703,257 </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;">Cash payment</p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (80,939 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (205,280 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">Payments in installments</td>
<td style="vertical-align: top; text-align: right; height: 17px;">(11,379</td>
<td style="vertical-align: top; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: top; text-align: right; height: 17px;">(19,168</td>
<td style="vertical-align: top; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest payment </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (603 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,571 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest adjustment </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 65,725 </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8,158 </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Remeasurement </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (184 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,138 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Closing balance </span></p>
</td>
<td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 625,277 </span></p>
</td>
<td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 532,313 </span></p>
</td>
<td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"><br/></td>
</tr>
</tbody>
</table>

</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;"><br/></span></span></p>

<p style="margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;">The maturity years of such balances as of December 31, </span><span style="font-size: 10pt;"><span>202</span></span><span style="font-size: 10pt;"><span>2</span></span><span style="font-size: 10pt;"> are shown in the table below:</span></span></p>
<div id="t_ft_KD40O1300W00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 120px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Maturity of installments </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 19%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> In up to <span>one</span> year </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 73,007 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 19%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 11.7 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 20,502 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3.9 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>One</span> to <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 389,186 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 62.2 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 35,685 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 6.7 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>Two</span> to <span>three</span> years </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 163,084 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 26.1 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 166,730 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 31.3 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>Three</span> years on </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 309,396 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 58.1 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 625,277 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 100.0 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> % </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 532,313 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 100.0 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> % </span></p>
</td>
</tr>
</tbody>
</table>
</div>

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451770713920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Salaries and Social Contribution<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract', window );"><strong>Salaries and Social Contribution</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory', window );">Salaries and Social Contribution</a></td>
<td class="text">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span>20</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Salaries and Social Contribution</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><br/></p>

<div id="t_ft_DKY499CQ2O00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December </span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">31, 2022 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December </span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">31, 2021 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 77%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Salaries payable </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 28,351 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 22,348 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Social contribution payable (i) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 25,205 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 23,926 </span></p>
</td>
<td style="vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Provision for vacation pay and <span>13</span>th salary </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 21,454 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 10,616 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Provision for profit sharing (ii) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 25,047 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5,923 </span></p>
</td>
<td style="vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Others </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 16 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 100,057 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 62,829 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;">&#160;</span></p>
<div id="t_ft_5GCRVPFLHS00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="text-align: justify; padding: 0px 0px 8px; width: 97%;"><span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">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<span style="line-height: inherit;">&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on a monthly basis</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span style="line-height: inherit;">&#160;</span>according to the Company&#8217;s share price</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</span></span></td>
</tr>
<tr>
<td style="vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">(ii)</span><span style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</span></span></td>
<td style="text-align: justify;"><span><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The provision for profit sharing is based on qualitative and quantitative metrics determined by Management.</span></span></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451740147200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfRelatedPartyExplanatory', window );">Related parties</a></td>
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<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>21</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Related</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">parties</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As presented in note <span>1</span>, the Company is part of Cogna Group and some of the Company&#8217;s transactions and arrangements involve entities that belong to the Cogna Group. The effect of these transactions is reflected in these Consolidated Financial Statements, with these related parties segregated by nature of transaction measured on an arm&#8217;s length basis and determined by intercompany agreements and approved by the Company&#8217;s Management. Furthermore, all of them are settled in cash, except for certain intangibles described in item <span>21</span>(d).&#160;&#160; </span></p>
<p style="margin: 8pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balances and transactions between the Company and its associates have been eliminated in the Company&#8217;s Consolidated Financial Statements. The balances and transactions between related parties are shown below: </span></p>
<div id="t_ft_HUWE3UMIJ400000000000000000000b">

<div>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="16" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 75.5952%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.52381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Other receivables (i) </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.52381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Trade receivables (Note <span>10</span> and <span>21</span>C) </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.3512%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Indemnification asset </span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(note <span>21</span></span><span style="font-weight: bold; line-height: inherit;">b</span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.07738%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Other payments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.07738%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Suppliers </span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(note </span><span style="font-weight: bold; line-height: inherit;"><span>16</span></span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 8.92857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Bonds </span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(note </span><span style="font-weight: bold; line-height: inherit;"><span>15</span></span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cogna Educa&#231;&#227;o S.A. </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 12.3512%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 180,417 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,828 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 8.92857%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 313,531 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora Atica S.A. </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
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<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,754 </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
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<td style="padding: 0px; vertical-align: bottom; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,778 </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,722 </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 19 </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
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<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
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</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Others </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 37 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 54 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,759 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,177 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 180,417 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 54 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 13,781 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 313,531 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
<p style="margin:0pt"><br/></p>
<table cellpadding="0" style="height: 15px; width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="margin-left: 0.1px; height: 15px;">
<td style="vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding: 0px; height: 15px; width: 3%;" valign="top"><span style="font-size: 10pt; line-height: inherit;">(i)</span></td>
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; width: 97%;" valign="top"><span><span style="font-size: 10pt;">Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.</span></span></td>
</tr>
</tbody>
</table>
<p style="margin:0pt"><br/></p>
</div>

<div style="margin: 0px; text-indent: 0px;">
<table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; width: 100%; height: 587px; text-indent: 0px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td colspan="17" style="vertical-align: bottom; height: 17px; width: 71.9298%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 28.5088%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Other receivables (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Trade receivables (Note <span>10</span> and <span>21</span>c) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10.0877%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Indemnification asset (note <span>21</span>b) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Other payments (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Suppliers (note <span>16</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Bonds </span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(note </span><span style="font-weight: bold; line-height: inherit;"><span>15</span></span><span style="font-weight: bold; line-height: inherit;">)</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 11px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 28.5088%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Acel Adminstra&#231;&#227;o de Cursos Educacionais Ltda </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,482 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10.0877%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 474 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 12px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 12px; width: 28.5088%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Anhanguera Educacional Participacoes S.A. </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 9.94152%;">
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<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 10.0877%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 160,470 </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 39,271 </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 19,533 </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 315,764 </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt 0pt 0pt 54pt; text-indent: -36pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="display: none; line-height: inherit;">(i)</span></span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&#160;</span></span></p>
<table style="width: 100%; margin: 0px; height: 20px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 3%;" valign="top"><span style="font-size: 10pt;">(i)</span></td>
<td style="height: 10px; width: 97%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span>Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.</span></span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; padding-left: 0px; padding-right: 0px;"><span style="font-size: 10pt;"><span>Refers substantially to accounts payable by sharing expenses e.g property leasing, personnel and IT licenses shared with Cogna Group.</span></span></p>
</td>
</tr>
</tbody>
</table>

</div>
<div>
<div id="t_ft_391YCX9ISW00000000000000000000b">


<div>
<div>
<table cellpadding="0" style="height: 554px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="10" style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2022 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="10" style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2021 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="11" style="padding: 0px; vertical-align: middle; height: 17px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year ended December 31, 2020</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transactions held: </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Revenues </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Finance costs (i) note <span>15</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Cost Sharing (note <span>21</span>d) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Sublease (note <span>21</span>f) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Revenues </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Finance costs </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Cost Sharing (note <span>21</span>d) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Sublease (note <span>21</span>f) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Revenues</span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Finance costs</span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Cost Sharing (note<span>&#160;</span></span><span><span>21</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">d)</span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Sublease (note<span>&#160;</span></span><span><span>21</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">f)</span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 16%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Acel Administracao De Cursos Educacionais Ltda. </span></p>
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<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 2,790 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,230</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
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<tr style="height: 14px;">
<td style="padding: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Centro Educacional Leonardo Da Vinci SS </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 41 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,319</span></td>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 496 </span></p>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,582 </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Col&#233;gio Manauara Lato Sensu Ltda. </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,903 </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 275 </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 35 </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 593 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 657</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Editora Atica S.A. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 16,286 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 5,757 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 8,551 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 5,374 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 6,130 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 13,153 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 7,287</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 229</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 11,989</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 15,364</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 12px;">
<td style="padding: 0px; vertical-align: middle; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Editora E Distribuidora Educacional SA. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 29,475 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 31,384 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,841</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 36,144</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,489</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Editora Scipione SA. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 3,096 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,341 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,551</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Escola Mater Christi </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 311 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 246</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Escola Riacho Doce Ltda </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
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</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 77 </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
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<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Maxiprint Editora Ltda. </span></p>
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<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 6,665 </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,107 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 612</span></td>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
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<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Nucleo Brasileiro de Estudos Avancados Ltda </span></p>
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<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
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</td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 276 </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 423</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Papelaria Brasiliana Ltda </span></p>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 249 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,287</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
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<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Saber Servi&#231;os Educacionais S.A. </span></p>
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<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 41 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 900 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,254</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 6,740</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 729</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Saraiva Educacao SA. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 4,090 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,905 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 2,405 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 2,528 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 3,364</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 3,739</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Sistema P H De Ensino Ltda. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 4,417 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 5,776</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Sociedade Educacional Alphaville SA </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Somos Idiomas Ltda </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 278</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: left; margin: 0px; text-indent: 0px;"><span style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;"> Others </span></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 362</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 31,682 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 36,573 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 35,232 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 13,047 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 28,663 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 25,859 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 37,514 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 15,939 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold; font-size: 8pt;">33,822</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold; font-size: 8pt;">55,679</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold; font-size: 8pt;">48,133</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold; font-size: 8pt;">21,683</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
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<tbody>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; width: 3%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (i) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 97%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span> Refers to debentures interest; see Note <span>15</span>. </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>

</div>
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<div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt; line-height: 1.2;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>

<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; text-indent: 0pt;">a.&#160;&#160;</span><span style="font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit;">Suppliers and other arrangements with related parties</span><br/></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br/></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In consequence to carve out process on December 31, 2019, Cogna&#8217;s associates also&#160;had some shared expenses such as property lease, expenses with personnel and software license, which continued even after the carve-out process was completed and still remain today. As of December 31, 2022, only shared expense transactions are part of these commitments, which amounted to R$54 (R$39,271 as of December 31, 2021). </span></p>
<p style="line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit;">b.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Indemnification asset</span></span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In December 2019, the Company and Cogna Group signed the agreement to legally bind the indemnification from the seller in connection with the acquisition of Somos by the Cogna Group, in order to indemnify the Company for any and all losses that may be incurred in connection with all contingencies or lawsuits related to&#160;Somos-Anglo up to the maximum amount of R$ 180,417 as of December 31, 2022 (R$ 160,470 as of December 31, 2021). See Provision for risks of tax, civil and labor losses and judicial deposits and escrow account footnote (note <span>22</span>).</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">c.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Trade receivables</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries provide learning systems, textbooks, and complementary educational solutions to the Cogna Group which substantially comprises schools, publishers, language schools and stationery shops. All sales and services provided are based on intercompany contracts and its commercial conditions, which include price, margin and payment terms, were determined on an arm&#8217;s length basis.</span></p>

<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">d.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Cost sharing agreements with related </span><span style="font-weight: bold; line-height: inherit;">parties</span></span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company expensed certain amounts based on an apportionment from Cogna Group related to shared services, including the shared service center, IT expenses, proprietary IT systems and legal and accounting activities, and shared warehouses and other logistic activities based on agreements. Those expenses, in the amount of R$ 35,232 as of December 31, 2022 (R$ 37,514 for the year ended December 31, 2021) are related to these apportionments. </span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit;">e.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Brand and Copyrights sharing agreements with related </span><span style="font-weight: bold; line-height: inherit;">parties</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In November and December 2019, the Company entered into brand and copyrights sharing agreements with related parties, as follows:</span></p>
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<table cellpadding="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 84px;" width="100%">
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<tr style="height: 10px;">
<td style="padding: 0.75pt 0px 6pt; vertical-align: top; margin: 0px; text-indent: 0px; width: 5%; height: 10px; text-align: left;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1.2; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (i) </span></p>
</td>
<td style="padding: 0.75pt 0px 6pt; vertical-align: top; margin: 0px; text-indent: 0px; width: 95%; height: 10px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> On November 6, 2019, the Company entered into a trademark license agreement (as amended in <span>2020</span>) with EDE whereby the Company was granted at no cost rights to use related to the trademark &#8220;Pit&#225;goras,&#8221; This agreement is valid for a period of 20 years, automatically and successively renewable for the same period. </span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding: 0.75pt 0px 6pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 34px; text-align: left;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (ii) </span></p>
</td>
<td style="padding: 0.75pt 0px 6pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 34px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> On November 11, 2019, the Company and EDE (Cogna Group&#8217;s Parent Company) entered into a copyright license agreement whereby EDE agreed to grant a license, at no cost, to the Company, for commercial exploitation and use of copyrights related to the educational platform materials. This agreement was valid for three years, and it has not been renewed.</span></p>
</td>
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<tr style="height: 40px;">
<td style="padding-right: 0px; padding-top: 0.75pt; vertical-align: top; padding-left: 0px; margin: 0px; text-indent: 0px; height: 40px; text-align: left;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (iii) </span></p>
</td>
<td style="padding-top: 0.75pt; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 40px;">
<p style="margin: 0px; text-align: justify; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> On December 6, 2019, the Company also entered into two trademark license agreements (as amended in <span>2020</span>) whereby the rights to use related to certain trademarks, such as &#8220;Somos Educa&#231;&#227;o&#8221;, &#8220;Editora Atica&#8221;, &#8220;Editora Scipione,&#8221; &#8220;Atual Editora,&#8221; &#8220;Par Plataforma Educacional,&#8221; &#8220;Sistema Maxi de Ensino,&#8221; &#8220;Bilingual Experience,&#8221; &#8220;English Stars&#8221; and &#8220;Rede Crist&#227; de Educa&#231;&#227;o,&#8221; were granted at no cost to certain related parties, this agreement is valid for a period of 20 years, automatically and successively renewable for the same period<span style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">.</span></span></p>
</td>
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<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 8pt 0pt 8pt 0pt !important;">f.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Lease and sublease agreements with related parties</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its related parties also shared the infrastructure of leased warehouses and other properties, which are direct expenses of the Cogna Group, The expenses related to these lease payments were recognized in the consolidated financial statements according to assumptions defined by Management based on utilization of these properties by the Company,</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">However, as part of its corporate restructuring (Note <span>1</span>), the Company entered into lease and sublease agreements with its related parties on December 5, 2019, to continue to share these leased warehouses and other properties, as follows:</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">f,<span>1</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Commercial lease agreement</span></span></p>

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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Lessee Entity </span></p>
</td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Counterparty to lease agreement (Lessor) </span></p>
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<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Monthly payments </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Maturity </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Rate </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> State of the property in use </span></p>
</td>
</tr>
<tr style="height: 33px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora Scipione S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$44 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 60 months from the agreement date </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 16%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Pernambuco (Recife) </span></p>
</td>
</tr>
<tr style="height: 33px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora &#193;tica S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$37 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 60 months from the agreement date </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bahia (Salvador) </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<div>
<div id="t_ft_2S69B4GB6800000000000000000000b">

</div>
</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">f,<span>2</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Commercial sublease agreement</span></span></p>
<div id="t_ft_52ZGV8IRKW00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 182px; width: 100%;" width="100%">
<tbody>
<tr style="height: 12px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Entity (Sublessor) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Counterparty to the sublease agreement (Sublessee) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Monthly payments </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Maturity </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Rate </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> State of the property in use </span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora e Distribuidora Educacional S.A. (&#8220;EDE&#8221;) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$ 430 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> September 30, 2025.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 16%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> S&#227;o Paulo (S&#227;o Paulo) </span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora &#193;tica S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$827 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> September 30, 2025.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> S&#227;o Paulo (S&#227;o Jos&#233; dos Campos) </span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Idiomas S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$ 53 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> September 30, 2025.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> S&#227;o Paulo (S&#227;o Jos&#233; dos Campos) </span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Saraiva Educa&#231;&#227;o S.A (&#8220;Saraiva&#8221;) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$ 207 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> September 30, 2025.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> S&#227;o Paulo (S&#227;o Jos&#233; dos Campos) </span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Livraria Livro F&#225;cil Ltda,(&#8220;Livro F&#225;cil&#8221;) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$ 1,160 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> September 30, 2025.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> S&#227;o Paulo (S&#227;o Jos&#233; dos Campos) </span></p>
</td>
</tr>
</tbody>
</table>
</div>

<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-size: 10pt;">Income from these lease and sublease agreements with related parties was recognized in the Consolidated Financial Statements as of December 31, 2022 in the amount of R$ </span>13,047<span style="font-size: 10pt;"> (R$ </span>15,939<span style="font-size: 10pt;"> for the year ended December 31, 2021).</span><br/></p>
<p style="margin: 0pt 0pt 8pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">g.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Compensation of key management personnel</span></span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For the year ended December 31, 2022, key management compensation, including charges and variable compensation amounted to R$ 20,426 (R$ 12,990 for the year ended December 31, 2021). The Audit Committee and Board of Directors were established in July 2020 as a result of the IPO.&#160; &#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following benefits are granted to the Company&#8217;s management members: healthcare plan, share-based compensation plan, discounts on monthly tuition of K-<span>12</span> in the Cogna Group&#8217;s schools, besides discounts over the Company&#8217; own products. </span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">See below the compensation of key management personnel by nature:</span></p>
<div id="t_ft_TQIGR8074000000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3.96566%; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">a)</span></td>
<td style="width: 96.0343%; text-align: justify;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Short term benefits - Short-term benefits include fixed compensation (salaries and fees, vacation, mandatory bonus, and &#8220;<span>13</span>th salary&#8221; bonus), payroll charges (Company share of contributions to social security &#8211; INSS) and variable compensation such as profit sharing, the short-term benefits, that included Bonus IPO. For the year ended December 31, 2022 amounted to R$ 10,786 (R$ 4,685 for the year ended December 31, 2021), including payroll charges.</span></td>
</tr>
<tr>
<td style="width: 3.96566%; vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">b)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></span></td>
<td style="width: 96.0343%; text-align: justify;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Long-term benefits - The Company also offered to certain key management personnel payment based on its restricted shares units &#8211; ILP, amounting to R$ 9,640 for the year ended December 31, 2022 (R$ 8,305 for the year ended December 31, 2021) including payroll charges.</span></td>
</tr>
</tbody>
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<p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"><br/></p>

<p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Key management personnel compensation expenses comprised the following:</span></p>
<p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div id="t_ft_C72O3RC1WW00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 61px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 65%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Short-term employee benefits </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,786 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,685 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,982 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Share-based compensation plan </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,640 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 8,305 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 33,594 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 20,426 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 12,990 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 40,576 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
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<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 8pt 0pt 8pt 0pt !important;">h.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Guarantees related to </span><span style="font-weight: bold; line-height: inherit;">finance</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On November 21, 2018, Mind Makers entered into a bank credit note in favor of Banco de Desenvolvimento de Minas Gerais SA - BDMG, for an aggregate amount of R$1,676 with maturity on November 15, 2026. A personal lien to secure this bank credit note was granted by certain individuals, including, our Chief Executive Officer. This liability was settled during <span>2022</span>.</span></p>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737860896">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Provision for tax, civil and labor losses and Judicial deposits and escrow accounts<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfProvisionForTaxCivilAndLaborLossesAndJudicialDepositsAndEscrowAccountsTextBlock', window );">Provision for tax, civil and labor losses and Judicial deposits and escrow accounts</a></td>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>22</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Provision for tax, civil and labor losses and Judicial deposits and escrow accounts</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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. </span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In connection with the acquisition of Somos Group (Vasta&#8217;s predecessor) 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:&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">a.</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;"> Composition</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>

<div id="t_ft_ZGKJNBFKXS00000000000000000000b">
<table cellpadding="0" style="height: 222px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 77%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Proceedings whose likelihood of loss is probable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings (i) </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 622,440 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 607,084 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Labor proceedings (ii) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25,812 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 38,159 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Civil proceedings </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 496 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 376 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 648,748 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 645,619 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Liabilities assumed in Business Combination </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Labor proceedings (ii)&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,755 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Civil proceedings </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,231 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 749 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,504</span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,231 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="vertical-align: middle; rtant;height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Total of provision for tax, civil and labor losses&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 651,252 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 646,850 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 10pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(i) <span>Primarily refers to income tax positions taken by Somos and the Company in connection with a corporate restructuring held by the predecessor in <span style="display: inline;">2010</span>, In <span style="display: inline;">2018</span>, 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 <span style="display: inline;">2018</span>, the Company reassessed this income tax position and recorded a liability, including interest and penalties.</span></span></p>
<p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(ii) <span>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.</span></span></p>

<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The changes in provision for the years ended December 31, 2022 and <span>2021</span> were as follows:</span>
<p style="margin:0pt"><br/></p>
<div id="t_ft_KSWZVJO5Y800000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 160px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.76672%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.93165%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.95061%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Business combination </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.10357%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Additions </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.01071%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Reversals </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 7.48618%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Interest </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.10013%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.33231%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-weight: bold;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Decem</span><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">ber 31, 2022 </span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 17.682%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.48588%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 8.76672%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 607,084 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93165%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 9.95061%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 749 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.10357%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,904 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.01071%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (27,790 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;">)</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 7.48618%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 41,261 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 8.10013%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,019 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;">)</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.33231%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 623,189 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Labor proceedings </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.76672%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 38,159 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.93165%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.95061%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,755 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,376 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (16,045 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;">)</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 776 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10013%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (454 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;">)</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.33231%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 27,567 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Civil proceedings </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.76672%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,607 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.93165%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.95061%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 368 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,615 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;">)</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 26 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.10013%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 110 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.33231%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 496 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.76672%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 646,850 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.93165%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95061%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,504 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 6,648 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (45,450 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><span style="font-weight: bold;">)</span></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 42,063 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10013%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (1,363 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><span style="font-weight: bold;">)</span></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.33231%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 651,252 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Reconciliation with profit or loss for the period </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.01071%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 7.48618%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Finance expense </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 8.76672%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (42,063 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;">)</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; height: 17px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (6,648 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;">)</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 21,747 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 8.76672%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 23,703 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; height: 10px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (6,648 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><span style="font-weight: bold;">)</span></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 45,450 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (42,063 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><span style="font-weight: bold;">)</span></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
</tr>
</tbody>
</table>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">

</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div id="t_ft_M3F2CHUFPC00000000000000000000b">
<table cellpadding="0" style="height: 156px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; &#160; &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Business combination </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Additions </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Reversals </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Payments </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 31%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 575,724 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 16 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (262 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 31,623 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (17 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 607,084 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Labor proceedings </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 37,896 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,468 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (5,294 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,636 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (547 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 38,159 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Civil proceedings </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 313 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,231 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 110 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (24 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 41 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (64 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,607 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 613,933 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,231 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 3,594 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (5,580 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 34,300 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (628 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 646,850 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Reconciliation with profit or loss for the period </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Finance costs </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (34,300 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,594 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,580 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Total </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (3,594 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,580 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (34,300 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
</tbody>
</table>
</div>
</div>

<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; margin: 0pt 0pt 10pt !important; line-height: inherit;">b.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Judicial Deposits and Escrow Accounts</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Judicial deposits and escrow accounts recorded as non-current assets are as follows:</span></p>

<div id="t_ft_W3MC1PAZB400000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 7.5pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,126 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,300 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Indemnification asset -Former owner </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,801 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,998 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Indemnification asset &#8211; Related parties (i) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 180,417 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 160,470 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Escrow-account (ii) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,515 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 14,055 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 13.5pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 194,859 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 178,824 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(i) <span><span style="border-right: none; border-left: none;">Refers to an indemnification asset of the seller in connection with the acquisition of Somos (Vasta&#8217;s Predecessor) by Cogna Group (Vasta&#8217;s Parent Company) 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$<span style="display: inline;">180,417</span> (R$ <span style="display: inline;">160,470</span> on December 31, 2021). See Note <span style="display: inline;">21</span>. This asset is indexed to CDI (Certificates of&#160;Interbank&#160;Deposits).</span></span></span></p>
<p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(ii) <span>Refers to guarantees received as a consequence of business combinations, in connection with contingencies whose likelihood of loss is probable, and for which the former owners are liable. According to the Sale Agreement, these former owners will reimburse the Company in case payments are required and if those contingencies materialize.</span></span></p>

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<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of provision for tax, civil and labor losses and Judicial deposits and escrow accounts.</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451740073776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Current and Deferred Income Tax and Social Contribution<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIncomeTaxExplanatory', window );">Current and Deferred Income Tax and Social Contribution</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 12pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>23</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Current and Deferred Income Tax and Social Contribution</span></span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 5pt 0pt !important;">a.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Reconciliation of income tax and social contribution</span></span><br/></div>
<p style="margin: 0pt 0pt 0pt 36pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The reconciliation of income tax and social contribution expense is as follows:</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>

<div id="t_ft_CNYG07DS4W00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 237px;" width="100%">
<tbody>
<tr style="height: 11px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 11px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.04167%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 11px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.4881%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 11px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2020 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.47929%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.881%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Loss before income tax and social contribution for the year </span></p>
</td>
<td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (105,687 </span></p>
</td>
<td style="vertical-align: middle; width: 1.04167%; height: 16px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 1.04167%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (155,843 </span></p>
</td>
<td style="vertical-align: middle; width: 1.4881%; height: 16px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 1.04167%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (71,053 </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 16px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Nominal statutory rate of income tax and social contribution </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 34% </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 34% </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 34% </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> IRPJ and CSLL calculated at the nominal rates </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 35,934&#160;</span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 52,987 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 24,158 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;">Share of loss equity-accounted investees</p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,534 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Permanent additions </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (8,292 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (7,265 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,246 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Additional IRPJ </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 24 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.881%; height: 15px; background-color: #bdd7ee;">Difference in presumed profit rate of subsidiary</td>
<td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;">3,617</td>
<td style="vertical-align: middle; width: 1.04167%; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; width: 1.04167%; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;">-</td>
<td style="vertical-align: middle; width: 1.4881%; height: 15px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; width: 1.04167%; height: 15px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;">-</td>
<td style="vertical-align: middle; width: 1.47929%; height: 15px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax Contingencies IRPJ and CSLL </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 23,703 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Impairment write-off on tax loss carryforward </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,314 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> )&#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (8,657 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total IRPJ and CSLL </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 51,114 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 37,089 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 25,404 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Current IRPJ and CSLL in the result </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,668 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (11,297 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,874 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Deferred IRPJ and CSLL in the result </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 40,446 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 48,386 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 17,530 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 16px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 51,114 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 37,089 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 25,404 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.47929%; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Effective tax rate of Income and social contribution tax benefit </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 48% </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 24% </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 36% </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>

<p style="margin: 0pt; line-height: 1.2;"><span style="font-size: 10pt;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 5pt 0pt !important;">b.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">Deferred taxes</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Changes in deferred income tax and social contribution assets and liabilities are as follows:</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><br/></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 5pt 0pt !important;">i.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">December 31, 2022 </span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;">

<div style="border-left: none; border-right: none;">
<div id="t_ft_GEMKRDBDJK00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 201px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Effect on profit (loss) </span></p>
</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax/social contribution: </span></p>
</td>
<td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution losses carryforwards&#160;<sup>(ii)</sup></span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 307,319 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 114,921 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 422,240 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Temporary Differences: </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 13,010 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,461 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 20,471 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Provision for obsolete inventories </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,262 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">)</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,608 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,346 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Imputed interest on suppliers </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (2,157 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">)</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,391 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">)</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (5,548 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">)</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Provision for risks of tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 20,025 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 420 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 20,445 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Refund liabilities and right to returned goods </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,470 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,348 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 15,818 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Lease Liabilities </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,660 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,276 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,936 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Fair value adjustments on business combination and goodwill amortization <sup>(i)</sup></span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (248,628 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (109,826 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (358,454 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other temporary difference </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25,968 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,628 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 44,596 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Deferred Assets, net </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 130,405 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 40,446 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 170,851 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin:0pt"><br/></p>
<div id="t_ft_V898NU8ASW00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="vertical-align: top; text-align: justify; width: 97%;" valign="top"><span>Goodwill and fair value adjustments on business combination comprise <span>three</span> components, being (i) goodwill and fair value adjustment of prior business combination by Somos; (ii) amortization of fair value adjustment related to acquisition of the company; and (iii) deductibility of the acquisition goodwill for tax purposes as allowed by tax law.</span></td>
</tr>
<tr>
<td style="vertical-align: top; width: 3%;"><span style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="vertical-align: top; text-align: justify; width: 97%;"><span>The Company&#8217;s income tax and social contribution loss carryforwards are primarily the result of tax amortization of goodwill and the amortization of certain intangibles recognized related to the business combination in <span>2018</span>. In accordance with Brazilian tax regulation, tax loss carryforwards have a limitation for use of 30% of taxable profit generated in each year and do not expire. The tax benefit is expected to be realized over an estimated 6 year period beginning in <span>2026</span>. </span></td>
</tr>
</tbody>
</table>
</div>
</div>

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 5pt 0pt !important;">ii.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">December 31, </span><span style="font-weight: bold; line-height: inherit;"><span>2021</span></span><span style="font-weight: bold; line-height: inherit;"> and </span><span style="font-weight: bold; line-height: inherit;"><span>2020</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Changes in deferred income tax and social contribution assets and liabilities are as follows:&#160;&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_MA6HTF17B400000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 208px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Effect on profit (loss) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Deferred tax on business combination </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 53%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax/social contribution: </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution losses carryforwards </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 182,257 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 125,062 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 307,319 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Temporary Differences: </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,543 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,467 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 13,010 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Provision for obsolete inventories </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,263 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (4,525 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,262 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Imputed interest on suppliers </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (744 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,413 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (2,157 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Provision for risks of tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 19,138 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 887 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 20,025 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Refund liabilities and right to returned goods </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,903 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,433 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,470 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Lease Liabilities </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,764 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,896 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,660 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Fair value adjustments on business combination and goodwill amortization (i) </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (150,598 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (90,588 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (7,442 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (248,628 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other temporary difference </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,020 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 15,033 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 915 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25,968 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Deferred Assets, net </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 88,546 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 48,386 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (6,527 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 130,405 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_3M14SUU1KG00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(i)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></span></td>
<td style="text-align: justify; width: 97%;"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Goodwill</span> and fair value adjustments on business combination comprise <span>three</span> components, being (i) goodwill and fair value adjustment of prior business combination by predecessor Somos Anglo; (ii) amortization of fair value adjustment related to acquisition of the predecessor Somos Anglo by the successor Vasta; and (iii) deductibility of the acquisition goodwill for tax purpose allowed by tax law.</span></span></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;doctype=Standard&amp;dita_xref=IAS12_g79-88__IAS12_g79-88_TI<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733263808">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Shareholder's Equity<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt 28.35pt; text-indent: -28.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">24</span></span>&#160;<span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Shareholder&#8217;s Equity</span></span></p>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-weight: bold; line-height: inherit;"><span>4</span></span><span style="font-weight: bold; line-height: inherit;">a.</span> <span style="font-weight: bold; line-height: inherit;">&#160; </span><span style="font-weight: bold; line-height: inherit;">Share Capital </span></span></p>
<p style="margin: 0pt 0pt 0pt 7.1pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="line-height: inherit;">Considering the corporate restructuring mentioned in note <span>1.2</span>, in addition to the capital contributions made by Cogna during the periods, and the IPO that took place in <span>2020</span>, the Company holds Class A shares (issued and sold in the IPO), in addition to Class B shares (owned by Cogna).</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="line-height: inherit;">As of December 31, 2020, the Company had 83,011,585 <span>common shares issued and outstanding, of which </span> 64,436,093 <span>were Class B common shares and</span></span><span style="line-height: inherit;">&#160;18,575,492 <span>were Class A common shares.</span> </span></span></p>
<p style="margin: 0pt 0pt 0pt 7.1pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="line-height: inherit;">On June 22, </span><span style="line-height: inherit;"><span>2021</span></span><span style="line-height: inherit;">, the Board of Directors approved the issuance of 382,266&#160;class A common shares, at par value of US$0.00005 per share. As a result, the Company&#8217;s share capital on December 31, 2021 totals&#160;83,393,851&#160;shares, of which 64,436,093&#160;Class B shares are owned by the&#160;</span><span style="line-height: inherit;">Cogna</span><span style="line-height: inherit;"> Group and 18,957,758 are owned by third parties.</span></span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>

<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span><span>Considering the ILP exercised during 2022, in addition to the remuneration of restricted shares recognized in the same period, on December 31, 2022, the Company's capital stock totals&#160;</span>83,649,887 shares, of which 64,436,093 are Class B shares owned by the Cogna Group and 18,213,794<span>&#160;are Class A shares owned by third-parties and 1,000,000 shares Class A are held in treasury.</span></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">The Company&#8217;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% (<span>three</span> per cent) of the issued and outstanding shares of the Company. Thus, </span><span style="line-height: inherit;">during <span>2022</span></span><span style="line-height: inherit;"> the Company granted the following Class A shares to certain employees and executives: </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>

<div id="t_ft_LMD7MMBBHC00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 82px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Class A Shares (units) </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Class B Shares (units) </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 18,957,758 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 64,436,093 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 83,393,851 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Remuneration </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ILP exercised </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 184,117 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 184,117 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 15px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Premium recognized </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 71,919 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 71,919 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 19,213,794 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 64,436,093 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 83,649,887 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
</tr>
</tbody>
</table>
</div>

<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="line-height: inherit;">See below the Company&#8217;s description of each restricted share unit plan </span><span style="line-height: inherit;">vested</span><span style="line-height: inherit;"> and its corresponding changes disclosed in the Consolidated Statement of Changes in Equity, specifically in the &#8220;Share based compensation reserve (vested)&#8221;:</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div id="t_ft_JUYOMAU3UO00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 106px;">
<tbody>
<tr style="height: 52px;">
<td style="width: 3.88389%; vertical-align: top; text-align: left; height: 52px;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(i)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></span></td>
<td style="width: 96.1161%; text-align: justify; padding: 1px 1px 8px; height: 52px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The Company issued</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">298,268</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">class A</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">share units as part of Bonus IPO remuneration, which were granted to eligible executives and employees. These share</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">units represented R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">29,124</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(net of withholding taxes) previously provisioned</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in Share Based Compensation Reserves (granted) and transferred to Share Based Compensation Reserves (vested) &#8211; exercised in the Consolidated Statement of Changes in Shareholders&#8217; Equity. The Bonus IPO was conditioned to a</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">1-year lockup period</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">expired in July 2021.&#160;There were no shares vested in <span>2022</span> in connection with the Bonus IPO. In <span>2021</span>, the corresponding payroll charges</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">amounted to </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$ 21,456</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</span></span></td>
</tr>
<tr style="height: 44px;">
<td style="width: 3.88389%; vertical-align: top; text-align: left; height: 44px;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="width: 96.1161%; text-align: justify; padding: 1px 1px 8px; height: 44px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">As result of the</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">carve-out process, as described in&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Note</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>1.2</span>, part of</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna&#8217;s</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">executives and employees (eligible) were transferred to the Company. Those eligible executives and employees were part of the</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Plan</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;and their plans were migrated to the</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Vasta</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">ILP Plan, as described in Note</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>4</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">c</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">. In as much as those eligible parties exercise their plan, the Company delivers a fixed quantity of share units to them. The amount provisioned previously in Share based Compensation Reserves (granted) in the Consolidated Statement of Changes in Shareholders&#8217; Equity on December 31,</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">is&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">259</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">58</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;on&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">December 31, 2021),&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">and</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">was transferred to Share based compensation reserves (vested) &#8211; exercised. The corresponding payroll charges</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">amounted to&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">167</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;(R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">70 in <span>2021</span>)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</span></span></td>
</tr>
<tr style="height: 10px;">
<td style="width: 3.88389%; vertical-align: top; text-align: left; height: 10px;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</span></td>
<td style="width: 96.1161%; text-align: justify; height: 10px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The Company remunerated part of its executives based on restricted share units. The amount provisioned and paid</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">was&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$ </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">1,912</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"> (R$ </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">1,861 in <span>2021</span>), </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">net of withholding taxes, see Share Based Compensation Reserves (granted) and subsequently vested to Share based compensation reserves (vested). Payroll charges </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"> in </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"> amounted </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"> to </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">1,748</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;(R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">1,538 in <span>2021</span>).</span></span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt 0pt 0pt 14.2pt; text-align: justify; text-indent: -14.2pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="line-height: inherit;">The Company&#8217;s shareholders on December 31, </span><span style="line-height: inherit;"><span>202</span></span><span style="line-height: inherit;"><span>2</span></span><span style="line-height: inherit;"> are as follows:</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>

<div id="t_ft_JMQMEYIFGG00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 85px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="7" style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> In units </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Company Shareholders </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Class A </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Class B </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cogna Group </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 64,436,093 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;64,436,093 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Free Float </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,213,794 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,213,794 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Treasury shares (Note <span>24</span>d) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,000,000 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;1,000,000 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total (%) </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 23% </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 77% </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;83,649,887 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
</tbody>
</table>
</div>

<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-weight: bold; line-height: inherit;"><span>4</span></span><span style="font-weight: bold; line-height: inherit;">b </span><span style="font-weight: bold; line-height: inherit;">Loss</span><span style="font-weight: bold; line-height: inherit;"> per share </span></span></p>
<p style="margin: 0pt 0pt 0pt 7.1pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The basic loss per share is measured by dividing the profit attributable to the Company&#8217;s shareholders by the weighted average common shares outstanding during the year. The Company considers as diluted earnings 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.</span></p>

<div id="t_ft_TE7K0GGQK000000000000000000000b">

<div style="margin: 0px; text-indent: 0px;">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 72px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 64.8686%; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 14px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Loss Attributable to Shareholder&#180;s </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (54,573 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 1.38313%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (118,754 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (45,649 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Weighted average number of ordinary shares outstanding (thousands) (i)&#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 83,651 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 82,254 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 83,012 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Basic earning (loss) per share - R$&#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (0.65 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1.44 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (0.55 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Diluted earning (loss) per share - R$&#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (0.65 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 1.38313%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1.44 </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (0.55 </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<td style="height: 10px; vertical-align: top; text-align: left; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="height: 10px; text-align: justify; width: 97%;"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company has not changed its number of voting rights since the IPO on July 31, 2020.</span></span></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-weight: bold; line-height: inherit;"><span>4</span></span><span style="font-weight: bold; line-height: inherit;">c Capital reserve - Share-based compensation (granted)</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="line-height: inherit;">The Company as of December 31, </span><span style="line-height: inherit;"><span>202</span></span><span style="line-height: inherit;"><span>2</span></span><span style="line-height: inherit;"> had two&#160;share based compensation plans and one&#160;bonus plan paid in restricted share units, being:</span><span style="line-height: inherit;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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<td style="width: 2.98446%; vertical-align: top; height: 95px; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">a)</span></td>
<td style="width: 97.0155%; text-align: justify; height: 95px; padding: 1px 1px 8px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;Plan - On September 3, 2018,&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;Group&#180; shareholders approved a restricted share-based compensation plan, which may grant rights to receive a maximum number of restricted shares not exceeding 19,416,233 shares, corresponding to 1.2% of&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;Group&#8217;s total share capital at the Plan&#8217;s approval date, excluding shares held in treasury on such date. This program should be wholly settled with delivery of&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna&#8217;s</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;shares.&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Cogna</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;Group&#180;s obligation to transfer the restricted shares under the Plan, in up to 10 days from the end of the vesting period, is contingent upon the continuing employment relationship of the employee or officer, as appropriate, for a period of three years from the date the respective agreement is signed. The number of outstanding restricted shares as of December 31, </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"> was </span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">zero</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;(155,919 as of December 31, 202</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>1</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">) and the grant date fair value was R$10,58. The effect of events on compensation in the Consolidated Statement of Profit or Loss for the year ended December 31, 202</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;was R$&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">557</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;including labor charges (R$&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">2,234</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">, including labor charges for the year ended December 31,&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>1</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">).</span></span></td>
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<td style="width: 2.98446%; vertical-align: top; height: 95px; text-align: left;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">b)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></span></td>
<td style="width: 97.0155%; text-align: justify; height: 95px; padding: 1px 1px 8px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Long Term Investment &#8211; (&#8220;ILP&#8221;) &#8211; Refers to two tranches granted being the first issued on July 23,</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2020</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">and November 10, 2020. The Company compensates part of its employees and management.</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">This plan will grant up to</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">3% of the Company&#8217;s class A share units.</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The Company will grant the limit of</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">five</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">tranches approved by the Company&#8217;s Board of Directors. The fair value of share units is measured at fair</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">value quoted on the grant date. The plan has a</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">vesting period corresponding to</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">5 years</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">added by expected volatility of</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">30% and</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">will be settled with Company&#8217;s shares. All taxes and contributions are paid by the Company without additional costs to employees and management.</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">This program should be wholly settled with the delivery of the shares.</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The effect of events on share-based compensation in the Consolidated Statement of Profit or Loss for the year ended December</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>31</span>,</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">was&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">22,461</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">, being&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">22,404</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in Shareholder&#8217;s the Equity and a credit of&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">58</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">as labor charges in liabilities, due to share price fluctuation (R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">21,372</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">being R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">21,250</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in Shareholder&#8217;s the Equity and&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">a credit of</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;R$</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">122</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;as labor charges in liabilities for the year ended December</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>31</span>,</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>202</span></span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span>1</span>)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</span></span></td>
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<td style="width: 2.98446%; vertical-align: top; height: 14px; text-align: left;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">c)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;&#160;</span></span><br/></td>
<td style="width: 97.0155%; text-align: justify; height: 14px;">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonus paid in restricted share units &#8211; &#8220;Premium recognized&#8221; - The Company granted and vested 99,193 shares on April, 2022 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$ 1,748 (net of withholding taxes), of which R$ 1,023 corresponds to labor charges. </span></p>
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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-weight: bold; line-height: inherit;"><span>4</span></span><span style="font-weight: bold; line-height: inherit;">d</span> <span style="font-weight: bold; line-height: inherit;">Vasta&#8217;s</span><span style="font-weight: bold; line-height: inherit;"> share Repurchase Program</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">On</span><span style="line-height: inherit;"> <span>2021</span> 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, and on December 31, 2021, the Company had a balance of R$23,880 or 1,000,000 shares in its possession.</span></span></p>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net Revenue from sales and Services<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfRevenueExplanatory', window );">Net Revenue from sales and Services</a></td>
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<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt 28.35pt; text-indent: -28.35pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;"><span style="display: inline;">25</span></span><span style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-weight: bold;">Net Revenue from sales and Services</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The breakdown of net sales of the Company for the years ended December 31, 2022, <span>2021</span> and <span>2020</span> 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:</span></p>

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<div style="margin: 0px; text-indent: 0px;">
<div style="margin: 0px; text-indent: 0px;">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 697px; text-indent: 0px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2022</span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2021</span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2020</span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Learning Systems </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 878,468 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 568,522 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 608,200 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (382 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (219 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (40 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (13,157 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (14,302 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (8,603 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (78,468 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (41,919 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (17,553 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 786,461 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 512,082 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 582,004 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Textbooks </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 228,094 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 212,708 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 308,298 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (214 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,608 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (250 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,120 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (31,401 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (41,330 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (72,488 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 195,359 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 169,770 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 235,560 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px; padding: 0px 5px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Complementary Education Services </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 159,207 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 148,817 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 63,491 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (193 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (961 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (17 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,415 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15,755 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (10,459 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,880 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 141,844 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 137,397 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 60,588 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Other services </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 38,727 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 34,498 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 34,118 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (7,046 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,034 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,864 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 31,681 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 31,464 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 30,254 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Total Content &amp; EdTech </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,304,496 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 964,545 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,014,107 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (7,835 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,822 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (4,171 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15,692 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (14,302 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (8,609 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (125,624 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (93,708 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (92,921 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 1,155,345 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 850,713 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 908,406 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> E-commerce </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 113,569 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100,084 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 97,632 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,873 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,473 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,261 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,533 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,595 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,149 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 106,163 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 95,016 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 89,222 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Other digital services </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,026 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,850 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (254 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (160 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 2,772 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 1,690 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Total Digital Services </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 116,595 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 101,934 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 97,632 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,127 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,633 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,261 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,533 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,595 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,149 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 108,935 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 96,706 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 89,222 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,421,091 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,066,479 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,111,739 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (9,962 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (8,455 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,432 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15,692 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (14,302 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (8,609 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (131,157 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (96,303 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (99,070 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 1,264,280 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 947,419 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 997,628 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Sales </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,229,827 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 914,266 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 967,374 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Service </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 34,453 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 33,153 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 30,254 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 1,264,280 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 947,419 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 997,628 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
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<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for revenue.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733512368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Costs and Expenses by Nature<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Costs and Expenses by Nature</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfExpensesByNatureExplanatory', window );">Costs and Expenses by Nature</a></td>
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<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;"><span>26</span></span><span style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-weight: bold;">Costs and Expenses by Nature</span></span></p>
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<table cellpadding="0" style="height: 445px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
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<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 65%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Salaries and payroll charges </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (281,894 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (274,581 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (279,523 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Raw materials and productions costs </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (201,700 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (185,862 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (216,791 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Editorial costs </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (49,329 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (71,705 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (52,794 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Depreciation and amortization </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (268,714 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (211,156 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (174,088 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Copyright </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (72,348 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (58,885 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (59,597 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Advertising and publicity </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (99,834 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (77,655 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (88,965 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Utilities, cleaning and security </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (20,087 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,505 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (19,499 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Rent and condominium fees </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (18,312 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (17,775 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (14,278 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Third-party services </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (47,667 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,758 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (23,904 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Travel </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (23,577 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (8,747 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (8,760 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Consulting and advisory services </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (34,166 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (23,395 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,269 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (45,904 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (32,726 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,015 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Material </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,263 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,523 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,708 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes and contributions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,777 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,808 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,066 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reversal for tax, civil and labor risks </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 15,099 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,986 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,092 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Provision for obsolete inventories </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (40,924 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (22,117 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (4,057 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Income from lease and sublease agreements with related parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 13,047 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 15,939 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 21,683 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other income, net </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 662 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5,554 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4,283 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (1,183,688 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (1,018,719 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (970,256 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cost of goods sold and services </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (473,135 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">)</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (396,829 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">)</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (378,003 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Commercial expenses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (194,043 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (164,439 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (165,169 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> General and administrative expenses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (471,626 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (430,279 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (406,352 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment loss on accounts receivable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (45,904 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (32,726 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,015 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other operating income, net </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; 1,020 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5,554 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4,283 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (1,183,688 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (1,018,719 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (970,256 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
</tbody>
</table>

</div>
</div>

</div>
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfExpensesByNatureExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of expenses by nature. [Refer: Expenses, by nature]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfExpensesByNatureExplanatory</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNatureAbstract</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729937328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Finance result<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfFinanceIncomeCostAbstract', window );"><strong>Finance result</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory', window );">Finance result</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 6pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;"><span>27</span></span><span style="font-weight: bold;">&#160;</span> <span style="font-weight: bold;">&#160;</span> <span style="font-weight: bold;">&#160;</span><span style="font-weight: bold;">&#160;</span><span style="font-weight: bold;">Finance result</span></span></p>
<div id="t_ft_PQEW1JHQN400000000000000000000b">

<div>
<table cellpadding="0" style="height: 270px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Finance income </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Income from financial investments and marketable securities (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 54,954 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 26,719 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 16,907 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Income finance from indemnification assets and contingencies (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 31,077 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">6,818</span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">1,476</span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other finance income </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,526 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,103 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,601 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 88,557 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 35,640 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 20,984 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Finance costs </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on bonds and financing </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (108,896 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (43,549 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (52,935 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on account payables for business combinations</span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (65,725 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;">8,158</span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;">1,568</span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Imputed interest on suppliers </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (19,810 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,609 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (12,286 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on Loans from related parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (157 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,344 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Bank and collection fees </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,891 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,587 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (17,771 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on provision for tax, civil and labor losses</span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (52,891 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (34,300 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (13,297 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on Lease Liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (13,143 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (14,984 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15,077 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other finance costs&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,968 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,839 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,131 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (270,324 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (120,183 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (119,409 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Financial Result (net) </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (181,767 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (84,543 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (98,425 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div id="t_ft_QL3SN4CX2O00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: &quot;times new roman&quot;; font-size: 10pt; height: 21px;">
<tbody>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; text-align: left; width: 3%;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span><span style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'times new roman', times; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</span></span></td>
<td style="text-align: justify; height: 10px; width: 97%;"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Refers to income from marketable securities indexed at CDI.</span></span></td>
</tr>
<tr style="height: 11px;">
<td style="vertical-align: top; height: 11px; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="text-align: justify; height: 11px;"><span><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Refers to an indemnification asset in the amount of R$ 20,249&#160;in connection with the acquisition of&#160;</span>Somos<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;(</span>Vasta&#8217;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Predecessor) by&#160;</span>Cogna<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Group (</span>Vasta&#8217;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Parent Company), as mentioned in the note <span style="border-left: none; border-right: none;">21</span>b, and reversal of interest on provision for tax losses in the amount of R$ 10,828.</span></span></span></td>
</tr>
</tbody>
</table>
</div>

</div>
<span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of finance income (cost). [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfFinanceIncomeCostAbstract</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733283408">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Segment Reporting<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsAbstract', window );"><strong>Segment Reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory', window );">Segment Reporting</a></td>
<td class="text">
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>28</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;"> Segment Reporting</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Information reported to the Chief Operating Decision Maker (CODM) for the purposes of resource allocation and assessment of segment performance is focused on revenue, &#8220;profit (loss) before finance result and tax&#8221;, assets and liabilities segregated by the nature of the services provided to the Company&#8217;s customers. Thus, the reportable segments are: (i) Content &amp; EdTech Platform; and (ii) Digital Services.</span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Content &amp; EdTech platform derives its results from core and complementary educational content solutions through digital and printed content, including textbooks, learning systems and other complementary educational services.</span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Digital Services aims to unify the entire school administrative ecosystem, allowing private schools to add multiple learning strategies and help them to focus on education, through the physical and digital e-commerce platform (Livro F&#225;cil) and other digital services of the Company. Operations related to this segment began with the acquisition of Livro F&#225;cil. In August 2021, the Company acquired EMME, which has its digital platform aimed at the production of educational marketing material for the Company's partner schools. Additionally, in January 2022, the Company acquired MVP and Phidelis, see note <span>5</span>.</span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Due to the nature of the Company&#8217;s e-commerce platform, the Content &amp; EdTech Platform segment sells its printed and digital content to the Digital Services segment. These transactions are priced on an arm&#8217;s length basis and are to be settled in cash.&#160; However, the eliminations made in preparing the consolidated financial statements are included in the measure of the segment&#8217;s profit or loss that is used by the CODM, and therefore the amounts presented herein are net of such intersegment&#160;transactions.</span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="background-color: #ffffff; line-height: inherit;">T</span><span style="background-color: #ffffff; line-height: inherit;">he following table presents the Company&#8217;s revenue, its reconciliation to &#8220;profit (loss) before finance result and tax&#8221;, assets and liabilities by reportable segment. No other information is used by the CODM when assessing segment performance:</span></span></p>
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<table cellpadding="0" style="height: 213px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
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<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="7" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Content &amp;&#160;</span><span style="font-weight: bold;">EdTech</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;Platform</span></span><br/></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Digital Services Platform </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 11px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net revenue from sales and services </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,155,345 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 108,935 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,264,280 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cost of goods sold and services </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (375,167 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (97,968 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (473,135 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">)</td>
</tr>
<tr style="height: 14px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Operating income (expenses) </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (445,330 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (26,295 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (471,626 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Commercial expenses </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (183,118 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (10,926 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (194,043 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other operating income, net </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,260 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,240 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,020 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Impairment losses on trade receivables </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (45,769 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (135 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (45,904 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">Share of loss equity-accounted investees</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;">(4,512</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><span style="font-weight: bold;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><span style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(4,512</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Profit (loss) before finance result and taxes </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 103,709 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (27,629 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 76,080 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Assets </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 7,438,094 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 82,497 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 7,520,591 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Current and non-current liabilities </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,852,390 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 38,521 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,890,911 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="background-color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="height: 190px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span><br/></p>
</td>
<td colspan="7" style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 10px;"/>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Content &amp; EdTech Platform </span></p>
</td>
<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Digital Services </span></p>
</td>
<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 65%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net revenue from sales and services </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 850,713 </span></p>
</td>
<td style="vertical-align: middle; width: 1%; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 96,706 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 947,419 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cost of goods sold and services </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (327,651 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (69,178 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (396,829 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Operating income (expenses) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (413,746 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (16,533 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (430,279 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Commercial expenses </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (147,664 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (16,775 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (164,439 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other operating income </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,469 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 85 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,554 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (32,344 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (382 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (32,726 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Loss before finance result and taxes </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (65,223 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (6,077 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (71,300 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 7,207,084 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 126,323 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 7,333,407 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Current and non-current liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,605,351 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 62,847 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,668,198 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="background-color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 216px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="7" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; margin-left: 0.1px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><br/></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Content &amp; EdTech Platform </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Digital Services </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net revenue from sales and services&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 908,406 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 89,222 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 997,628 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cost of goods sold and services </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (301,882 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (76,121 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (378,003 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Operating income (expenses) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (387,023 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (19,329 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (406,352 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Commercial expenses </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (152,659 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (12,510 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (165,169 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other operating income </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,283 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,283 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (25,015 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (25,015 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Profit (Loss) before finance result and taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 46,110 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (18,738 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 27,372 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Assets </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 6,848,198 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 130,072 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 6,978,270 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Current and non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,141,107 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 51,847 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,192,953 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
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<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Segments&#8217; profit represents the profit earned by each segment without finance results and income tax expense. This is the measure reported to the CODM for the purpose of resource allocation and assessment of segment performance.&#160;</span></p>
<p style="margin: 10pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company operates in Brazil, with no revenue from foreign customers, Additionally, no single customer contributed 10% or more to the Company&#8217;s segments revenue for the years ended December 31, 2022, <span>2021</span> and <span>2020</span>.</span></p>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;doctype=Standard&amp;dita_xref=IFRS08_g20-24__IFRS08_g20-24_TI<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733290768">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Non-cash transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNonCashTransactionsAbstract', window );"><strong>Non-cash transactions</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNonCashTransactionsTextBlock', window );">Non-cash transactions</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;"><span>29</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span> <span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Non-cash</span><span style="font-weight: bold; line-height: inherit;"> transactions </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-cash transactions for the years ended December 31, 2022, <span>2021</span> and <span>2020</span> are, respectively: (i) Additions of right of use assets and lease liabilities in the amount of R$ 12,002, R$ 25,513 and R$ 35,925 (Note <span>17</span>), (ii) Disposals of contracts of right of use assets and lease liabilities in the amount of R$ 3,180, R$ 3,481 and R$ 3,429 (Note <span>17</span>), and (iii) Accounts payable assumed in the acquisition of Phidelis, during year <span>2022</span>, in the amount of R$ 12,733 (net of the cash paid), SEL, in the amount of R$ 26,876, Reda&#231;&#227;o Nota <span>1000</span>, in the amount of R$ 7,294, EMME, in the amount of R$ 12,253, De Gouges, in the amount of R$ 451,554, and Pluri, in the amount of R$ 12,347, Mind Makers, in the amount of R$ 13,621, Meritt, in the amount R$ 4,330&#160;(during year <span>2021</span>). See note <span>5</span>.</span></p>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of non-cash transactions.</p></div>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">3</span><span style="font-weight: bold; line-height: inherit;"><span>0</span></span><span style="font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-weight: bold; line-height: inherit;">Subsequent events</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Anglo Start Acquisition</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company, through its subsidiary Somos Sistemas de Ensino S.A (&#8220;Somos&#8221;), acquired a 51% interest in the capital of &#8220;Escola Start Ltda.&#8221;, (&#8220;Start&#8221;), on March 3, 2023. </span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The purchase price of R$4,454 will be paid in <span>two</span> (2) installments, a fixed installment of R$4,100 in cash on the acquisition date and a variable installment of R$354, subject to price adjustment depending on the calculation of financial indicators defined as contract and corrected by 100% of the CDI, to be paid in May 2023. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On the same date, a purchase option agreement was entered into 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.</span></p>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for events after the reporting period.</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737404816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies and new and not yet effective accounting standards (Policies)<br></strong></div></th>
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<div style="margin: 0pt 0pt 10pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">a.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Cash and Cash Equivalents</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents include cash on hand, bank deposits and highly liquid short-term investments and have maturities of </span>three months or less from the date of purchase and that are readily convertible into a known amount of cash and are subject to immaterial risk of change in value.</span></p>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">b.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Financial Assets and Liabilities</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></span></div>
<p style="margin: 0pt 0pt 8pt 22pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-style: italic; line-height: inherit;">i</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">Classification</span></span></p>
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<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A business model to manage financial assets refers to the way the Company manages its financial assets to generate cash flows, determining if the cash flows will occur through the collection of contractual cash flows at maturity date, through the sale of the financial asset, or both. The information considered in the business model evaluation includes the following: </span></p>
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<td style="height: 20px; width: 95%; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-family: 'times new roman', times; line-height: inherit;"> The policies and goals established for the portfolio of financial assets and feasibility of these policies. They include whether management&#8217;s strategy focuses on obtaining contractual interest income, maintaining a certain interest rate profile, matching the duration of financial assets with the duration of related liabilities or expected cash outflows, or the realization of cash flows through the sale of&#160;assets.</span></td>
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<td style="height: 17px; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-family: 'times new roman', times; line-height: inherit;"> how the performance of the portfolio is evaluated and reported to the Company&#8217;s Management.&#160; </span></td>
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<td style="height: 17px; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-family: 'times new roman', times; line-height: inherit;"> risks that affect the performance of the business model (and the financial assets held in that business model) and the&#160;manner in which&#160;those risks are managed. </span></td>
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<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> how business managers are compensated - for example, if the compensation is based on the fair value of managed assets or on the contractual cash flows obtained; and </span></p>
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<td style="height: 17px; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> the volume and timing of sales of financial assets in prior periods, the reasons for such sales and future sales expectations. </span></p>
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<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">For assessing whether contractual cash flows represent solely payments of principal and interest, &#8220;principal&#8221; is defined as the fair value of the financial asset upon initial recognition. &#8220;Interest&#8221; is defined as a consideration </span><span style="font-size: 10pt; line-height: inherit;">for the amount of</span><span style="font-size: 10pt; line-height: inherit;"> cash at the time and for the credit risk associated with outstanding principal amount during a certain period and for other risks and base costs of loans (for example, liquidity risk and administrative costs), as well as for the profit margin.</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company considers the contractual terms of the instruments to evaluate whether the contractual cash flows are only payments of principal and interest. This includes evaluating whether the financial asset contains a contractual term that could change the timing or amount of the contractual cash flows so that it would not meet this condition. In making this evaluation, the Company considers the following:</span></p>
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<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"> contingent events that change the amount or timing of cash&#160;flows. </span></p>
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<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"> terms that may adjust the contractual rate, including variable&#160;rates. </span></p>
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<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> the prepayment and the extension of the term; and </span></p>
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<p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> the terms that limit the access of the Company to cash flows from specific assets (for example, based on the performance of an asset). </span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Due to their nature, as of December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s financial assets are classified as &#8220;measured at amortized cost&#8221;</span><span style="font-size: 10pt; line-height: inherit;">, except </span><span style="font-size: 10pt; line-height: inherit;">for </span><span style="font-size: 10pt; line-height: inherit;">the</span><span style="font-size: 10pt; line-height: inherit;"> Marketable securities <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">and</span> <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">other investments and interests in entities, which are classified as &#8220;measured at fair value through profit or loss&#8221;.</span> </span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets are not reclassified after initial recognition, unless the Company changes the business model for the management of financial assets, in which case all financial assets affected are reclassified on the first day of the reporting period subsequent to the change in the business model.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities are classified as measured as amortized cost or at FVTPL. A financial liability is classified as measured at fair value through profit or loss if it is classified as held for trading, if it is a derivative or assigned as such upon initial recognition.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Due to their nature, as of December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s financial liabilities are classified as &#8220;measured at amortized cost&#8221;.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-style: italic; line-height: inherit;">ii.</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;"> Initial Recognition and Subsequent Measurement </span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables are initially recognized on the date they were originated. All other financial assets and liabilities are initially recognized when the Company becomes a party to the instrument&#8217;s contractual provisions. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A financial asset (unless it is trade receivable without a significant financing component) or a financial liability is initially measured at fair value, plus, for an item not measured at FVTPL (fair value through profit or loss), transaction costs which are directly attributable to its acquisition or issuance. A trade receivable without a significant financing component is initially measured at its transaction price. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in statements of profit or loss.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets are derecognized when the rights to receive the cash flows expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. </span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gains or losses arising from changes in the fair value of the "Financial assets at fair value through profit or loss", as well as interest income accrued over &#8220;Assets measured at amortized cost&#8221;, are presented in statements of profit or loss under "Finance income" in the period in which they arise.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company derecognizes a financial liability when its contractual obligations are discharged or canceled or expired. The Company also derecognizes a financial liability when the terms are modified, and the cash flows of the modified liability are substantially different. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in statements of profit or loss.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-style: italic; line-height: inherit;">iii.</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">Offsetting of financial assets and liabilities</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets and liabilities are offset, and the net amount presented in the Consolidated Statement of Financial Position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle them a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; font-style: italic; line-height: inherit;">iv.</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span> <span style="font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-style: italic; line-height: inherit;">Impairment of financial assets</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company assesses on a prospective basis the expected credit loss (&#8220;ECL&#8221;) associated with its financial asset instruments carried at amortized cost, with accruals and reversals recorded in the Statement of Profit or </span><span style="font-size: 10pt; line-height: inherit;">Loss .</span><span style="font-size: 10pt; line-height: inherit;"> ECLs are based on the difference between the contractual cash flows due in accordance with the contractual terms and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The methodology applied depends on whether there has been a significant increase in credit risk.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">For</span> trade receivables, the Company applied the simplified approach&#160;and calculated impairment losses based on lifetime expected credit losses as from their initial recognition, as described in </span><span style="font-size: 10pt; line-height: inherit;">Note <span>10</span>.c.</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories', window );">Inventories</a></td>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">c.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Inventories</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Inventories are stated at cost or net realizable value, whichever is lower. The method of valuation of inventories is the average cost. The cost of finished goods and work in progress comprises project costs, raw materials, publishing costs (e.g., direct labor, other direct </span><span style="font-size: 10pt; line-height: inherit;">costs</span><span style="font-size: 10pt; line-height: inherit;"> and the related direct production costs).</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Editorial costs incurred during the development phase of a new product are presented within inventories as &#8220;work in progress&#8221;, as materials are substantially revised annually. After the conclusion of its production and allocation in the line of "finished products", the sales of the product begins and any subsequent costs incurred are recognized in profit or loss as "cost of goods sold and services ", according to the accrual period on which the services are provided.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company recognizes a provision for losses on finished products and low-handling raw materials, which are periodically analyzed and evaluated in terms of the expected realization of these inventories.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">If losses are not expected, the provision is reversed. Management periodically assesses whether obsolete inventories need to be destroyed.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company also recognizes the right of return on its inventories. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>3.2</span> </span><span style="font-size: 10pt; line-height: inherit;">f</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">Property, Plant and Equipment</a></td>
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<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">d.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Property, Plant and Equipment</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Property, </span><span style="font-size: 10pt; line-height: inherit;">plant</span><span style="font-size: 10pt; line-height: inherit;"> and equipment is stated at historical cost less accumulated depreciation. Historical cost includes the cost of acquisition.</span></span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subsequent costs are included in the asset&#8217;s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with these costs will flow to the Company, and they can be measured reliably. The carrying amount of the replaced items or parts is derecognized. All other repairs and maintenance are charged to statement of Profit or Loss during the financial period in which they are incurred. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciation of assets is calculated using the straight-line method to reduce their cost to their residual values over their estimated useful lives, as follows:</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Years </span></p>
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<p style="margin: 0px; text-indent: 0px; text-align: left;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Property, buildings and leasehold improvements </span></p>
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<td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 5-20 </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> IT equipment </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 3-10 </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Furniture, equipment and fittings </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 3-10 </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Right of use assets </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 3-15 </span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The assets&#8217; residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in statement of Profit or Loss when control of the asset is transferred. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory', window );">Business Combination</a></td>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">e.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 18px;">Business Combination</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisitions of businesses are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and included in general and administrative expenses.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognized at their fair value at the acquisition date.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer&#8217;s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not </span><span style="font-size: 10pt; line-height: inherit;">remeasured</span><span style="font-size: 10pt; line-height: inherit;"> and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in statement of profit or loss.</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>5</span>.</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory', window );">Intangible Assets and Goodwill</a></td>
<td class="text">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">f.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Intangible Assets and Goodwill</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company&#8217;s intangible assets are mostly comprised of software, trademarks, customer portfolio, platform content production, trade agreement, </span><span style="font-size: 10pt; line-height: inherit;">copyrights</span><span style="font-size: 10pt; line-height: inherit;"> and goodwill. Those items are further described below:</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<li style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; margin: 0pt 0pt 0pt 30.85pt; padding-left: 4.6pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Goodwill</span></li>
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<p style="margin: 10pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Goodwill arising on the acquisition of subsidiaries is measured as set out in </span><span style="font-size: 10pt; line-height: inherit;">Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">b.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Software</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Computer software licenses purchased are capitalized based on the costs incurred to acquire and bring to use the specific software or to develop new functionalities to existing ones. Directly attributable costs that are capitalized as part of the software product / project include the software / project development employee costs and an appropriate portion of significant direct expenses.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Other development costs and subsequent expenditures that do not meet these capitalization criteria (</span><span style="font-size: 10pt; line-height: inherit;">e.g.</span><span style="font-size: 10pt; line-height: inherit;"> maintenance and on-going operations) are recognized as an expense as incurred. Development costs previously recorded as an expense are not recognized as an asset in a subsequent period. </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Software recognized as assets is amortized using straight-line method over its estimated useful lives, not greater than 5 years. The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">c.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Trademarks</span></span></div>
<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Separately acquired trademarks are initially stated at historical cost. Trademarks acquired in a business combination are recognized at fair value at the acquisition date. Subsequently, trademarks are amortized to the end of their useful lives.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Amortization is calculated using the straight-line method to allocate the cost of trademarks over their estimated useful lives of 20 to 30 years&#160;. The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 20</span><span style="font-size: 10pt; line-height: inherit;"><span>22</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">d.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Customer portfolio</span></span></div>
<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Customer portfolios acquired in a business combination are recognized at fair value at the acquisition date. The contractual customer relationship has an estimated finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method over the expected life of the customer relationship (from 12 to 13 years). The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">e.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Platform content production</span></span></div>
<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Development expenditure with platform content is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are </span><span style="font-size: 10pt; line-height: inherit;">probable</span><span style="font-size: 10pt; line-height: inherit;"> and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. </span><span style="font-size: 10pt; line-height: inherit;">Subsequent to</span><span style="font-size: 10pt; line-height: inherit;"> initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Amortization is calculated on the straight-line method over their estimated useful lives of 3 years. The Company did not identify changes in the useful life </span><span style="font-size: 10pt; line-height: inherit;">at</span><span style="font-size: 10pt; line-height: inherit;"> December 31, 202</span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory', window );">Copyrights</a></td>
<td class="text">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">g.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Copyrights</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company accounts for different copyright agreements as follows:</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div id="t_ft_C9BE8WO4PS00000000000000000000b">
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<td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top">i.</td>
<td style="width: 94.7261%; text-align: justify; margin: 0px; text-indent: 0px; padding: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Copyrights are paid to the authors of the content included in the textbooks produced by the Company and are calculated based on agreed upon percentages of revenue or cash inflows related to the books sold, as defined in each contract. Payments are made on a monthly, quarterly, semi-annually, annually or hybrid basis. For these contracts the authors maintain the legal title of the copyrights. These copyrights are charged to the statement of profit or loss and other comprehensive income on an accrual basis when the products are sold.</span></td>
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<td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top">ii.</td>
<td style="width: 94.7261%; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">In some instances where the authors maintain the legal title of the copyrights, contracts require the prepayment of part or even the full down payment of forecasted sales before the authors start the production of the content. In such cases, copyrights are recognized as a &#8220;Prepayments&#8221; in the Consolidated Statement of Financial Position</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">and charged to statements of Profit or Loss when the books are sold based on the related sales forecast. The Company reviews regularly the forecast sales to determine if an impairment is required.</span></span></td>
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<td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top">iii.</td>
<td style="width: 94.7261%; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">When <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">the Company purchases permanently the legal title of the copyright from the authors, the amounts are capitalized in &#8220;Intangible Assets and Goodwill&#8221; as &#8220;Other intangible assets&#8221; and are amortized on the straight-line method over their estimated useful lives, which are not greater than 3 years, which is the content renewal estimated timeline.</span> </span></span></td>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company did not identify changes in the useful life as of December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory', window );">Impairment of non-financial assets</a></td>
<td class="text">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">h.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Impairment of non-financial assets</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized when the asset&#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested annually for impairment. Goodwill impairment tests are undertaken annually or more frequently if events or changes in circumstances indicate potential impairment, at the end of each fiscal year.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable and independent cash inflows (Cash-generating units &#8211; CGU&#8217;s). </span><span style="font-size: 10pt; line-height: inherit;">For the purpose of</span><span style="font-size: 10pt; line-height: inherit;"> impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs (or groups of CGUs) that is expected to benefit from the synergies of the combination. </span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Non-financial assets, other than goodwill, that have been adjusted following impairment are subsequently reviewed for possible reversal of the impairment at each reporting date. The impairment of goodwill recognized in statement of profit or loss is not reversed</span><span style="font-size: 10pt; line-height: inherit;">. See Note <span>5</span>.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory', window );">Bonds and Financing</a></td>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">i.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Bonds and Financing</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Bonds and financing are recognized initially at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost. Any difference between the proceeds (net of transaction costs) and the total amount payable is recognized in consolidated profit and loss over the period of the bonds and financing using the effective interest rate method.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Following initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest rate method. The Bonds and financing are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least <span>twelve</span> months after the reporting period. Both general and specific borrowing costs directly related to the acquisition, construction or production of a qualifying asset that requires a substantial </span><span style="font-size: 10pt; line-height: inherit;">period of time</span><span style="font-size: 10pt; line-height: inherit;"> to be prepared for its intended use or sale, are capitalized as part of the cost of that asset when it is probable that future economic benefits associated with the item will flow to the Company and the costs can be measured </span><span style="font-size: 10pt; line-height: inherit;">reliably. The other borrowing costs are recognized as finance costs in the period in which they are incurred. See Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory', window );">Suppliers (including Reverse Factoring)</a></td>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">j.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Suppliers (including Reverse Factoring)</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Suppliers are obligations to pay for goods or services that have been acquired in the ordinary course of business. They are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Some of the Company&#8217;s domestic suppliers sell their products with extended payment terms and may subsequently transfer their receivables due by the Company to financial institutions without right of recourse, in a transaction characterized as &#8220;Reverse Factoring&#8221;. The Company charged interest over the payment term at a rate that is commensurate with its own credit risk being subsequently recorded as finance cost using the effective interest rate method. </span><span style="font-size: 10pt; line-height: inherit;">The operation </span><span style="font-size: 10pt; line-height: inherit;">does not affect </span><span style="font-size: 10pt; line-height: inherit;">the deadlines, </span><span style="font-size: 10pt; line-height: inherit;">prices</span><span style="font-size: 10pt; line-height: inherit;"> and conditions </span><span style="font-size: 10pt; line-height: inherit;">previously</span><span style="font-size: 10pt; line-height: inherit;"> agreed.</span> <span style="font-size: 10pt; line-height: inherit;">The suppliers specifically related to Reverse Factoring are segregated in the </span><span style="font-size: 10pt; line-height: inherit;">Note <span>1</span></span><span style="font-size: 10pt; line-height: inherit;"><span>6</span></span><span style="font-size: 10pt; line-height: inherit;">. In addition, the effects of Reverse Factoring on Cash Flows are recognized in &#8220;Cash flow from operating activities&#8221;.</span></span><span style="font-size: 10pt; text-indent: 0pt;">&#160;</span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory', window );">Leases</a></td>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; padding-left: 0px; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt !important;">k.<span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times; margin-left: 20px;">Leases</span></span></div>
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<li style="font-family: 'Times New Roman'; font-size: 10pt; margin: 0pt 0pt 0pt 30.88pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Right-of-use assets</span></li>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life or the lease term, as most of the Company&#8217; leases are related to property leases.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.59pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">ii.&#160;&#160;<span style="font-size: 10pt; line-height: inherit;">Lease liabilities</span></span></div>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The accounting amount of the lease liabilities is remeasured if there is a change in the term of the lease, a change in fixed lease payments or a change in valuation to purchase the right-of-use asset.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">iii.&#160;&#160;<span style="font-size: 10pt; line-height: inherit;">Short-term leases and leases of low-value assets</span></span></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company applies the short-term lease recognition exemption to its short-term leases of properties (i.e., those leases that have a lease term of 12 months&#160;or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">iv.&#160;&#160;<span style="font-size: 10pt; line-height: inherit;">Determining the lease term of contracts with renewal options</span></span></div>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if reasonably certain to be exercised.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has the option, under some of its leases to lease the assets for additional terms. The Company applies judgment in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).</span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">Provision for tax, civil and labor losses</a></td>
<td class="text">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">l.&#160;&#160;<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Provision for tax, civil and labor losses</span></span></div>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The provisions for risks related to lawsuits and administrative proceedings involving tax, civil and labor matters are recognized when (</span><span style="font-size: 10pt; line-height: inherit;">i</span><span style="font-size: 10pt; line-height: inherit;">) the Company has a present legal or constructive obligation </span><span style="font-size: 10pt; line-height: inherit;">as a result of</span><span style="font-size: 10pt; line-height: inherit;"> past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) the amount can be reliably estimated. </span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The likelihood of loss of judicial/administrative proceedings in which the Company appears as a defendant is assessed by Management on the financial statement dates.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Provisions are recorded in an amount the Company believes it is adequate to cover probable losses, being determined by the expected future cash flows to settle the obligation that reflects current risks specific to the liability. The increase in the provision due to the time elapsed is recognized as interest expense. Penalties assessed on these proceedings are recognized in general and administrative expenses when incurred. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>2</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory', window );">Current and Deferred income tax and social contribution</a></td>
<td class="text">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">m.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Current and Deferred income tax and social contribution</span></span></div>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Taxes comprise current and deferred Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL), calculated on pre-tax profit basis.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IRPJ and CSLL are calculated based on the nominal statutory rates of 25% and 9%, respectively, adjusted by non-taxable/nondeductible items provided for by law. Deferred income tax and social contribution are calculated on income tax and social contribution losses and other temporary differences in relation to the balances of assets and liabilities in the Statement of Financial Position. The deferred income tax and social contribution assets are fully accounted for, except when it is not probable that assets will be recovered by future taxable income. </span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Current and deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when current and deferred tax assets and liabilities are related to the tax levied by the same tax authority on the taxable entity where there is an intention to settle the balances on a net basis. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span>2</span></span><span style="font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory', window );">Employee Benefits</a></td>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">n.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Employee Benefits</span></span></div>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has the following employee benefits:</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<li style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; margin: 0pt 0pt 0pt 30.85pt; padding-left: 4.6pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Short-term employee benefits</span></li>
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<p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Obligations for short-term employee benefits are recognized as personnel expenses as the related service is rendered. The liability is recognized at the amount expected to be paid, if the Company has a legal or constructive obligation to pay this amount </span><span style="font-size: 10pt; line-height: inherit;">as a result of</span><span style="font-size: 10pt; line-height: inherit;"> prior service rendered by the employee, and the obligation can be reliably estimated. </span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company also provides its commercial team with commissions calculated considering existing sales and revenue targets that are periodically reviewed. These amounts are accrued in &#8220;Salaries and Social contributions&#8221; </span><span style="font-size: 10pt; line-height: inherit;">on a monthly basis</span><span style="font-size: 10pt; line-height: inherit;"> based on the achievements of such goals, with payments generally being made twice a year. Since commissions are paid based on the annual sales of each contract, the Company elected to use the practical expedient to expense the costs as incurred.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">b.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Pension Contributions</span></span></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company offered a defined contribution plan to its employees and once the contributions have been made, the Company has no additional payment obligation, and the costs are therefore recognized in the month in which the contribution is incurred (</span><span style="font-size: 10pt; line-height: inherit;">i.e</span><span style="font-size: 10pt; line-height: inherit;"> employees have rendered services entitling them to the right to receive those benefits), which is consistent with recognition of payroll expenses in statement of Profit or Loss.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">c.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Share-based Payments</span></span></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company compensates part of its Management and some employees through share-based compensation by plans involving Restricted Share Units or &#8220;RSU&#8221;. The RSU plans are based on Company shares, through a fixed share price (market price) determined on the grant date which the Company has the obligation of delivering shares without cash settled payment. The Share based payment is divided in the following:</span></p>
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<td style="vertical-align: top; width: 5%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">i</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">)</span></td>
<td style="margin: 0px; text-indent: 0px; width: 95%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">L</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">ong Term Investment &#8211; &#8220;ILP&#8221; &#8211; Refers to RSU plans for which some Company management and employees are eligible. In those plans the Company will deliver a fixed number of shares at a fixed share price measured at the Plan&#8217;s inception. The Company recognizes the expense and inherent labor taxes related to the RSU plan in profit and loss. In addition, the effects of the constructive obligation are recognized in statement of financial position under the share-based compensation reserve in equity and the corresponding taxes under &#8220;Salaries and Contributions&#8221;.<span>&#160;</span>See Note<span>&#160;</span><span style="cursor: default;">2</span><span style="cursor: default;">4</span>.</span></td>
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<p style="margin: 0pt 0pt 0pt 31.35pt; text-align: justify; text-indent: -14.7pt; line-height: 1.2;"><br/></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">d.&#160;&#160;<span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;">Termination benefits </span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; line-height: inherit;">Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts voluntary resignation in exchange for these benefits. The Company recognizes termination benefits at the earlier of the following dates: (</span><span style="font-size: 10pt; line-height: inherit;">i</span><span style="font-size: 10pt; line-height: inherit;">) when the Company can no longer withdraw the offer of those benefits; and (ii) when the entity recognizes costs for a restructuring and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than <span>12</span> months after the end of the reporting period are discounted to their present value.</span></span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory', window );">Shareholders' Equity</a></td>
<td class="text">
<div style="margin: 0px; padding-left: 0px; line-height: 1.2; text-indent: 0pt; text-align: justify;"><span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times;">o.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Shareholders&#8217; Equity</span></span></div>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Until July 23, </span><span style="font-size: 10pt; line-height: inherit;"><span>2020</span></span><span style="font-size: 10pt; line-height: inherit;"> the Company presented its financial statement based on the combined carve-out, where the capital reserves were not presented, and all effects were recorded in Parent Company&#8217;s Net Investment. </span><span style="font-size: 10pt; line-height: inherit;">As a consequence of</span><span style="font-size: 10pt; line-height: inherit;"> the restructuring completed on July 23, 2020, the Company presented its consolidated financial statements considering a new basis of preparation where the share capital, capital reserve and accumulated losses were disclosed.</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Since July 1, 2020, amounts previously recorded in Parent Company&#8217;s net investment in Equity have been recorded as net income and portions were reclassified to share capital and capital reserve. </span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 12.99pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">ii.&#160;&#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Share Capital </span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>2021</span>,</span><span style="font-size: 10pt; line-height: inherit;"> the Company&#8217;s share capital was R$ 4,820,815, divided into 82,649,887&#160;</span><span style="font-size: 10pt; line-height: inherit;">shares of which 64,436,093 are Class B shares held by </span><span style="font-size: 10pt; line-height: inherit;">Cogna</span><span style="font-size: 10pt; line-height: inherit;"> Group and 18,213,794&#160;</span><span style="font-size: 10pt; line-height: inherit;">are Class A common shares held by others.</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 13.02pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">iii.&#160;&#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Capital </span><span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">reserve</span> </span></div>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The breakdown of capital reserves is arising from share-based payment in the amount of R$ 80,531&#160;</span><span style="font-size: 10pt; line-height: inherit;">on December 31, 2022</span><span style="font-size: 10pt; line-height: inherit;">,</span><span style="font-size: 10pt; line-height: inherit;"> and R$61,488</span><span style="font-size: 10pt; line-height: inherit;">&#160;on December 31,2021</span><span style="font-size: 10pt; line-height: inherit;">.</span> <span style="font-size: 10pt; line-height: inherit;">S</span><span style="font-size: 10pt; line-height: inherit;">ee Note <span>2</span></span><span style="font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-size: 10pt; line-height: inherit;">. </span></span></p>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0px; line-height: 1.2; text-indent: 0px; padding-left: 13.02pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;">iv.&#160;&#160;<span style="font-size: 10pt; text-decoration: underline; line-height: inherit;">Treasury shares</span></span></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">On December 31, </span><span style="font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-size: 10pt; line-height: inherit;"> and <span>2021</span></span><span style="font-size: 10pt; line-height: inherit;">, the Company holds shares in treasury in the amount of R$ 23,880, corresponding to</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">1,000,000 shares, </span><span style="font-size: 10pt; line-height: inherit;">see Note <span>2</span></span><span style="font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Revenue Recognition</a></td>
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<div style="margin: 0px; padding-left: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times;">p.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Revenue Recognition</span></span></div>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company generates most of its revenue from the sale of textbooks (&#8220;publishing&#8221; when sold as standalone products or &#8220;PAR&#8221; when bundled as an educational platform) and learning systems in printed and digital formats to private schools through short-term transactions or term contracts with an average period from <span style="border-left: none; border-right: none;"><span style="-sec-ix-hidden:Tag3489">three</span></span> to <span style="border-left: none; border-right: none;">five years</span>. </span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contents in printed and digital formats related to these textbooks and learnings systems are mostly the same, with minor supplements presented in digital format only. Therefore, revenue from educational contents is recognized when the Company delivers the content in printed and digital format. </span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company also sells its products directly to students and parents through its e-commerce platform. Since the Company obtains control of the goods sold before they are transferred to its customers, the Company assessed the principal versus agent relationship and determined that it is a principal in the transaction. Therefore, revenue is recognized in a gross amount of consideration to which the Company is entitled in exchange for the specified goods transferred. </span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Pursuant to the terms of the contracts with some customers, they are required to provide the Company with an estimate of the number of students that will access the content in the next school year (which typically starts in February of the following year), allowing the Company to start the delivery of its products. Since the contracts allow product returns (generally for period of <span style="border-left: none; border-right: none;">four months</span> from the delivery date) up to a certain limit, the Company recognizes revenue for the amount that is expected to be received based on </span><span style="font-size: 10pt; line-height: inherit;">past experience</span><span style="font-size: 10pt; line-height: inherit;">, assuming that the other conditions for revenue recognition are met.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;"> Therefore, the amount of revenue recognized is adjusted for expected returns, which are estimated based on historical data on a portfolio basis. In these circumstances a contractual obligation and a right to recover returned goods asset are recognized.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover the goods. The refund liability on the return received is included in Contractual Obligations and Deferred Income and the right to recover returned goods is included in Inventories. The Company reviews its estimate of expected returns at each reporting date and updates the amounts of the asset and liability accordingly.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company also provides other types of complementary educational solutions, preparatory courses for university admission exams, digital </span><span style="font-size: 10pt; line-height: inherit;">services</span><span style="font-size: 10pt; line-height: inherit;"> and other services to private schools, such as: teacher training, educators and parenting support, extracurricular educational content and other services related to the management of private schools. Each complementary educational service, digital service and others are deemed to be separate performance obligations. Thus, revenue is recognized over time when the services are rendered (</span><span style="font-size: 10pt; line-height: inherit;">i.e.</span><span style="font-size: 10pt; line-height: inherit;"> output method) to the customer. The Company believes this is an appropriate measure of progress toward satisfaction of performance obligations as it is the most accurate measure of the consideration to which the Company expects to be entitled in exchange for the services. These services may be sold on a standalone basis or bundled within publishing and learning system contracts and when bundled, each performance obligation is recognized separately. Service revenue is presented net of the corresponding discounts, returns and taxes. </span><span style="font-size: 10pt; line-height: inherit;">See Note <span style="border-left: none; border-right: none;">2</span></span><span style="font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">5</span></span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory', window );">Taxes on Revenues</a></td>
<td class="text">
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">q.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Taxes on Revenues</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The Company and its associates&#160;benefit from tax Law No. <span>10,865</span>/<span>04</span>, as amended by Law No. <span>11,033</span>/<span>04</span>, which provides that our tax rate on the sale of books is zero in respect of contributions to the social integration program tax (</span><span style="font-size: 10pt; line-height: inherit;">Programa</span><span style="font-size: 10pt; line-height: inherit;"> de </span><span style="font-size: 10pt; line-height: inherit;">Integra&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> Social, or PIS) and the social contributions on revenue tax (</span><span style="font-size: 10pt; line-height: inherit;">Contribui&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> para o </span><span style="font-size: 10pt; line-height: inherit;">Financiamento</span><span style="font-size: 10pt; line-height: inherit;"> da </span><span style="font-size: 10pt; line-height: inherit;">Seguridade</span><span style="font-size: 10pt; line-height: inherit;"> Social, or COFINS). The sale of books is also exempt by the Brazilian constitution from Brazilian municipal taxes, Brazilian services tax (</span><span style="font-size: 10pt; line-height: inherit;">Imposto</span> <span style="font-size: 10pt; line-height: inherit;">Sobre</span> <span style="font-size: 10pt; line-height: inherit;">Servi&#231;os</span><span style="font-size: 10pt; line-height: inherit;">, or ISS) and from the Brazilian tax on the circulation of goods, interstate and intercity transportation and communication services (</span><span style="font-size: 10pt; line-height: inherit;">Imposto</span> <span style="font-size: 10pt; line-height: inherit;">sobre</span> <span style="font-size: 10pt; line-height: inherit;">Opera&#231;&#245;es</span> <span style="font-size: 10pt; line-height: inherit;">relativas</span><span style="font-size: 10pt; line-height: inherit;"> &#224; </span><span style="font-size: 10pt; line-height: inherit;">Circula&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;"> de </span><span style="font-size: 10pt; line-height: inherit;">Mercadorias</span><span style="font-size: 10pt; line-height: inherit;"> e </span><span style="font-size: 10pt; line-height: inherit;">sobre</span> <span style="font-size: 10pt; line-height: inherit;">Presta&#231;&#245;es</span><span style="font-size: 10pt; line-height: inherit;"> de Services de </span><span style="font-size: 10pt; line-height: inherit;">Transporte</span> <span style="font-size: 10pt; line-height: inherit;">Interestadual</span><span style="font-size: 10pt; line-height: inherit;"> e Intermunicipal e de </span><span style="font-size: 10pt; line-height: inherit;">Comunica&#231;&#227;o</span><span style="font-size: 10pt; line-height: inherit;">, or ICMS). Tax exemption available to physical books have been extended to digital books based on a decision by the Brazilian Supreme Court rendered on March 8, 2017.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The services revenues are subject to PIS and COFINS under the non-cumulative tax regime (with a nominal statutory rate of 9.25%), as well as municipality service taxes (</span><span style="font-size: 10pt; line-height: inherit;">Impostos</span> <span style="font-size: 10pt; line-height: inherit;">sobre</span> <span style="font-size: 10pt; line-height: inherit;">Servi&#231;os</span><span style="font-size: 10pt; line-height: inherit;">, or ISS) for which a statutory rate of 5% is applicable.</span></span></p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory', window );">Fair Value Measurement</a></td>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;">r.<span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;">Fair Value Measurement</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fair value is the price that would be received upon the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date, on the primary market or, in the absence thereof, on the most advantageous market to which the Business has access on such date. The fair value of a liability reflects its risk of non-performance, which includes, among others, the Company&#8217;s own credit risk.</span></p>
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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><br/></span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">If there is no price quoted on an active market, the Company uses valuation techniques that maximize the use of relevant observable data and minimize the use of unobservable data. The chosen valuation technique incorporates all the factors market participants would consider</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">when pricing a transaction. If an asset or a liability measured at fair value has a purchase and a selling price, the Company measures the assets based on purchase prices and liabilities based on selling prices. A market is considered as active if the transactions for the asset or liability take place with enough frequency and volume to provide pricing information on an ongoing basis.</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">The best evidence of the fair value of a financial instrument upon initial recognition is usually the transaction price - i.e., the fair value of the consideration given or received. If the Company determines that the fair value upon initial recognition differs from the transaction price and the fair value is not evidenced by either a price quoted on an active market for an identical asset or liability or based on a valuation technique for which any non-observable data are judged to be insignificant in relation to measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value upon initial recognition and the transaction price. This difference is subsequently recognized in Profit or Loss on an appropriate basis over the life of the instrument, or until such time when its valuation is fully supported by observable market data or the transaction is closed, whichever comes first.</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">To provide an indication of the reliability of the inputs used in determining fair value, the Company has classified its financial instruments according to the judgements and estimates of the observable data as much as possible. The fair value hierarchy is based on the degree to which the fair value used in the valuation techniques is observable, as follows:</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<td style="width: 95%; padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Level <span>1</span>: The fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. </span></td>
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<td style="text-align: center; vertical-align: top;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Level <span>2</span>: The fair value measurements are those derived from inputs other than quoted prices included within Level <span>1</span> that are observable for the asset or liability, either directly or indirectly; and </span></td>
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<td style="text-align: center; vertical-align: top;" valign="top"><span style="font-weight: bold;">&#8226;</span></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Level <span>3</span>: The fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). </span></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for borrowings. [Refer: Borrowings]
Effective 2023-01-01: The description of the entity's material accounting policy information for borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
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Effective 2023-01-01: The description of the entity's material accounting policy information for business combinations. [Refer: Business combinations [member]]</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment.
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for fair value measurement. [Refer: At fair value [member]]
Effective 2023-01-01: The description of the entity's material accounting policy information for fair value measurement. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for financial instruments. [Refer: Financial instruments, class [member]]
Effective 2023-01-01: The description of the entity's material accounting policy information for financial instruments. [Refer: Financial instruments, class [member]]</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for the impairment of non-financial assets. [Refer: Financial assets]
Effective 2023-01-01: The description of the entity's material accounting policy information for the impairment of non-financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for income tax.
Effective 2023-01-01: The description of the entity's material accounting policy information for income tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for intangible assets and goodwill. [Refer: Intangible assets and goodwill]
Effective 2023-01-01: The description of the entity's material accounting policy information for intangible assets and goodwill. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
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<tr>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for intangible assets other than goodwill. [Refer: Intangible assets other than goodwill]
Effective 2023-01-01: The description of the entity's material accounting policy information for intangible assets other than goodwill. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for issued capital. [Refer: Issued capital]
Effective 2023-01-01: The description of the entity's material accounting policy information for issued capital. [Refer: Issued capital]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.
Effective 2023-01-01: The description of the entity's material accounting policy information for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 36<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]
Effective 2023-01-01: The description of the entity's material accounting policy information for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for provisions. [Refer: Provisions]
Effective 2023-01-01: The description of the entity's material accounting policy information for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]
Effective 2023-01-01: The description of the entity's material accounting policy information for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for taxes other than income tax. [Refer: Tax expense other than income tax expense]
Effective 2023-01-01: The description of the entity's material accounting policy information for taxes other than income tax. [Refer: Tax expense other than income tax expense]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for trade and other payables. [Refer: Trade and other payables]
Effective 2023-01-01: The description of the entity's material accounting policy information for trade and other payables. [Refer: Trade and other payables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy used to determine the components of cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 46<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_46&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451738290832">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>The Company and Basis of Presentation (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Consolidated Financial Statements comprise the following entities, which are all fully owned by the Company:</span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Company </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Interest </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 67%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Somos Sistemas de Ensino S.A ("Somos Sistemas") </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 15%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 15%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Livraria Livro F&#225;cil Ltda. ("Livro F&#225;cil") </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> A &amp; R Comercio e Servi&#231;os de Inform&#225;tica Ltda. (&#8220;Pluri&#8221;) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Mind Makers Editora Educacional (&#8220;Mind Makers&#8221;) (i) </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Col&#233;gio Anglo S&#227;o Paulo </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (&#8220;Phidelis&#8221;) </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> MVP Consultoria e Sistemas Ltda. (&#8220;MVP&#8221;) </span></p>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Meritt Informa&#231;&#227;o Educacional Ltda (&#8220;Meritt&#8221;) (i) </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Sociedade Educacional da Lagoa Ltda (&#8220;SEL&#8221;) </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Nota <span>1000</span> Servi&#231;os Educacionais Ltda ("Reda&#231;&#227;o Nota <span>1000</span>") (i) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="2" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> EMME &#8211; Produ&#231;&#245;es de Materiais em Multim&#237;dia Ltda (&#8220;EMME&#8221;). </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Editora De Gouges S.A ("De Gouges")&#160; (i) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
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<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top">(i)</td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><span><span style="border-right: none; border-left: none;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; color: #000000;">Entities that were merged during the fiscal year ended December 31,2022</span></span></span></span></p>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of subsidiaries. [Refer: Subsidiaries [member]]</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733267040">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of preparation and presentation of Consolidated Financial Statements (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<div id="t_ft_42702AQ24G00000000000000000000b">
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Company </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="4" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Interest </span></p>
</td>
</tr>
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<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; width: 73%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="font-size: 9pt; font-family: Georgia, 'serif'; color: #000000;">Somos Sistemas de Ensino S.A.&#160;</span>("Somos Sistemas") </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Livraria Livro F&#225;cil Ltda. ("Livro F&#225;cil") </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> A &amp; R Comercio e Servi&#231;os de Inform&#225;tica Ltda. (&#8220;Pluri&#8221;) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Mind Makers Editora Educacional (&#8220;Mind Makers&#8221;)</span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Col&#233;gio Anglo S&#227;o Paulo </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (&#8220;Phidelis&#8221;)</span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> MVP Consultoria e Sistemas Ltda. (&#8220;MVP&#8221;)</span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Meritt Informa&#231;&#227;o Educacional Ltda (&#8220;Meritt&#8221;)</span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Sociedade Educacional da Lagoa Ltda (&#8220;SEL&#8221;) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Nota <span>1000</span> Servi&#231;os Educacionais Ltda ("Reda&#231;&#227;o Nota <span>1000</span>") (i) </span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="2" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> EMME &#8211; Produ&#231;&#245;es de Materiais em Multim&#237;dia Ltda (&#8220;EMME&#8221;). </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Editora De Gouges S.A ("De Gouges")</span></p>
</td>
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of interests in subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 2<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_2_b_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737913312">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies and new and not yet effective accounting standards (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Years </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 5-20 </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> IT equipment </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 3-10 </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Furniture, equipment and fittings </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 3-10 </span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Right of use assets </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 3-15 </span></p>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of estimated useful lives of property, plant and equipment.</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451736469696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Combinations (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory', window );">Schedule of assets and liabilities acquired for business combination</a></td>
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<table cellpadding="0" style="height: 444px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
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<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Phidelis </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> MVP </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 64%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cash and cash equivalents </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 162 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 217 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 379 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Trade receivables </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 65 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 131 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 196 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Taxes recoverable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 228 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 352 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 580 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> Property, plant and equipment </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 72 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 72 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Intangible assets - Customer Portfolio </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 1,521 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,313 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 3,834 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Intangible assets - Software </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 523 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,702 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 3,225 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total non-current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 2,044 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 5,087 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 7,131 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total Assets </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,272 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,439 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,711 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> Current liabilities&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Salaries and social contributions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 58 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 62 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Taxes payable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution payable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 80 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 80 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 58 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 106 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 164 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Provision for tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,504 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,504 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,504 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,504 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 58 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,610 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,668 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net identifiable assets at fair value (A) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,214 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,829 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 5,043 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Total Consideration transferred (B) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,600 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,366 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 21,966 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Goodwill (B &#8211; A) (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,386 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 15,537 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 16,923 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ifrs-full_BusinessCombinationsMember', window );">Business combinations</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory', window );">Schedule of assets and liabilities acquired for business combination</a></td>
<td class="text">
<div>
<table cellpadding="0" style="height: 580px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> SEL </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> Reda&#231;&#227;o Nota <span>1000</span> </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> EMME </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> De Gouges </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Current assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Cash and cash equivalents </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,461 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 525 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 637 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 16,439 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 19,062 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Trade receivables (vi) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,327 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,082 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 18,190 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 20,599 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Inventories (iv) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 4,534 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 4,534 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Prepayments </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 14 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 83 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 97 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Taxes recoverable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 9 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,947 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,956 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Other receivables </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 180 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 12 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 192 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total current assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 1,641 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 1,852 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 1,742 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 41,205 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 46,440 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Non-current assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Property, plant and equipment </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 611 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 128 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,272 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 2,011 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Other intangible assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,099 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 38 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,138 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Intangible assets - Customer Portfolio (ii) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 18,783 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 64,806 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 83,589 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Intangible assets - Trade agreement (iii) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 247,622 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 247,622 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Intangible assets - Software (v) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,296 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 5,692 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 4,048 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 11,036 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total non-current assets </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 20,690 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 6,791 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 4,177 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 313,738 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 345,396 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total Assets </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 22,331 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 8,643 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 5,919 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 354,943 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 391,836 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 9.97024%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Current liabilities&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Suppliers </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 180 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 13 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,107 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,300 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Salaries and social contributions </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 124 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 600 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 2,871 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 3,596 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Taxes payable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 17 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 207 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 102 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 326 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Income tax and social contribution payable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 33 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 5,232 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 5,265 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Provision for trade discount </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 15,000 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 15,000 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Other liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,673 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 2 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 25 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,700 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 51 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 2,184 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 717 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 24,235 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 27,187 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Provision for tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,231 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 1,231 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Provision for trade discount </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 47,234 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 47,234 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 48,465 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 48,465 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 51 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 2,184 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 717 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 72,700 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 75,652 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Net identifiable assets at fair value (A) </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 22,280 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 6,459 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 5,202 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 282,243 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 316,184 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> Total Consideration transferred (B) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 65,000 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 11,387 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 15,317 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 611,554 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> 703,258 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> Goodwill (B &#8211; A) (i) </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 42,720 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 4,928 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 10,115 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 329,311 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> 387,074 </span></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(</span><span style="font-size: 10pt; line-height: inherit;">i</span><span style="font-size: 10pt; line-height: inherit;">) <span><span style="border-right: none; border-left: none;">Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the acquiror, as well as an expected increase in the Company&#8217;s market-share due to the penetration of the Company&#8217;s products and services in regions where the Company did not operate before. Also, the current tax law allows the deductibility of the acquisition date goodwill and fair value of net assets acquired when a non-substantive action is taken after acquisition by the Company (</span></span></span><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; line-height: inherit;">i.e.</span><span style="font-size: 10pt; line-height: inherit;"> when the Company merges or spins off the companies acquired) and therefore the tax and accounting bases of the net assets acquired are the same as of the acquisition date. </span></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(ii) <span><span style="border-right: none; border-left: none;">As a result of purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;">18,783</span>, customer portfolio (&#8220;SESI&#8221;), and R$ <span style="border-left: none; border-right: none;">64,806</span>, customer portfolio (&#8220;De Gouges&#8221;) based on customer portfolio receivables expectation around <span style="border-left: none; border-right: none;">8</span>% per year. See Note <span>14</span></span></span></span><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; line-height: inherit;">.</span></span></span></p>
<div>
<div style="border-right: none; border-left: none; text-align: justify;">

<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-size: 10pt; text-align: justify;">(iii) <span><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">As a result of the purchase price allocation, the Company identified R$ 247,622,&#160;</span></span></span></span></span><span style="font-size: 10pt; text-align: justify;">a commercial agreement (&#8220;Eleva Holding&#8221;), which corresponds to the sale of teaching material from "De Gouges" to partner schools of "Eleva Holding" within </span><span style="font-size: 10pt; text-align: justify;">10</span><span style="font-size: 10pt; text-align: justify;"> years, with an estimated sales rate of </span><span style="font-size: 10pt; text-align: justify;">10</span><span style="font-size: 10pt; text-align: justify;">% per year.</span></span></p>
</div>
</div>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(iv) <span>As a result of the purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;">4,534</span> in inventories (&#8220;De Gouges&#8221;), based on the expectation of sales of this inventory at around <span style="border-left: none; border-right: none;">33</span>% per year.</span></span><span style="font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-size: 10pt; line-height: inherit;">&#160;</span> </span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">(v) <span><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">As a result of purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;">11,036</span>, Educational Software applied in the &#8220;SESI&#8221; learning system, Writing Correction Software for <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">Education System &#8220;Reda&#231;&#227;o Nota <span>1000</span>&#8221; and software that produces digital marketing material solutions for schools &#8220;EMME&#8221;, all of them based on relief from royalties&#8217; criteria (RIR) and each acquisition with its corresponding rate of net revenue by investment. See Note <span>14</span>.</span> </span></span></span></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(vi) <span><span style="border-right: none; border-left: none;"><span>Accounts receivable from customers comprise gross contractual amounts due of R$<span style="border-right: none; border-left: none;"><span style="border-left: none; border-right: none;">24,344</span>,</span> of which R$<span style="border-left: none; border-right: none;">3,746</span> were uncollectible on the acquisition date. See Note <span style="border-left: none; border-right: none;"><span>10</span></span>e.</span></span></span></span></p>
<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about business combinations. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Section Disclosures application of paragraphs 59 and 61<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;doctype=Appendix&amp;subtype=B&amp;dita_xref=IFRS03_gB64-B67__IFRS03_gB64-B67_TI<br> -URIDate 2022-03-24<br></p></div>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451750879440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Risk Management (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfFinancialRiskManagementAbstract', window );"><strong>Financial Risk Management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory', window );">Schedule of Interest rates contracted</a></td>
<td class="text">
<table cellpadding="0" style="height: 163px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest rate </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 51%;">
<p style="margin: 0pt; text-align: justify; font-family: 'times new roman', times;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Private Bonds &#8211; <span>6</span><span style="font-size: 8pt;"><sup>th&#160;</sup></span>Issuance <span style="font-size: 9pt; font-family: Georgia, 'serif'; color: #000000; margin: 0pt; text-align: justify;">&#8211; <span style="font-family: 'times new roman', times; font-size: 10pt; ;color: black;">series&#160;</span></span><span>2</span> </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 53,688 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 104,844 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 1.00% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Private Bonds &#8211; <span>6</span><span style="font-size: 8pt;"><sup>th</sup></span> Issuance <span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 9pt; font-family: Georgia, 'serif'; margin: 0pt;">&#8211;<span>&#160;</span><span style="font-family: 'times new roman', times; font-size: 10pt; color: black;">series&#160;</span></span><span><span>2</span></span></span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"> - </span></span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 210,920 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 1.70% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Private Bonds &#8211; <span>9</span><span style="font-size: 8pt;"><sup>th</sup></span>&#160;Issuance <span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 9pt; font-family: Georgia, 'serif'; margin: 0pt;">&#8211;<span>&#160;</span><span style="font-family: 'times new roman', times; font-size: 10pt; color: black;">series&#160;</span></span><span><span>2</span></span></span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 259,843 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 2.40% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Bonds &#8211; <span>1</span><sup>st</sup> Issuance - single </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 529,465 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 514,574 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 2.30% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing and Lease Liabilities - Mind Makers </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 888 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> TJPLP + 5% p.a. </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing and Lease Liabilities </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 140,563 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 160,542 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> IPCA </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accounts Payable for Business Combination and acquisition of associates</span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 625,277 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 532,313 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 100% CDI </span></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none; font-weight: bold;"> 1,608,836</span>&#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 1,524,081 </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; margin-left: 0.1px; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities', window );">Schedule of financial liabilities by maturity ranges</a></td>
<td class="text">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 130px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Less than <span>one</span> year </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Between <span>one</span> and <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Over <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 52%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds and financing (Note <span>15</span>) </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 93,779 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 499,217 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 250,000 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 842,996 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Lease Liabilities (Note <span>17</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 23,151 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 22,921 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 94,491 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 140,563 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accounts Payable for business combination and acquisition of associates (Note <span>19</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 73,007 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 389,186 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 163,084 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 625,277 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Suppliers (Note <span>16</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 250,647 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 250,647 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Reverse Factoring (Note <span>16</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 155,469 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 155,469 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other liabilities - related parties (Note <span>21</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 54 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 54 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 596,107 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 911,324 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 507,575 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,015,006 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfFinancialLiabilitiesByMaturityRangesForEstimatedAmountsPayableBasedOnUndiscountedContractualAmountsTableTextBlock', window );">Schedule of financial liabilities by maturity ranges for estimated amounts payable based on undiscounted contractual amounts</a></td>
<td class="text">
<table cellpadding="0" style="height: 129px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-weight: bold; font-size: 8pt;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Less than <span>one</span> year </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Between <span>one</span> and <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Over <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 52%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds and financing </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 105,436 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 561,270 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 281,075 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 947,781 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Lease Liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 26,029 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25,770 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 106,236 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 158,035 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accounts Payable for business combination and acquisition of associates</span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 82,082 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 437,562 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 183,355 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 702,999 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Suppliers </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 281,802 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 281,802 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Reverse Factoring </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 174,794 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 174,794 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other liabilities - related parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 61 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 61 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 670,204 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 1,024,602 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 570,666 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,265,472 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfCalculationOfGearingRatioTableTextBlock', window );">Schedule of calculation of gearing ratio</a></td>
<td class="text">
<div style="border-right: none; border-left: none;">
<div>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 78px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 77%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net debt (i) </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,969,241 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,518,247 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total shareholders' equity </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times;font-size: 10pt;line-height: inherit;font-weight: bold;"> 4,629,679 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,665,209 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total capitalization (ii) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,660,438 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 3,146,963 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Gearing ratio - % - (iii) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 74 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">%</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;">48</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">%</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_2CJ8RX3D2800000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 30px; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></td>
<td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; line-height: inherit;"> (i) </span></td>
<td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"><span> Net debt comprises financial liabilities (note <span>7</span>) net of cash and cash equivalents. </span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></td>
<td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (ii) </span></td>
<td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"><span> Refers to the difference between Shareholders&#8217; Equity and Net debt. </span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></td>
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (iii) </span></td>
<td style="padding: 0.75pt 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"><span> The Gearing Ratio is calculated based on Net Debt/Total Capitalization. </span></td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTableTextBlock', window );">Schedule of sensitivity analysis of potential losses from financial instruments</a></td>
<td class="text">
<div style="border-right: none; border-left: none;">
<div>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 182px; width: 99.9596%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 38.9053%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Index - % per year </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10.355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Balance as of December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Base scenario </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Scenario I </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Scenario&#160;II </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financial Investments </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 103.40% of CDI </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 39,212 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,874 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,093 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,311 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Marketable Securities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 103.39% CDI </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 380,514 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 47,298 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 59,122 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 70,947 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 419,726 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 52,172 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 65,215 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 78,258 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accounts Payable for Business Combination and acquisition of associates</span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 100% of CDI </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (625,277 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.47929%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (77,722 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (97,152 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (116,583 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Lease liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 1.28% </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (140,563 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (17,472 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (21,840 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (26,208 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds and financing </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 1.66% </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (842,996 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.47929%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (104,784 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (130,981 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (157,177 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,608,836 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (199,978 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (249,973 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (299,968 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net exposure </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 9.91124%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,189,110 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (147,806 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (184,758 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (221,710 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Interest rate -% p.a </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.47929%;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12.43 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 15.54 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18.65 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Stressing scenarios&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 50 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.77515%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> % </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of financial instruments by type of interest rate. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 39<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a maturity analysis for non-derivative financial liabilities (including issued financial guarantee contracts) that shows the remaining contractual maturities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 39<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_39_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of calculation of gearing ratio.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 8pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Hierarchy</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-size: 8pt; font-family: 'times new roman', times;"><span style="font-weight: bold;"> December 31, </span><span style="font-weight: bold;"><span>2022</span></span> </span></td>
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<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Assets - Amortized cost</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.04012%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br/></td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.48588%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;">166,349</td>
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<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Trade receivables </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">649,135 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">505,514 </span></td>
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<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other receivables </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">972 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160;2,105 </span></td>
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<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Related parties &#8211; other receivables </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">1,759 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160;501 </span></td>
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<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">697,631 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160; 984,362 </span></td>
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<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
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<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="font-weight: bold;">Assets - Fair value </span><span style="font-weight: bold;">through</span><span style="font-weight: bold;">&#160;profit or loss</span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
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<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Marketable securities </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span>1</span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">380,514 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">-</span></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; width: 67.9049%;">Other investments and interests in entities</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: center; width: 9.95542%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1.04012%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 9.95542%;">8,272</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 9.95542%;">-</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">388,786 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">-</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Liabilities - Amortized cost</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Bonds and financing </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">842,996 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;831,226 </span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Lease liabilities </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">140,563 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">160,542 </span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reverse factoring </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">155,469 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160;97,619 </span></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Suppliers</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">250,647 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">167,168 </span></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Accounts payable for business combination and acquisition of associates</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">569,360 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">497,187 </span></td>
</tr>
<tr style="background-color: #bdd7ee; height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px; width: 67.9049%;">Accounts payable for business combination and acquisition of associates (i)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px; text-align: center; width: 9.95542%;"><span>3</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 1.04012%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 9.95542%;">55,917</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 9.95542%;">35,126</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other liabilities - related parties&#160; </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; 54 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">39,271 </span></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2,015,006 </span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#160;</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,828,139 </span></td>
</tr>
</tbody>
</table>
<table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><span style="font-family: 'times new roman', times; font-size: 10pt;">i)</span></td>
<td style="width: 97%; padding: 0px;"><span style="font-size: 10pt; line-height: inherit;"><span>Refers to a portion of the liability remeasured based on economic activity of the acquired entity (post-closing price adjustments).</span></span></td>
</tr>
</tbody>
</table>
</div>
</div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory', window );">Schedule of valuation techniques and significant unobservable inputs</a></td>
<td class="text">
<div style="border-right: none; border-left: none;">
<p style="margin: 0px; text-indent: 0px;"><span style="margin: 0px; text-indent: 0px; font-size: 10pt; font-family: 'times new roman', times;">The following table shows the valuation techniques used in measuring level <span>3</span> fair values, as well as the significant unobservable inputs used:<br/></span></p>
<p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"><br/></p>
<table border="0" cellpadding="0" style="height: 41px; width: 100%; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="width: 15.78%; padding: 0cm 3.5pt; height: 10px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><b><span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"><span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">Entities</span></span></b></p>
</td>
<td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/>
<td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Valuation technique</span></span></b></p>
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<td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"><span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">Significant unobservable inputs</span></span></b></p>
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<td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"><span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;">Inter-relationship between key unobservable inputs and fair value measurement</span></span></b></p>
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<td style="width: 15.78%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Phidelis </span></p>
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<td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;"/>
<td style="width: 29.42%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 26.18%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">1. The achievement of financial targets are linked to net revenue of the years 2023 and 2024. <br/></span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">2.Revenue: we consider for the revenue projection the continuity of old contracts and new contracts with average annual revenue growth of 21.1%.</span></p>
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<td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 24.2%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"><span style="-sec-ix-hidden:Tag3486">The estimated fair value would increase (decrease) if:</span></span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">- Any product is no longer monetized (lower)</span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"><span style="line-height: inherit;">&#160;</span><span>- The risk-adjusted discount rates were lower (higher)</span></span></p>
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</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="width: 15.78%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> SEL </span></p>
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<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/>
<td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> 1. Renewal, in writing, to the year 2023 and 2024, of the Structured Teaching Program Contract; or </span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">2. Entering a new contract, in writing, with SESI effective for the year 2024, with or without the need for bidding, so that the Buyer continues to provide in the year of 2024 services to SESI, according to the specific scope to be defined by SESI (&#8220;Renovation Structured Teaching Program 2024&#8221;). </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">The estimated fair value would increase (decrease) if:</span></p>
<p style="text-align: right; margin: 20pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">- No contract renewal (lower)<span style="color: #000000; line-height: inherit;"/></span></p>
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<tr style="height: 10px; background-color: #bdd7ee;">
<td style="width: 15.78%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Reda&#231;&#227;o Nota <span>1000</span> </span></p>
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<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/>
<td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> 1. Net Revenue Target 2023: R$3,952 </span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">2. (i) 2023 Net Revenue equal to or greater than R$3,952 so = 100%, (ii) 2023 Net Revenue equal to or greater than R$2,799 and less than R$3,952 so 70%, (iii) 2023 Net Revenue equal to or greater than R$ 2,659 and less than R$2,799 so 60%, (iv) 2023 Net Revenue equal to or greater than R$2,379 and less than R$2,659 so, 40%, and (v) Net Revenue less than R$2,379 so 0%. </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Not applicable. </span></p>
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<tr style="height: 10px; background-color: #bdd7ee;">
<td style="width: 15.78%; border: none; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Educbank </span></p>
</td>
<td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/>
<td style="width: 29.42%; border: none; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"> Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (students enrolled). </span></p>
</td>
<td style="width: 1.48%; padding: 0px 4px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 26.18%; border: none; padding: 0px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1. Reaching 25,000 new students effectively hired, as determined after issuing bank slips, in relation to the Company's services</span></p>
<p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2. Reaching 37,000 new students effectively hired, as determined after issuing bank slips, in relation to the Company's services. </span></p>
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<td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/>
<td style="width: 24.2%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top">
<p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The estimated fair value would increase (decrease) if:<span style="color: black; line-height: inherit;"><br/><br/></span></span></p>
<p style="text-align: right; margin: 20pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">- Not applicable.</span></p>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about financial instruments. [Refer: Financial instruments, class [member]]</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451732209696">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
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</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 73%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cash </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 7 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 12%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Bank account </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 6,546 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 17,772 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Financial investments (i) </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 39,212 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 292,021 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 45,765 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 309,893 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: Georgia; font-size: 8pt;">&#160;</span></p>
<table style="width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; height: 10px;">
<tbody>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 3%; height: 10px;" valign="top"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">(</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">i</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">)</span><br/></td>
<td style="padding: 0px; text-align: justify; width: 97%; height: 10px;"><span><span style="font-family: 'Times New Roman'; font-size: 10pt;">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</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% of the annual CDI rate on&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">December 31, 2022</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> (105.2</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% on December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">). All investments are highly liquid investments that are readily convertible to known amounts of</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">cash</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">and which are subject to an insignificant risk of changes in value and correspond to the cash obligations for the period.</span></span></td>
</tr>
</tbody>
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<span></span>
</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451732209696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Marketable securities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfMarketableSecuritiesTableTextBlock', window );">Schedule of marketable securities</a></td>
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<div id="t_ft_ON72UZ5LJK00000000000000000000b">
<table cellpadding="0" style="height: 103px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Credit Risk </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Financial bills (LF) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> AAA </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,640 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Financial treasury bills (LFT) </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> AAA </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 164,709 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Private investment fund </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> AAA </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 31,842 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Private investment fund </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> AA </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 348,672 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 380,514 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: middle; background-color: #bdd7ee; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 166,349 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 18px;"><br/></td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of marketable securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737817808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trade receivables (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfTradeReceivablesTableTextBlock', window );">Schedule of trade receivables</a></td>
<td class="text">
<div id="t_ft_K7YGPNKLTC00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 79px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 76.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.0355%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.91124%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 76.9231%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Trade receivables </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9.91124%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 711,439 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9.91124%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 505,190 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> Related Parties (Note <span>21</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,177 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 46,824 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 76.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> ( - ) Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (69,481 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (46,500 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; width: 76.9231%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 649,135 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 1.0355%;"><br/></td>
<td style="vertical-align: middle; height: 18px; width: 1.0355%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 9.91124%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 505,514 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 1.0355%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfMaturitiesOfTradeReceivablesTableTextBlock', window );">Schedule of maturities of trade receivables</a></td>
<td class="text">
<div id="t_ft_FISSH7DP2800000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.9241%; height: 200px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 77%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Not yet due </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 563,005 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 417,233 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Past due </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Up to <span>30</span> days </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 19,435 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,657 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> From <span>31</span> to <span>60</span> days </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 22,637 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,331 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> From <span>61</span> to <span>90</span> days </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12,193 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,366 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> From <span>91</span> to <span>180</span> days </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 42,169 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 21,154 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> From <span>181</span> to <span>360</span> days </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 31,357 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 23,852 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Over <span>360</span> days </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 20,643 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 15,597 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total past due </span></p>
</td>
<td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 148,434 </span></p>
</td>
<td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 87,957 </span></p>
</td>
<td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160;Related parties (note <span>21</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,177 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 46,824 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Impairment losses on trade receivables </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (69,481 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (46,500 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 649,135 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 505,514 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory', window );">Schedule of expected credit losses for aging</a></td>
<td class="text">
<div style="margin: 0pt; padding-left: 0pt;">
<div>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="height: 200px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;">&#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Expected credit loss rate (%) </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Lifetime ECL (R$) </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Expected credit loss rate (%) </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Lifetime ECL (R$) </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 54%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Not yet due </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1.52% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8,970 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 0.30% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,263 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Past due </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Up to <span>30</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 9.53% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,072 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12.67% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,219 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> From <span>31</span> to <span>60</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 14.09% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,728 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 17.01% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,769 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> From <span>61</span> to <span>90</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 19.87% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,335 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 23.75% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,764 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> From <span>91</span> to <span>180</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 29.66% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 10,096 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 35.71% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 7,608 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> From <span>181</span> to <span>360</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 48.35% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12,465 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 72.90% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 17,399 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Over <span>360</span> days </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 76.40% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 15,434 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 99.23% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 15,478 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Total past due </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 54,100 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 46,500 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Customers in judicial recovery (i) </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">15,381 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (-) Impairment losses on trade receivables </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: terminal, monaco; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 69,481 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 46,500 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt; text-align: justify;"><br/></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3.28346%; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="width: 96.7165%;"><span style="font-size: 10pt; color: #000000;"><span style="mso-list: Ignore;"><span><span style="font-size: 10.0pt; color: black;">On December 31, 2022 the Company&#8217;s Management recorded R$15 million in provision for expected credit loss relating to the entirely of Vasta&#8217;s receivable for products in inventory of a large retail company in judicial recovery. The Company did not identify customers in judicial recovery as of December 31, 2021.</span></span></span></span></td>
</tr>
</tbody>
</table>
</div>
</div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfChangesInImpairmentLossesOnTradeReceivablesTableTextBlock', window );">Schedule of changes in impairment losses on trade receivables</a></td>
<td class="text">
<div id="t_ft_ZZ2JFFC59S00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 81px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 64.9331%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.9331%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Opening balance </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 46,500 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 32,055 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 22,524 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.9331%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 45,904 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 39,326 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 29,870 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.9331%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reversals </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (288 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,854 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (4,855 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 64.9331%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Write offs (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (22,635 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">)</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (22,027 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">)</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.95542%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15,484 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 64.9331%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Closing balance </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 69,481 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 46,500 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 32,055 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"><br/></td>
</tr>
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<p style="margin:0pt"><br/></p>
<div id="t_ft_3ZVGVF8MZ400000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="text-align: justify; width: 97%;"><span><span style="border-right: none; border-left: none;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company assessed its customers credit lines, on a regular basis. Due to historical losses and lack of prospects of credit recovery alongside these customers, the Company recognized R$ 22,635 as write-off as of December 31, 2022 (R$ 22,027 as of December 31, 2021).</span></span></span></td>
</tr>
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<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of financial assets that are either past due or impaired. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2023-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_37&amp;doctype=Standard&amp;book=b<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of changes in impairment losses on trade receivables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of maturities of trade receivables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of trade receivables.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories (Tables)<br></strong></div></th>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
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<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
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<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 73%; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Finished products (i) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 12%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 160,519 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 12%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 160,318 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Work in process </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 73,993 </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 51,152 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Raw materials </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 30,773 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 27,081 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Imports in progress </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 347 </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,681 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Right to returned goods (ii) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 818 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,131 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 266,450 </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 242,363 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></span></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; height: 20px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 3%; vertical-align: top; height: 10px;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span><br/></td>
<td style="width: 97%; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><span><span style="font-family: 'Times New Roman'; font-size: 10pt;">These amounts are net of slow-moving items and net realizable value. </span></span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Represents the Company&#8217;s right to recover products from customers when customers exercise their right of return under the Company&#8217;s returns policies, where the Company estimates the volume of goods returned based on experience and foreseen expectations.</span></span></p>
</td>
</tr>
</tbody>
</table>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfChangesInProvisionForInventoriesTableTextBlock', window );">Schedule of changes in provision for inventories</a></td>
<td class="text">
<div id="t_ft_E3B6NT5MXC00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9598%;" width="100%">
<tbody>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020</span></p>
</td>
<td style="vertical-align: middle;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 59%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Opening balance </span></p>
</td>
<td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 58,723 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 62,210 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 69,080 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 46,138 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 24,178 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8,783 </span></p>
</td>
<td style="vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (Reversals) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,214 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,061 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (4,726 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160; Inventory losses (i) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15,598 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,604 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (10,927 </span></p>
</td>
<td style="vertical-align: bottom;">)</td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Closing balance </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 84,049 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 58,723 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 62,210 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -13.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span><span style="font-family: 'Times New Roman'; font-size: 10pt;">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.</span></span></p>
</td>
</tr>
</tbody>
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<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of changes in provision for inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScheduleOfInventoriesTableTextBlock">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451738306336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity accounted investees (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsAccountedForUsingEquityMethodAbstract', window );"><strong>Equity accounted investees</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock', window );">Schedule of composition of investments</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">a) Composition of investments</span></p>
<div style="border-right: none; border-left: none;">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 41px; width: 100%;" width="100%">
<tbody>
<tr style="height: 13px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Investment type </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Interest % </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Investment </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Fair value </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Goodwill </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 13px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 46%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Educbank </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Associate </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 45% </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 41,485 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 7,868 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 33,786 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 83,139 </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 41,485 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 7,868 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 33,786 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 83,139 </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock', window );">Schedule of investments without control and significant influence</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">b) <b><span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">Investments without control and significant influence</span></b> </span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="height: 71px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.9822%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> EducBank </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.47929%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 84.4675%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.07101%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 11.9822%; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.47929%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Acquisition </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.9822%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">87,651 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.47929%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 84.4675%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Equity method </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.07101%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 11.9822%; height: 17px;border-bottom-width: 1pt;border-bottom-style: solid ;border-bottom-color: rgb(0, 0, 0);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">(4,512 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 1.47929%; height: 17px;border-bottom-width: 1pt;border-bottom-style: solid ;border-bottom-color: rgb(0, 0, 0);">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31,2022 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.9822%; height: 10px;border-bottom-width: 2.8pt;border-bottom-style: double ;border-bottom-color: rgb(0, 0, 0) ;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">83,139 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.47929%; height: 10px;border-bottom-width: 2.8pt;border-bottom-style: double ;border-bottom-color: rgb(0, 0, 0) ;"><br/></td>
</tr>
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</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure for composition of investments accounted for using equity method.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of investments accounted for using equity method without control and significant influence.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451732260864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, Plant and Equipment (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory', window );">Schedule of property, plant and equipment</a></td>
<td class="text">
<div id="t_ft_NYCGF27JOW00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 126px; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="7" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="7" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Weighted average depreciation rate </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Cost </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Accumulated depreciation </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Net book value </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Cost </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Accumulated depreciation </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Net book value </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 31%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> IT equipment </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 10% - 33% </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 80,262 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (43,294 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 36,968 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 44,181 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (27,565 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 16,615 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> Furniture, equipment and fittings </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 10% - 33% </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 60,920 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (36,818 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 24,102 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 38,116 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (29,726 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8,390 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> Property, buildings and improvements </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5%-20% </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 53,027 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (40,381 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12,646 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 54,508 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (36,636 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 17,872 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> In progress </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4,494 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4,494 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 677 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 677 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Right of use assets </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 6%-33% </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 257,034 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (137,948 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 119,086 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 251,694 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (109,957 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 141,737 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Land </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 456,128 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> (258,441 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 197,688 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 389,567 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> (203,885 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 185,682 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfChangesInPropertyPlantAndEquipmentTableTextBlock', window );">Schedule of changes in property, plant and equipment</a></td>
<td class="text">
<div>

</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">Changes in property, plant and equipment are as follows:</span></p>
<p style="font-size: 10pt; line-height: 125%; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<div id="t_ft_0ZTO5VMSW000000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 129px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> IT equipment </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Furniture, equipment and fittings </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.82143%;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Property, buildings and improvements </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><br/></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> In progress </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Right of use assets <sup>(i) </sup></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.77976%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Land </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 8.92857%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 16,615 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 8,390 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 17,872 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 677 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 141,737 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 185,682 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> Additions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 35,086 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 21,571 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 657 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 3,829 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 12,002 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> 73,145 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions through business combinations </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 54 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 6 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 72 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Disposals / Cancelled contracts </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (18 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (3,796 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (3,820 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Depreciation </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (15,727 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (5,379 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (5,428 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (30,857 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> (57,391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Transfers </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 941 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (486 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.82143%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (455 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.77976%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> As of December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 36,968 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 24,102 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 12,646 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 4,494 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 119,086 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> 197,688 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><span style="font-family: 'times new roman', times; font-size: 10pt;">(i)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><span>Refers to recognition of new lease agreements of R$ 12,002 which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note <span>17</span>.</span></p>
</td>
</tr>
</tbody>
</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<div id="t_ft_Q6EUDR7Z4G00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 132px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> IT equipment </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Furniture, equipment and fittings </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"> Property, buildings and improvements </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> In progress </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Right of use assets </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Land </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; width: 24%; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"> As of December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 1,479 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 9,908 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 19,978 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 315 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 159,873 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 453 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 192,006 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> Additions (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="border-left: none; border-right: none;">16,105</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="border-left: none; border-right: none;">1,028</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="display: inline; border-left: none; border-right: none;">597</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="display: inline; border-left: none; border-right: none;">2,732</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="display: inline; border-left: none; border-right: none;">25,513</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><span style="display: inline; border-left: none; border-right: none;"> - </span></span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span style="display: inline; border-left: none; border-right: none;">45,975</span> </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions through business combinations </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,041 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 835 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 135 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,011 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Renegotiation (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (12,439 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (12,439 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Disposals / Cancelled contracts </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (124 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,286 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,410 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Depreciation </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,010 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,319 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,208 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (27,924 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (38,461 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Transfers </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 62 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,370 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,370 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-size: 10pt; font-family: 'times new roman', times;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (62 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 16,615 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 8,390 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 17,872 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 677 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 141,737 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 391 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 185,682 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div id="t_ft_TR507D5JHC00000000000000000000b">
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: 0px; line-height: 1.2;"><span><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Refers substantially to recognition of new lease agreements of R$ 25,513 which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note&#160;<span style="line-height: inherit;"><span>17</span></span>.</span></span></span></p>
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<td style="width: 3%; vertical-align: top; text-align: left;">(ii)</td>
<td style="width: 97%; vertical-align: top;"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company returned part of the S&#227;o Jos&#233; dos Campos warehouse to the lessor in September 2021, maintaining the lease agreement and term, changing only in the subsequent lease installments leading to the reversal adjustments of the right-of-use asset and corresponding lease liabilities.</span></span><br/></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible Assets and Goodwill (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="7" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
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<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="9" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
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<td style="vertical-align: top; height: 10px;"/>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Weighted&#160;&#160; average amortization rate </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Cost </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Accumulated amortization </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Net book value </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Cost </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Accumulated amortization </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-weight: bold; font-size: 8pt;"> Net book value </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 18%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Software </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 20% </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 263,433 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (182,711 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 80,722 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 247,326 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (151,281 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 96,045 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Customer Portfolio </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8% </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,201,074 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (377,891 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 823,183 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,197,381 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (275,276 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 922,105 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Trademarks </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5% </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 631,582 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (112,967 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 518,615 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 632,016 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (85,658 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 546,358 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Trade Agreement </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8% </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 247,622 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (28,795 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 218,827 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 247,622 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (4,127 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 243,495 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Platform content production </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 33% </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 123,251 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (74,881 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 48,370 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 73,877 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (49,583 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 24,294 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other Intangible assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 33% </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 39,422 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (32,142 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 7,280 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 39,421 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (32,140 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 7,281 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> In progress </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 18,958 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 18,958 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,991 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,991 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Goodwill </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,711,721 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,711,721 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,694,798 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,694,798 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 6,237,063 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (809,387 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 5,427,676 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 6,136,432 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (598,065 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 5,538,367 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory', window );">Schedule of changes in intangible assets and goodwill</a></td>
<td class="text">
<div style="border-left: none; border-right: none;">
<div id="t_ft_8TL6TFRHKW00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 116px;" width="100%">
<tbody>
<tr style="height: 35px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 35px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Software </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Customer Portfolio </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Trademarks </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Trade Agreement </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Platform content production&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Other Intangible assets </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> In progress </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Goodwill</span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 35px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2021<span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span>&#160;</span><span style="font-size: 10pt;">(i)</span></span> </span></p>
</td>
<td style="vertical-align: middle; width: 6.80473%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 96,045 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.69231%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 922,105 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 8.43195%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 546,358 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.69231%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 243,495 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.98817%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 24,294 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.10059%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 7,281 </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 6.80473%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,991 </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 9.1716%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,694,798 </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.98817%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 5,538,367 </span></p>
</td>
<td style="vertical-align: middle; width: 1.4881%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12,881 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">-</span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 62,722 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">17</span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 14,967 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 90,587 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions through business combinations </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,225 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,833 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 16,923 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 23,981 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Disposals </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (140 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;">434</span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;">13,348</span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;&#160;</span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;">13,937</span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Amortization </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (31,430 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (102,615 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 8.43195%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (27,309 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.69231%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (24,668 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,298 </span></p>
</td>
<td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.10059%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">( 3</span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 6.80473%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.1716%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 7.98817%; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (211,323 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.4881%; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; width: 6.80473%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 80,722 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.69231%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 823,183 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 8.43195%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 518,615 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.69231%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 218,827 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.98817%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 48,370 </span></p>
</td>
<td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.10059%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 7,280 </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 6.80473%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 18,958 </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 9.1716%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,711,721 </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 0.739645%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 7.98817%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 5,427,676 </span></p>
</td>
<td style="vertical-align: middle; width: 1.4881%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="font-size: 10pt; line-height: 125%; margin: 0pt;"><br/></p>
<div>
<div id="t_ft_KBC5NIT7WW00000000000000000000b">

</div>
</div>
<div style="border-left: none; border-right: none;">
<div id="t_ft_7XC9ZAA2R400000000000000000000b">
<table style="width: 100%; margin: 0px; height: 10px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 4%; height: 10px; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span><br/></td>
<td style="width: 96%; height: 10px; padding: 0px 0px 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Considers the review of goodwill and intangibles assets of the acquisition of EMME and Reda&#231;&#227;o Nota Mil, acquired during the year 2021.</span></span></td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="font-size: 8pt; line-height: 125%; margin: 0pt 0pt 0pt 28.35pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_WLELWBKQJ400000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 91px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 16.5179%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Software </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Customer Portfolio </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Trademarks </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Trade Agreement </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Platform content production (i) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Other intangible assets </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> In progress </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Goodwill (ii) </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 16.5179%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2020 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 83,414 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 928,858 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 573,586 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 23,821 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 6,243 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 999 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,307,805 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 4,924,726 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.892857%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.84524%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 25,560 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.48214%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.58929%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 20,808 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.99405%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 39 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.54762%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 9,509 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 55,916 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.892857%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions through business combinations </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.84524%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 11,036 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 83,589 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 8.48214%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 247,622 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.58929%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.99405%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,099 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.54762%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 387,074 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 730,419 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Amortization </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.84524%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (30,482 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (90,342 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.48214%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (27,309 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (4,127 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.58929%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (20,335 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.99405%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (100 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.54762%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (172,695 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.892857%;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Transfers </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.84524%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 6,517 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 8.48214%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.58929%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.99405%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.54762%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,517 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee; width: 0.892857%;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 16.5179%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 96,045 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 922,105 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 546,277 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 243,495 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 24,294 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 7,281 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,991 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,694,879 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 5,538,367 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_O0GWVOS2XS00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 4%; vertical-align: top; text-align: center;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="width: 96%; padding: 0px 0px 10px; vertical-align: top;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Substantially refers to development of the projects related to&#160;Plurall&#160;Platform. The Company has invested in changes in its digital platform that include &#8220;Plurall&#160;Digital Transformation&#8221; in the amount of R$ 20,808 million, and project related to learning systems, in the amount of R$ 9,509 million.</span></span></td>
</tr>
<tr>
<td style="vertical-align: top; text-align: center;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="vertical-align: top;" valign="top"><span><span style="border-right: none; border-left: none;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company recognized R$ <span style="border-left: none; border-right: none;">387,074</span> as goodwill on SEL,&#160;</span>Reda&#231;&#227;o<span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;Nota <span style="border-left: none; border-right: none;">1000</span>, EMME and De Gouges acquisition, see Note <span style="border-left: none; border-right: none;">5</span>.</span></span></span></td>
</tr>
</tbody>
</table>
</div>
</div>
<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory', window );">Schedule of goodwill allocated to each CGU</a></td>
<td class="text">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9988%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 67%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Content and Edtech Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 15%; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,674,034 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 15%; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,674,036 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Digital Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 37,687 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 20,843 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,711,721 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 3,694,879 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfKeyAssumptionsUsedForValueInUseCalculationsTableTextBlock', window );">Schedule of key assumptions used for value-in-use calculations</a></td>
<td class="text">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 88px; width: 99.9988%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> <span>2022</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> <span>2021</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Content and EdTech Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Digital Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Content and EdTech Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Digital Platform </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 45%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Growth rate - % </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 13.70 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12.5 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 14.40 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 9.7 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discount rate - % </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12.10 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 12.10 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 10.81 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 10.81 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">%</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Growth rate (%) in perpetuity </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4.7 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4.7 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5.8 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5.8 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;">%</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Years projected </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
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</table>
<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about intangible assets. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2022-03-24<br> -Paragraph 118<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_118&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information for cash-generating units. [Refer: Cash-generating units [member]]</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the reconciliation of changes in intangible assets and goodwill. [Refer: Intangible assets and goodwill]</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of key assumptions used for value-in-use calculations of recoverable amount of a cash generating unit ("CGU").</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451749870208">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Bonds and financing (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory', window );">Schedule of bonds and financing</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balance of bonds and financing comprises the following amounts:</span></p>
<div id="t_ft_H1L8VSG0SG00000000000000000000b">
<table cellpadding="0" style="height: 114px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Additions (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payment of interest (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payment of principal (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest accrued </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transaction cost of bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transfers </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 21%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds with Related Parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 264,673 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (33,921 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (254,885 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 36,573 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 50,885 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 63,325 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 16,581 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (58,425 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 72,298 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,018 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,018 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 30,454 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 237 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (154 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (759 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 651 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 281,491 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (92,500 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (255,644 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 108,896 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,018 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 50,518 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 93,779 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds with Related Parties </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 51,091 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 250,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (50,885 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 250,206 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 497,993 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,018 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 499,011 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 651 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (651 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 549,735 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 250,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (50,518 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 749,217 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 831,226 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 250,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (92,500 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">(255,644</span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 108,896 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 1,018 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 842,996 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div id="t_ft_4X98E4U41S00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; text-align: left; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></td>
<td style="text-align: justify; vertical-align: top; width: 97%;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On September 28, 2022, the Company issued simple debentures not convertible into shares, subject to remunerative interest of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">100% of the CDI</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, plus a spread of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">2.40</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">% per year, in the total amount of R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">250,000</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">. The debentures aim to strengthen the Company's capital structure and lengthen the maturity profile of the debt, whose average term has become&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">37 months</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</span></span></td>
</tr>
<tr>
<td style="vertical-align: top; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></td>
<td style="text-align: justify; vertical-align: top;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We present below the composition of interest and principal payments considering the issues made:</span></span></td>
</tr>
</tbody>
</table>
</div>

<div>
<table cellpadding="0" style="height: 122px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Additions (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.3947%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payment of interest (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payment of principal (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest accrued </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transaction cost of bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transfers </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;">Bonds with related parties</p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 502,743 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.3947%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (24,873 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (477,564 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.47929%; padding: 0px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25,859 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 238,509 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 264,673 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 17,574 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (993 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">)</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 16,581 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 139 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (49 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (177 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 116 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 208 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 237 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; width: 20.9517%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 502,882 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 1.3947%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (24,922 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (477,741 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 1.47929%;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 43,549 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (993 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 238,717 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 281,491 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds with related parties(i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 289,600 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (238,509 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 51,091 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 20.9517%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bonds </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 500,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.3947%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.47929%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (2,007 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">)</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 497,993 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 859 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (208 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 651 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 290,459 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 500,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (2,007 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (238,717 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 549,735 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 793,341 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 500,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (24,922 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (477,741 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 43,549 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (3,000 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 831,226 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div id="t_ft_RXDKC3SFS000000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 78px;">
<tbody>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; width: 3%; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top; width: 97%;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On March 15, 2021, the Company, substantially settled bonds with related parties amounting to R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">100,000</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">1,488</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, in principal and interest, respectively as follows:&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>5</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>1</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">st series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">101,488</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">. In addition, the Company settled only interest on the following bonds:&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>5</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">nd series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">1,451</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>6</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">nd series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">3,613</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>7</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance, single series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">5,663</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">. This measure is part of a commitment with shareholders as a result of the IPO.</span></span></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; text-align: left;" valign="top"><br/></td>
<td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On May 31, 2021, the Company partially settled bonds with related parties amounting to R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">188,000</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, of principal of the&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>7</span><span style="font-size: 8pt;"><sup>th</sup></span>&#160;</span><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">issuance single series.</span></span></span></td>
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<td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On August 6, 2021, the Company settled the remaining&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>7</span><span style="font-size: 8pt;"><sup>th</sup></span></span><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="font-size: 8pt;">&#160;</span>issuance with related parties in the amounts of R$</span></span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">189,564</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">5,871</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, as principal and interest. In addition, the Company settled only interest on the following bonds:&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>5</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">nd series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">2,029</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>6</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">th Issuance,&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span>2</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">nd series &#8211; R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"><span style="border-left: none; border-right: none;">4,758</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">.</span></span></td>
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<td style="text-align: justify; padding: 1px 1px 8px; height: 26px; vertical-align: top;" valign="top"><span><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Regarding the financing with Banco de&#160;</span>Desenvolvimento<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;de Minas&#160;</span>Gerais<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;SA - BDMG, the Company pays monthly the amount of R$&#160;</span></span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">15</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and R$&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">4</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, respectively, of principal and interest, totaling on December 31, 2021 an amount of R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">177</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;and R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">49</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, respectively, of principal and interest</span></span></td>
</tr>
<tr style="height: 22px;">
<td style="vertical-align: top; height: 22px; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="text-align: justify; height: 22px; vertical-align: top;" valign="top"><span><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On August 6, 2021, the&#160;</span>Company&#180;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;subsidiary&#160;</span>Somos<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;</span>Sistemas<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;de&#160;</span>Ensino<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;S.A. issued R$&#160;</span></span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">500</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;million in simple debentures not convertible into shares, subject to compensatory interest of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">100% of DI Interest Deposit rate (CDI)</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, plus spread of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">2.30</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">% per year. The debentures are aimed at reinforcing the Company&#8217;s capital structure and elongating the debt maturity profile, which average maturity now stands at&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">35 months</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">.</span></span></td>
</tr>
</tbody>
</table>
</div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfCompositionOfInterestAndPrincipalPaymentsOfBondsAndFinancingTableTextBlock', window );">Schedule of composition of interest and principal payments of bonds and financing</a></td>
<td class="text">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 84px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 39.2713%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2.51484%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 29.9562%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1.46413%;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2.04978%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1.46413%;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2.04978%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 39.2713%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Emission </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 2.51484%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 29.9562%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.46413%;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 2.04978%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.46413%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 2.04978%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Principal </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; width: 39.2713%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> SSED<span>21</span> &#8211; <span>6</span>th. SOMOS &#8211; <span>2</span>nd.&#160;S&#233;rie </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; width: 2.51484%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 29.9562%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 02/15/2022 and 08/11/2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 2.04978%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.80966%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,792 </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 2.04978%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.95608%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(50,885 </span></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 39.2713%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> SEDU<span>21</span> &#8211; <span>7</span>th. SOMOS <span>2</span>nd.&#160;S&#233;rie </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.51484%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 29.9562%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 02/15/2022 and 08/11/2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.80966%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(23,129 </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.95608%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(204,000 </span></p>
</td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; width: 1.46413%;" valign="bottom">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 39.2713%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> GAGL<span>11</span> &#8211;&#160;Somos Sistemas </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 2.51484%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 29.9562%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 02/07/2022 and 08/05/2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.80966%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(58,425 </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.95608%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 39.2713%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financing </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.51484%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 29.9562%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 06/22/2022 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(154 </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">)</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(759 </span></p>
</td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 39.2713%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 2.51484%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 29.9562%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.80966%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (92,500 </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.95608%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (255,644 </span></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold;">)</span></td>
</tr>
</tbody>
</table>
<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfBondsDescriptionTableTextBlock', window );">Schedule of bonds' description</a></td>
<td class="text">
<div>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 146px;" width="100%">
<tbody>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Subscriber </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Related Parties </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Related Parties </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Third parties </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Issuance </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>5</span>th </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>9</span>th </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>1</span>st </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Series </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span>2</span><span style="font-size: 8pt;"><sup>nd</sup></span>&#160;Series</span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2<span style="font-size: 8pt;"><sup>nd</sup></span> Series</span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Single Series </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Date of issuance </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 08/15/2018 </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 09/28/2022 </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 08/06/2021 </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Maturity Date </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 08/15/2023 </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 09/28/2025 </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 08/05/2024 </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> First payment after </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 60 months</span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 36 months</span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 35 months</span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Remuneration payment </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Semi-annual interest </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Semi-annual interest </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Semi-annual interest </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Financials charges </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"> CDI + 1.00% p.a. </p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"> CDI + 2.40% p.a. </p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"> CDI + 2.30% p.a. </p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Principal amount (in millions of R$) </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 100 </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 250 </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 500 </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfBondsAndFinancingMaturitiesTableTextBlock', window );">Schedule of bonds and financing maturities</a></td>
<td class="text">
<div id="t_ft_3N3QJJJFXS00000000000000000000b">
<table cellpadding="0" style="height: 95px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Maturity of installments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> % </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2021 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> % </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; width: 36%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 93,779 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 11.1 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 281,491 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 33.9 </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 499,217 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 59.2 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 51,063 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6.1 </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span>2025</span> </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 250,000 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 29.7 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 498,672 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 60.0 </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total non-current liabilities </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 749,217 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 88.9 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 549,735 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 66.1 </span></p>
</td>
</tr>
<tr style="background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 842,996 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;">100.0 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 831,226 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 100.0 </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScheduleOfBondsAndFinancingMaturitiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of bonds and financing maturities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScheduleOfBondsAndFinancingMaturitiesTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScheduleOfBondsDescriptionTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of bonds' description.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScheduleOfBondsDescriptionTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScheduleOfCompositionOfInterestAndPrincipalPaymentsOfBondsAndFinancingTableTextBlock">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure for composition of interest and principal payments of bonds and financing.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScheduleOfCompositionOfInterestAndPrincipalPaymentsOfBondsAndFinancingTableTextBlock</td>
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<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737455232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Suppliers (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesAbstract', window );"><strong>Suppliers</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfTradeSuppliersTableTextBlock', window );">Schedule of trade suppliers</a></td>
<td class="text">
<div>
<table cellpadding="0" style="height: 112px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 76.901%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;">&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.0043%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Local suppliers </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 215,593 </span></p>
</td>
<td style="vertical-align: middle; width: 1.0043%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 132,124 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Related parties (note <span>21</span>) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 13,781 </span></p>
</td>
<td style="vertical-align: middle; width: 1.0043%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 19,534 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Copyright </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 21,273 </span></p>
</td>
<td style="vertical-align: middle; width: 1.0043%; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 15,510 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; width: 76.901%; height: 10px;"><br/></td>
<td style="vertical-align: bottom; width: 10.043%; height: 10px; padding: 0px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold;">250,647</span></td>
<td style="vertical-align: bottom; width: 1.0043%; height: 10px;"><br/></td>
<td style="vertical-align: bottom; width: 1.0043%; height: 10px;"><br/></td>
<td style="vertical-align: bottom; width: 10.043%; height: 10px; padding: 0px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold;">167,168</span></td>
<td style="vertical-align: bottom; width: 1.0043%; height: 10px;"><br/></td>
</tr>
<tr style="background-color: #bdd7ee; height: 17px;">
<td style="padding: 0px; vertical-align: middle; width: 76.901%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 10.043%; padding: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 10.043%; padding: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reverse Factoring (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 155,469 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.0043%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.043%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 97,619 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.0043%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<div style="border-left: none; border-right: none;">
<table style="width: 100%; margin-left: 0.1px; font-family: &quot;times new roman&quot;; font-size: 10pt; height: 60px;">
<tbody>
<tr style="height: 60px;">
<td style="vertical-align: top; width: 3%; height: 60px;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;(i)</span></td>
<td style="text-align: justify; vertical-align: top; width: 97%; height: 60px;" valign="top"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">As of December 31, 2022, the balance of reverse factoring was R$ 155,469 (R$ 97,619 as of December 31, 2021), and the discount rates of assignment operations carried out by our suppliers with financial institutions had a weighted average of 1.27% per month (as of December 31, 2021, the weighted average was 1.05% 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.</span></span></td>
</tr>
</tbody>
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<span></span>
</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScheduleOfTradeSuppliersTableTextBlock">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of trade suppliers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScheduleOfTradeSuppliersTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451732066112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Lease liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PresentationOfLeasesForLesseeAbstract', window );"><strong>Lease liabilities.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfLeaseLiabilitiesTableTextBlock', window );">Schedule of lease liabilities</a></td>
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<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="height: 172px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Opening balance </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 160,542 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 173,103 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Additions for new lease agreements (i) </span></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12,002 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25,513 </span></p>
</td>
<td style="vertical-align: top; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Renegotiation </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (12,439 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cancelled contracts </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,180 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,481 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Renegotiation - COVID-<span>19</span> impact </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (448 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Interest </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 13,143 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 14,984 </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Payment of interest </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (14,941 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (14,692 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Payment of principal </span></p>
</td>
<td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (27,003 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (21,998 </span></p>
</td>
<td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Closing balance </span></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 140,563 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 160,542 </span></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 23,151 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 26,636 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 117,412 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 133,906 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 140,563 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 160,542 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br/></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><span style="font-size: 10pt; font-family: 'times new roman', times;">(i)</span></td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Refers to new lease agreements which the Company has embedded part of its digital learning solutions. These lease agreements (digital learning) refer to lease terms of 36 months, with rates negotiated in the range of 10.3% p.a to 10.9% p.a.&#160;</span></p>
</td>
</tr>
</tbody>
</table>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock', window );">Schedule of fixed and variable lease payments</a></td>
<td class="text">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="4" style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> For the years ended December 31 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <span>2022</span> </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> <span>2021</span> </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: rgb(189, 215, 238); width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Fixed Payments </span></p>
</td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 41,944 </span></p>
</td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 36,689 </span></p>
</td>
<td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 5px; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Payments related to short-term contracts and low value assets, variable price contracts (note <span>26</span>) </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,312 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 17,775 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 60,256 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 54,464 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
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<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PresentationOfLeasesForLesseeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of fixed and variable lease payments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScheduleOfLeaseLiabilitiesTableTextBlock">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of lease liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScheduleOfLeaseLiabilitiesTableTextBlock</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733348528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Contractual obligations and deferred income (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock', window );">Schedule of contractual obligations and deferred income</a></td>
<td class="text">
<div id="t_ft_DRIVC27RR400000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 153px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Refund liability (i) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 51,533 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 37,122 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;">Contract of exclusivity for processing payroll</p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 587 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 783 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Deferred income in leaseback agreement (ii) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4,075 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5,678 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other contractual obligations </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,657 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,582 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 57,852 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 46,165 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Current </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 57,852 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 46,037 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Non-current </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 128 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-indent: 10.5pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 57,852 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 46,165 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt;"><span style="display: none; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><span><span style="font-family: 'times new roman', times; font-size: 10pt;"> Refers to the customer&#8217;s right to return products, as mentioned in Note <span>11</span>, the Company business cycle is from September to September for each year, being the provision reduced in the end of business cycle and estimated in the fourth quarter. </span></span></p>
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<p style="margin: 0pt; text-align: justify;"><span><span style="font-family: 'times new roman', times; font-size: 10pt;"> In March 2018, the predecessor Somos-Anglo entered into a sales and leaseback agreement of a property located at Avenida Jo&#227;o Dias in the city of S&#227;o Paulo in the amount of R$ 25,500. This transaction included deferred income of R$ 9,104, which has been appropriated according to the lease term of the property (120 months).</span></span></p>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts payable for business combination and acquisition of associates (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 9pt;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 77%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Pluri </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;3,653 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 3,251 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Mind Makers </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;7,915 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;7,044 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Livro F&#225;cil </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160;10,516 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 14,055 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Meritt </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;300 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;3,347 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> SEL </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160;30,267 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;26,935 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reda&#231;&#227;o Nota <span>1000</span> </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;6,030 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;7,230 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> EMME </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160;10,827 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12,780 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Editora De Gouges </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;514,299 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 457,671 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Phidelis </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 16,976 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Educbank </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 24,494 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 13px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;625,277 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 532,313 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Current </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;73,007 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,502 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Non-current </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;552,270 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 511,811 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;625,277 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 532,313 </span></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock', window );">Schedule of changes in accounts payable for business combination</a></td>
<td class="text">
<table cellpadding="0" style="height: 154px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Opening balance </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 532,313 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 48,055 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Additions </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 120,344 </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 703,257 </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;">Cash payment</p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (80,939 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (205,280 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">Payments in installments</td>
<td style="vertical-align: top; text-align: right; height: 17px;">(11,379</td>
<td style="vertical-align: top; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: top; text-align: right; height: 17px;">(19,168</td>
<td style="vertical-align: top; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest payment </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (603 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,571 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest adjustment </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 65,725 </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 8,158 </span></p>
</td>
<td style="vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Remeasurement </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (184 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,138 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Closing balance </span></p>
</td>
<td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 625,277 </span></p>
</td>
<td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 532,313 </span></p>
</td>
<td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"><br/></td>
</tr>
</tbody>
</table>
<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfMaturitiesOfAccountsPayableForBusinessCombinationTableTextBlock', window );">Schedule of maturities of accounts payable for business combination</a></td>
<td class="text">
<p style="margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;">The maturity years of such balances as of December 31, </span><span style="font-size: 10pt;"><span>202</span></span><span style="font-size: 10pt;"><span>2</span></span><span style="font-size: 10pt;"> are shown in the table below:</span></span></p>
<div id="t_ft_KD40O1300W00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 120px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="4" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Maturity of installments </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 19%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> In up to <span>one</span> year </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 73,007 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 19%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 11.7 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 20,502 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3.9 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>One</span> to <span>two</span> years </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 389,186 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 62.2 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 35,685 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 6.7 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>Two</span> to <span>three</span> years </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 163,084 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 26.1 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 166,730 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 31.3 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> <span>Three</span> years on </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 309,396 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 58.1 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> % </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 625,277 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 100.0 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> % </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 532,313 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 100.0 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> % </span></p>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of changes in accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of maturities of accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733283408">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Salaries and Social Contribution (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract', window );"><strong>Salaries and Social Contribution</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfSalariesAndSocialContributionTableTextBlock', window );">Schedule of salaries and social contribution</a></td>
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<div id="t_ft_DKY499CQ2O00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December </span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">31, 2022 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December </span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">31, 2021 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 77%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Salaries payable </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 28,351 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 22,348 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Social contribution payable (i) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 25,205 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 23,926 </span></p>
</td>
<td style="vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Provision for vacation pay and <span>13</span>th salary </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 21,454 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 10,616 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Provision for profit sharing (ii) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 25,047 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5,923 </span></p>
</td>
<td style="vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Others </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 16 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 100,057 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 62,829 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;">&#160;</span></p>
<div id="t_ft_5GCRVPFLHS00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="text-align: justify; padding: 0px 0px 8px; width: 97%;"><span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">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<span style="line-height: inherit;">&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on a monthly basis</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span style="line-height: inherit;">&#160;</span>according to the Company&#8217;s share price</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</span></span></td>
</tr>
<tr>
<td style="vertical-align: top;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">(ii)</span><span style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</span></span></td>
<td style="text-align: justify;"><span><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The provision for profit sharing is based on qualitative and quantitative metrics determined by Management.</span></span></td>
</tr>
</tbody>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td>duration</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of salaries and social contribution.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td>nonnum:textBlockItemType</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737836512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related parties (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfBalancesWithRelatedPartiesTableTextBlock', window );">Schedule of balances with related parties</a></td>
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<div>
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="16" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 75.5952%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.52381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Other receivables (i) </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.52381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Trade receivables (Note <span>10</span> and <span>21</span>C) </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.3512%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Indemnification asset </span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(note <span>21</span></span><span style="font-weight: bold; line-height: inherit;">b</span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.07738%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Other payments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.07738%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Suppliers </span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(note </span><span style="font-weight: bold; line-height: inherit;"><span>16</span></span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 8.92857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Bonds </span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(note </span><span style="font-weight: bold; line-height: inherit;"><span>15</span></span><span style="font-weight: bold; line-height: inherit;">)</span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cogna Educa&#231;&#227;o S.A. </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 12.3512%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 180,417 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,828 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 8.92857%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 313,531 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora Atica S.A. </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,754 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,778 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"><br/></td>
</tr>
<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora E Distribuidora Educacional S.A. </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,722 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 19 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 389 </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
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<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
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<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 175 </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"><br/></td>
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<tr style="height: 11.35pt; background-color: #bdd7ee;">
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 37 </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 749 </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
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<td style="padding: 0px; vertical-align: bottom; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 229 </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"><br/></td>
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<tr style="height: 11.35pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Others </span></p>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 37 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 9.52381%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 12.3512%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 54 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 9.07738%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; width: 8.92857%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"><br/></td>
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<tr style="height: 11.35pt; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;">
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,759 </span></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,177 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 180,417 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 54 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 13,781 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 313,531 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
<p style="margin:0pt"><br/></p>
<table cellpadding="0" style="height: 15px; width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="margin-left: 0.1px; height: 15px;">
<td style="vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding: 0px; height: 15px; width: 3%;" valign="top"><span style="font-size: 10pt; line-height: inherit;">(i)</span></td>
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; width: 97%;" valign="top"><span><span style="font-size: 10pt;">Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.</span></span></td>
</tr>
</tbody>
</table>
<p style="margin:0pt"><br/></p>
</div>

<div style="margin: 0px; text-indent: 0px;">
<table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; width: 100%; height: 587px; text-indent: 0px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td colspan="17" style="vertical-align: bottom; height: 17px; width: 71.9298%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 28.5088%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Other receivables (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Trade receivables (Note <span>10</span> and <span>21</span>c) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10.0877%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Indemnification asset (note <span>21</span>b) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Other payments (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Suppliers (note <span>16</span>) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Bonds </span><br/><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">(note </span><span style="font-weight: bold; line-height: inherit;"><span>15</span></span><span style="font-weight: bold; line-height: inherit;">)</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 11px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 28.5088%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Acel Adminstra&#231;&#227;o de Cursos Educacionais Ltda </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,482 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10.0877%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 474 </span></p>
</td>
<td style="vertical-align: bottom; width: 1.02339%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 9.94152%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; width: 1.16959%; height: 11px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 12px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 12px; width: 28.5088%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Anhanguera Educacional Participacoes S.A. </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 413 </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 10.0877%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 12px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Centro Educacional Leonardo Da Vinci SS </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.0877%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 11 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Idiomas S.A. </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 122 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.0877%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Opera&#231;&#245;es Escolares S.A. </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,305 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.0877%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 29 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> SSE Servi&#231;os Educacionais Ltda. </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,602 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.0877%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 665 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.02339%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 9.94152%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.16959%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 28.5088%; margin: 0px; text-indent: 0px; text-align: right;"/>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 501 </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 46,824 </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 10.0877%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 160,470 </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 39,271 </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 19,533 </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></td>
<td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 315,764 </span></td>
<td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt 0pt 0pt 54pt; text-indent: -36pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="display: none; line-height: inherit;">(i)</span></span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&#160;</span></span></p>
<table style="width: 100%; margin: 0px; height: 20px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 3%;" valign="top"><span style="font-size: 10pt;">(i)</span></td>
<td style="height: 10px; width: 97%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span>Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.</span></span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; padding-left: 0px; padding-right: 0px;"><span style="font-size: 10pt;"><span>Refers substantially to accounts payable by sharing expenses e.g property leasing, personnel and IT licenses shared with Cogna Group.</span></span></p>
</td>
</tr>
</tbody>
</table>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory', window );">Schedule of transactions with related parties</a></td>
<td class="text">
<div>
<div>
<table cellpadding="0" style="height: 554px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="10" style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2022 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="10" style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2021 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="11" style="padding: 0px; vertical-align: middle; height: 17px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Year ended December 31, 2020</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Transactions held: </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Revenues </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Finance costs (i) note <span>15</span> </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Cost Sharing (note <span>21</span>d) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Sublease (note <span>21</span>f) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Revenues </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Finance costs </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Cost Sharing (note <span>21</span>d) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Sublease (note <span>21</span>f) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Revenues</span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Finance costs</span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Cost Sharing (note<span>&#160;</span></span><span><span>21</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">d)</span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Sublease (note<span>&#160;</span></span><span><span>21</span></span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">f)</span></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 16%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Acel Administracao De Cursos Educacionais Ltda. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 2,790 </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,230</span></td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"><br/></td>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Centro Educacional Leonardo Da Vinci SS </span></p>
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<td style="padding: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 41 </span></p>
</td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,319</span></td>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
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<td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"><br/></td>
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<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Cogna Educa&#231;&#227;o S.A. </span></p>
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<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 36,573 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 25,859 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;">3,139</td>
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<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Editora Atica S.A. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 16,286 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 5,757 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 8,551 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 5,374 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 6,130 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 13,153 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 7,287</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 229</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 11,989</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 15,364</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 12px;">
<td style="padding: 0px; vertical-align: middle; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Editora E Distribuidora Educacional SA. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 29,475 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 31,384 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,841</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 36,144</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,489</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Editora Scipione SA. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 3,096 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,341 </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
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<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Escola Mater Christi </span></p>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 311 </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Escola Riacho Doce Ltda </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 77 </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
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<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Maxiprint Editora Ltda. </span></p>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 6,665 </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,107 </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 612</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
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<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Nucleo Brasileiro de Estudos Avancados Ltda </span></p>
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<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 276 </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 423</span></td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Papelaria Brasiliana Ltda </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 249 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,287</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Saber Servi&#231;os Educacionais S.A. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 41 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 900 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,254</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 6,740</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 729</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Saraiva Educacao SA. </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 4,090 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 1,905 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 2,405 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 2,528 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 3,364</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 3,739</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Sistema P H De Ensino Ltda. </span></p>
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<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 4,417 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 5,776</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Sociedade Educacional Alphaville SA </span></p>
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<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 414 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 317</span></td>
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<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 278</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: left; margin: 0px; text-indent: 0px;"><span style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;"> Others </span></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> 362</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 31,682 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 36,573 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 35,232 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 13,047 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 28,663 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 25,859 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 37,514 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> 15,939 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold; font-size: 8pt;">33,822</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold; font-size: 8pt;">55,679</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold; font-size: 8pt;">48,133</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-weight: bold; font-size: 8pt;">21,683</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div id="t_ft_72CJ7Y350G00000000000000000000b">
<table cellpadding="0" style="height: 10px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; width: 3%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (i) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 97%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span> Refers to debentures interest; see Note <span>15</span>. </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfCommercialLeaseAndSubleaseAgreementsWithRelatedPartiesTableTextBlock', window );">Schedule of commercial lease and sublease agreements with related parties</a></td>
<td class="text">
<div id="t_ft_VC0FO0PX2O00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 76px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Lessee Entity </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Counterparty to lease agreement (Lessor) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Monthly payments </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Maturity </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Rate </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> State of the property in use </span></p>
</td>
</tr>
<tr style="height: 33px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora Scipione S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$44 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 60 months from the agreement date </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 16%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Pernambuco (Recife) </span></p>
</td>
</tr>
<tr style="height: 33px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora &#193;tica S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$37 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 60 months from the agreement date </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Bahia (Salvador) </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<div>
<div id="t_ft_2S69B4GB6800000000000000000000b">

</div>
</div>
<p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">f,<span>2</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">&#160;</span><span style="font-weight: bold; line-height: inherit;">Commercial sublease agreement</span></span></p>
<div id="t_ft_52ZGV8IRKW00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 182px; width: 100%;" width="100%">
<tbody>
<tr style="height: 12px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Entity (Sublessor) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Counterparty to the sublease agreement (Sublessee) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Monthly payments </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Maturity </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Rate </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> State of the property in use </span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora e Distribuidora Educacional S.A. (&#8220;EDE&#8221;) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$ 430 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> September 30, 2025.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 16%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> S&#227;o Paulo (S&#227;o Paulo) </span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Editora &#193;tica S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$827 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> September 30, 2025.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> S&#227;o Paulo (S&#227;o Jos&#233; dos Campos) </span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Idiomas S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$ 53 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> September 30, 2025.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> S&#227;o Paulo (S&#227;o Jos&#233; dos Campos) </span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Saraiva Educa&#231;&#227;o S.A (&#8220;Saraiva&#8221;) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$ 207 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> September 30, 2025.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> S&#227;o Paulo (S&#227;o Jos&#233; dos Campos) </span></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Somos Sistemas de Ensino S.A.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Livraria Livro F&#225;cil Ltda,(&#8220;Livro F&#225;cil&#8221;) </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> R$ 1,160 </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> September 30, 2025.</span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Inflation index </span></p>
</td>
<td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> S&#227;o Paulo (S&#227;o Jos&#233; dos Campos) </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory', window );">Schedule of key management personnel compensation expenses</a></td>
<td class="text">
<p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Key management personnel compensation expenses comprised the following:</span></p>
<p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div id="t_ft_C72O3RC1WW00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 61px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 65%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Short-term employee benefits </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,786 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,685 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,982 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Share-based compensation plan </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,640 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 8,305 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 33,594 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 20,426 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 12,990 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 40,576 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information about key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of transactions between the entity and its related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2022-03-24<br> -Paragraph 18<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_18&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of balances with related parties.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of commercial lease and sublease agreements with related parties.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733392256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Provision for tax, civil and labor losses and Judicial deposits and escrow accounts (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfProvisionForTaxCivilAndLaborLossesAndJudicialDepositsAndEscrowAccountsAbstract', window );"><strong>Provision for tax, civil and labor losses and Judicial deposits and escrow accounts</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesExplanatory', window );">Schedule of contingent liabilities</a></td>
<td class="text">
<div id="t_ft_ZGKJNBFKXS00000000000000000000b">
<table cellpadding="0" style="height: 222px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 77%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Proceedings whose likelihood of loss is probable </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings (i) </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 622,440 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 607,084 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Labor proceedings (ii) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25,812 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 38,159 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Civil proceedings </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 496 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 376 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 648,748 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 645,619 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Liabilities assumed in Business Combination </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Labor proceedings (ii)&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,755 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Civil proceedings </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,231 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 749 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,504</span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,231 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="vertical-align: middle; rtant;height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Total of provision for tax, civil and labor losses&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 651,252 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 646,850 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 10pt 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(i) <span>Primarily refers to income tax positions taken by Somos and the Company in connection with a corporate restructuring held by the predecessor in <span style="display: inline;">2010</span>, In <span style="display: inline;">2018</span>, 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 <span style="display: inline;">2018</span>, the Company reassessed this income tax position and recorded a liability, including interest and penalties.</span></span></p>
<p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(ii) <span>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.</span></span></p>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfChangesInProvisionForContingentLiabilitiesTableTextBlock', window );">Schedule of changes in provision for contingent liabilities</a></td>
<td class="text"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The changes in provision for the years ended December 31, 2022 and <span>2021</span> were as follows:</span>
<p style="margin:0pt"><br/></p>
<div id="t_ft_KSWZVJO5Y800000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 160px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.76672%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.93165%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.95061%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Business combination </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.10357%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Additions </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.01071%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Reversals </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 7.48618%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Interest </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.10013%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Payments </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"><br/></td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.33231%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-weight: bold;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Decem</span><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">ber 31, 2022 </span></span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 17.682%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.48588%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 8.76672%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 607,084 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.93165%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 9.95061%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 749 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.10357%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,904 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.01071%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (27,790 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;">)</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 7.48618%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 41,261 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; width: 8.10013%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,019 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;">)</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.33231%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 623,189 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Labor proceedings </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.76672%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 38,159 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.93165%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.95061%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,755 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,376 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (16,045 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;">)</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 776 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10013%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (454 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;">)</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.33231%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 27,567 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Civil proceedings </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.76672%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,607 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.93165%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.95061%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 368 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,615 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;">)</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 26 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.10013%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 110 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.33231%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 496 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.76672%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 646,850 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.93165%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95061%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,504 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 6,648 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (45,450 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><span style="font-weight: bold;">)</span></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 42,063 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10013%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (1,363 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><span style="font-weight: bold;">)</span></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.33231%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 651,252 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Reconciliation with profit or loss for the period </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10357%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.01071%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 7.48618%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Finance expense </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 8.76672%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (42,063 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;">)</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; height: 17px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (6,648 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;">)</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 21,747 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 8.76672%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 23,703 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; height: 10px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10357%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (6,648 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><span style="font-weight: bold;">)</span></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.01071%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 45,450 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><br/></td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.48618%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (42,063 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"><span style="font-weight: bold;">)</span></td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"><br/></td>
</tr>
</tbody>
</table>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">

</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div id="t_ft_M3F2CHUFPC00000000000000000000b">
<table cellpadding="0" style="height: 156px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; &#160; &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> Business combination </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Additions </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Reversals </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Payments </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 31%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 575,724 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 16 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (262 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 31,623 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (17 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 607,084 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Labor proceedings </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 37,896 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,468 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (5,294 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,636 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (547 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 38,159 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Civil proceedings </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 313 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,231 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 110 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (24 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 41 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (64 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,607 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 613,933 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,231 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 3,594 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (5,580 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 34,300 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (628 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 646,850 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Reconciliation with profit or loss for the period </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Finance costs </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (34,300 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,594 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,580 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span> - </span></span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Total </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (3,594 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,580 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (34,300 </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
</tbody>
</table>
</div>
</div>
<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfJudicialDepositsAndEscrowAccountsTableTextBlock', window );">Schedule of judicial deposits and escrow accounts</a></td>
<td class="text">
<div id="t_ft_W3MC1PAZB400000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 7.5pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax proceedings </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,126 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,300 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Indemnification asset -Former owner </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,801 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,998 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Indemnification asset &#8211; Related parties (i) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 180,417 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 160,470 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Escrow-account (ii) </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,515 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 14,055 </span></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 13.5pt; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 194,859 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 178,824 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(i) <span><span style="border-right: none; border-left: none;">Refers to an indemnification asset of the seller in connection with the acquisition of Somos (Vasta&#8217;s Predecessor) by Cogna Group (Vasta&#8217;s Parent Company) 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$<span style="display: inline;">180,417</span> (R$ <span style="display: inline;">160,470</span> on December 31, 2021). See Note <span style="display: inline;">21</span>. This asset is indexed to CDI (Certificates of&#160;Interbank&#160;Deposits).</span></span></span></p>
<p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(ii) <span>Refers to guarantees received as a consequence of business combinations, in connection with contingencies whose likelihood of loss is probable, and for which the former owners are liable. According to the Sale Agreement, these former owners will reimburse the Company in case payments are required and if those contingencies materialize.</span></span></p>
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfContingentLiabilitiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2022-03-24<br> -Paragraph 86<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_86&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfProvisionForTaxCivilAndLaborLossesAndJudicialDepositsAndEscrowAccountsAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfProvisionForTaxCivilAndLaborLossesAndJudicialDepositsAndEscrowAccountsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScheduleOfChangesInProvisionForContingentLiabilitiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of changes in provision for contingent liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScheduleOfChangesInProvisionForContingentLiabilitiesTableTextBlock</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of judicial deposits and escrow accounts.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScheduleOfJudicialDepositsAndEscrowAccountsTableTextBlock</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729646640">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Current and Deferred Income Tax and Social Contribution (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract', window );"><strong>Current and Deferred Income Tax and Social Contribution</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfReconciliationOfIncomeTaxAndSocialContributionExpenseTableTextBlock', window );">Schedule of reconciliation of income tax and social contribution expense</a></td>
<td class="text">
<div id="t_ft_CNYG07DS4W00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 237px;" width="100%">
<tbody>
<tr style="height: 11px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 11px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.04167%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 11px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.4881%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 11px; width: 1.04167%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2020 </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.47929%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.881%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Loss before income tax and social contribution for the year </span></p>
</td>
<td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (105,687 </span></p>
</td>
<td style="vertical-align: middle; width: 1.04167%; height: 16px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 1.04167%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (155,843 </span></p>
</td>
<td style="vertical-align: middle; width: 1.4881%; height: 16px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; width: 1.04167%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (71,053 </span></p>
</td>
<td style="vertical-align: middle; width: 1.47929%; height: 16px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Nominal statutory rate of income tax and social contribution </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 34% </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 34% </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 34% </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> IRPJ and CSLL calculated at the nominal rates </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 35,934&#160;</span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 52,987 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 24,158 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;">Share of loss equity-accounted investees</p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,534 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Permanent additions </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (8,292 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (7,265 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,246 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Additional IRPJ </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 24 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.881%; height: 15px; background-color: #bdd7ee;">Difference in presumed profit rate of subsidiary</td>
<td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;">3,617</td>
<td style="vertical-align: middle; width: 1.04167%; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; width: 1.04167%; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;">-</td>
<td style="vertical-align: middle; width: 1.4881%; height: 15px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; width: 1.04167%; height: 15px; text-align: right; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;">-</td>
<td style="vertical-align: middle; width: 1.47929%; height: 15px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Tax Contingencies IRPJ and CSLL </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 23,703 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Impairment write-off on tax loss carryforward </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,314 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> )&#160;&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (8,657 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total IRPJ and CSLL </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 51,114 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 37,089 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 25,404 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Current IRPJ and CSLL in the result </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,668 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (11,297 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,874 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Deferred IRPJ and CSLL in the result </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 40,446 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 48,386 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.4881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 9.97024%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 17,530 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; width: 1.47929%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 16px; width: 64.881%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 51,114 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 37,089 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 25,404 </span></p>
</td>
<td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.47929%; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Effective tax rate of Income and social contribution tax benefit </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 48% </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 24% </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1.04167%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 36% </span></p>
</td>
<td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDeferredTaxesExplanatory', window );">Schedule of changes in deferred income tax and social contribution assets and liabilities</a></td>
<td class="text">
<div style="border-left: none; border-right: none;">
<div id="t_ft_GEMKRDBDJK00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 201px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Effect on profit (loss) </span></p>
</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax/social contribution: </span></p>
</td>
<td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution losses carryforwards&#160;<sup>(ii)</sup></span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 307,319 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 114,921 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 422,240 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Temporary Differences: </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 13,010 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,461 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 20,471 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Provision for obsolete inventories </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,262 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">)</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,608 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,346 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Imputed interest on suppliers </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (2,157 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">)</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (3,391 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">)</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (5,548 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">)</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Provision for risks of tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 20,025 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 420 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 20,445 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Refund liabilities and right to returned goods </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,470 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,348 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 15,818 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Lease Liabilities </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,660 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,276 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 7,936 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Fair value adjustments on business combination and goodwill amortization <sup>(i)</sup></span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (248,628 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (109,826 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (358,454 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other temporary difference </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25,968 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,628 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 44,596 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Deferred Assets, net </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 130,405 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 40,446 </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 170,851 </span></p>
</td>
<td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin:0pt"><br/></p>
<div id="t_ft_V898NU8ASW00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="vertical-align: top; text-align: justify; width: 97%;" valign="top"><span>Goodwill and fair value adjustments on business combination comprise <span>three</span> components, being (i) goodwill and fair value adjustment of prior business combination by Somos; (ii) amortization of fair value adjustment related to acquisition of the company; and (iii) deductibility of the acquisition goodwill for tax purposes as allowed by tax law.</span></td>
</tr>
<tr>
<td style="vertical-align: top; width: 3%;"><span style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="vertical-align: top; text-align: justify; width: 97%;"><span>The Company&#8217;s income tax and social contribution loss carryforwards are primarily the result of tax amortization of goodwill and the amortization of certain intangibles recognized related to the business combination in <span>2018</span>. In accordance with Brazilian tax regulation, tax loss carryforwards have a limitation for use of 30% of taxable profit generated in each year and do not expire. The tax benefit is expected to be realized over an estimated 6 year period beginning in <span>2026</span>. </span></td>
</tr>
</tbody>
</table>
</div>
</div>

<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 5pt 0pt !important;">ii.&#160;&#160;<span style="font-weight: bold; line-height: inherit;">December 31, </span><span style="font-weight: bold; line-height: inherit;"><span>2021</span></span><span style="font-weight: bold; line-height: inherit;"> and </span><span style="font-weight: bold; line-height: inherit;"><span>2020</span></span><span style="font-weight: bold; line-height: inherit;">&#160;</span></span></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><br/></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Changes in deferred income tax and social contribution assets and liabilities are as follows:&#160;&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_MA6HTF17B400000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 208px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Effect on profit (loss) </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Deferred tax on business combination </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> As of December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 53%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax/social contribution: </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution losses carryforwards </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 182,257 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 125,062 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 307,319 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Temporary Differences: </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,543 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,467 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 13,010 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Provision for obsolete inventories </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,263 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (4,525 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,262 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Imputed interest on suppliers </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (744 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,413 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (2,157 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Provision for risks of tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 19,138 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 887 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 20,025 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Refund liabilities and right to returned goods </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,903 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,433 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 9,470 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Lease Liabilities </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,764 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,896 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 6,660 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; Fair value adjustments on business combination and goodwill amortization (i) </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (150,598 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (90,588 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (7,442 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (248,628 </span></p>
</td>
<td style="vertical-align: middle; height: 10px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other temporary difference </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10,020 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 15,033 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 915 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 25,968 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Deferred Assets, net </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 88,546 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 48,386 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> (6,527 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 130,405 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="font-size: 7pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_3M14SUU1KG00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="vertical-align: top; width: 3%;" valign="top"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(i)</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&#160;</span></span></td>
<td style="text-align: justify; width: 97%;"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Goodwill</span> and fair value adjustments on business combination comprise <span>three</span> components, being (i) goodwill and fair value adjustment of prior business combination by predecessor Somos Anglo; (ii) amortization of fair value adjustment related to acquisition of the predecessor Somos Anglo by the successor Vasta; and (iii) deductibility of the acquisition goodwill for tax purpose allowed by tax law.</span></span></td>
</tr>
</tbody>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of reconciliation of income tax and social contribution expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451750705312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Shareholder's Equity (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="text">
<div id="t_ft_LMD7MMBBHC00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 82px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Class A Shares (units) </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Class B Shares (units) </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 15px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 18,957,758 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 64,436,093 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 83,393,851 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Remuneration </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ILP exercised </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 184,117 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 184,117 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 15px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Premium recognized </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 71,919 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 71,919 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 19,213,794 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 64,436,093 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 83,649,887 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"><br/></td>
</tr>
</tbody>
</table>
</div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIssuedCapitalExplanatory', window );">Schedule of Company&#8217;s shareholders</a></td>
<td class="text">
<div id="t_ft_JMQMEYIFGG00000000000000000000b">
<table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 85px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="7" style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> In units </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Company Shareholders </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Class A </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Class B </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cogna Group </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 64,436,093 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;64,436,093 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Free Float </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,213,794 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,213,794 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Treasury shares (Note <span>24</span>d) </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,000,000 </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160;&#160;1,000,000 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total (%) </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 23% </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 77% </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160;&#160;&#160;&#160;&#160;83,649,887 </span></p>
</td>
<td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
</tbody>
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</div>
<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfEarningsPerShareExplanatory', window );">Schedule of earning per share</a></td>
<td class="text">
<div style="margin: 0px; text-indent: 0px;">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 72px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 64.8686%; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 14px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Loss Attributable to Shareholder&#180;s </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (54,573 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 1.38313%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (118,754 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (45,649 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Weighted average number of ordinary shares outstanding (thousands) (i)&#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 83,651 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 82,254 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 83,012 </span></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Basic earning (loss) per share - R$&#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (0.65 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1.44 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (0.55 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Diluted earning (loss) per share - R$&#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (0.65 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 1.38313%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1.44 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; width: 0.968188%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (0.55 </span></p>
</td>
<td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
</tbody>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div id="t_ft_7EVB1U7DTC00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; height: 10px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; text-align: left; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span></td>
<td style="height: 10px; text-align: justify; width: 97%;"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company has not changed its number of voting rights since the IPO on July 31, 2020.</span></span></td>
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<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of classes of share capital. [Refer: Share capital [member]]</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of issued capital. [Refer: Issued capital]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733504240">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net Revenue from sales and Services (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueAbstract', window );"><strong>Net Revenue from sales and Services</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfProductsAndServicesExplanatory', window );">Schedule of revenue by categories</a></td>
<td class="text">
<div style="margin: 0px; text-indent: 0px;">
<div style="margin: 0px; text-indent: 0px;">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 697px; text-indent: 0px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2022</span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2021</span></p>
</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2020</span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Learning Systems </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="vertical-align: bottom; height: 10px; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 878,468 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 568,522 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 608,200 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (382 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (219 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (40 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (13,157 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (14,302 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (8,603 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (78,468 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (41,919 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (17,553 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 786,461 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 512,082 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 582,004 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Textbooks </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 228,094 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 212,708 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 308,298 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (214 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,608 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (250 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,120 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (31,401 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (41,330 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (72,488 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 195,359 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 169,770 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 235,560 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px; padding: 0px 5px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Complementary Education Services </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 159,207 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 148,817 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 63,491 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (193 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (961 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (17 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,415 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15,755 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (10,459 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,880 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 141,844 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 137,397 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 60,588 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Other services </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 38,727 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 34,498 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 34,118 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (7,046 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,034 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,864 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 31,681 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 31,464 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 30,254 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Total Content &amp; EdTech </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,304,496 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 964,545 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,014,107 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (7,835 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,822 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (4,171 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15,692 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (14,302 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (8,609 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (125,624 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (93,708 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (92,921 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 1,155,345 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 850,713 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 908,406 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> E-commerce </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 113,569 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 100,084 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 97,632 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,873 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,473 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,261 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,533 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,595 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,149 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 106,163 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 95,016 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 89,222 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Other digital services </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 3,026 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,850 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (254 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (160 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 2,772 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 1,690 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Total Digital Services </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 116,595 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 101,934 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 97,632 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,127 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,633 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,261 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,533 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,595 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,149 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 108,935 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 96,706 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 89,222 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"> Total </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Gross revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,421,091 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,066,479 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,111,739 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (9,962 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (8,455 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,432 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Discounts </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15,692 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (14,302 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (8,609 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Returns </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (131,157 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (96,303 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (99,070 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 1,264,280 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 947,419 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 997,628 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Sales </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,229,827 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 914,266 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 967,374 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Service </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 34,453 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 33,153 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 30,254 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Net revenue </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 1,264,280 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 947,419 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 997,628 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the entity's products and services. [Refer: Products and services [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733388352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Costs and Expenses by Nature (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Costs and Expenses by Nature</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfCostsAndExpensesByNatureTableTextBlock', window );">Schedule of costs and expenses by nature</a></td>
<td class="text">
<div>
<div>
<table cellpadding="0" style="height: 445px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 65%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Salaries and payroll charges </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (281,894 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (274,581 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (279,523 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Raw materials and productions costs </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (201,700 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (185,862 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (216,791 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Editorial costs </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (49,329 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (71,705 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (52,794 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Depreciation and amortization </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (268,714 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (211,156 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (174,088 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Copyright </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (72,348 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (58,885 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (59,597 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Advertising and publicity </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (99,834 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (77,655 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (88,965 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Utilities, cleaning and security </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (20,087 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,505 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (19,499 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Rent and condominium fees </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (18,312 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (17,775 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (14,278 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Third-party services </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (47,667 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,758 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (23,904 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Travel </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (23,577 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (8,747 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (8,760 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Consulting and advisory services </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (34,166 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (23,395 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,269 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (45,904 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (32,726 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,015 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Material </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,263 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,523 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,708 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Taxes and contributions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (1,777 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,808 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (2,066 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Reversal for tax, civil and labor risks </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 15,099 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 1,986 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,092 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Provision for obsolete inventories </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (40,924 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (22,117 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (4,057 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Income from lease and sublease agreements with related parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 13,047 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 15,939 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 21,683 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other income, net </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 662 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5,554 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4,283 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (1,183,688 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (1,018,719 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (970,256 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Cost of goods sold and services </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (473,135 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">)</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (396,829 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">)</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (378,003 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Commercial expenses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (194,043 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (164,439 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (165,169 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> General and administrative expenses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (471,626 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (430,279 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (406,352 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Impairment loss on accounts receivable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (45,904 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (32,726 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (25,015 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other operating income, net </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; 1,020 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 5,554 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 4,283 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (1,183,688 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (1,018,719 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (970,256 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
</tbody>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNatureAbstract</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of costs and expenses by nature.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733508672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Finance result (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfFinanceIncomeCostAbstract', window );"><strong>Finance result</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ScheduleOfFinanceResultNetTableTextBlock', window );">Schedule of finance result (net)</a></td>
<td class="text">
<div>
<table cellpadding="0" style="height: 270px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2022 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Finance income </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Income from financial investments and marketable securities (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 54,954 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 26,719 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 16,907 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Income finance from indemnification assets and contingencies (ii) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 31,077 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">6,818</span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;">1,476</span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other finance income </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,526 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,103 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> 2,601 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 88,557 </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 35,640 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> 20,984 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Finance costs </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on bonds and financing </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (108,896 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (43,549 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (52,935 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on account payables for business combinations</span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (65,725 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;">8,158</span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;">(<span style="font-family: 'times new roman', times; font-size: 10pt;">1,568</span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Imputed interest on suppliers </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (19,810 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,609 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (12,286 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on Loans from related parties </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;"><br/></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (157 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,344 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Bank and collection fees </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,891 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (6,587 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (17,771 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on provision for tax, civil and labor losses</span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (52,891 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (34,300 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (13,297 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Interest on Lease Liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (13,143 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (14,984 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (15,077 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Other finance costs&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,968 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (5,839 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> (3,131 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 10px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (270,324 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (120,183 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (119,409 </span></p>
</td>
<td style="vertical-align: middle; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Financial Result (net) </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (181,767 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (84,543 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> (98,425 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p>
<div id="t_ft_QL3SN4CX2O00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: &quot;times new roman&quot;; font-size: 10pt; height: 21px;">
<tbody>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; text-align: left; width: 3%;" valign="top"><span style="font-size: 10pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</span><span style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'times new roman', times; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</span></span></td>
<td style="text-align: justify; height: 10px; width: 97%;"><span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Refers to income from marketable securities indexed at CDI.</span></span></td>
</tr>
<tr style="height: 11px;">
<td style="vertical-align: top; height: 11px; text-align: left;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</span></td>
<td style="text-align: justify; height: 11px;"><span><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Refers to an indemnification asset in the amount of R$ 20,249&#160;in connection with the acquisition of&#160;</span>Somos<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;(</span>Vasta&#8217;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Predecessor) by&#160;</span>Cogna<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Group (</span>Vasta&#8217;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Parent Company), as mentioned in the note <span style="border-left: none; border-right: none;">21</span>b, and reversal of interest on provision for tax losses in the amount of R$ 10,828.</span></span></span></td>
</tr>
</tbody>
</table>
</div>
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfFinanceIncomeCostAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of finance result (net).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737927216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Segment Reporting (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsAbstract', window );"><strong>Segment Reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsExplanatory', window );">Schedule of business' revenue, its reconciliation to "profit (loss) before finance result and tax", assets and liabilities by reportable segment</a></td>
<td class="text">
<div>
<table cellpadding="0" style="height: 213px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="7" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2022 </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 11px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Content &amp;&#160;</span><span style="font-weight: bold;">EdTech</span><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;Platform</span></span><br/></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Digital Services Platform </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 11px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net revenue from sales and services </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,155,345 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 108,935 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,264,280 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cost of goods sold and services </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (375,167 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (97,968 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (473,135 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">)</td>
</tr>
<tr style="height: 14px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Operating income (expenses) </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (445,330 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (26,295 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (471,626 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Commercial expenses </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (183,118 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (10,926 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (194,043 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other operating income, net </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,260 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,240 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,020 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Impairment losses on trade receivables </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (45,769 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (135 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (45,904 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">Share of loss equity-accounted investees</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;">(4,512</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><span style="font-weight: bold;">-</span></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><span style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(4,512</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left;">)</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Profit (loss) before finance result and taxes </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 103,709 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (27,629 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 76,080 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Assets </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 7,438,094 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 82,497 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 7,520,591 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Current and non-current liabilities </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,852,390 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 38,521 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,890,911 </span></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"><br/></td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="background-color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="height: 190px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span><br/></p>
</td>
<td colspan="7" style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2021 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 10px;"/>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Content &amp; EdTech Platform </span></p>
</td>
<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Digital Services </span></p>
</td>
<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 65%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net revenue from sales and services </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 850,713 </span></p>
</td>
<td style="vertical-align: middle; width: 1%; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 96,706 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 947,419 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cost of goods sold and services </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (327,651 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (69,178 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (396,829 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Operating income (expenses) </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (413,746 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (16,533 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">)</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (430,279 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Commercial expenses </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (147,664 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (16,775 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (164,439 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other operating income </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,469 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 85 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5,554 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (32,344 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (382 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">)</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (32,726 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Loss before finance result and taxes </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (65,223 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (6,077 </span></p>
</td>
<td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (71,300 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Assets </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 7,207,084 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 126,323 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"><br/></td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 7,333,407 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Current and non-current liabilities </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,605,351 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 62,847 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br/></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,668,198 </span></p>
</td>
<td colspan="2" style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="background-color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 216px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td colspan="7" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"> December 31, 2020 </span></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; margin-left: 0.1px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><br/></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Content &amp; EdTech Platform </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Digital Services </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Net revenue from sales and services&#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 908,406 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 89,222 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 997,628 </span></p>
</td>
<td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cost of goods sold and services </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (301,882 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (76,121 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (378,003 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Operating income (expenses) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> General and administrative expenses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (387,023 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (19,329 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (406,352 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Commercial expenses </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (152,659 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (12,510 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (165,169 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other operating income </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,283 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4,283 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Impairment losses on trade receivables </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (25,015 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (25,015 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ) </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Profit (Loss) before finance result and taxes </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 46,110 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> (18,738 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> ) </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 27,372 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Assets </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 6,848,198 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 130,072 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 6,978,270 </span></p>
</td>
<td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> Current and non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,141,107 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 51,847 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"> 2,192,953 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
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<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of operating segments. [Refer: Operating segments [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451736482592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="text">
<table cellpadding="0" style="height: 444px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Phidelis </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> MVP </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 64%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cash and cash equivalents </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 162 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 217 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 379 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Trade receivables </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 65 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 131 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 196 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Taxes recoverable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 5 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 228 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 352 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 580 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> Property, plant and equipment </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 72 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 72 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Intangible assets - Customer Portfolio </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 1,521 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,313 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 3,834 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Intangible assets - Software </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 523 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,702 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 3,225 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total non-current assets </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 2,044 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 5,087 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"> 7,131 </span></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total Assets </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,272 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,439 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,711 </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 18px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> Current liabilities&#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Salaries and social contributions </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 58 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 4 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 62 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Taxes payable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 10 </span></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Income tax and social contribution payable </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 80 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 80 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 12 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 58 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 106 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 164 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Provision for tax, civil and labor losses </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,504 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,504 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total non-current liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> - </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,504 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 2,504 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 58 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,610 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,668 </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net identifiable assets at fair value (A) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,214 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 2,829 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> 5,043 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px; background-color: #bdd7ee;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Total Consideration transferred (B) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 3,600 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 18,366 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 21,966 </span></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Goodwill (B &#8211; A) (i) </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,386 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 15,537 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"> &#160; </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> 16,923 </span></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#160; </span></p>
</td>
</tr>
</tbody>
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<span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about business combinations. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Section Disclosures application of paragraphs 59 and 61<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;doctype=Appendix&amp;subtype=B&amp;dita_xref=IFRS03_gB64-B67__IFRS03_gB64-B67_TI<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451730102928">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>The Company and Basis of Presentation (Details)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas de Ensino S.A. ("Somos Sistemas")</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_LivrariaLivroFacilLtdaMember', window );">Livraria Livro F&#225;cil Ltda.("Livro F&#225;cil")</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_AAndRComercioEServicosDeInformaticaLtdaMember', window );">A &amp; R Comercio e Servicos de Informatica Ltda. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_MindMakersEditoraEducacionalMember', window );">Mind Makers Editora Educacional (&#8220;Mind Makers&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_ColegioAngloSaoPauloMember', window );">Col&#233;gio Anglo S&#227;o Paulo</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember', window );">Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (&#8220;Phidelis&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_MvpConsultoriaESistemasLtdaMember', window );">MVP Consultoria e Sistemas Ltda. (&#8220;MVP&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_MerittInformacaoEducacionalLtdaMember', window );">Meritt Informa&#231;&#227;o Educacional Ltda (&#8220;Meritt&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember', window );">Sociedade Educacional da Lagoa Ltda (&#8220;SEL&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_Nota1000ServicosEducacionaisSAMember', window );">Nota 1000 Servi&#231;os Educacionais Ltda ("Reda&#231;&#227;o Nota 1000")</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember', window );">EMME &#8211; Produ&#231;&#245;es de Materiais em Multim&#237;dia Ltda (&#8220;EMME&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_EditoraDeGougesSAMember', window );">Editora De Gouges S.A ("De Gouges")</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; color: #000000;">Entities that were merged during the fiscal year ended December 31,2022</span></span></span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfGeneralInformationAboutEntityLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_LivrariaLivroFacilLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_LivrariaLivroFacilLtdaMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_AAndRComercioEServicosDeInformaticaLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_AAndRComercioEServicosDeInformaticaLtdaMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_MindMakersEditoraEducacionalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_ColegioAngloSaoPauloMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_Nota1000ServicosEducacionaisSAMember</td>
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<td>na</td>
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<td>na</td>
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<SEQUENCE>99
<FILENAME>R66.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729721680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>The Company and Basis of Presentation (Details 1)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Jul. 23, 2020 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>BRL (R$) </div>
<div>Item </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>BRL (R$) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>BRL (R$) </div>
<div>shares</div>
</th>
<th class="th">
<div>Jul. 19, 2022 </div>
<div>BRL (R$) </div>
<div>Installments</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfReportableSegments1', window );">Number of Reportable Segments | Item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners', window );">Capital contribution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 2,426<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Consideration transferred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 21,966<span></span>
</td>
<td class="nump">R$ 703,258<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssueOfOrdinaryShares', window );">Issuance of common shares in initial public offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 1,836,317<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">83,649,887<span></span>
</td>
<td class="nump">83,393,851<span></span>
</td>
<td class="nump">83,011,585<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareIssueRelatedCost', window );">Share issuance costs, net of taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 141,173<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas de Ensino S.A. ("Somos Sistemas")</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EducbankGestaoDePagamentosEducacionaisSAMember', window );">Educbank</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">45.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Consideration transferred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 87,651<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Consideration paid in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">63,814<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred', window );">Business Combination, Remaining consideration to be transferred, acquisition-date fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 23,837<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfInstallmentsForContingentConsiderationPayment', window );">Number of installments for contingent consideration payment | Installments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_FlexFlixLimitedMember', window );">Flex Flix Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Consideration paid in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 8,271<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember', window );">Cogna Group</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners', window );">Capital contribution</a></td>
<td class="nump">R$ 2,426<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember', window );">Cogna Group | Somos Group | Somos Sistemas de Ensino S.A. ("Somos Sistemas")</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of cash transferred as consideration in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph f<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_f_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through other contributions by owners that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssueOfOrdinaryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuing of ordinary shares. [Refer: Ordinary shares [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssueOfOrdinaryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareIssueRelatedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cost related to the issuance of shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareIssueRelatedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the remaining consideration to be transferred in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfGeneralInformationAboutEntityLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NumberOfInstallmentsForContingentConsiderationPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfInstallmentsForContingentConsiderationPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NumberOfReportableSegments1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of segments reported by the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfReportableSegments1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451738156000">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Basis of preparation and presentation of Consolidated Financial Statements (Details)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas de Ensino S.A. ("Somos Sistemas")</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_LivrariaLivroFacilLtdaMember', window );">Livraria Livro F&#225;cil Ltda.("Livro F&#225;cil")</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_AAndRComercioEServicosDeInformaticaLtdaMember', window );">A &amp; R Comercio e Servicos de Informatica Ltda. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_MindMakersEditoraEducacionalMember', window );">Mind Makers Editora Educacional (&#8220;Mind Makers&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_ColegioAngloSaoPauloMember', window );">Col&#233;gio Anglo S&#227;o Paulo</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember', window );">Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (&#8220;Phidelis&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_MvpConsultoriaESistemasLtdaMember', window );">MVP Consultoria e Sistemas Ltda. (&#8220;MVP&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_MerittInformacaoEducacionalLtdaMember', window );">Meritt Informa&#231;&#227;o Educacional Ltda (&#8220;Meritt&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember', window );">Sociedade Educacional da Lagoa Ltda (&#8220;SEL&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_Nota1000ServicosEducacionaisSAMember', window );">Nota 1000 Servi&#231;os Educacionais Ltda ("Reda&#231;&#227;o Nota 1000")</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember', window );">EMME &#8211; Produ&#231;&#245;es de Materiais em Multim&#237;dia Ltda (&#8220;EMME&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_EditoraDeGougesSAMember', window );">Editora De Gouges S.A ("De Gouges")</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfGeneralInformationAboutEntityLineItems', window );"><strong>The Company and Basis of Presentation</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest %</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; color: #000000;">Entities that were merged during the fiscal year ended December 31,2022</span></span></span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember</td>
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<tr>
<td><strong> Name:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_EditoraDeGougesSAMember</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733423648">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Use of estimates and judgements (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The sales return term from delivery date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<FILENAME>R69.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451738207952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies and new and not yet effective accounting standards (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=vsta_PropertyBuildingsAndLeaseholdImprovementsMember', window );">Property, buildings and leasehold improvements [member] | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Estimated useful lives (in years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=vsta_PropertyBuildingsAndLeaseholdImprovementsMember', window );">Property, buildings and leasehold improvements [member] | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Estimated useful lives (in years)</a></td>
<td class="text">20 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">IT equipment [member] | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Estimated useful lives (in years)</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">IT equipment [member] | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Estimated useful lives (in years)</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture, equipment and fittings [member] | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Estimated useful lives (in years)</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture, equipment and fittings [member] | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Estimated useful lives (in years)</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_RightofuseAssetsMember', window );">Right of use assets [member] | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Estimated useful lives (in years)</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_RightofuseAssetsMember', window );">Right of use assets [member] | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Estimated useful lives (in years)</a></td>
<td class="text">15 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The useful life, measured as period of time, used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=vsta_PropertyBuildingsAndLeaseholdImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=vsta_PropertyBuildingsAndLeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_RightofuseAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_RightofuseAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>103
<FILENAME>R70.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737276320">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies and new and not yet effective accounting standards (Details 2)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NominalStatutoryRateForCalculatingCorporateIncomeTax', window );">Nominal statutory rates for calculating IRPJ (as a percent)</a></td>
<td class="nump">25.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome', window );">Nominal statutory rates for calculating CSLL (as a percent)</a></td>
<td class="nump">9.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_ComputerSoftwareMember', window );">Software [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill', window );">Estimated useful lives (in years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_BrandNamesMember', window );">Trademarks [member] | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill', window );">Estimated useful lives (in years)</a></td>
<td class="text">20 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_BrandNamesMember', window );">Trademarks [member] | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill', window );">Estimated useful lives (in years)</a></td>
<td class="text">30 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer portfolio [member] | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill', window );">Estimated useful lives (in years)</a></td>
<td class="text">12 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer portfolio [member] | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill', window );">Estimated useful lives (in years)</a></td>
<td class="text">13 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CapitalisedDevelopmentExpenditureMember', window );">Platform content [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill', window );">Estimated useful lives (in years)</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The useful life, measured as period of time, used for intangible assets other than goodwill. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2022-03-24<br> -Paragraph 118<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_118_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NominalStatutoryRateForCalculatingCorporateIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of nominal statutory rate for calculating corporate income tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NominalStatutoryRateForCalculatingCorporateIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of nominal statutory rate for calculating social contribution on net income.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NominalStatutoryRateForCalculatingSocialContributionOnNetIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_ComputerSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_ComputerSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_BrandNamesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_BrandNamesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CapitalisedDevelopmentExpenditureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CapitalisedDevelopmentExpenditureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>104
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451732583424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies and new and not yet effective accounting standards (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaximumMaturityPeriodOfCashAndCashEquivalents', window );">Maximum maturity period of cash and cash equivalents</a></td>
<td class="text">3 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PeriodOfLeaseTermOfShortTermLeases', window );">Period of lease term of short-term leases</a></td>
<td class="text">12 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Share capital</a></td>
<td class="nump">R$ 4,820,815<span></span>
</td>
<td class="nump">R$ 4,820,815<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Share capital (in shares)</a></td>
<td class="nump">82,649,887<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CapitalReserve', window );">Capital Reserve</a></td>
<td class="nump">R$ 80,531<span></span>
</td>
<td class="nump">61,488<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of shares upon repurchase program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,880<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems', window );">Minimum Period of contract for sale of textbooks and learning systems (in years)</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems', window );">Maximum Period of contract for sale of textbooks and learning systems (in years)</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesReturnTermFromDeliveryDate', window );">Sales return term from delivery date</a></td>
<td class="text">4 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011', window );">Tax effect of revenues exempt from taxation</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NominalStatutoryRateOnServiceRevenues', window );">Nominal statutory rate on service revenues (as a percent)</a></td>
<td class="nump">9.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MunicipalServiceTaxStatutoryRate', window );">Municipal service tax, statutory rate (as a percent)</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember', window );">Treasury shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of shares upon repurchase program</a></td>
<td class="nump">R$ 23,880<span></span>
</td>
<td class="nump">R$ 23,880<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PurchaseOfTreasurySharesNumber', window );">Number of shres acquired upon repurchase program</a></td>
<td class="nump">1,000,000<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember', window );">Cogna Group</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Share capital</a></td>
<td class="nump">R$ 4,820,815<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBCommonSharesMember', window );">Class B common shares | Cogna Group</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Share capital (in shares)</a></td>
<td class="nump">64,436,093<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember', window );">Class&#160;A common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Share capital (in shares)</a></td>
<td class="nump">18,213,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember', window );">Class&#160;A common shares | Treasury shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of shares upon repurchase program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 23,880<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PurchaseOfTreasurySharesNumber', window );">Number of shres acquired upon repurchase program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CapitalReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the capital reserves.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CapitalReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity resulting from the purchase of treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to revenues that are exempt from taxation. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxEffectOfRevenuesExemptFromTaxation2011</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MaximumMaturityPeriodOfCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum maturity period of cash and cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MaximumMaturityPeriodOfCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the maximum Period of contract for sale of textbooks and learning systems.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the minimum Period of contract for sale of textbooks and learning systems.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MinimumPeriodOfContractForSaleOfTextbooksAndLearningSystems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MunicipalServiceTaxStatutoryRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of statutory rate for municipal service tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MunicipalServiceTaxStatutoryRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NominalStatutoryRateOnServiceRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of nominal statutory rate on service revenues.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NominalStatutoryRateOnServiceRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PeriodOfLeaseTermOfShortTermLeases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The period of lease term of short-term leases upon lease contract.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PeriodOfLeaseTermOfShortTermLeases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PurchaseOfTreasurySharesNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of treasury shares purchased for repurchase program.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PurchaseOfTreasurySharesNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_SalesReturnTermFromDeliveryDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The sales return term from delivery date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_SalesReturnTermFromDeliveryDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBCommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBCommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>105
<FILENAME>R72.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729040592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Combinations - Textual (Details)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jan. 14, 2022 </div>
<div>BRL (R$) </div>
<div>Installments</div>
</th>
<th class="th">
<div>Oct. 29, 2021 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Aug. 01, 2021 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>May 27, 2021 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Mar. 02, 2021 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Consideration transferred, acquisition-date fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 21,966<span></span>
</td>
<td class="nump">R$ 703,258<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesDiscounts', window );">Discounts on sale price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 15,692<span></span>
</td>
<td class="nump">14,302<span></span>
</td>
<td class="nump">R$ 8,609<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember', window );">Phidelis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Consideration transferred, acquisition-date fair value</a></td>
<td class="nump">R$ 21,966<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Consideration paid in cash</a></td>
<td class="nump">8,854<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred', window );">Business Combination, Remaining consideration to be transferred, acquisition-date fair value</a></td>
<td class="nump">R$ 7,638<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PeriodOfConsiderationTermsDividedInInstallments', window );">Period for remaining consideration to be transferred</a></td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">Extended National Consumer Price Index (&#8220;IPCA&#8221;)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate', window );">Contingent consideration</a></td>
<td class="nump">R$ 5,474<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfInstallmentsForContingentConsiderationPayment', window );">Number of installments for contingent consideration payment | Installments</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueOfAcquiree', window );">Revenue from the date of acquisition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,157<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossOfAcquiree', window );">Net profit (loss) from the date of acquisition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">780<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueOfCombinedEntity', window );">Combined net revenue from sales and services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,264,287<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossOfCombinedEntity', window );">Combined net profit (loss)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(54,572)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember', window );">SEL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Consideration transferred, acquisition-date fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 65,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">65,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Consideration paid in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">38,124<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred', window );">Business Combination, Remaining consideration to be transferred, acquisition-date fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 26,876<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PeriodOfConsiderationTermsDividedInInstallments', window );">Period for remaining consideration to be transferred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">100% of CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PeriodForMinimumAmountOfContractRevenueToBeAchieved', window );">Period for minimum amount of contract revenue to be achieved</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember', window );">SEL | 2023 and 2024</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MinimumAmountOfContractRevenueRequired', window );">Minimum Amount Of Contract Revenue Required</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 39,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisSAMember', window );">Reda&#231;&#227;o Nota 1000</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Consideration transferred, acquisition-date fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 11,387<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,387<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Consideration paid in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,093<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred', window );">Business Combination, Remaining consideration to be transferred, acquisition-date fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 7,294<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">100% of CDI index<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BusinessCombinationConsiderationPaymentsFinalDueDate', window );">Consideration payments final due date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Dec. 24,  2026<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate', window );">Contingent consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 2,650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration', window );">Measurement period adjustments recognised for intangible assets and goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,098<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember', window );">EMME</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Consideration transferred, acquisition-date fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 15,317<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,317<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Consideration paid in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,063<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred', window );">Business Combination, Remaining consideration to be transferred, acquisition-date fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 12,253<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#8220;IPCA&#8221; &#8211; Extended National Consumer Price Index<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BusinessCombinationConsiderationPaymentsFinalDueDate', window );">Consideration payments final due date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Aug. 16,  2026<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration', window );">Measurement period adjustments recognised for intangible assets and goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,055<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember', window );">De Gouges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Consideration transferred, acquisition-date fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 611,554<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 611,554<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Consideration paid in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">160,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred', window );">Business Combination, Remaining consideration to be transferred, acquisition-date fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 451,554<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">100% of CDI index<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BusinessCombinationConsiderationPaymentsFinalDueDate', window );">Consideration payments final due date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Oct. 29,  2026<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember', window );">De Gouges | Somos Sistemas de Ensino S.A. ("Somos Sistemas")</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesDiscounts', window );">Discounts on sale price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 62,234<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaximumPeriodForDiscountsOnSalePrice', window );">Maximum period for discounts on sale price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember', window );">De Gouges | 2023 and 2024</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LimitedAmountOfDiscountsOnSalePrice', window );">Limited amount of discounts on sale price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 16,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of cash transferred as consideration in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph f<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_f_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashTransferred</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount, at acquisition date, of contingent consideration arrangements recognised as consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_g_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContingentConsiderationRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of measurement period adjustments recognised for particular assets, liabilities, non-controlling interests or items of consideration if the initial accounting for a business combination is incomplete. The measurement period is the period after the acquisition date during which the acquirer may adjust the provisional amounts recognised for a business combination. [Refer: Non-controlling interests; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B67<br> -Subparagraph a<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B67_a_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MeasurementPeriodAdjustmentsRecognisedForParticularAssetsLiabilitiesNoncontrollingInterestsOrItemsOfConsideration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossOfAcquiree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) of the acquiree, since the acquisition date, included in the consolidated statement of comprehensive income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph q<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_q_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossOfAcquiree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossOfCombinedEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) of the combined entity as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period. [Refer: Business combinations [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph q<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_q_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossOfCombinedEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueOfAcquiree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue of the acquiree since the acquisition date included in the consolidated statement of comprehensive income. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph q<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_q_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueOfAcquiree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueOfCombinedEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The revenue of the combined entity as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period. [Refer: Business combinations [member]; Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph q<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_q_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueOfCombinedEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the remaining consideration to be transferred in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BusinessCombinationConsiderationPaymentsFinalDueDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The date on which the acquirer to pay final installments to obtains control of the acquiree in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BusinessCombinationConsiderationPaymentsFinalDueDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_LimitedAmountOfDiscountsOnSalePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of limited discounts on sale price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_LimitedAmountOfDiscountsOnSalePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MaximumPeriodForDiscountsOnSalePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum period of discounts on sale price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MaximumPeriodForDiscountsOnSalePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MinimumAmountOfContractRevenueRequired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The minimum amount of contract revenue required with in specific period in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MinimumAmountOfContractRevenueRequired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NumberOfInstallmentsForContingentConsiderationPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfInstallmentsForContingentConsiderationPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PeriodForMinimumAmountOfContractRevenueToBeAchieved">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PeriodForMinimumAmountOfContractRevenueToBeAchieved</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PeriodOfConsiderationTermsDividedInInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The period for remaining consideration to be transferred in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PeriodOfConsiderationTermsDividedInInstallments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_SalesDiscounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of discounts on sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_SalesDiscounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember">
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>106
<FILENAME>R73.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451722635616">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Business Combinations (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Oct. 29, 2021</div></th>
<th class="th"><div>Aug. 01, 2021</div></th>
<th class="th"><div>May 27, 2021</div></th>
<th class="th"><div>Mar. 02, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 379<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 19,062<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecognisedAsOfAcquisitionDate', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">196<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">20,599<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InventoryRecognisedAsOfAcquisitionDate', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,534<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PrepaymentsRecognisedAsOfAcquisitionDate', window );">Prepayments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">97<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesRecoverableRecognisedAsOfAcquisitionDate', window );">Taxes recoverable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,956<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">192<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">580<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">46,440<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">72<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,011<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Other intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,138<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,834<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">83,589<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Trade agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">247,622<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,225<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11,036<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,131<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">345,396<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableAssetsRecognisedAsOfAcquisitionDate', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,711<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">391,836<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate', window );">Salaries and social contributions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">62<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,596<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesPayableRecognisedAsOfAcquisitionDate', window );">Taxes payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">326<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate', window );">Income tax and social contribution payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">80<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,265<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate', window );">Provision for trade discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,700<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">164<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">27,187<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate', window );">Provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,504<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,231<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate', window );">Provision for trade discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">47,234<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total non-current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,504<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">48,465<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,668<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">75,652<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net identifiable assets at fair value (A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,043<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">316,184<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total Consideration transferred (B)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,966<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">703,258<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill (B &#8211; A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">16,923<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">387,074<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ifrs-full_BusinessCombinationsMember', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 11,036<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember', window );">Phidelis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">162<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecognisedAsOfAcquisitionDate', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">65<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesRecoverableRecognisedAsOfAcquisitionDate', window );">Taxes recoverable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">228<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,521<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">523<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,044<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableAssetsRecognisedAsOfAcquisitionDate', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,272<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate', window );">Salaries and social contributions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">58<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesPayableRecognisedAsOfAcquisitionDate', window );">Taxes payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate', window );">Income tax and social contribution payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">58<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate', window );">Provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total non-current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">58<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net identifiable assets at fair value (A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,214<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total Consideration transferred (B)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,600<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill (B &#8211; A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">1,386<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_MvpConsultoriaESistemasLtdaMember', window );">MVP</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">217<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecognisedAsOfAcquisitionDate', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">131<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesRecoverableRecognisedAsOfAcquisitionDate', window );">Taxes recoverable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">352<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">72<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,313<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,702<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,087<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableAssetsRecognisedAsOfAcquisitionDate', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,439<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate', window );">Salaries and social contributions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesPayableRecognisedAsOfAcquisitionDate', window );">Taxes payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate', window );">Income tax and social contribution payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">80<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">106<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate', window );">Provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,504<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total non-current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,504<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,610<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net identifiable assets at fair value (A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,829<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total Consideration transferred (B)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,366<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill (B &#8211; A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">R$ 15,537<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember', window );">SEL</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,461<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecognisedAsOfAcquisitionDate', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InventoryRecognisedAsOfAcquisitionDate', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PrepaymentsRecognisedAsOfAcquisitionDate', window );">Prepayments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesRecoverableRecognisedAsOfAcquisitionDate', window );">Taxes recoverable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">180<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,641<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">611<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Other intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">18,783<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Trade agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,296<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">20,690<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableAssetsRecognisedAsOfAcquisitionDate', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">22,331<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate', window );">Salaries and social contributions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesPayableRecognisedAsOfAcquisitionDate', window );">Taxes payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">17<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate', window );">Income tax and social contribution payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">33<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate', window );">Provision for trade discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">51<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate', window );">Provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate', window );">Provision for trade discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total non-current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">51<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net identifiable assets at fair value (A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">22,280<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total Consideration transferred (B)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">65,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 65,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill (B &#8211; A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">42,720<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisSAMember', window );">Reda&#231;&#227;o Nota 1000</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">525<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecognisedAsOfAcquisitionDate', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,327<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InventoryRecognisedAsOfAcquisitionDate', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PrepaymentsRecognisedAsOfAcquisitionDate', window );">Prepayments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesRecoverableRecognisedAsOfAcquisitionDate', window );">Taxes recoverable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,852<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Other intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,099<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Trade agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,692<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,791<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableAssetsRecognisedAsOfAcquisitionDate', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8,643<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">180<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate', window );">Salaries and social contributions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">124<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesPayableRecognisedAsOfAcquisitionDate', window );">Taxes payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">207<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate', window );">Income tax and social contribution payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate', window );">Provision for trade discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,673<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,184<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate', window );">Provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate', window );">Provision for trade discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total non-current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,184<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net identifiable assets at fair value (A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,459<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total Consideration transferred (B)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11,387<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 11,387<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill (B &#8211; A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,928<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember', window );">EMME</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">637<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecognisedAsOfAcquisitionDate', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,082<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InventoryRecognisedAsOfAcquisitionDate', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PrepaymentsRecognisedAsOfAcquisitionDate', window );">Prepayments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">14<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesRecoverableRecognisedAsOfAcquisitionDate', window );">Taxes recoverable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,742<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">128<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Other intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Trade agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,048<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,177<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableAssetsRecognisedAsOfAcquisitionDate', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,919<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate', window );">Salaries and social contributions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">600<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesPayableRecognisedAsOfAcquisitionDate', window );">Taxes payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">102<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate', window );">Income tax and social contribution payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate', window );">Provision for trade discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">717<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate', window );">Provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate', window );">Provision for trade discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total non-current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">717<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net identifiable assets at fair value (A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,202<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total Consideration transferred (B)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15,317<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 15,317<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill (B &#8211; A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">10,115<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember', window );">De Gouges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">16,439<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecognisedAsOfAcquisitionDate', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">18,190<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InventoryRecognisedAsOfAcquisitionDate', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,534<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 4,534<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PrepaymentsRecognisedAsOfAcquisitionDate', window );">Prepayments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">83<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesRecoverableRecognisedAsOfAcquisitionDate', window );">Taxes recoverable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,947<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">41,205<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,272<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Other intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">38<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">64,806<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Trade agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">247,622<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">247,622<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">313,738<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableAssetsRecognisedAsOfAcquisitionDate', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">354,943<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,107<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate', window );">Salaries and social contributions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,871<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesPayableRecognisedAsOfAcquisitionDate', window );">Taxes payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate', window );">Income tax and social contribution payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,232<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate', window );">Provision for trade discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">25<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">24,235<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate', window );">Provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,231<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate', window );">Provision for trade discount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">47,234<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total non-current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">48,465<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">72,700<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net identifiable assets at fair value (A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">282,243<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total Consideration transferred (B)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">611,554<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 611,554<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill (B &#8211; A)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 329,311<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="9"></td></tr>
<tr><td colspan="9"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span>Accounts receivable from customers comprise gross contractual amounts due of R$<span style="border-right: none; border-left: none;"><span style="border-left: none; border-right: none;">24,344</span>,</span> of which R$<span style="border-left: none; border-right: none;">3,746</span> were uncollectible on the acquisition date. See Note <span style="border-left: none; border-right: none;"><span>10</span></span>e.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">As a result of the purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;">4,534</span> in inventories (&#8220;De Gouges&#8221;), based on the expectation of sales of this inventory at around <span style="border-left: none; border-right: none;">33</span>% per year.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">As a result of purchase price allocation, the Company identified R$ 18,783, customer portfolio (&#8220;SESI&#8221;), and R$ 64,806, customer portfolio (&#8220;De Gouges&#8221;) based on customer portfolio receivables expectation around 8% per year. See Note 14.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">As a result of the purchase price allocation, the Company identified R$ 247,622,&#160;</span></span><span style="font-size: 10pt; text-align: justify;">a commercial agreement (&#8220;Eleva Holding&#8221;), which corresponds to the sale of teaching material from "De Gouges" to partner schools of "Eleva Holding" within </span><span style="font-size: 10pt; text-align: justify;">10</span><span style="font-size: 10pt; text-align: justify;"> years, with an estimated sales rate of </span><span style="font-size: 10pt; text-align: justify;">10</span><span style="font-size: 10pt; text-align: justify;">% per year.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">As a result of purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;">11,036</span>, Educational Software applied in the &#8220;SESI&#8221; learning system, Writing Correction Software for <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">Education System &#8220;Reda&#231;&#227;o Nota <span>1000</span>&#8221; and software that produces digital marketing material solutions for schools &#8220;EMME&#8221;, all of them based on relief from royalties&#8217; criteria (RIR) and each acquisition with its corresponding rate of net revenue by investment. See Note <span>14</span>.</span> </span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the Company, as well as an expected increase in the Company&#8217;s market-share due to the penetration of the Company&#8217;s products and services in regions where the Company did not operate before. At the time of the acquisition, future tax deductibility is probable as certain actions, necessary to integrate the businesses from a tax perspective, are intended by management and considered feasible from a legal perspective.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the acquiror, as well as an expected increase in the Company&#8217;s market-share due to the penetration of the Company&#8217;s products and services in regions where the Company did not operate before. Also, the current tax law allows the deductibility of the acquisition date goodwill and fair value of net assets acquired when a non-substantive action is taken after acquisition by the Company (i.e. when the Company merges or spins off the companies acquired) and therefore the tax and accounting bases of the net assets acquired are the same as of the acquisition date.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for cash and cash equivalents acquired in a business combination. [Refer: Cash and cash equivalents; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for current assets acquired in a business combination. [Refer: Current assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</div></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for current liabilities assumed in a business combination. [Refer: Current liabilities; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for customer-related intangible assets acquired in a business combination. [Refer: Customer-related intangible assets [member]; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InventoryRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for inventory acquired in a business combination. [Refer: Inventories; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InventoryRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for non-current assets acquired in a business combination. [Refer: Non-current assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for non-current liabilities assumed in a business combination. [Refer: Non-current liabilities; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for plant, property and equipment acquired in a business combination. [Refer: Property, plant and equipment; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for trade and other payables assumed in a business combination. [Refer: Trade and other payables; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for computer software acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for current portion of provision for trade discount assumed in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IdentifiableAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for total assets acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IdentifiableAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for total liabilities assumed in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IdentifiableLiabilitiesAssumedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for income tax and social contribution payable related liabilities assumed in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncomeTaxAndSocialContributionPayableRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for non-current portion of provision for tax, civil and labor risk assumed in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NonCurrentProvisionForTaxCivilAndLaborRiskRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for non-current portion of provision for trade discount assumed in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NonCurrentProvisionForTradeDiscountRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for other current liabilities assumed in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_OtherCurrentLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for other receivables classified as current acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_OtherCurrentReceivablesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for other intangible assets acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_OtherIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PrepaymentsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for prepayments acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PrepaymentsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for liabilities related to salaries and social contributions assumed in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_SalariesAndSocialContributionsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TaxesPayableRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for taxes payable related liabilities assumed in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TaxesPayableRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TaxesRecoverableRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for taxes recoverable acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TaxesRecoverableRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for trade agreement acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TradeReceivablesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for trade receivables acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TradeReceivablesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ifrs-full_BusinessCombinationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ifrs-full_BusinessCombinationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_MvpConsultoriaESistemasLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_MvpConsultoriaESistemasLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>107
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451728858784">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Business Combinations (Details) (Parenthetical) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Oct. 29, 2021</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Mar. 02, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 3,834<span></span>
</td>
<td class="nump">R$ 83,589<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Trade agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">247,622<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InventoryRecognisedAsOfAcquisitionDate', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,534<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 3,225<span></span>
</td>
<td class="nump">11,036<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer Portfolio [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfReceivables', window );">Percentage of receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ifrs-full_BusinessCombinationsMember', window );">Business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 11,036<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables', window );">Accounts receivable from customers, gross contractual amounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,344<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables', window );">Accounts receivable from customers which were uncollectible on the acquisition date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 3,746<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember', window );">SEL</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,783<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Trade agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InventoryRecognisedAsOfAcquisitionDate', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,296<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember', window );">SEL | Customer Portfolio [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 18,783<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisSAMember', window );">Reda&#231;&#227;o Nota 1000</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Trade agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InventoryRecognisedAsOfAcquisitionDate', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,692<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember', window );">EMME</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Trade agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InventoryRecognisedAsOfAcquisitionDate', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,048<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember', window );">De Gouges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill', window );">Useful life measured as period of time, intangible assets other than goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">64,806<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Trade agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 247,622<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">247,622<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfEstimatedSalesRate', window );">Estimated sales rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InventoryRecognisedAsOfAcquisitionDate', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 4,534<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,534<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfEstimatedSaleRateForInventory', window );">Estimated sale rate for inventory</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">33.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember', window );">De Gouges | Customer Portfolio [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Business Combinations</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets - Customer Portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 64,806<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="7"></td></tr>
<tr><td colspan="7"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As a result of purchase price allocation, the Company identified R$ 18,783, customer portfolio (&#8220;SESI&#8221;), and R$ 64,806, customer portfolio (&#8220;De Gouges&#8221;) based on customer portfolio receivables expectation around 8% per year. See Note 14.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">As a result of the purchase price allocation, the Company identified R$ 247,622,&#160;</span></span><span style="font-size: 10pt; text-align: justify;">a commercial agreement (&#8220;Eleva Holding&#8221;), which corresponds to the sale of teaching material from "De Gouges" to partner schools of "Eleva Holding" within </span><span style="font-size: 10pt; text-align: justify;">10</span><span style="font-size: 10pt; text-align: justify;"> years, with an estimated sales rate of </span><span style="font-size: 10pt; text-align: justify;">10</span><span style="font-size: 10pt; text-align: justify;">% per year.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">As a result of the purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;">4,534</span> in inventories (&#8220;De Gouges&#8221;), based on the expectation of sales of this inventory at around <span style="border-left: none; border-right: none;">33</span>% per year.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">As a result of purchase price allocation, the Company identified R$ <span style="border-left: none; border-right: none;">11,036</span>, Educational Software applied in the &#8220;SESI&#8221; learning system, Writing Correction Software for <span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">Education System &#8220;Reda&#231;&#227;o Nota <span>1000</span>&#8221; and software that produces digital marketing material solutions for schools &#8220;EMME&#8221;, all of them based on relief from royalties&#8217; criteria (RIR) and each acquisition with its corresponding rate of net revenue by investment. See Note <span>14</span>.</span> </span></span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The best estimate at acquisition date of contractual cash flows not expected to be collected for receivables acquired in business combinations. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph h<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_h_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for customer-related intangible assets acquired in a business combination. [Refer: Customer-related intangible assets [member]; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gross contractual amounts receivable for receivables acquired in business combinations. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph h<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_h_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InventoryRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for inventory acquired in a business combination. [Refer: Inventories; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InventoryRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The useful life, measured as period of time, used for intangible assets other than goodwill. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2022-03-24<br> -Paragraph 118<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_118_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for computer software acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ComputerSoftwareRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfEstimatedSaleRateForInventory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of estimated sale rate for inventory.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfEstimatedSaleRateForInventory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfEstimatedSalesRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of estimated sales rate per year.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfEstimatedSalesRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of receivable expectation in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for trade agreement acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TradeAgreementRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ifrs-full_BusinessCombinationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ifrs-full_BusinessCombinationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451727409856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Risk Management (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Financing and Lease Liabilities</a></td>
<td class="nump">R$ 140,563<span></span>
</td>
<td class="nump">R$ 160,542<span></span>
</td>
<td class="nump">R$ 173,103<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Accounts Payable for Business Combination and acquisition of associates</a></td>
<td class="nump">R$ 625,277<span></span>
</td>
<td class="nump">532,313<span></span>
</td>
<td class="nump">R$ 48,055<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BorrowingsIssue11Member', window );">Private Bonds &#8211; 6th Issuance &#8211; series 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BondsIssued', window );">Bonds</a></td>
<td class="nump">R$ 53,688<span></span>
</td>
<td class="nump">104,844<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BorrowingsIssue8Member', window );">Private Bonds &#8211; 6th Issuance &#8211; series 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BondsIssued', window );">Bonds</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">210,920<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BorrowingsIssue5Member', window );">Private Bonds &#8211; 9th Issuance &#8211; series 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BondsIssued', window );">Bonds</a></td>
<td class="nump">259,843<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BorrowingsIssue6Member', window );">Bonds &#8211; 1st Issuance &#8211; single</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BondsIssued', window );">Bonds</a></td>
<td class="nump">529,465<span></span>
</td>
<td class="nump">514,574<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Market risk - cash flow interest rate risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Financing and Lease Liabilities</a></td>
<td class="nump">140,563<span></span>
</td>
<td class="nump">160,542<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Accounts Payable for Business Combination and acquisition of associates</a></td>
<td class="nump">625,277<span></span>
</td>
<td class="nump">532,313<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsAndOtherPayablesUnderInterestRateRiskContract', window );">Amount under interest rate contract</a></td>
<td class="nump">1,608,836<span></span>
</td>
<td class="nump">1,524,081<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Market risk - cash flow interest rate risk | Mind Makers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BondsIssued', window );">Bonds</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 888<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Market risk - cash flow interest rate risk | TJPLP + 5% p.a. | Mind Makers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">TJPLP<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Adjustment to interest rate basis</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Market risk - cash flow interest rate risk | IPCA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">IPCA<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Market risk - cash flow interest rate risk | 100% CDI</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfInterestRateBasis', window );">Percentage of interest rate basis</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Market risk - cash flow interest rate risk | Private Bonds &#8211; 6th Issuance &#8211; series 2 | CDI + 1.00% p.a.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Adjustment to interest rate basis</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Market risk - cash flow interest rate risk | Private Bonds &#8211; 6th Issuance &#8211; series 2 | CDI + 1.70% p.a.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Adjustment to interest rate basis</a></td>
<td class="nump">1.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Market risk - cash flow interest rate risk | Private Bonds &#8211; 9th Issuance &#8211; series 2 | CDI + 2.40% p.a.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Adjustment to interest rate basis</a></td>
<td class="nump">2.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Market risk - cash flow interest rate risk | Bonds &#8211; 1st Issuance &#8211; single | CDI + 2.30% p.a.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfInterestRateRiskExposureAbstract', window );"><strong>Market risk - cash flow interest rate risk</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Adjustment to interest rate basis</a></td>
<td class="nump">2.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BondsIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of bonds issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BondsIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAdjustmentToInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BorrowingsAndOtherPayablesUnderInterestRateRiskContract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the aggregate amount of borrowings and other payables under interest rate risk contract.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BorrowingsAndOtherPayablesUnderInterestRateRiskContract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfInterestRateRiskExposureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfInterestRateRiskExposureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of Percentage of Interest Rate Basis</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_BorrowingsIssue11Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_BorrowingsIssue11Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_BorrowingsIssue8Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_BorrowingsIssue8Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_BorrowingsIssue5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_BorrowingsIssue5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_BorrowingsIssue6Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_BorrowingsIssue6Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_MindMakersEditoraEducacionalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_MindMakersEditoraEducacionalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments6Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments6Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments7Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments7Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments4Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>109
<FILENAME>R76.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451728084928">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Financial Risk Management (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for non-derivative financial liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 842,996<span></span>
</td>
<td class="nump">R$ 831,226<span></span>
</td>
<td class="nump">R$ 793,341<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">140,563<span></span>
</td>
<td class="nump">160,542<span></span>
</td>
<td class="nump">173,103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Accounts Payable for business combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">625,277<span></span>
</td>
<td class="nump">532,313<span></span>
</td>
<td class="nump">48,055<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">250,647<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReverseFactoringSuppliers', window );">Reverse Factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">155,469<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherLiabilitiesRelatedParties', window );">Other liabilities - related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">54<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities by maturity ranges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,015,006<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_EstimatedInterestRate', window );">Estimated interest rate (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.43%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CapitalManagementAbstract', window );"><strong>Capital Management</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NetDebt', window );">Net debt (i)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 1,969,241<span></span>
</td>
<td class="nump">1,518,247<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,629,679<span></span>
</td>
<td class="nump">4,665,209<span></span>
</td>
<td class="nump">R$ 4,785,317<span></span>
</td>
<td class="nump">R$ 3,100,083<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_Capitalisation', window );">Total capitalization (ii)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 2,660,438<span></span>
</td>
<td class="nump">R$ 3,146,963<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_GearingRatioPercentage', window );">Gearing ratio - % - (iii)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">74.00%<span></span>
</td>
<td class="nump">48.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=vsta_FinancialLiabilitiesWithUndiscountedContractualAmountMember', window );">Undiscounted contractual amounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for non-derivative financial liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 947,781<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">158,035<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Accounts Payable for business combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">702,999<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">281,802<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReverseFactoringSuppliers', window );">Reverse Factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">174,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherLiabilitiesRelatedParties', window );">Other liabilities - related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">61<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities by maturity ranges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,265,472<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">In up to&#160;one&#160;year [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for non-derivative financial liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">93,779<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">23,151<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Accounts Payable for business combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">73,007<span></span>
</td>
<td class="nump">R$ 20,502<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">250,647<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReverseFactoringSuppliers', window );">Reverse Factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">155,469<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherLiabilitiesRelatedParties', window );">Other liabilities - related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">54<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities by maturity ranges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">596,107<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">In up to&#160;one&#160;year [member] | Undiscounted contractual amounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for non-derivative financial liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">105,436<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,029<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Accounts Payable for business combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">82,082<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">281,802<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReverseFactoringSuppliers', window );">Reverse Factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">174,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherLiabilitiesRelatedParties', window );">Other liabilities - related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">61<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities by maturity ranges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">670,204<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">One to two years [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for non-derivative financial liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">499,217<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22,921<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Accounts Payable for business combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">389,186<span></span>
</td>
<td class="nump">R$ 35,685<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReverseFactoringSuppliers', window );">Reverse Factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherLiabilitiesRelatedParties', window );">Other liabilities - related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities by maturity ranges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">911,324<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">One to two years [member] | Undiscounted contractual amounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for non-derivative financial liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">561,270<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">25,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Accounts Payable for business combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">437,562<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReverseFactoringSuppliers', window );">Reverse Factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherLiabilitiesRelatedParties', window );">Other liabilities - related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities by maturity ranges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,024,602<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=vsta_LaterThanTwoYearsMember', window );">Over two years</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for non-derivative financial liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">94,491<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Accounts Payable for business combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">163,084<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReverseFactoringSuppliers', window );">Reverse Factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherLiabilitiesRelatedParties', window );">Other liabilities - related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities by maturity ranges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">507,575<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=vsta_LaterThanTwoYearsMember', window );">Over two years | Undiscounted contractual amounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for non-derivative financial liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">281,075<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">106,236<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Accounts Payable for business combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">183,355<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReverseFactoringSuppliers', window );">Reverse Factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherLiabilitiesRelatedParties', window );">Other liabilities - related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities by maturity ranges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 570,666<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Net debt comprises financial liabilities (note <span>7</span>) net of cash and cash equivalents.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Refers to the difference between Shareholders&#8217; Equity and Net debt.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">The Gearing Ratio is calculated based on Net Debt/Total Capitalization.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net debt of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of payment due to suppliers for goods and services used in the entity's business.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CapitalManagementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CapitalManagementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_Capitalisation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of difference between Equity and Net debt referred to as capitalisation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_Capitalisation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_EstimatedInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of estimated interest rate.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_EstimatedInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_GearingRatioPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of gearing Ratio as calculated based on Net Debt/Total Capitalization.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_GearingRatioPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_OtherLiabilitiesRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other payables due to related parties.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_OtherLiabilitiesRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ReverseFactoringSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount payable to current reverse factoring suppliers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ReverseFactoringSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=vsta_FinancialLiabilitiesWithUndiscountedContractualAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=vsta_FinancialLiabilitiesWithUndiscountedContractualAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=vsta_LaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=vsta_LaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>110
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729039824">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Financial Risk Management (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents', window );">Financial Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 39,212<span></span>
</td>
<td class="nump">R$ 292,021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentMarketableSecurities', window );">Marketable securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">380,514<span></span>
</td>
<td class="nump">166,349<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Accounts Payable for Business Combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(625,277)<span></span>
</td>
<td class="num">(532,313)<span></span>
</td>
<td class="num">R$ (48,055)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(140,563)<span></span>
</td>
<td class="num">(160,542)<span></span>
</td>
<td class="num">(173,103)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(842,996)<span></span>
</td>
<td class="num">R$ (831,226)<span></span>
</td>
<td class="num">R$ (793,341)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,015,006)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents', window );">Financial Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39,212<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentMarketableSecurities', window );">Marketable securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">380,514<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">419,726<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Accounts Payable for Business Combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(625,277)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(140,563)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(842,996)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,608,836)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NetFinancialAssetsLiabilities', window );">Net exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (1,189,110)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Interest rate -% p.a</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfIncreaseInExpectedCreditLossRate', window );">Percentage of deterioration of the projected rates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon | 103.40% of CDI</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfInterestRateBasis', window );">Percentage of interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">103.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon | 103.39% of CDI</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfInterestRateBasis', window );">Percentage of interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">103.39%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon | 100% CDI</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfInterestRateBasis', window );">Percentage of interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon | CDI + 1.28%</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Adjustment to interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.28%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon | CDI + 1.66%</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Adjustment to interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.66%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon | Base Scenario</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Adjustment to interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.43%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents', window );">Short-term investments, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 4,874<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInCurrentMarketableSecurities', window );">Marketable securities, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">47,298<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInFinancialAssets', window );">Total Financial Assets, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">52,172<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInAccountsPayableForBusinessCombination', window );">Accounts Payable for Business Combination and acquisition of associates, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(77,722)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInAmountOfLeaseLiabilities', window );">Lease liabilities, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(17,472)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInAmountOfBorrowings', window );">Bonds and financing, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(104,784)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInFinancialLiabilities', window );">Total Financial Liabilities, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(199,978)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInNetFinancialAssetsLiabilities', window );">Net exposure, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (147,806)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Interest rate -% p.a</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.43%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfIncreaseInExpectedCreditLossRate', window );">Percentage of deterioration of the projected rates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon | Scenario I</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents', window );">Short-term investments, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 6,093<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInCurrentMarketableSecurities', window );">Marketable securities, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">59,122<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInFinancialAssets', window );">Total Financial Assets, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">65,215<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInAccountsPayableForBusinessCombination', window );">Accounts Payable for Business Combination and acquisition of associates, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(97,152)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInAmountOfLeaseLiabilities', window );">Lease liabilities, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(21,840)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInAmountOfBorrowings', window );">Bonds and financing, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(130,981)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInFinancialLiabilities', window );">Total Financial Liabilities, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(249,973)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInNetFinancialAssetsLiabilities', window );">Net exposure, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (184,758)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Interest rate -% p.a</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15.54%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfIncreaseInExpectedCreditLossRate', window );">Percentage of deterioration of the projected rates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon | Scenario II</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents', window );">Short-term investments, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 7,311<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInCurrentMarketableSecurities', window );">Marketable securities, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">70,947<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInFinancialAssets', window );">Total Financial Assets, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">78,258<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInAccountsPayableForBusinessCombination', window );">Accounts Payable for Business Combination and acquisition of associates, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(116,583)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInAmountOfLeaseLiabilities', window );">Lease liabilities, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(26,208)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInAmountOfBorrowings', window );">Bonds and financing, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(157,177)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInFinancialLiabilities', window );">Total Financial Liabilities, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(299,968)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseInNetFinancialAssetsLiabilities', window );">Net exposure, Potential gain (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (221,710)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Interest rate -% p.a</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18.65%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfIncreaseInExpectedCreditLossRate', window );">Percentage of deterioration of the projected rates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Times New Roman'; font-size: 10pt;">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</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% of the annual CDI rate on&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">December 31, 2022</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> (105.2</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% on December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">). All investments are highly liquid investments that are readily convertible to known amounts of</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">cash</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">and which are subject to an insignificant risk of changes in value and correspond to the cash obligations for the period.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAdjustmentToInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpectedCreditLossRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate of expected credit losses, calculated as percentage of the gross carrying amount. Expected credit losses are the weighted average of credit losses with the respective risks of a default occurring as the weights.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35N<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph IG20D<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IG20D&amp;doctype=Implementation%20Guidance<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpectedCreditLossRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35H<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35M<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35N<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35I<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35H<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35I<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term investments. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentMarketableSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current marketable securities that are not classified as cash and cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentMarketableSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseInAccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in accounts payable for Business Combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseInAccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseInAmountOfBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) for bonds and financing.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseInAmountOfBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseInAmountOfLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) for lease liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseInAmountOfLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseInCurrentMarketableSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in current marketable securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseInCurrentMarketableSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseInFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in financial liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseInFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseInNetFinancialAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net amount of financial assets (liabilties).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseInNetFinancialAssetsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash equivalents representing short-term investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseInShorttermInvestmentsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NetFinancialAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the net amount of financial assets (liabilties)</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NetFinancialAssetsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfIncreaseInExpectedCreditLossRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of change in estimated credit loss.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfIncreaseInExpectedCreditLossRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of Percentage of Interest Rate Basis</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments9Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments9Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments10Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments10Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments7Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments7Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments11Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments11Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments12Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=vsta_InterestRateHedgingInstruments12Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScenarioAxis=vsta_BaseScenarioMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScenarioAxis=vsta_BaseScenarioMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScenarioAxis=vsta_Scenario1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScenarioAxis=vsta_Scenario1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScenarioAxis=vsta_Scenario2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScenarioAxis=vsta_Scenario2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>111
<FILENAME>R78.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451750263344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Risk Management (Details 4 - Textuals) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 28, 2022</div></th>
<th class="th"><div>Aug. 06, 2021</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">CDI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_EstimatedInterestRate', window );">Estimated interest rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.43%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfIncreaseInExpectedCreditLossRate', window );">Percentage of deterioration of the projected rates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon | Base Scenario</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Adjustment to interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.43%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">CDI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfIncreaseInExpectedCreditLossRate', window );">Percentage of deterioration of the projected rates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon | Scenario I</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfIncreaseInExpectedCreditLossRate', window );">Percentage of deterioration of the projected rates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember', window );">Probable scenario over a 12-month horizon | Scenario II</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfIncreaseInExpectedCreditLossRate', window );">Percentage of deterioration of the projected rates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas de Ensino S.A. ("Somos Sistemas")</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NotesAndDebenturesIssued', window );">Issued simple debentures, not convertible</a></td>
<td class="nump">R$ 250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas de Ensino S.A. ("Somos Sistemas") | Non-current Bonds with Related Parties [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NotesAndDebenturesIssued', window );">Issued simple debentures, not convertible</a></td>
<td class="nump">R$ 250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Adjustment to interest rate basis</a></td>
<td class="nump">2.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">100% of the CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsMaturityTerm', window );">Borrowings average maturity</a></td>
<td class="text">37 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas de Ensino S.A. ("Somos Sistemas") | Non-current Bonds [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems', window );"><strong>Sensitivity analysis</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NotesAndDebenturesIssued', window );">Issued simple debentures, not convertible</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Adjustment to interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">100% of DI Interest Deposit rate (CDI)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsMaturityTerm', window );">Borrowings average maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">35 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAdjustmentToInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotesAndDebenturesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of notes and debentures issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotesAndDebenturesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BorrowingsMaturityTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maturity period of borrowings obtained.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BorrowingsMaturityTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_EstimatedInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of estimated interest rate.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_EstimatedInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfIncreaseInExpectedCreditLossRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of change in estimated credit loss.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfIncreaseInExpectedCreditLossRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis=ifrs-full_TwelvemonthExpectedCreditLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScenarioAxis=vsta_BaseScenarioMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScenarioAxis=vsta_BaseScenarioMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScenarioAxis=vsta_Scenario1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScenarioAxis=vsta_Scenario1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ScenarioAxis=vsta_Scenario2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ScenarioAxis=vsta_Scenario2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsWithRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsWithRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729385840">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Financial Instruments by Category (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,015,006<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostMember', window );">Liabilities - Amortized cost [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,015,006<span></span>
</td>
<td class="nump">R$ 1,828,139<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostMember', window );">Liabilities - Amortized cost [member] | Bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">842,996<span></span>
</td>
<td class="nump">831,226<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostMember', window );">Liabilities - Amortized cost [member] | Lease liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">140,563<span></span>
</td>
<td class="nump">160,542<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostMember', window );">Liabilities - Amortized cost [member] | Reverse factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">155,469<span></span>
</td>
<td class="nump">97,619<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostMember', window );">Liabilities - Amortized cost [member] | Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">250,647<span></span>
</td>
<td class="nump">167,168<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostMember', window );">Liabilities - Amortized cost [member] | Accounts payable for business combination and acquisition of associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">569,360<span></span>
</td>
<td class="nump">497,187<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostMember', window );">Liabilities - Amortized cost [member] | Accounts payable for business combination and acquisition of associates | Level 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">55,917<span></span>
</td>
<td class="nump">35,126<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostMember', window );">Liabilities - Amortized cost [member] | Other liabilities - related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">54<span></span>
</td>
<td class="nump">39,271<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostMember', window );">Assets - Amortized cost [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">697,631<span></span>
</td>
<td class="nump">984,362<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostMember', window );">Assets - Amortized cost [member] | Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">45,765<span></span>
</td>
<td class="nump">309,893<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostMember', window );">Assets - Amortized cost [member] | Marketable securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">166,349<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostMember', window );">Assets - Amortized cost [member] | Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">649,135<span></span>
</td>
<td class="nump">505,514<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostMember', window );">Assets - Amortized cost [member] | Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">972<span></span>
</td>
<td class="nump">2,105<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostMember', window );">Assets - Amortized cost [member] | Related parties &#8211; other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,759<span></span>
</td>
<td class="nump">501<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Assets - Fair value through profit or loss [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">388,786<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Assets - Fair value through profit or loss [member] | Marketable securities | Level 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">380,514<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Assets - Fair value through profit or loss [member] | Other investments and interests in entities | Level 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 8,272<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refers to a portion of the liability remeasured based on economic activity of the acquired entity (post-closing price adjustments).</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAbstract</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAbstract</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35H<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35M<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35N<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35I<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=vsta_BondsAndFinancingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=vsta_BondsAndFinancingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=ifrs-full_LeaseLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=ifrs-full_LeaseLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=vsta_TradePayablesToReverseFactoringSuppliersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=vsta_TradePayablesToReverseFactoringSuppliersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=vsta_TradePayablesToSuppliersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=vsta_TradePayablesToSuppliersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=vsta_AccountsPayableForBusinessCombinationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=vsta_AccountsPayableForBusinessCombinationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=vsta_OtherLiabilitiesToRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=vsta_OtherLiabilitiesToRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=vsta_CashAndCashEquivalents1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=vsta_CashAndCashEquivalents1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=vsta_MarketableSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=vsta_MarketableSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=vsta_OtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=vsta_OtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=vsta_OtherReceivablesFromRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=vsta_OtherReceivablesFromRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
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<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729491664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Instruments by Category - Schedule of valuation techniques and significant unobservable inputs (Details) - Contingent consideration [member] - Level 3 of fair value hierarchy [member]<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2022 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Phidelis</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities', window );">Valuation technique</a></td>
<td class="text">Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue).<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Phidelis | Unobservable inputs, 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfInputsUsedInFairValueMeasurementLiabilities', window );">Significant unobservable inputs</a></td>
<td class="text">1. The achievement of financial targets are linked to net revenue of the years 2023 and 2024.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities', window );">Inter-relationship between signigicant unobservable and fair value measurement</a></td>
<td class="text">The estimated fair value would increase (decrease) if:  - Any product is no longer monetized (lower)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Phidelis | Unobservable inputs, 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfInputsUsedInFairValueMeasurementLiabilities', window );">Significant unobservable inputs</a></td>
<td class="text">2.Revenue: we consider for the revenue projection the continuity of old contracts and new contracts with average annual revenue growth of 21.1%.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities', window );">Inter-relationship between signigicant unobservable and fair value measurement</a></td>
<td class="text">The risk-adjusted discount rates were lower (higher)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpectedWeightedAverageAnnualRevenueGrowthRate', window );">Expected weighted average annual revenue growth rate (as a percent)</a></td>
<td class="nump">21.10%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">SEL</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities', window );">Valuation technique</a></td>
<td class="text">Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue).<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">SEL | Unobservable inputs, 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfInputsUsedInFairValueMeasurementLiabilities', window );">Significant unobservable inputs</a></td>
<td class="text">1. Renewal, in writing, to the year 2023 and 2024, of the Structured Teaching Program Contract; or<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities', window );">Inter-relationship between signigicant unobservable and fair value measurement</a></td>
<td class="text">The estimated fair value would increase (decrease) if:<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">SEL | Unobservable inputs, 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfInputsUsedInFairValueMeasurementLiabilities', window );">Significant unobservable inputs</a></td>
<td class="text">2. Entering a new contract, in writing, with SESI effective for the year 2024, with or without the need for bidding, so that the Buyer continues to provide in the year of 2024 services to SESI, according to the specific scope to be defined by SESI (&#8220;Renovation Structured Teaching Program 2024&#8221;).<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities', window );">Inter-relationship between signigicant unobservable and fair value measurement</a></td>
<td class="text">- No contract renewal (lower)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities', window );">Valuation technique</a></td>
<td class="text">Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue).<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities', window );">Inter-relationship between signigicant unobservable and fair value measurement</a></td>
<td class="text">Not applicable.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Unobservable inputs, 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfInputsUsedInFairValueMeasurementLiabilities', window );">Significant unobservable inputs</a></td>
<td class="text">1. Net Revenue Target 2023: R$3,952 <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Unobservable inputs, 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfInputsUsedInFairValueMeasurementLiabilities', window );">Significant unobservable inputs</a></td>
<td class="text">2. (i) 2023 Net Revenue equal to or greater than R$3,952 so = 100%, (ii) 2023 Net Revenue equal to or greater than R$2,799 and less than R$3,952 so 70%, (iii) 2023 Net Revenue equal to or greater than R$ 2,659 and less than R$2,799 so 60%, (iv) 2023 Net Revenue equal to or greater than R$2,379 and less than R$2,659 so, 40%, and (v) Net Revenue less than R$2,379 so 0%.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 1 | Unobservable inputs, 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023 (as a percent)</a></td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 1 | Unobservable inputs, 2 | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023</a></td>
<td class="nump">R$ 3,952<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 2 | Unobservable inputs, 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023 (as a percent)</a></td>
<td class="nump">70.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 2 | Unobservable inputs, 2 | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023</a></td>
<td class="nump">R$ 2,799<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 2 | Unobservable inputs, 2 | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023</a></td>
<td class="nump">R$ 3,952<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 3 | Unobservable inputs, 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023 (as a percent)</a></td>
<td class="nump">60.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 3 | Unobservable inputs, 2 | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023</a></td>
<td class="nump">R$ 2,659<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 3 | Unobservable inputs, 2 | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023</a></td>
<td class="nump">R$ 2,799<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 4 | Unobservable inputs, 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023 (as a percent)</a></td>
<td class="nump">40.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 4 | Unobservable inputs, 2 | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023</a></td>
<td class="nump">R$ 2,379<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 4 | Unobservable inputs, 2 | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023</a></td>
<td class="nump">R$ 2,659<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 5 | Unobservable inputs, 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023 (as a percent)</a></td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Reda&#231;&#227;o Nota 1000 | Revenue target, 5 | Unobservable inputs, 2 | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NetRevenueTargetForNextFiscalYear', window );">Net Revenue Target 2023</a></td>
<td class="nump">R$ 2,379<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Educbank</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities', window );">Valuation technique</a></td>
<td class="text">Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (students enrolled).<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Educbank | Unobservable inputs, 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfInputsUsedInFairValueMeasurementLiabilities', window );">Significant unobservable inputs</a></td>
<td class="text">1. Reaching 25,000 new students effectively hired, as determined after issuing bank slips, in relation to the Company's services<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities', window );">Inter-relationship between signigicant unobservable and fair value measurement</a></td>
<td class="text">The estimated fair value would increase (decrease) if:<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpectedNumberOfNewStudentsToBeHiredEffectively', window );">Number of new students effectively hired</a></td>
<td class="nump">25,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ifrs-full_ContingentConsiderationMember', window );">Educbank | Unobservable inputs, 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial Instruments by Category</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfInputsUsedInFairValueMeasurementLiabilities', window );">Significant unobservable inputs</a></td>
<td class="text">2. Reaching 37,000 new students effectively hired, as determined after issuing bank slips, in relation to the Company's services.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities', window );">Inter-relationship between signigicant unobservable and fair value measurement</a></td>
<td class="text">- Not applicable.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpectedNumberOfNewStudentsToBeHiredEffectively', window );">Number of new students effectively hired</a></td>
<td class="nump">37,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfInputsUsedInFairValueMeasurementLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of inputs used in the fair value measurement of liabilities. Inputs are the assumptions that market participants would use when pricing the liability, including assumptions about risk such as the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and the risk inherent in the inputs to the valuation technique.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfInputsUsedInFairValueMeasurementLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the reasons for transfers of liabilities into Level 3 of the fair value hierarchy. [Refer: Level 3 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph e<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_e_iv&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the valuation techniques (for example, the market approach, cost approach and income approach) used for the fair value measurement of liabilities. [Refer: Valuation techniques [member]; Cost approach [member]; Income approach [member]; Market approach [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ExpectedNumberOfNewStudentsToBeHiredEffectively">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The expected number of new students to be hired effectively.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ExpectedNumberOfNewStudentsToBeHiredEffectively</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ExpectedWeightedAverageAnnualRevenueGrowthRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The expected percentage of weighted average annual revenue growth rate.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ExpectedWeightedAverageAnnualRevenueGrowthRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NetRevenueTargetForNextFiscalYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net revenue target for next fiscal year.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NetRevenueTargetForNextFiscalYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfNetRevenueTargetForNextFiscalYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of net revenue target for next fiscal year.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfNetRevenueTargetForNextFiscalYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>114
<FILENAME>R81.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451750668576">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Cash and cash equivalents (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents.</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashOnHand', window );">Cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 7<span></span>
</td>
<td class="nump">R$ 100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BalancesWithBanks', window );">Bank account</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,546<span></span>
</td>
<td class="nump">17,772<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents', window );">Financial investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">39,212<span></span>
</td>
<td class="nump">292,021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 45,765<span></span>
</td>
<td class="nump">R$ 309,893<span></span>
</td>
<td class="nump">R$ 311,156<span></span>
</td>
<td class="nump">R$ 43,287<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AverageGrossYieldOfDeposits', window );">Average gross yield of deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">103.00%<span></span>
</td>
<td class="nump">105.20%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Times New Roman'; font-size: 10pt;">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</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% of the annual CDI rate on&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">December 31, 2022</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> (105.2</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">% on December 31, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="border-left: none; border-right: none;">1</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">). All investments are highly liquid investments that are readily convertible to known amounts of</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">cash</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">and which are subject to an insignificant risk of changes in value and correspond to the cash obligations for the period.</span></td>
</tr></table></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash balances held at banks.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BalancesWithBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashOnHand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash held by the entity. This does not include demand deposits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashOnHand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term investments. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AverageGrossYieldOfDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of average gross yield of deposits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AverageGrossYieldOfDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737330480">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Marketable securities (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfMarketableSecuritiesLineItems', window );"><strong>Marketable securities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentMarketableSecurities', window );">Marketable securities</a></td>
<td class="nump">R$ 380,514<span></span>
</td>
<td class="nump">R$ 166,349<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AverageGrossYieldOfSecurities', window );">Average gross yield of securities</a></td>
<td class="nump">104.00%<span></span>
</td>
<td class="nump">101.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember', window );">Credit Risk | AAA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfMarketableSecuritiesLineItems', window );"><strong>Marketable securities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentBills', window );">Financial bills (LF)</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 1,640<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentTreasuryBills', window );">Financial treasury bills (LFT)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">164,709<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentPrivateInvestmentFund', window );">Private investment fund</a></td>
<td class="nump">31,842<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember', window );">Credit Risk | AA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfMarketableSecuritiesLineItems', window );"><strong>Marketable securities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentPrivateInvestmentFund', window );">Private investment fund</a></td>
<td class="nump">R$ 348,672<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AverageGrossYieldOfSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of average gross yield of securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AverageGrossYieldOfSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentBills">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of financial bills.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentBills</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentMarketableSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current marketable securities that are not classified as cash and cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentMarketableSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentPrivateInvestmentFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current private investment fund.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentPrivateInvestmentFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentTreasuryBills">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of financial treasury bills.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentTreasuryBills</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfMarketableSecuritiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfMarketableSecuritiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CreditRatingStandardPoorsAxis=srt_StandardPoorsAAARatingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CreditRatingStandardPoorsAxis=srt_StandardPoorsAAARatingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CreditRatingStandardPoorsAxis=srt_StandardPoorsAARatingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CreditRatingStandardPoorsAxis=srt_StandardPoorsAARatingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>116
<FILENAME>R83.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729779152">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Trade receivables (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivableGrossCurrent', window );">Trade receivables</a></td>
<td class="nump">R$ 711,439<span></span>
</td>
<td class="nump">R$ 505,190<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivableRelatedPartiesCurrent', window );">Related Parties</a></td>
<td class="nump">7,177<span></span>
</td>
<td class="nump">46,824<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ProvisionForImpairmentOfTradeReceivables', window );">Impairment losses on trade receivables</a></td>
<td class="num">(69,481)<span></span>
</td>
<td class="num">(46,500)<span></span>
</td>
<td class="num">R$ (32,055)<span></span>
</td>
<td class="num">R$ (22,524)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Total</a></td>
<td class="nump">R$ 649,135<span></span>
</td>
<td class="nump">R$ 505,514<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ProvisionForImpairmentOfTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of provision for impairment loss on trade receivables, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ProvisionForImpairmentOfTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TradeReceivableGrossCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amounts of gross trade receivables before allowance for impairment loss, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TradeReceivableGrossCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TradeReceivableRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amounts of trade receivables due from related parties associated with the reporting entity as evidenced by a written promise to pay, due within 1 year.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TradeReceivableRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>117
<FILENAME>R84.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729228048">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Trade receivables (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaturityOfTradeReceivablesLineItems', window );"><strong>Maturities of trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecordedInvestmentPastDue', window );">Total past due</a></td>
<td class="nump">R$ 148,434<span></span>
</td>
<td class="nump">R$ 87,957<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivableRelatedPartiesCurrent', window );">Related parties</a></td>
<td class="nump">7,177<span></span>
</td>
<td class="nump">46,824<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ProvisionForImpairmentOfTradeReceivables', window );">Impairment losses on trade receivables</a></td>
<td class="num">(69,481)<span></span>
</td>
<td class="num">(46,500)<span></span>
</td>
<td class="num">R$ (32,055)<span></span>
</td>
<td class="num">R$ (22,524)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Total</a></td>
<td class="nump">649,135<span></span>
</td>
<td class="nump">505,514<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember', window );">Not yet due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaturityOfTradeReceivablesLineItems', window );"><strong>Maturities of trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecordedInvestmentPastDue', window );">Total past due</a></td>
<td class="nump">563,005<span></span>
</td>
<td class="nump">417,233<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_NotLaterThanOneMonthMember', window );">Up to 30 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaturityOfTradeReceivablesLineItems', window );"><strong>Maturities of trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecordedInvestmentPastDue', window );">Total past due</a></td>
<td class="nump">19,435<span></span>
</td>
<td class="nump">9,657<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember', window );">From 31 to 60 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaturityOfTradeReceivablesLineItems', window );"><strong>Maturities of trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecordedInvestmentPastDue', window );">Total past due</a></td>
<td class="nump">22,637<span></span>
</td>
<td class="nump">10,331<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember', window );">From 61 to 90 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaturityOfTradeReceivablesLineItems', window );"><strong>Maturities of trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecordedInvestmentPastDue', window );">Total past due</a></td>
<td class="nump">12,193<span></span>
</td>
<td class="nump">7,366<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember', window );">From 91 to 180 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaturityOfTradeReceivablesLineItems', window );"><strong>Maturities of trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecordedInvestmentPastDue', window );">Total past due</a></td>
<td class="nump">42,169<span></span>
</td>
<td class="nump">21,154<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember', window );">From 181 to 360 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaturityOfTradeReceivablesLineItems', window );"><strong>Maturities of trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecordedInvestmentPastDue', window );">Total past due</a></td>
<td class="nump">31,357<span></span>
</td>
<td class="nump">23,852<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneYearMember', window );">Over 360 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaturityOfTradeReceivablesLineItems', window );"><strong>Maturities of trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRecordedInvestmentPastDue', window );">Total past due</a></td>
<td class="nump">R$ 20,643<span></span>
</td>
<td class="nump">R$ 15,597<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MaturityOfTradeReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MaturityOfTradeReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ProvisionForImpairmentOfTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of provision for impairment loss on trade receivables, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ProvisionForImpairmentOfTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TradeReceivableRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amounts of trade receivables due from related parties associated with the reporting entity as evidenced by a written promise to pay, due within 1 year.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TradeReceivableRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TradeReceivablesRecordedInvestmentPastDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amounts of trade receivables recorded investment past due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TradeReceivablesRecordedInvestmentPastDue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_NotLaterThanOneMonthMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_NotLaterThanOneMonthMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451733336608">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Trade receivables (Details 3)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Trade receivables</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt', window );">Percentage of impairment losses on trade receivables recorded for the customers who went judicial recovery</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 10.0pt; color: black;">On December 31, 2022 the Company&#8217;s Management recorded R$15 million in provision for expected credit loss relating to the entirely of Vasta&#8217;s receivable for products in inventory of a large retail company in judicial recovery. The Company did not identify customers in judicial recovery as of December 31, 2021.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of impairment losses on trade receivables recorded for the customers who went bankrupt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>119
<FILENAME>R86.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451728440288">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Trade receivables (Details 4) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems', window );"><strong>Expected credit losses for aging</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LifetimeExpectedCreditLosses', window );">Lifetime ECL</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 54,100<span></span>
</td>
<td class="nump">R$ 46,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy', window );">Customers in judicial recovery</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 15,381<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt', window );">Percentage of impairment losses on trade receivables recorded for the customers who went judicial recovery</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ProvisionForImpairmentOfTradeReceivables', window );">Impairment losses on trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 69,481<span></span>
</td>
<td class="nump">R$ 46,500<span></span>
</td>
<td class="nump">R$ 32,055<span></span>
</td>
<td class="nump">R$ 22,524<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember', window );">Not yet due</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems', window );"><strong>Expected credit losses for aging</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Expected credit loss rate (%)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.52%<span></span>
</td>
<td class="nump">0.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LifetimeExpectedCreditLosses', window );">Lifetime ECL</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 8,970<span></span>
</td>
<td class="nump">R$ 1,263<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_NotLaterThanOneMonthMember', window );">Up to 30 days</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems', window );"><strong>Expected credit losses for aging</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Expected credit loss rate (%)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9.53%<span></span>
</td>
<td class="nump">12.67%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LifetimeExpectedCreditLosses', window );">Lifetime ECL</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,072<span></span>
</td>
<td class="nump">R$ 1,219<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember', window );">From 31 to 60 days</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems', window );"><strong>Expected credit losses for aging</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Expected credit loss rate (%)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14.09%<span></span>
</td>
<td class="nump">17.01%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LifetimeExpectedCreditLosses', window );">Lifetime ECL</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,728<span></span>
</td>
<td class="nump">R$ 1,769<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember', window );">From 61 to 90 days</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems', window );"><strong>Expected credit losses for aging</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Expected credit loss rate (%)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">19.87%<span></span>
</td>
<td class="nump">23.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LifetimeExpectedCreditLosses', window );">Lifetime ECL</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,335<span></span>
</td>
<td class="nump">R$ 1,764<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember', window );">From 91 to 180 days</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems', window );"><strong>Expected credit losses for aging</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Expected credit loss rate (%)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">29.66%<span></span>
</td>
<td class="nump">35.71%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LifetimeExpectedCreditLosses', window );">Lifetime ECL</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 10,096<span></span>
</td>
<td class="nump">R$ 7,608<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember', window );">From 181 to 360 days</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems', window );"><strong>Expected credit losses for aging</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Expected credit loss rate (%)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">48.35%<span></span>
</td>
<td class="nump">72.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LifetimeExpectedCreditLosses', window );">Lifetime ECL</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 12,465<span></span>
</td>
<td class="nump">R$ 17,399<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneYearMember', window );">Over 360 days</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems', window );"><strong>Expected credit losses for aging</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Expected credit loss rate (%)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">76.40%<span></span>
</td>
<td class="nump">99.23%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LifetimeExpectedCreditLosses', window );">Lifetime ECL</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 15,434<span></span>
</td>
<td class="nump">R$ 15,478<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 10.0pt; color: black;">On December 31, 2022 the Company&#8217;s Management recorded R$15 million in provision for expected credit loss relating to the entirely of Vasta&#8217;s receivable for products in inventory of a large retail company in judicial recovery. The Company did not identify customers in judicial recovery as of December 31, 2021.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpectedCreditLossRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate of expected credit losses, calculated as percentage of the gross carrying amount. Expected credit losses are the weighted average of credit losses with the respective risks of a default occurring as the weights.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 35N<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph IG20D<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IG20D&amp;doctype=Implementation%20Guidance<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpectedCreditLossRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ExpectedCreditLossesForAgingOfTradeReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expected credit losses on trade receivables related to customers in bankruptcy.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ExpectedCreditLossesOnTradeReceivablesRelatedToCustomersInBankruptcy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_LifetimeExpectedCreditLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of life time expected credit losses that result from all possible default events over the expected life of trade receivables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_LifetimeExpectedCreditLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of impairment losses on trade receivables recorded for the customers who went bankrupt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ProvisionForImpairmentOfTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of provision for impairment loss on trade receivables, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ProvisionForImpairmentOfTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_NotLaterThanOneMonthMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_NotLaterThanOneMonthMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>120
<FILENAME>R87.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451736443568">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Trade receivables (Details 5) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Trade receivables</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ProvisionForImpairmentOfTradeReceivables', window );">Opening balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 46,500<span></span>
</td>
<td class="nump">R$ 32,055<span></span>
</td>
<td class="nump">R$ 22,524<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">45,904<span></span>
</td>
<td class="nump">39,326<span></span>
</td>
<td class="nump">29,870<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Reversals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(288)<span></span>
</td>
<td class="num">(2,854)<span></span>
</td>
<td class="num">(4,855)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_WriteOffsOfImpairmentProvisionOfTradeReceivables', window );">Write offs</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(22,635)<span></span>
</td>
<td class="num">(22,027)<span></span>
</td>
<td class="num">(15,484)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ProvisionForImpairmentOfTradeReceivables', window );">Closing balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 69,481<span></span>
</td>
<td class="nump">R$ 46,500<span></span>
</td>
<td class="nump">R$ 32,055<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company assessed its customers credit lines, on a regular basis. Due to historical losses and lack of prospects of credit recovery alongside these customers, the Company recognized R$ 22,635 as write-off as of December 31, 2022 (R$ 22,027 as of December 31, 2021).</span></span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for trade receivables. [Refer: Impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of reversal of impairment loss recognised in profit or loss for trade receivables. [Refer: Reversal of impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ProvisionForImpairmentOfTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of provision for impairment loss on trade receivables, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ProvisionForImpairmentOfTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_WriteOffsOfImpairmentProvisionOfTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of writeoff of impairment provision of trade receivables, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_WriteOffsOfImpairmentProvisionOfTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
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<FILENAME>R88.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729894496">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Inventories (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Inventories</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinishedGoods', window );">Finished products</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 160,519<span></span>
</td>
<td class="nump">R$ 160,318<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_WorkInProgress', window );">Work in process</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">73,993<span></span>
</td>
<td class="nump">51,152<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RawMaterials', window );">Raw materials</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,773<span></span>
</td>
<td class="nump">27,081<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ImportsInProgress', window );">Imports in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">347<span></span>
</td>
<td class="nump">1,681<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherInventories', window );">Right to returned goods</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">818<span></span>
</td>
<td class="nump">2,131<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 266,450<span></span>
</td>
<td class="nump">R$ 242,363<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Times New Roman'; font-size: 10pt;">These amounts are net of slow-moving items and net realizable value. </span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Represents the Company&#8217;s right to recover products from customers when customers exercise their right of return under the Company&#8217;s returns policies, where the Company estimates the volume of goods returned based on experience and foreseen expectations.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinishedGoods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of goods that have completed the production process and are held for sale in the ordinary course of business. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinishedGoods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 36<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of inventory that the entity does not separately disclose in the same statement or note. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RawMaterials">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of assets to be consumed in the production process or in the rendering of services. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RawMaterials</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WorkInProgress">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of assets currently in production, which require further processes to be converted into finished goods or services. [Refer: Current finished goods; Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WorkInProgress</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ImportsInProgress">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of goods import in progress.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ImportsInProgress</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>122
<FILENAME>R89.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451728797616">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Inventories (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Inventories</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentProvisionForLossesWithInventories', window );">Opening balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 58,723<span></span>
</td>
<td class="nump">R$ 62,210<span></span>
</td>
<td class="nump">R$ 69,080<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InventoryWritedown2011', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">46,138<span></span>
</td>
<td class="nump">24,178<span></span>
</td>
<td class="nump">8,783<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReversalOfInventoryWritedown', window );">(Reversals)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,214)<span></span>
</td>
<td class="num">(2,061)<span></span>
</td>
<td class="num">(4,726)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InventoryGainLosses', window );">Inventory losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(15,598)<span></span>
</td>
<td class="num">(25,604)<span></span>
</td>
<td class="num">(10,927)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentProvisionForLossesWithInventories', window );">Closing balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 84,049<span></span>
</td>
<td class="nump">R$ 58,723<span></span>
</td>
<td class="nump">R$ 62,210<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Times New Roman'; font-size: 10pt;">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.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InventoryWritedown2011">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognised related to the write-down of inventories to net realisable value. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 36<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_36_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 98<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InventoryWritedown2011</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReversalOfInventoryWritedown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as a reduction in the amount of inventories recognised as an expense due to the reversal of any write-down of inventories resulting from an increase in net realisable value. [Refer: Inventories; Inventory write-down]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 36<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_36_f&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 98<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReversalOfInventoryWritedown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentProvisionForLossesWithInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of provision for impairment losses on inventories, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentProvisionForLossesWithInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_InventoryGainLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of inventory gains or losses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_InventoryGainLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>123
<FILENAME>R90.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729251216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity accounted investees - Schedule of composition of investments (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="2"></th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Investment</a></td>
<td class="nump">R$ 21,966<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 703,258<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">16,923<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">387,074<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">December 31, 2022</a></td>
<td class="nump">R$ 83,139<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=vsta_EducbankGestaoDePagamentosEducacionaisSAMember', window );">Educbank</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Interest %</a></td>
<td class="nump">45.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Investment</a></td>
<td class="nump">R$ 41,485<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished', window );">Fair value</a></td>
<td class="nump">7,868<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="nump">33,786<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">December 31, 2022</a></td>
<td class="nump">R$ 83,139<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the Company, as well as an expected increase in the Company&#8217;s market-share due to the penetration of the Company&#8217;s products and services in regions where the Company did not operate before. At the time of the acquisition, future tax deductibility is probable as certain actions, necessary to integrate the businesses from a tax perspective, are intended by management and considered feasible from a legal perspective.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the acquiror, as well as an expected increase in the Company&#8217;s market-share due to the penetration of the Company&#8217;s products and services in regions where the Company did not operate before. Also, the current tax law allows the deductibility of the acquisition date goodwill and fair value of net assets acquired when a non-substantive action is taken after acquisition by the Company (i.e. when the Company merges or spins off the companies acquired) and therefore the tax and accounting bases of the net assets acquired are the same as of the acquisition date.</td>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value of investments in associates if there are quoted market prices for the investment. [Refer: Associates [member]; Investments in associates reported in separate financial statements]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 21<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_21_b_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee. [Refer: At cost [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B16&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451732210608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity accounted investees - Schedule of investments without control and significant influence (Details 1)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2022 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Equity accounted investments at beginning of period</a></td>
<td class="nump">R$ 0<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Equity accounted investments at end of period</a></td>
<td class="nump">83,139<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=vsta_EducbankGestaoDePagamentosEducacionaisSAMember', window );">Educbank</a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Equity accounted investments at beginning of period</a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod', window );">Acquisition</a></td>
<td class="nump">87,651<span></span>
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<td class="num">(4,512)<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Equity accounted investments at end of period</a></td>
<td class="nump">R$ 83,139<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee. [Refer: At cost [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B16&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentAccountedForUsingEquityMethod</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in investments accounted for using equity method through business combinations during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod</td>
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<td>xbrli:monetaryItemType</td>
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<td>debit</td>
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<tr>
<td><strong> Name:</strong></td>
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<td>na</td>
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<td></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729144976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, Plant and Equipment (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">R$ 197,688<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 185,682<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 192,006<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">IT equipment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">R$ 36,968<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">16,615<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,479<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">IT equipment [member] | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRatePropertyPlantAndEquipment', window );">Weighted average depreciation rate</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">IT equipment [member] | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRatePropertyPlantAndEquipment', window );">Weighted average depreciation rate</a></td>
<td class="nump">33.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=vsta_FurnitureEquipmentAndFittingsMember', window );">Furniture, equipment and fittings [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">R$ 24,102<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8,390<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,908<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=vsta_FurnitureEquipmentAndFittingsMember', window );">Furniture, equipment and fittings [member] | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRatePropertyPlantAndEquipment', window );">Weighted average depreciation rate</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=vsta_FurnitureEquipmentAndFittingsMember', window );">Furniture, equipment and fittings [member] | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRatePropertyPlantAndEquipment', window );">Weighted average depreciation rate</a></td>
<td class="nump">33.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Property, buildings and improvements [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">R$ 12,646<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">17,872<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">19,978<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Property, buildings and improvements [member] | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRatePropertyPlantAndEquipment', window );">Weighted average depreciation rate</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Property, buildings and improvements [member] | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRatePropertyPlantAndEquipment', window );">Weighted average depreciation rate</a></td>
<td class="nump">20.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember', window );">In progress [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">R$ 4,494<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">677<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">315<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_RightofuseAssetsMember', window );">Right of use assets [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">R$ 119,086<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">141,737<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">159,873<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_RightofuseAssetsMember', window );">Right of use assets [member] | Minimum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRatePropertyPlantAndEquipment', window );">Weighted average depreciation rate</a></td>
<td class="nump">6.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_RightofuseAssetsMember', window );">Right of use assets [member] | Maximum [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRatePropertyPlantAndEquipment', window );">Weighted average depreciation rate</a></td>
<td class="nump">33.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember', window );">Land [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">R$ 391<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">391<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 453<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">456,128<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">389,567<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | IT equipment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">80,262<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">44,181<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Furniture, equipment and fittings [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">60,920<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">38,116<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Property, buildings and improvements [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">53,027<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">54,508<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | In progress [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">4,494<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">677<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Right of use assets [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">257,034<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">251,694<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Land [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">391<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">391<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated depreciation and amortisation [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="fn" style="border-bottom: 0px;"></td>
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</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<td class="fn" style="border-bottom: 0px;"></td>
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</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
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<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refers to recognition of new lease agreements of R$ 12,002 which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note <span>17</span>.</td>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The depreciation rate used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationRatePropertyPlantAndEquipment</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
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<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_RightofuseAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_RightofuseAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>126
<FILENAME>R93.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729326144">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Property, Plant and Equipment - Schedule of changes in property, plant and equipment (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 185,682<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 192,006<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">73,145<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">45,975<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">72<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,011<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment', window );">Renegotiation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(12,439)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Cancelled contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,820)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,410)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(57,391)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(38,461)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">197,688<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">185,682<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 192,006<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Recognition of new lease agreements</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,002<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">25,513<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">35,925<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">IT equipment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">16,615<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,479<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">35,086<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">16,105<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">54<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,041<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment', window );">Renegotiation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Cancelled contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(15,727)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,010)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">941<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">36,968<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">16,615<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,479<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=vsta_FurnitureEquipmentAndFittingsMember', window );">Furniture, equipment and fittings [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,390<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,908<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,571<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,028<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">835<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment', window );">Renegotiation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Cancelled contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(124)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,379)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,319)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(486)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">62<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,102<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8,390<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,908<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Property, buildings and improvements [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17,872<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">19,978<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">657<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">597<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">135<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment', window );">Renegotiation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Cancelled contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,428)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5,208)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(455)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,370<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,646<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">17,872<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">19,978<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember', window );">In progress [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">677<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">315<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,829<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,732<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment', window );">Renegotiation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Cancelled contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(18)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,370)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,494<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">677<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">315<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_RightofuseAssetsMember', window );">Right of use assets [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">141,737<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">159,873<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,002<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">25,513<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment', window );">Renegotiation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(12,439)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Cancelled contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,796)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(3,286)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(30,857)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(27,924)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">119,086<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">141,737<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">159,873<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Recognition of new lease agreements</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,002<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">25,513<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember', window );">Land [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">391<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">453<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment', window );">Renegotiation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Cancelled contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(62)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 391<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 391<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 453<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Refers substantially to recognition of new lease agreements of R$ 25,513 which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note&#160;<span style="line-height: inherit;"><span>17</span></span>.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company returned part of the S&#227;o Jos&#233; dos Campos warehouse to the lessor in September 2021, maintaining the lease agreement and term, changing only in the subsequent lease installments leading to the reversal adjustments of the right-of-use asset and corresponding lease liabilities.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Refers to recognition of new lease agreements of R$ 12,002 which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note <span>17</span>.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in property, plant and equipment resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsToRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to right-of-use assets. [Refer: Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_h&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsToRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 75<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment resulting from disposals and retirements. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from revaluations to fair value. [Refer: Property, plant and equipment; Revaluation surplus]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e_iv&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 77<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_77_f&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevaluationIncreaseDecreasePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=vsta_FurnitureEquipmentAndFittingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=vsta_FurnitureEquipmentAndFittingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_RightofuseAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_RightofuseAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>127
<FILENAME>R94.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451728772496">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible Assets and Goodwill (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="2"></th>
<th class="th" colspan="2"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">R$ 5,427,676<span></span>
</td>
<td class="nump">R$ 5,538,367<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 4,924,726<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember', window );">Software [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AmortisationRateIntangibleAssetsAndGoodwill', window );">Weighted&#160;average amortization rate</a></td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">R$ 80,722<span></span>
</td>
<td class="nump">96,045<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">83,414<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer Portfolio [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AmortisationRateIntangibleAssetsAndGoodwill', window );">Weighted&#160;average amortization rate</a></td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">R$ 823,183<span></span>
</td>
<td class="nump">922,105<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">928,858<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_BrandNamesMember', window );">Trademarks [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AmortisationRateIntangibleAssetsAndGoodwill', window );">Weighted&#160;average amortization rate</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">R$ 518,615<span></span>
</td>
<td class="nump">546,358<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">573,586<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_TradeAgreementMember', window );">Trade Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AmortisationRateIntangibleAssetsAndGoodwill', window );">Weighted&#160;average amortization rate</a></td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">R$ 218,827<span></span>
</td>
<td class="nump">243,495<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_PlatformContentProductionMember', window );">Platform content production [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AmortisationRateIntangibleAssetsAndGoodwill', window );">Weighted&#160;average amortization rate</a></td>
<td class="nump">33.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">R$ 48,370<span></span>
</td>
<td class="nump">24,294<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">23,821<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember', window );">Other Intangible assets [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AmortisationRateIntangibleAssetsAndGoodwill', window );">Weighted&#160;average amortization rate</a></td>
<td class="nump">33.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">R$ 7,280<span></span>
</td>
<td class="nump">7,281<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">6,243<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_IntangibleAssetsUnderDevelopmentMember', window );">In progress [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">18,958<span></span>
</td>
<td class="nump">3,991<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">999<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">3,711,721<span></span>
</td>
<td class="nump">3,694,798<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 3,307,805<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Cost [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">6,237,063<span></span>
</td>
<td class="nump">6,136,432<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Cost [member] | Software [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">263,433<span></span>
</td>
<td class="nump">247,326<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Cost [member] | Customer Portfolio [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">1,201,074<span></span>
</td>
<td class="nump">1,197,381<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Cost [member] | Trademarks [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">631,582<span></span>
</td>
<td class="nump">632,016<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Cost [member] | Trade Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">247,622<span></span>
</td>
<td class="nump">247,622<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Cost [member] | Platform content production [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">123,251<span></span>
</td>
<td class="nump">73,877<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Cost [member] | Other Intangible assets [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">39,422<span></span>
</td>
<td class="nump">39,421<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Cost [member] | In progress [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">18,958<span></span>
</td>
<td class="nump">3,991<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Cost [member] | Goodwill [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">3,711,721<span></span>
</td>
<td class="nump">3,694,798<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="num">(809,387)<span></span>
</td>
<td class="num">(598,065)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization [member] | Software [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="num">(182,711)<span></span>
</td>
<td class="num">(151,281)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization [member] | Customer Portfolio [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="num">(377,891)<span></span>
</td>
<td class="num">(275,276)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization [member] | Trademarks [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="num">(112,967)<span></span>
</td>
<td class="num">(85,658)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization [member] | Trade Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="num">(28,795)<span></span>
</td>
<td class="num">(4,127)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization [member] | Platform content production [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="num">(74,881)<span></span>
</td>
<td class="num">(49,583)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization [member] | Other Intangible assets [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="num">(32,142)<span></span>
</td>
<td class="num">(32,140)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization [member] | In progress [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization [member] | Goodwill [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets and goodwill</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Considers the review of goodwill and intangibles assets of the acquisition of EMME and Reda&#231;&#227;o Nota Mil, acquired during the year 2021.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Substantially refers to development of the projects related to&#160;Plurall&#160;Platform. The Company has invested in changes in its digital platform that include &#8220;Plurall&#160;Digital Transformation&#8221; in the amount of R$ 20,808 million, and project related to learning systems, in the amount of R$ 9,509 million.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company recognized R$ <span style="border-left: none; border-right: none;">387,074</span> as goodwill on SEL,&#160;</span>Reda&#231;&#227;o<span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;Nota <span style="border-left: none; border-right: none;">1000</span>, EMME and De Gouges acquisition, see Note <span style="border-left: none; border-right: none;">5</span>.</span></span></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amortisation rate used for intangible assets and goodwill.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_BrandNamesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_BrandNamesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_TradeAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_TradeAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_PlatformContentProductionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_PlatformContentProductionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_IntangibleAssetsUnderDevelopmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_IntangibleAssetsUnderDevelopmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>128
<FILENAME>R95.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451738010416">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Intangible Assets and Goodwill (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 5,538,367<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 4,924,726<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">90,587<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">55,916<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">23,981<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">730,419<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(13,937)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(211,323)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(172,695)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,427,676<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,538,367<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember', window );">Software [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">96,045<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">83,414<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,881<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">25,560<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,225<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11,036<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(31,430)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(30,482)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,517<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">80,722<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">96,045<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer Portfolio [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">922,105<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">928,858<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,833<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">83,589<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(140)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(102,615)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(90,342)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">823,183<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">922,105<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_BrandNamesMember', window );">Trademarks [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">546,358<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">573,586<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(434)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(27,309)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(27,309)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">518,615<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">546,358<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_TradeAgreementMember', window );">Trade Agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">243,495<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">247,622<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(24,668)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,127)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">218,827<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">243,495<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_PlatformContentProductionMember', window );">Platform content production [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,294<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">23,821<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">62,722<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">20,808<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(13,348)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(25,298)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(20,335)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">48,370<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">24,294<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember', window );">Other Intangible assets [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,281<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">6,243<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">39<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,099<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(15)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(100)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,280<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,281<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_IntangibleAssetsUnderDevelopmentMember', window );">In progress [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,991<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">999<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14,967<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,509<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(6,517)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,958<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,991<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,694,798<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,307,805<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions through business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">16,923<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">387,074<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,711,721<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,694,798<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember', window );">Previously stated [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,538,367<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,538,367<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember', window );">Previously stated [member] | Software [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">96,045<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">96,045<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember', window );">Previously stated [member] | Customer Portfolio [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">922,105<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">922,105<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember', window );">Previously stated [member] | Trademarks [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">546,277<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">546,277<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember', window );">Previously stated [member] | Trade Agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">243,495<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">243,495<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember', window );">Previously stated [member] | Platform content production [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">24,294<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">24,294<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember', window );">Previously stated [member] | Other Intangible assets [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,281<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,281<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember', window );">Previously stated [member] | In progress [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,991<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,991<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember', window );">Previously stated [member] | Goodwill [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at beginning of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">R$ 3,694,879<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Balance at end of the period</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 3,694,879<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Considers the review of goodwill and intangibles assets of the acquisition of EMME and Reda&#231;&#227;o Nota Mil, acquired during the year 2021.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Substantially refers to development of the projects related to&#160;Plurall&#160;Platform. The Company has invested in changes in its digital platform that include &#8220;Plurall&#160;Digital Transformation&#8221; in the amount of R$ 20,808 million, and project related to learning systems, in the amount of R$ 9,509 million.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company recognized R$ <span style="border-left: none; border-right: none;">387,074</span> as goodwill on SEL,&#160;</span>Reda&#231;&#227;o<span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;Nota <span style="border-left: none; border-right: none;">1000</span>, EMME and De Gouges acquisition, see Note <span style="border-left: none; border-right: none;">5</span>.</span></span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in intangible assets and goodwill resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2022-03-24<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2022-03-24<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation of intangible assets other than goodwill. [Refer: Depreciation and amortisation expense; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2022-03-24<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vi<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_118_e_vi&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in intangible assets and goodwill resulting from disposals. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2022-03-24<br> -Paragraph 118<br> -Subparagraph e<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_118_e_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsIntangibleAssetsAndGoodwill</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets and goodwill resulting from transfers. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2022-03-24<br> -Paragraph 118<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_BrandNamesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_BrandNamesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_TradeAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_TradeAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_PlatformContentProductionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_PlatformContentProductionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_IntangibleAssetsUnderDevelopmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_IntangibleAssetsUnderDevelopmentMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
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<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>129
<FILENAME>R96.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451750100304">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Intangible Assets and Goodwill (Details 3) - Cash-generating units [member] - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">R$ 3,711,721<span></span>
</td>
<td class="nump">R$ 3,694,879<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=vsta_ContentAndEdTechPlatformMember', window );">Content &amp; EdTech Platform</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">3,674,034<span></span>
</td>
<td class="nump">3,674,036<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=vsta_DigitalServicesPlatformMember', window );">Digital Services Platform</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">R$ 37,687<span></span>
</td>
<td class="nump">R$ 20,843<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2022-03-24<br> -Paragraph 134<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2022-03-24<br> -Paragraph 135<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B67<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
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<tr>
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<tr>
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<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=vsta_ContentAndEdTechPlatformMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=vsta_DigitalServicesPlatformMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>130
<FILENAME>R97.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451738143584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible Assets and Goodwill (Details 4) - Cash-generating units [member]<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=vsta_ContentAndEdTechPlatformMember', window );">Content &amp; EdTech Platform</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections', window );">Growth rate - %</a></td>
<td class="nump">13.70%<span></span>
</td>
<td class="nump">14.40%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Discount rate - %</a></td>
<td class="nump">12.10%<span></span>
</td>
<td class="nump">10.81%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfGrowthRateInPerpetuityCashFlowProjections', window );">Growth rate (%) in perpetuity</a></td>
<td class="nump">4.70%<span></span>
</td>
<td class="nump">5.80%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IntangibleAssetsYearsProjected', window );">Years projected</a></td>
<td class="text">8 years<span></span>
</td>
<td class="text">8 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=vsta_DigitalServicesPlatformMember', window );">Digital Services Platform</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections', window );">Growth rate - %</a></td>
<td class="nump">12.50%<span></span>
</td>
<td class="nump">9.70%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Discount rate - %</a></td>
<td class="nump">12.10%<span></span>
</td>
<td class="nump">10.81%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfGrowthRateInPerpetuityCashFlowProjections', window );">Growth rate (%) in perpetuity</a></td>
<td class="nump">4.70%<span></span>
</td>
<td class="nump">5.80%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IntangibleAssetsYearsProjected', window );">Years projected</a></td>
<td class="text">8 years<span></span>
</td>
<td class="text">8 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The discount rate applied to cash flow projections for a cash-generating unit (group of units). [Refer: Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2022-03-24<br> -Paragraph 134<br> -Subparagraph d<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_134_d_v&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2022-03-24<br> -Paragraph 134<br> -Subparagraph e<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_134_e_v&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections</td>
</tr>
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<td>ifrs-full_</td>
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<td>dtr-types:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The growth rate used to extrapolate cash flow projections beyond the period covered by the most recent budgets/forecasts for a cash-generating unit (group of units). [Refer: Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2022-03-24<br> -Paragraph 134<br> -Subparagraph d<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_134_d_iv&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2022-03-24<br> -Paragraph 134<br> -Subparagraph e<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_134_e_iv&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DescriptionOfGrowthRateInPerpetuityCashFlowProjections">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The growth rate in perpetuity used to extrapolate cash flow projections beyond the period covered by the most recent budgets/forecasts for a cash-generating unit (group of units).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DescriptionOfGrowthRateInPerpetuityCashFlowProjections</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IntangibleAssetsYearsProjected">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of years projected for intangible assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IntangibleAssetsYearsProjected</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=vsta_ContentAndEdTechPlatformMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=vsta_ContentAndEdTechPlatformMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=vsta_DigitalServicesPlatformMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=vsta_DigitalServicesPlatformMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>131
<FILENAME>R98.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451750106832">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible Assets and Goodwill (Details 5)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>BRL (R$) </div>
<div>Item</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfCashGeneratingUnits', window );">Number of CGUs | Item</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionalRecognitionGoodwill', window );">Goodwill recognized through business combinations</a></td>
<td class="nump">R$ 387,074<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ForecastPeriodOfCashFlowProjections', window );">Forecast period of cash flow projections</a></td>
<td class="text">8 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment of intangible assets</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_PlurallDigitalTransformationMember', window );">Plurall Digital Transformation [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AmountInvestedForDevelopmentProject', window );">Amount invested for development project</a></td>
<td class="nump">20,808,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_LearningSystemsMember', window );">Learning Systems [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Intangible Assets and Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AmountInvestedForDevelopmentProject', window );">Amount invested for development project</a></td>
<td class="nump">R$ 9,509,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalRecognitionGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additional goodwill recognised, except goodwill included in a disposal group that, on acquisition, meets the criteria to be classified as held for sale in accordance with IFRS 5. [Refer: Goodwill; Disposal groups classified as held for sale [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B67<br> -Subparagraph d<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B67_d_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalRecognitionGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for intangible assets and goodwill. [Refer: Impairment loss recognised in profit or loss; Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2022-03-24<br> -Paragraph 118<br> -Subparagraph e<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_118_e_iv&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AmountInvestedForDevelopmentProject">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount invested for development project.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AmountInvestedForDevelopmentProject</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ForecastPeriodOfCashFlowProjections">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The forecast period of cash flow projections used in cash-generating units.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ForecastPeriodOfCashFlowProjections</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NumberOfCashGeneratingUnits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of cash-generating units.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfCashGeneratingUnits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_PlurallDigitalTransformationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_PlurallDigitalTransformationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_LearningSystemsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=vsta_LearningSystemsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>132
<FILENAME>R99.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451728095408">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Bonds and financing (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="6">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 831,226<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 793,341<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">250,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(92,500)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(24,922)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="num">R$ (49,404)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(255,644)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(477,741)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest accrued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">108,896<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">43,549<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities', window );">Transaction cost of bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,018<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">842,996<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">831,226<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">793,341<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ifrs-full_ShorttermBorrowingsMember', window );">Current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">281,491<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">502,882<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(92,500)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(24,922)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(255,644)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(477,741)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest accrued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">108,896<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">43,549<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities', window );">Transaction cost of bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,018<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(993)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50,518<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">238,717<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">93,779<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">281,491<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">502,882<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsWithRelatedPartiesMember', window );">Current Bonds with Related Parties [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">264,673<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">502,743<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(33,921)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(24,873)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(254,885)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(477,564)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest accrued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">36,573<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">25,859<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities', window );">Transaction cost of bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50,885<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">238,509<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">63,325<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">264,673<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">502,743<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsMember', window );">Current Bonds [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">16,581<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(58,425)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest accrued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">72,298<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">17,574<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities', window );">Transaction cost of bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,018<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(993)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,018)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,454<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">16,581<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentFinanceLeasesMember', window );">Current Financing [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">237<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">139<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(154)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(49)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(759)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(177)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest accrued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">25<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">116<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities', window );">Transaction cost of bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">651<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">208<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">237<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">139<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ifrs-full_LongtermBorrowingsMember', window );">Non-current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">549,735<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">290,459<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">250,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest accrued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities', window );">Transaction cost of bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,007)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(50,518)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(238,717)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">749,217<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">549,735<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">290,459<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsWithRelatedPartiesMember', window );">Non-current Bonds with Related Parties [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">51,091<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">289,600<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">250,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest accrued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities', window );">Transaction cost of bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(50,885)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(238,509)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">250,206<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">51,091<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">289,600<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsMember', window );">Non-current Bonds [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">497,993<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">500,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest accrued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities', window );">Transaction cost of bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,007)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,018<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">499,011<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">497,993<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentFinanceLeasesMember', window );">Non-current Financing [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">651<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">859<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestCostsIncurred', window );">Interest accrued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities', window );">Transaction cost of bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Transfers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(651)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(208)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Bonds and financing at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 651<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 859<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="7"></td></tr>
<tr><td colspan="7"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On September 28, 2022, the Company issued simple debentures not convertible into shares, subject to remunerative interest of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">100% of the CDI</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, plus a spread of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">2.40</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">% per year, in the total amount of R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">250,000</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">. The debentures aim to strengthen the Company's capital structure and lengthen the maturity profile of the debt, whose average term has become&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">37 months</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On August 6, 2021, the&#160;</span>Company&#180;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;subsidiary&#160;</span>Somos<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;</span>Sistemas<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;de&#160;</span>Ensino<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;S.A. issued R$&#160;</span></span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">500</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;million in simple debentures not convertible into shares, subject to compensatory interest of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">100% of DI Interest Deposit rate (CDI)</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, plus spread of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">2.30</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">% per year. The debentures are aimed at reinforcing the Company&#8217;s capital structure and elongating the debt maturity profile, which average maturity now stands at&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">35 months</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We present below the composition of interest and principal payments considering the issues made:</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">On March 15, 2021, the Company, substantially settled bonds with related parties amounting to R$ 100,000 and R$ 1,488, in principal and interest, respectively as follows: 5th Issuance, 1st series &#8211; R$ 101,488. In addition, the Company settled only interest on the following bonds: 5th Issuance, 2nd series &#8211; R$ 1,451, 6th Issuance, 2nd series &#8211; R$ 3,613 and 7th Issuance, single series &#8211; R$ 5,663. This measure is part of a commitment with shareholders as a result of the IPO.

On May 31, 2021, the Company partially settled bonds with related parties amounting to R$ 188,000, of principal of the 7th issuance single series.

On August 6, 2021, the Company settled the remaining 7th issuance with related parties in the amounts of R$189,564 and R$5,871, as principal and interest. In addition, the Company settled only interest on the following bonds: 5th Issuance, 2nd series &#8211; R$ 2,029 and 6th Issuance, 2nd series &#8211; R$ 4,758.

Regarding the financing with Banco de Desenvolvimento de Minas Gerais SA - BDMG, the Company pays monthly the amount of R$ 15 and R$ 4, respectively, of principal and interest, totaling on December 31, 2021 an amount of R$177 and R$49, respectively, of principal and interest.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from financing cash flows. [Refer: Cash flows from (used in) financing activities; Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 44B<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_44B_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 44B<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_44B_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestCostsIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest costs that an entity incurs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestCostsIncurred</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest on bonds and financing, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash (inflow) outflow due to debt issue (appropriation of) costs during the period, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PaymentsForProceedsFromDebtIssueAppropriationOfCostsClassifiedAsFinancingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=ifrs-full_ShorttermBorrowingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ifrs-full_ShorttermBorrowingsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsWithRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsWithRelatedPartiesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentFinanceLeasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_CurrentFinanceLeasesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=ifrs-full_LongtermBorrowingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ifrs-full_LongtermBorrowingsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsWithRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsWithRelatedPartiesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentFinanceLeasesMember</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737737920">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Bonds and financing - Schedule of composition of interest and principal payments of bonds and financing (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
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<tr>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><sup>[2]</sup></th>
<th class="th"><div>Dec. 31, 2020</div></th>
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<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="num">R$ (92,500)<span></span>
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<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td colspan="2" class="num">R$ (24,922)<span></span>
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<td class="num">R$ (49,404)<span></span>
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<td class="num">(255,644)<span></span>
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<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td colspan="2" class="num">(477,741)<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsWithRelatedPartiesMember', window );">Current Bonds with Related Parties [member]</a></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="num">(33,921)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td colspan="2" class="num">(24,873)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="num">(254,885)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td colspan="2" class="num">(477,564)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsMember', window );">Current Bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="num">(58,425)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td colspan="2" class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td colspan="2" class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsMember', window );">Current Bonds | SSED21 &#8211; 6th. SOMOS &#8211; 2nd. S&#233;rie</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfPeriodOfBorrowingPayments', window );">Payments</a></td>
<td class="text">02/15/2022 and 08/11/2022<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="num">R$ (10,792)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="num">R$ (50,885)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsMember', window );">Current Bonds | SEDU21 &#8211; 7th. SOMOS 2nd. S&#233;rie</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfPeriodOfBorrowingPayments', window );">Payments</a></td>
<td class="text">02/15/2022 and 08/11/2022<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="num">R$ (23,129)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="num">R$ (204,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsMember', window );">Current Bonds | GAGL11 - Somos Sistemas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfPeriodOfBorrowingPayments', window );">Payments</a></td>
<td class="text">02/07/2022 and 08/05/2022<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="num">R$ (58,425)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentFinanceLeasesMember', window );">Current Financing [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfPeriodOfBorrowingPayments', window );">Payments</a></td>
<td class="text">06/22/2022<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="num">R$ (154)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td colspan="2" class="num">(49)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="num">R$ (759)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td colspan="2" class="num">R$ (177)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We present below the composition of interest and principal payments considering the issues made:</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">On March 15, 2021, the Company, substantially settled bonds with related parties amounting to R$ 100,000 and R$ 1,488, in principal and interest, respectively as follows: 5th Issuance, 1st series &#8211; R$ 101,488. In addition, the Company settled only interest on the following bonds: 5th Issuance, 2nd series &#8211; R$ 1,451, 6th Issuance, 2nd series &#8211; R$ 3,613 and 7th Issuance, single series &#8211; R$ 5,663. This measure is part of a commitment with shareholders as a result of the IPO.

On May 31, 2021, the Company partially settled bonds with related parties amounting to R$ 188,000, of principal of the 7th issuance single series.

On August 6, 2021, the Company settled the remaining 7th issuance with related parties in the amounts of R$189,564 and R$5,871, as principal and interest. In addition, the Company settled only interest on the following bonds: 5th Issuance, 2nd series &#8211; R$ 2,029 and 6th Issuance, 2nd series &#8211; R$ 4,758.

Regarding the financing with Banco de Desenvolvimento de Minas Gerais SA - BDMG, the Company pays monthly the amount of R$ 15 and R$ 4, respectively, of principal and interest, totaling on December 31, 2021 an amount of R$177 and R$49, respectively, of principal and interest.</td>
</tr>
</table></td></tr>
</table>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of period of borrowing payments made.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest on bonds and financing, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentFinanceLeasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_CurrentFinanceLeasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>134
<FILENAME>R101.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729584944">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Bonds and financing - Parentheticals (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 28, 2022</div></th>
<th class="th"><div>Aug. 06, 2021</div></th>
<th class="th"><div>May 31, 2021</div></th>
<th class="th"><div>Mar. 15, 2021</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Borrowings, interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">CDI<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of borrowings principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 255,644<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 477,741<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas De Ensino S.A. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NotesAndDebenturesIssued', window );">Issued simple debentures, not convertible</a></td>
<td class="nump">R$ 250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsWithRelatedPartiesMember', window );">Non-current Bonds with related parties [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of borrowings principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsWithRelatedPartiesMember', window );">Non-current Bonds with related parties [member] | Somos Sistemas De Ensino S.A. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Borrowings, interest rate basis</a></td>
<td class="text">100% of the CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Borrowings, adjustment to interest rate basis</a></td>
<td class="nump">2.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NotesAndDebenturesIssued', window );">Issued simple debentures, not convertible</a></td>
<td class="nump">R$ 250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsMaturityTerm', window );">Borrowings average maturity</a></td>
<td class="text">37 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsWithRelatedPartiesMember', window );">Current Bonds with related parties [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of borrowings principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">254,885<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">477,564<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsWithRelatedPartiesMember', window );">Current Bonds with related parties [member] | Bonds, 5th Issuance, 1st series [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of borrowings principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Payment of borrowings interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,488<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RepaymentsOfBorrowingsIncludingInterestClassifiedAsFinancingActivities', window );">Payment of borrowings principal and interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">101,488<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsWithRelatedPartiesMember', window );">Current Bonds with related parties [member] | Bonds, 5th Issuance, 2nd series [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Payment of borrowings interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 2,029<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,451<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsWithRelatedPartiesMember', window );">Current Bonds with related parties [member] | Bonds, 6th Issuance, 2nd series [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Payment of borrowings interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,758<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,613<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentBondsWithRelatedPartiesMember', window );">Current Bonds with related parties [member] | Bonds, 7th Issuance, single series [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of borrowings principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">189,564<span></span>
</td>
<td class="nump">R$ 188,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Payment of borrowings interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 5,871<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 5,663<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentFinanceLeasesMember', window );">Current Financing [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of borrowings principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">759<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">177<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentFinanceLeasesMember', window );">Current Financing [member] | Banco de Desenvolvimento de Minas Gerais SA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PeriodicPaymentOfBorrowingsByMonthlyPrincipal', window );">Periodic payment of borrowings by monthly, principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PeriodicPaymentOfBorrowingsByMonthlyInterest', window );">Periodic payment of borrowings by monthly, interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of borrowings principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">177<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Payment of borrowings interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">49<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsMember', window );">Non-current Bonds [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of borrowings principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsMember', window );">Non-current Bonds [Member] | Somos Sistemas De Ensino S.A. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Borrowings, interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">100% of DI Interest Deposit rate (CDI)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Borrowings, adjustment to interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NotesAndDebenturesIssued', window );">Issued simple debentures, not convertible</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsMaturityTerm', window );">Borrowings average maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">35 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="9"></td></tr>
<tr><td colspan="9"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We present below the composition of interest and principal payments considering the issues made:</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">On March 15, 2021, the Company, substantially settled bonds with related parties amounting to R$ 100,000 and R$ 1,488, in principal and interest, respectively as follows: 5th Issuance, 1st series &#8211; R$ 101,488. In addition, the Company settled only interest on the following bonds: 5th Issuance, 2nd series &#8211; R$ 1,451, 6th Issuance, 2nd series &#8211; R$ 3,613 and 7th Issuance, single series &#8211; R$ 5,663. This measure is part of a commitment with shareholders as a result of the IPO.

On May 31, 2021, the Company partially settled bonds with related parties amounting to R$ 188,000, of principal of the 7th issuance single series.

On August 6, 2021, the Company settled the remaining 7th issuance with related parties in the amounts of R$189,564 and R$5,871, as principal and interest. In addition, the Company settled only interest on the following bonds: 5th Issuance, 2nd series &#8211; R$ 2,029 and 6th Issuance, 2nd series &#8211; R$ 4,758.

Regarding the financing with Banco de Desenvolvimento de Minas Gerais SA - BDMG, the Company pays monthly the amount of R$ 15 and R$ 4, respectively, of principal and interest, totaling on December 31, 2021 an amount of R$177 and R$49, respectively, of principal and interest.</td>
</tr>
</table></td></tr>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 31<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of notes and debentures issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotesAndDebenturesIssued</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maturity period of borrowings obtained.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the required periodic monthly payments applied to interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the required periodic monthly payments applied to principal.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings including interest, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue9Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue9Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_CurrentFinanceLeasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_CurrentFinanceLeasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=vsta_BancoDeDesenvolvimentoDeMinasGeraisSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_NonCurrentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R102.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737698208">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Bonds and financing - Schedule of bonds' description (Details 3)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2022 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Financials charges</a></td>
<td class="text">CDI<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BondsWithRelatedPartiesMember', window );">Bonds with Related Parties [member] | Bonds, 5th Issuance, 2nd series [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsDateOfIssuance', window );">Date of issuance</a></td>
<td class="text">08/15/2018<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsMaturityDate', window );">Maturity Date</a></td>
<td class="text">08/15/2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsMaturityTerm', window );">First payment after</a></td>
<td class="text">60 months<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfPeriodicPaymentFrequencyOfBorrowings', window );">Remuneration payment</a></td>
<td class="text">Semi-annual interest<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Financials charges</a></td>
<td class="text"> CDI + 1.00% p.a. <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="nump">R$ 100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BondsWithRelatedPartiesMember', window );">Bonds with Related Parties [member] | Bonds, 9th Issuance, 2nd series [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsDateOfIssuance', window );">Date of issuance</a></td>
<td class="text">09/28/2022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsMaturityDate', window );">Maturity Date</a></td>
<td class="text">09/28/2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsMaturityTerm', window );">First payment after</a></td>
<td class="text">36 months<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfPeriodicPaymentFrequencyOfBorrowings', window );">Remuneration payment</a></td>
<td class="text">Semi-annual interest<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Financials charges</a></td>
<td class="text"> CDI + 2.40% p.a. <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="nump">R$ 250<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BondMember', window );">Bond [Member] | Bonds 1st Issuance Single Series [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsDateOfIssuance', window );">Date of issuance</a></td>
<td class="text">08/06/2021<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsMaturityDate', window );">Maturity Date</a></td>
<td class="text">08/05/2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BorrowingsMaturityTerm', window );">First payment after</a></td>
<td class="text">35 months<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfPeriodicPaymentFrequencyOfBorrowings', window );">Remuneration payment</a></td>
<td class="text">Semi-annual interest<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Financials charges</a></td>
<td class="text"> CDI + 2.30% p.a. <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="nump">R$ 500<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BorrowingsDateOfIssuance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The date of borrowings issued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BorrowingsDateOfIssuance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BorrowingsMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The date of borrowings maturity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BorrowingsMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BorrowingsMaturityTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maturity period of borrowings obtained.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BorrowingsMaturityTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DescriptionOfPeriodicPaymentFrequencyOfBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of periodic payment frequency on borrowings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DescriptionOfPeriodicPaymentFrequencyOfBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_BondsWithRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_BondsWithRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=vsta_BondMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=vsta_BondMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue6Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BorrowingsBySeriesAxis=vsta_BorrowingsIssue6Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
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<SEQUENCE>136
<FILENAME>R103.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737179232">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Bonds and financing - Schedule of bonds and financing maturities (Details 4) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current bonds and financing</a></td>
<td class="nump">R$ 93,779<span></span>
</td>
<td class="nump">R$ 281,491<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Total non-current liabilities</a></td>
<td class="nump">749,217<span></span>
</td>
<td class="nump">549,735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total bonds and financing</a></td>
<td class="nump">R$ 842,996<span></span>
</td>
<td class="nump">R$ 831,226<span></span>
</td>
<td class="nump">R$ 793,341<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNonCurrentBondsAndFinancing', window );">Percentage of non-current bonds and financing</a></td>
<td class="nump">88.90%<span></span>
</td>
<td class="nump">66.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfBondsAndFinancing', window );">Percentage of bonds and financing</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">2023 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current bonds and financing</a></td>
<td class="nump">R$ 93,779<span></span>
</td>
<td class="nump">R$ 281,491<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total bonds and financing</a></td>
<td class="nump">R$ 93,779<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfCurrentBondsAndFinancing', window );">Percentage of current bonds and financing</a></td>
<td class="nump">11.10%<span></span>
</td>
<td class="nump">33.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">2024 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Total non-current liabilities</a></td>
<td class="nump">R$ 499,217<span></span>
</td>
<td class="nump">R$ 51,063<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total bonds and financing</a></td>
<td class="nump">R$ 499,217<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNonCurrentBondsAndFinancing', window );">Percentage of non-current bonds and financing</a></td>
<td class="nump">59.20%<span></span>
</td>
<td class="nump">6.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">2025 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Total non-current liabilities</a></td>
<td class="nump">R$ 250,000<span></span>
</td>
<td class="nump">R$ 498,672<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNonCurrentBondsAndFinancing', window );">Percentage of non-current bonds and financing</a></td>
<td class="nump">29.70%<span></span>
</td>
<td class="nump">60.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfBondsAndFinancing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of bonds and financing, outsatnding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfBondsAndFinancing</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of current bonds and financing, outsatnding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfCurrentBondsAndFinancing</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfNonCurrentBondsAndFinancing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of non-current bonds and financing, outsatnding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfNonCurrentBondsAndFinancing</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R104.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451728384576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Bonds and financing (Details 5 - Textuals) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Nov. 19, 2019</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Contribution of bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">R$ (250,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">R$ (500,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BondsWithRelatedPartiesMember', window );">Bonds with Related Parties [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Contribution of bonds</a></td>
<td class="nump">R$ 1,535,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent', window );">Percentage of proceeds from bonds issued to be use for repay upon any liquidity event</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BondMember', window );">Bonds with third parties [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization', window );">Percentage of net debt adjusted EBITDA ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.74%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4.47%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfConsecutivePeriods', window );">Number of consecutive periods</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfAlternatePeriods', window );">Number of alternate periods</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BondMember', window );">Bonds with third parties [member] | 2021 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization', window );">Percentage of net debt adjusted EBITDA ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.25%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BondMember', window );">Bonds with third parties [member] | 2022 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization', window );">Percentage of net debt adjusted EBITDA ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BondMember', window );">Bonds with third parties [member] | 2023 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization', window );">Percentage of net debt adjusted EBITDA ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.75%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=vsta_BondMember', window );">Bonds with third parties [member] | 2024 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForNonderivativeFinancialLiabilitiesLineItems', window );"><strong>Bonds and financing</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization', window );">Percentage of net debt adjusted EBITDA ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.50%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">On September 28, 2022, the Company issued simple debentures not convertible into shares, subject to remunerative interest of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">100% of the CDI</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, plus a spread of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">2.40</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">% per year, in the total amount of R$</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">250,000</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">. The debentures aim to strengthen the Company's capital structure and lengthen the maturity profile of the debt, whose average term has become&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">37 months</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On August 6, 2021, the&#160;</span>Company&#180;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;subsidiary&#160;</span>Somos<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;</span>Sistemas<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;de&#160;</span>Ensino<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;S.A. issued R$&#160;</span></span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">500</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;million in simple debentures not convertible into shares, subject to compensatory interest of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">100% of DI Interest Deposit rate (CDI)</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, plus spread of&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">2.30</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">% per year. The debentures are aimed at reinforcing the Company&#8217;s capital structure and elongating the debt maturity profile, which average maturity now stands at&#160;</span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">35 months</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">.</span></td>
</tr>
</table></td></tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from financing cash flows. [Refer: Cash flows from (used in) financing activities; Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 44B<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_44B_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of alternate periods required for net debt adjusted EBITDA ratio cannot be breched.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of consecutive periods required for net debt adjusted EBITDA ratio cannot be breched.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of net debt adjusted earnings before interest, income taxes, depreciation and amortization.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of proceeds from bonds issued which will have to use for repay upon any liquidity event.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=vsta_MeasurementPeriodOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=vsta_MeasurementPeriodOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=vsta_MeasurementPeriodTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=vsta_MeasurementPeriodTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=vsta_MeasurementPeriodThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=vsta_MeasurementPeriodThreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=vsta_MeasurementPeriodFourMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=vsta_MeasurementPeriodFourMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>138
<FILENAME>R105.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451749883408">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Suppliers (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesAbstract', window );"><strong>Suppliers</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LocalSuppliers', window );">Local suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 215,593<span></span>
</td>
<td class="nump">R$ 132,124<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RelatedPartiesSuppliers', window );">Related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,781<span></span>
</td>
<td class="nump">19,534<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CopyrightSuppliers', window );">Copyright</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,273<span></span>
</td>
<td class="nump">15,510<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">250,647<span></span>
</td>
<td class="nump">167,168<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentReverseFactoringSuppliers', window );">Reverse factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 155,469<span></span>
</td>
<td class="nump">R$ 97,619<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">As of December 31, 2022, the balance of reverse factoring was R$ 155,469 (R$ 97,619 as of December 31, 2021), and the discount rates of assignment operations carried out by our suppliers with financial institutions had a weighted average of 1.27% per month (as of December 31, 2021, the weighted average was 1.05% 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.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current amount of payment due to suppliers for goods and services used in entity's business. [Refer: Current liabilities; Trade payables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 70<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_70&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CopyrightSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount payable to current copyright suppliers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CopyrightSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentReverseFactoringSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount payable to current reverse factoring suppliers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentReverseFactoringSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_LocalSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount payable to current local suppliers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_LocalSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_RelatedPartiesSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount payable to current related parties suppliers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_RelatedPartiesSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>139
<FILENAME>R106.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737064784">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Suppliers (Details 1 - Textuals) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesAbstract', window );"><strong>Suppliers</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentReverseFactoringSuppliers', window );">Reverse factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 155,469<span></span>
</td>
<td class="nump">R$ 97,619<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction', window );">Weighted average discount rates per month of assignment operations carried out by suppliers with financial institutions for reverse factoring transaction</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.27%<span></span>
</td>
<td class="nump">1.05%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaximumMaturityPeriodOfReverseFactoring', window );">Maximum maturity period of reverse factoring</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">360 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">As of December 31, 2022, the balance of reverse factoring was R$ 155,469 (R$ 97,619 as of December 31, 2021), and the discount rates of assignment operations carried out by our suppliers with financial institutions had a weighted average of 1.27% per month (as of December 31, 2021, the weighted average was 1.05% 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.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentReverseFactoringSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount payable to current reverse factoring suppliers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentReverseFactoringSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MaximumMaturityPeriodOfReverseFactoring">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum maturity period of reverse factoring related to trade suppliers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MaximumMaturityPeriodOfReverseFactoring</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of weighted average discount rates per month of assignment operations carried out by suppliers with financial institutions for reverse factoring transaction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>140
<FILENAME>R107.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451727432592">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Lease liabilities (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PresentationOfLeasesForLesseeAbstract', window );"><strong>Lease liabilities.</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AverageTermOfLeaseAgreements', window );">Average term of lease agreements (in years)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">7 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LeaseAgreementsWeightedAverageDiscountRatePercent', window );">Weighted average rate (%)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14.32%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract', window );"><strong>Reconciliation of changes in lease liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Opening balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 160,542<span></span>
</td>
<td class="nump">R$ 173,103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdditionsToNewLeaseAgreements', window );">Additions for new lease agreements</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">12,002<span></span>
</td>
<td class="nump">25,513<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RenegotiationOfLeaseLiabilities', window );">Renegotiation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="num">(12,439)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CancellationOfLeaseAgreements', window );">Cancelled contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,180)<span></span>
</td>
<td class="num">(3,481)<span></span>
</td>
<td class="num">R$ (3,429)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16', window );">Renegotiation - COVID-19&#160;impact</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="num">(448)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestExpenseRecognisedOnLeaseLiabilities', window );">Interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,143<span></span>
</td>
<td class="nump">14,984<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities', window );">Payment of interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(14,941)<span></span>
</td>
<td class="num">(14,692)<span></span>
</td>
<td class="num">(14,675)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities', window );">Payment of principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(27,003)<span></span>
</td>
<td class="num">(21,998)<span></span>
</td>
<td class="num">(12,835)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Closing balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">140,563<span></span>
</td>
<td class="nump">160,542<span></span>
</td>
<td class="nump">173,103<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">23,151<span></span>
</td>
<td class="nump">26,636<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Non-current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">117,412<span></span>
</td>
<td class="nump">133,906<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 140,563<span></span>
</td>
<td class="nump">160,542<span></span>
</td>
<td class="nump">R$ 173,103<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TermOfNewSubleaseAgreements', window );">Term of new sublease agreements (in months)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">36 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent', window );">Minimum weighted average rate (%)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent', window );">Maximum weighted average rate (%)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaximumShortTermLeasePeriodOfLeaseAgreements', window );">Short-term lease period (in months)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">12 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FixedAndVariableLeasePaymentsAbstract', window );"><strong>Fixed and variable lease payments, including those related to short-term contracts and to low-value assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed', window );">Fixed Payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 41,944<span></span>
</td>
<td class="nump">36,689<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities', window );">Payments related to short-term contracts and low value assets, variable price contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,312<span></span>
</td>
<td class="nump">17,775<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AggregateFixedAndVariableLeasePayments', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 60,256<span></span>
</td>
<td class="nump">R$ 54,464<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refers to new lease agreements which the Company has embedded part of its digital learning solutions. These lease agreements (digital learning) refer to lease terms of 36 months, with rates negotiated in the range of 10.3% p.a to 10.9% p.a.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised in profit or loss for the reporting period to reflect changes in lease payments that arise from rent concessions occurring as a direct consequence of the covid-19 pandemic, to which the lessee has applied the practical expedient in paragraph 46A of IFRS 16.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 60A<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_60A_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the expense relating to short-term leases accounted for applying paragraph 6 of IFRS 16. This expense need not include the expense relating to leases with a lease term of one month or less. Short-term lease is a lease that, at the commencement date, has a lease term of 12 months or less. A lease that contains a purchase option is not a short-term lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the expense relating to variable lease payments not included in the measurement of lease liabilities. Variable lease payments are the portion of payments made by a lessee to a lessor for the right to use an underlying asset during the lease term that varies because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PresentationOfLeasesForLesseeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PresentationOfLeasesForLesseeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdditionsToNewLeaseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of addition in lease liabilities due to new lease agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdditionsToNewLeaseAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AggregateFixedAndVariableLeasePayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the aggregate amount of fixed and variable lease payments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AggregateFixedAndVariableLeasePayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AverageTermOfLeaseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the average term of lease agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AverageTermOfLeaseAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CancellationOfLeaseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of cancellation on lease agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CancellationOfLeaseAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_FixedAndVariableLeasePaymentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_FixedAndVariableLeasePaymentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_InterestExpenseRecognisedOnLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense recognised on lease liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_InterestExpenseRecognisedOnLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of interest on leases, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_InterestLeaseLiabilitiesPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the maximum weighted average discount rate for lease agreement calculated at point in time.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_LeaseAgreementsMaximumWeightedAverageDiscountRatePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the minimum weighted average discount rate for lease agreement calculated at point in time.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_LeaseAgreementsMinimumWeightedAverageDiscountRatePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_LeaseAgreementsWeightedAverageDiscountRatePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the weighted average discount rate for lease agreement calculated at point in time.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_LeaseAgreementsWeightedAverageDiscountRatePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MaximumShortTermLeasePeriodOfLeaseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the maximum short term lease period of lease agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MaximumShortTermLeasePeriodOfLeaseAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ReconciliationOfChangesInPropertyPlantAndEquipment1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_RenegotiationOfLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of renegotiation of lease liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_RenegotiationOfLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TermOfNewSubleaseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the term of sublease agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TermOfNewSubleaseAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>141
<FILENAME>R108.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451728842336">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Contractual obligations and deferred income (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems', window );"><strong>Contract obligations and deferred income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredIncomeIncludingContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 57,852<span></span>
</td>
<td class="nump">R$ 46,165<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities', window );">Current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57,852<span></span>
</td>
<td class="nump">46,037<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities', window );">Non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">128<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredIncomeIncludingContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57,852<span></span>
</td>
<td class="nump">46,165<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis=vsta_RefundLiabilityMember', window );">Refund liability</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems', window );"><strong>Contract obligations and deferred income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredIncomeIncludingContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51,533<span></span>
</td>
<td class="nump">37,122<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredIncomeIncludingContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51,533<span></span>
</td>
<td class="nump">37,122<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis=vsta_ContractOfExclusivityForProcessingPayrollMember', window );">Contract of exclusivity for processing payroll</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems', window );"><strong>Contract obligations and deferred income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredIncomeIncludingContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">587<span></span>
</td>
<td class="nump">783<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredIncomeIncludingContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">587<span></span>
</td>
<td class="nump">783<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis=vsta_DeferredIncomeInLeasebackAgreementMember', window );">Deferred income in leaseback agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems', window );"><strong>Contract obligations and deferred income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredIncomeIncludingContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,075<span></span>
</td>
<td class="nump">5,678<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredIncomeIncludingContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,075<span></span>
</td>
<td class="nump">5,678<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis=vsta_OtherContractLiabilitiesMember', window );">Other contractual obligations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems', window );"><strong>Contract obligations and deferred income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredIncomeIncludingContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,657<span></span>
</td>
<td class="nump">2,582<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredIncomeIncludingContractLiabilities', window );">Contractual obligations and deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,657<span></span>
</td>
<td class="nump">R$ 2,582<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ConsolidatedStructuredEntitiesAxis=vsta_PredecessorsMember', window );">Somos - Anglo (Predecessor) | Deferred income in leaseback agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems', window );"><strong>Contract obligations and deferred income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Proceeds from sale of property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 25,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredIncomeOtherThanContractLiabilities', window );">Deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 9,104<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LeaseTerm', window );">Lease term of the property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">120 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'times new roman', times; font-size: 10pt;"> Refers to the customer&#8217;s right to return products, as mentioned in Note <span>11</span>, the Company business cycle is from September to September for each year, being the provision reduced in the end of business cycle and estimated in the fourth quarter. </span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'times new roman', times; font-size: 10pt;"> In March 2018, the predecessor Somos-Anglo entered into a sales and leaseback agreement of a property located at Avenida Jo&#227;o Dias in the city of S&#227;o Paulo in the amount of R$ 25,500. This transaction included deferred income of R$ 9,104, which has been appropriated according to the lease term of the property (120 months).</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current deferred income including current contract liabilities. [Refer: Deferred income including contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDeferredIncomeIncludingCurrentContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeIncludingContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities representing income that has been received (or the amount is due) but is not yet earned, including contract liabilities. [Refer: Contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeIncludingContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeOtherThanContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities representing income that has been received (or the amount is due) but is not yet earned, other than contract liabilities. [Refer: Contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeOtherThanContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current deferred income including non-current contract liabilities. [Refer: Deferred income including contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sales of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfContractLiabilitiesAndDeferredIncomeLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_LeaseTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the lease term.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_LeaseTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis=vsta_RefundLiabilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis=vsta_RefundLiabilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis=vsta_ContractOfExclusivityForProcessingPayrollMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis=vsta_ContractOfExclusivityForProcessingPayrollMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis=vsta_DeferredIncomeInLeasebackAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis=vsta_DeferredIncomeInLeasebackAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis=vsta_OtherContractLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TypesOfContractLiabilitiesAndDeferredIncomeAxis=vsta_OtherContractLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedStructuredEntitiesAxis=vsta_PredecessorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedStructuredEntitiesAxis=vsta_PredecessorsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>142
<FILENAME>R109.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729048848">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Accounts payable for business combination and acquisition of associates (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CurrentAccountsPayableForBusinessCombination', window );">Current</a></td>
<td class="nump">R$ 73,007<span></span>
</td>
<td class="nump">R$ 20,502<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentAccountsPayableForBusinessCombination', window );">Non-current</a></td>
<td class="nump">552,270<span></span>
</td>
<td class="nump">511,811<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">625,277<span></span>
</td>
<td class="nump">532,313<span></span>
</td>
<td class="nump">R$ 48,055<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_AAndRComercioEServicosDeInformaticaLtdaMember', window );">Pluri</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">3,653<span></span>
</td>
<td class="nump">3,251<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_MindMakersEditoraEducacionalMember', window );">Mind Makers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">7,915<span></span>
</td>
<td class="nump">7,044<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_LivrariaLivroFacilLtdaMember', window );">Livro F&#225;cil</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">10,516<span></span>
</td>
<td class="nump">14,055<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_MerittInformacaoEducacionalLtdaMember', window );">Meritt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">300<span></span>
</td>
<td class="nump">3,347<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducationalDaLagoaLtdaMember', window );">SEL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">30,267<span></span>
</td>
<td class="nump">26,935<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisLtdaMember', window );">Reda&#231;&#227;o Nota&#160;1000</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">6,030<span></span>
</td>
<td class="nump">7,230<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaLtdaMember', window );">EMME</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">10,827<span></span>
</td>
<td class="nump">12,780<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember', window );">Editora De Gouges S.A ("De Gouges")</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">514,299<span></span>
</td>
<td class="nump">457,671<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember', window );">Phidelis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">16,976<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EducbankGestaoDePagamentosEducacionaisSAMember', window );">Educbank</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">R$ 24,494<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CurrentAccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CurrentAccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NonCurrentAccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NonCurrentAccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_AAndRComercioEServicosDeInformaticaLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_AAndRComercioEServicosDeInformaticaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_MindMakersEditoraEducacionalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_MindMakersEditoraEducacionalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_LivrariaLivroFacilLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_LivrariaLivroFacilLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_MerittInformacaoEducacionalLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_MerittInformacaoEducacionalLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducationalDaLagoaLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducationalDaLagoaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_EducbankGestaoDePagamentosEducacionaisSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_EducbankGestaoDePagamentosEducacionaisSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>143
<FILENAME>R110.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451736500208">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts payable for business combination and acquisition of associates (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract', window );"><strong>Reconciliation of changes in accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Opening balance</a></td>
<td class="nump">R$ 532,313<span></span>
</td>
<td class="nump">R$ 48,055<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdditionsToAccountsPayableForBusinessCombination', window );">Additions</a></td>
<td class="nump">120,344<span></span>
</td>
<td class="nump">703,257<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CashPaymentForAccountsPayableForBusinessCombination', window );">Cash payment</a></td>
<td class="num">(80,939)<span></span>
</td>
<td class="num">(205,280)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities', window );">Payments in installments</a></td>
<td class="num">(11,379)<span></span>
</td>
<td class="num">(19,168)<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities', window );">Interest payment</a></td>
<td class="num">(603)<span></span>
</td>
<td class="num">(1,571)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestAdjustmentOnAccountsPayableForBusinessCombination', window );">Interest adjustment</a></td>
<td class="nump">65,725<span></span>
</td>
<td class="nump">8,158<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RemeasurementOnAccountsPayableForBusinessCombination', window );">Remeasurement</a></td>
<td class="num">(184)<span></span>
</td>
<td class="num">(1,138)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Closing balance</a></td>
<td class="nump">R$ 625,277<span></span>
</td>
<td class="nump">R$ 532,313<span></span>
</td>
<td class="nump">R$ 48,055<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdditionsToAccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdditionsToAccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CashPaymentForAccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of payments made by cash for accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CashPaymentForAccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_InterestAdjustmentOnAccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest adjustments on accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_InterestAdjustmentOnAccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest on business combinations, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for accounts payable for business combination, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ReconciliationOfChangesInAccountsPayableForBusinessCombinationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_RemeasurementOnAccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of remeasurement on accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_RemeasurementOnAccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>144
<FILENAME>R111.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451728448496">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Accounts payable for business combination and acquisition of associates (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">R$ 625,277<span></span>
</td>
<td class="nump">R$ 532,313<span></span>
</td>
<td class="nump">R$ 48,055<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfAccountsPayableForBusinessCombination', window );">Total (%)</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">In up to&#160;one&#160;year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">R$ 73,007<span></span>
</td>
<td class="nump">R$ 20,502<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfAccountsPayableForBusinessCombination', window );">Total (%)</a></td>
<td class="nump">11.70%<span></span>
</td>
<td class="nump">3.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">One to two years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">R$ 389,186<span></span>
</td>
<td class="nump">R$ 35,685<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfAccountsPayableForBusinessCombination', window );">Total (%)</a></td>
<td class="nump">62.20%<span></span>
</td>
<td class="nump">6.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">Two to three years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">R$ 163,084<span></span>
</td>
<td class="nump">R$ 166,730<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfAccountsPayableForBusinessCombination', window );">Total (%)</a></td>
<td class="nump">26.10%<span></span>
</td>
<td class="nump">31.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">Three years on [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems', window );"><strong>Accounts payable for business combination and acquisition of associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccountsPayableForBusinessCombination', window );">Total</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 309,396<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfAccountsPayableForBusinessCombination', window );">Total (%)</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">58.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfAccountsPayableForBusinessCombinationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfAccountsPayableForBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of accounts payable for business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfAccountsPayableForBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
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<td></td>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>145
<FILENAME>R112.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729860144">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Salaries and Social Contribution (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract', window );"><strong>Salaries and Social Contribution</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalariesPayableCurrent', window );">Salaries payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 28,351<span></span>
</td>
<td class="nump">R$ 22,348<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SocialContributionPayableCurrent', window );">Social contribution payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">25,205<span></span>
</td>
<td class="nump">23,926<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ProvisionForVacationPayAnd13ThSalaryCurrent', window );">Provision for vacation pay and 13th salary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,454<span></span>
</td>
<td class="nump">10,616<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ProvisionForProfitSharingAndBonusCurrent', window );">Provision for profit sharing</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">25,047<span></span>
</td>
<td class="nump">5,923<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherSalariesAndSocialContributionsCurrent', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">16<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentProvisionsForEmployeeBenefits', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 100,057<span></span>
</td>
<td class="nump">R$ 62,829<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">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<span style="line-height: inherit;">&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">on a monthly basis</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"><span style="line-height: inherit;">&#160;</span>according to the Company&#8217;s share price</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The provision for profit sharing is based on qualitative and quantitative metrics determined by Management.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisionsForEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions for employee benefits. [Refer: Provisions for employee benefits]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisionsForEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_OtherSalariesAndSocialContributionsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other current salaries and social contribution.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_OtherSalariesAndSocialContributionsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ProvisionForProfitSharingAndBonusCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current provision for profit sharing and bonus.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ProvisionForProfitSharingAndBonusCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ProvisionForVacationPayAnd13ThSalaryCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current provision for vacation pay and 13th salary.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ProvisionForVacationPayAnd13ThSalaryCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_SalariesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current salaries payable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_SalariesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_SocialContributionPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current social contribution payable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_SocialContributionPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>146
<FILENAME>R113.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451726685040">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Related parties (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,759<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 501<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,177<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">46,824<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">180,417<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">160,470<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">54<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">39,271<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,781<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">19,533<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">313,531<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">315,764<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_AcelAdministracaoDeCursosEducacionaisLtdaMember', window );">Acel Administracao de Cursos Educacionais Ltda</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,482<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">474<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_AnhangueraEducacionalParticipacoesSaMember', window );">Anhanguera Educacional Participacoes S.A.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">413<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CentroEducacionalLeonardoDaVinciSsMember', window );">Centro Educacional Leonardo Da Vinci SS</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CognaEducacaoSaMember', window );">Cogna Educacao S.A.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">180,417<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">160,470<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,021<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,828<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">313,531<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">315,764<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioAmbientalLtdaMember', window );">Colegio Ambiental Ltda</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">805<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioJaoLtdaMember', window );">Colegio JAO Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,974<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">33<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioManauaraLatoSensuLtdaMember', window );">Colegio Manauara Lato Sensu Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,291<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">458<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioManauaraCidadeNovaLtdaMember', window );">Colegio Manauara Cidade Nova Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">395<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioVisaoEireliMember', window );">Colegio Visao Eireli</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">132<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioCidadeLtdaMember', window );">Col&#233;gio Cidade Ltda</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">397<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioDoSalvadorLtdaMember', window );">COLEGIO DO SALVADOR LTDA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CursoEColegioCoqueiroLtdaMember', window );">Curso e Colegio Coqueiro Ltda</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">434<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">20<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EcsaEscolaAChaveDoSaberLtdaMember', window );">ECSA Escola A Chave do Saber Ltda</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,444<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">16<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraAticaSaMember', window );">Editora Atica S.A.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,754<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,207<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">20,040<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,778<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,239<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraEDistribuidoraEducacionalSaMember', window );">Editora E Distribuidora Educacional S.A.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,722<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">19<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">436<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15,754<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">88<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraScipioneSaMember', window );">Editora Scipione S.A.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">445<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">211<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">556<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EducacaoInovacaoETecnologiaSaMember', window );">Educacao Inovacao e Tecnologia S.A.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">389<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">128<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">175<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_NiceParticipacoesLtdaMember', window );">Nice Participa&#231;&#245;es Ltda</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">37<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EscolaMaterChristiLtdaMember', window );">Escola Mater Christi Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">765<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">139<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EscolaRiachoDoceLtdaMember', window );">Escola Riacho Doce Ltda</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">24<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_MaxiprintEditoraLtdaMember', window );">Maxiprint Editora Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,205<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">117<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">76<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_NucleoBrasileiroDeEstudosAvancadosLtdaMember', window );">Nucleo Brasileiro de Estudos Avancados Ltda</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">420<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">45<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_PapelariaBrasilianaLtdaMember', window );">Papelaria Brasiliana Ltda</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">644<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_PitagorasSistemaDeEducacaoSuperiorLtdaMember', window );">Pitagoras Sistema De Educac&#227;o Superior Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">76<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SaberServicosEducacionaisSaMember', window );">Saber Servicos Educacionais S.A.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">14<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,269<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">578<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SaraivaEducacaoSaMember', window );">Saraiva Educa&#231;&#227;o S.A.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">365<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">749<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,179<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,136<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SgeComercioDeMaterialDidaticoLtdaMember', window );">SGE Comercio De Material Didatico Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,687<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SistemaPHDeEnsinoLtdaMember', window );">Sistema P H De Ensino Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,421<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">177<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalAlphavilleLtdaMember', window );">Sociedade Educacional Alphaville Ltda</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,257<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalDozeDeOutubroLtdaMember', window );">Sociedade Educacional Doze De Outubro Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">734<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">47<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalParanaLtdaMember', window );">Sociedade Educacional Parana Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">91<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosIdiomasSaMember', window );">Somos Idiomas S.A.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">122<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">229<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosOperacoesEscolaresSaMember', window );">Somos Operacoes Escolares S.A.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,305<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">29<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SseServicosEducacionaisLtdaMember', window );">SSE Servi&#231;os Educacionais Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,602<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">665<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherReceivablesRelatedParties', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">37<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeReceivablesRelatedParties', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">54<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TradeSuppliersRelatedParties', window );">Suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_BondsPayableRelatedParties', window );">Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 10pt;">Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Refers substantially to accounts payable by sharing expenses e.g property leasing, personnel and IT licenses shared with Cogna Group.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_BondsPayableRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of bonds payable resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_BondsPayableRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IndemnificationAssetRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of indemnification asset resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IndemnificationAssetRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_OtherPaymentsDueToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other payments due resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_OtherPaymentsDueToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_OtherReceivablesRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other receivables resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_OtherReceivablesRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TradeReceivablesRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of trade receivables resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TradeReceivablesRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TradeSuppliersRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of trade suppliers resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TradeSuppliersRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_AcelAdministracaoDeCursosEducacionaisLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_AcelAdministracaoDeCursosEducacionaisLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_AnhangueraEducacionalParticipacoesSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_AnhangueraEducacionalParticipacoesSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CentroEducacionalLeonardoDaVinciSsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CentroEducacionalLeonardoDaVinciSsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CognaEducacaoSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CognaEducacaoSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioAmbientalLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioAmbientalLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioJaoLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioJaoLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioManauaraLatoSensuLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioManauaraLatoSensuLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioManauaraCidadeNovaLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioManauaraCidadeNovaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioVisaoEireliMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalDozeDeOutubroLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalDozeDeOutubroLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalParanaLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalParanaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosIdiomasSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosIdiomasSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosOperacoesEscolaresSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosOperacoesEscolaresSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SseServicosEducacionaisLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SseServicosEducacionaisLtdaMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>147
<FILENAME>R114.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451721104112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related parties (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">R$ 31,682<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 28,663<span></span>
</td>
<td class="nump">R$ 33,822<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">36,573<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">25,859<span></span>
</td>
<td class="nump">55,679<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">35,232<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">37,514<span></span>
</td>
<td class="nump">48,133<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">13,047<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15,939<span></span>
</td>
<td class="nump">21,683<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_AcelAdministracaoDeCursosEducacionaisLtdaMember', window );">Acel Administracao de Cursos Educacionais Ltda</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,790<span></span>
</td>
<td class="nump">1,230<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CentroEducacionalLeonardoDaVinciSsMember', window );">Centro Educacional Leonardo Da Vinci SS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">41<span></span>
</td>
<td class="nump">1,319<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CognaEducacaoSaMember', window );">Cogna Educacao S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">36,573<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">25,859<span></span>
</td>
<td class="nump">48,432<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioAmbientalLtdaMember', window );">Colegio Ambiental Ltda</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">496<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioCidadeLtdaMember', window );">Col&#233;gio Cidade Ltda</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">146<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioJaoLtdaMember', window );">Colegio JAO Ltda.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,582<span></span>
</td>
<td class="nump">387<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioManauaraLatoSensuLtdaMember', window );">Colegio Manauara Lato Sensu Ltda.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,903<span></span>
</td>
<td class="nump">3,139<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioManauaraCidadeNovaLtdaMember', window );">Colegio Manauara Cidade Nova Ltda.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">275<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioMotivoLtdaMember', window );">Colegio Motivo Ltda.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">35<span></span>
</td>
<td class="nump">1,308<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioVisaoEireliMember', window );">Colegio Visao Eireli</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">287<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CursoEColegioCoqueiroLtdaMember', window );">Curso e Colegio Coqueiro Ltda</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">268<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EcsaEscolaAChaveDoSaberLtdaMember', window );">ECSA Escola A Chave do Saber Ltda</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">593<span></span>
</td>
<td class="nump">657<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraAticaSaMember', window );">Editora Atica S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">16,286<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,374<span></span>
</td>
<td class="nump">7,287<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">229<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">5,757<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,130<span></span>
</td>
<td class="nump">11,989<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">8,551<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,153<span></span>
</td>
<td class="nump">15,364<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraEDistribuidoraEducacionalSaMember', window );">Editora E Distribuidora Educacional S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,841<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">29,475<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">31,384<span></span>
</td>
<td class="nump">36,144<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,489<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraScipioneSaMember', window );">Editora Scipione S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">3,096<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,341<span></span>
</td>
<td class="nump">1,551<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EscolaMaterChristiLtdaMember', window );">Escola Mater Christi Ltda.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">311<span></span>
</td>
<td class="nump">246<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EscolaRiachoDoceLtdaMember', window );">Escola Riacho Doce Ltda</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">77<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_MaxiprintEditoraLtdaMember', window );">Maxiprint Editora Ltda.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">6,665<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,107<span></span>
</td>
<td class="nump">612<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_NucleoBrasileiroDeEstudosAvancadosLtdaMember', window );">Nucleo Brasileiro de Estudos Avancados Ltda</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">276<span></span>
</td>
<td class="nump">423<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_PapelariaBrasilianaLtdaMember', window );">Papelaria Brasiliana Ltda</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">249<span></span>
</td>
<td class="nump">1,287<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SaberServicosEducacionaisSaMember', window );">Saber Servicos Educacionais S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">41<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">900<span></span>
</td>
<td class="nump">1,254<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">6,740<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">729<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SaraivaEducacaoSaMember', window );">Saraiva Educa&#231;&#227;o S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">4,090<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,405<span></span>
</td>
<td class="nump">3,364<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">1,905<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,528<span></span>
</td>
<td class="nump">3,739<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SistemaPHDeEnsinoLtdaMember', window );">Sistema P H De Ensino Ltda.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,417<span></span>
</td>
<td class="nump">5,776<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalAlphavilleLtdaMember', window );">Sociedade Educacional Alphaville Ltda</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">414<span></span>
</td>
<td class="nump">317<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalDozeDeOutubroLtdaMember', window );">Sociedade Educacional Doze De Outubro Ltda.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">360<span></span>
</td>
<td class="nump">295<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalNeodnaCuiabaLtdaMember', window );">Sociedade Educacional NEODNA Cuiaba Ltda</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">224<span></span>
</td>
<td class="nump">367<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalParanaLtdaMember', window );">Sociedade Educacional Parana Ltda.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SoeOperacoesEscolaresSaMember', window );">SOE Opera&#231;&#245;es Escolares SA.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,086<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosIdiomasSaMember', window );">Somos Idiomas S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">641<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">2,591<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">258<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosOperacoesEscolaresSaMember', window );">Somos Operacoes Escolares S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">243<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SseServicosEducacionaisLtdaMember', window );">SSE Servi&#231;os Educacionais Ltda.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">863<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,463<span></span>
</td>
<td class="nump">795<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalNeodnaCuiabaLtdaEppMember', window );">Sociedade Educacional NEODNA Cuiaba Ltda - EPP</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">367<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosEducacaoSaMember', window );">Somos Educacao S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">278<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RevenuesFromRelatedParties', window );">Revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostsToRelatedParties', window );">Finance costs</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Sublease</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 362<span></span>
</td>
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<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refers to debentures interest; see Note <span>15</span>.</td>
</tr></table></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cost Sharing expenses resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_RevenuesFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_SubleaseIncomeFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of sublease income resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_SubleaseIncomeFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_AcelAdministracaoDeCursosEducacionaisLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_AcelAdministracaoDeCursosEducacionaisLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CentroEducacionalLeonardoDaVinciSsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CentroEducacionalLeonardoDaVinciSsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CognaEducacaoSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CognaEducacaoSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioAmbientalLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioAmbientalLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioCidadeLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioCidadeLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioJaoLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioJaoLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioManauaraLatoSensuLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioManauaraLatoSensuLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioManauaraCidadeNovaLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioManauaraCidadeNovaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioMotivoLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioMotivoLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioVisaoEireliMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ColegioVisaoEireliMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CursoEColegioCoqueiroLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_CursoEColegioCoqueiroLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EcsaEscolaAChaveDoSaberLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EcsaEscolaAChaveDoSaberLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraAticaSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraAticaSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraEDistribuidoraEducacionalSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraEDistribuidoraEducacionalSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraScipioneSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraScipioneSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EscolaMaterChristiLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EscolaMaterChristiLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EscolaRiachoDoceLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EscolaRiachoDoceLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_MaxiprintEditoraLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_MaxiprintEditoraLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_NucleoBrasileiroDeEstudosAvancadosLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_NucleoBrasileiroDeEstudosAvancadosLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_PapelariaBrasilianaLtdaMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_PapelariaBrasilianaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SaberServicosEducacionaisSaMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SaraivaEducacaoSaMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SistemaPHDeEnsinoLtdaMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalAlphavilleLtdaMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalDozeDeOutubroLtdaMember</td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalNeodnaCuiabaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SociedadeEducacionalParanaLtdaMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td></td>
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<td><strong> Period Type:</strong></td>
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<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SoeOperacoesEscolaresSaMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosOperacoesEscolaresSaMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451722327712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related parties (Details 3)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 06, 2019 </div>
<div>BRL (R$) </div>
<div>Number</div>
</th>
<th class="th">
<div>Nov. 11, 2019 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Nov. 06, 2019 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>BRL (R$)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2021 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 54<span></span>
</td>
<td class="nump">R$ 39,271<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IndemnificationAssetRelatedParties', window );">Indemnification asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">180,417<span></span>
</td>
<td class="nump">160,470<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35,232<span></span>
</td>
<td class="nump">37,514<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 48,133<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CounterpartyNameAxis=vsta_EditoraEDistribuidoraEducacionalSaMember', window );">Editora E Distribuidora Educacional S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OtherPaymentsDueToRelatedParties', window );">Other payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">54<span></span>
</td>
<td class="nump">39,271<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember', window );">Related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CostSharingExpensesToRelatedParties', window );">Cost Sharing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 35,232<span></span>
</td>
<td class="nump">R$ 37,514<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember', window );">Related parties | Trademark license</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BrandNames', window );">Trademark</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill', window );">Agreement term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">20 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfLicenseAgreements', window );">Number of license agreements | Number</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember', window );">Related parties | Editora E Distribuidora Educacional S.A. | Copyright license</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights', window );">Copyright license</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill', window );">Agreement term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember', window );">Related parties | Editora E Distribuidora Educacional S.A. | Trademark license</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BrandNames', window );">Trademark</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill', window );">Agreement term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">20 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="8"></td></tr>
<tr><td colspan="8"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refers substantially to accounts payable by sharing expenses e.g property leasing, personnel and IT licenses shared with Cogna Group.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BrandNames">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets representing rights to a group of complementary assets such as a trademark (or service mark) and its related trade name, formulas, recipes and technological expertise. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2022-03-24<br> -Paragraph 119<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_119_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BrandNames</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets representing copyrights, patents and other industrial property rights, service and operating rights. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2022-03-24<br> -Paragraph 119<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_119_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The useful life, measured as period of time, used for intangible assets other than goodwill. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2022-03-24<br> -Paragraph 118<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_118_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CostSharingExpensesToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cost Sharing expenses resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CostSharingExpensesToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IndemnificationAssetRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of indemnification asset resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IndemnificationAssetRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NumberOfLicenseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of license agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfLicenseAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_OtherPaymentsDueToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other payments due resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=vsta_EditoraEDistribuidoraEducacionalSaMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_BrandNamesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>149
<FILENAME>R116.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729759920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related parties (Details 4) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Nov. 21, 2018</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Income from lease and sublease agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 13,047<span></span>
</td>
<td class="nump">R$ 15,939<span></span>
</td>
<td class="nump">R$ 21,683<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember', window );">Related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Income from lease and sublease agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,047<span></span>
</td>
<td class="nump">15,939<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraEDistribuidoraEducacionalSaMember', window );">Editora E Distribuidora Educacional S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SubleaseIncomeFromRelatedParties', window );">Income from lease and sublease agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 1,489<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraEDistribuidoraEducacionalSaMember', window );">Editora E Distribuidora Educacional S.A. | Somos Sistemas De Ensino S.A. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SaleLeasebackTransactionsMonthlyRentalPayments', window );">Commercial sublease agreement, Monthly payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 430<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CommercialSubleaseAgreementMaturityDate', window );">Commercial sublease agreement, Maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Sep. 30,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfRateUsedInCommercialSubleaseAgreement', window );">Commercial sublease agreement, Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Inflation index<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement', window );">Commercial sublease agreement, State of the property in use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">S&#227;o Paulo (S&#227;o Paulo)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas De Ensino S.A. [Member] | Editora Scipione S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OperatingLeaseTransactionMonthlyRentalPayments', window );">Commercial lease agreement, Monthly payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 44<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LesseeOperatingLeasesTermOfContract', window );">Commercial lease agreement, Maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfRateUsedInCommercialLeaseAgreement', window );">Commercial lease agreement, Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Inflation index<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement', window );">Commercial lease agreement, State of the property in use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Pernambuco (Recife)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas De Ensino S.A. [Member] | Editora Atica S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OperatingLeaseTransactionMonthlyRentalPayments', window );">Commercial lease agreement, Monthly payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 37<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_LesseeOperatingLeasesTermOfContract', window );">Commercial lease agreement, Maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfRateUsedInCommercialLeaseAgreement', window );">Commercial lease agreement, Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Inflation index<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement', window );">Commercial lease agreement, State of the property in use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Bahia (Salvador)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SaleLeasebackTransactionsMonthlyRentalPayments', window );">Commercial sublease agreement, Monthly payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 827<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CommercialSubleaseAgreementMaturityDate', window );">Commercial sublease agreement, Maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Sep. 30,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfRateUsedInCommercialSubleaseAgreement', window );">Commercial sublease agreement, Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Inflation index<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement', window );">Commercial sublease agreement, State of the property in use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">S&#227;o Paulo (S&#227;o Jos&#233; dos Campos)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas De Ensino S.A. [Member] | Somos Idiomas S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SaleLeasebackTransactionsMonthlyRentalPayments', window );">Commercial sublease agreement, Monthly payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 53<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CommercialSubleaseAgreementMaturityDate', window );">Commercial sublease agreement, Maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Sep. 30,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfRateUsedInCommercialSubleaseAgreement', window );">Commercial sublease agreement, Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Inflation index<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement', window );">Commercial sublease agreement, State of the property in use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">S&#227;o Paulo (S&#227;o Jos&#233; dos Campos)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas De Ensino S.A. [Member] | Saraiva Educa&#231;&#227;o S.A (&#8220;Saraiva&#8221;)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SaleLeasebackTransactionsMonthlyRentalPayments', window );">Commercial sublease agreement, Monthly payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 207<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CommercialSubleaseAgreementMaturityDate', window );">Commercial sublease agreement, Maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Sep. 30,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfRateUsedInCommercialSubleaseAgreement', window );">Commercial sublease agreement, Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Inflation index<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement', window );">Commercial sublease agreement, State of the property in use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">S&#227;o Paulo (S&#227;o Jos&#233; dos Campos)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas De Ensino S.A. [Member] | Livraria Livro F&#225;cil Ltda.("Livro F&#225;cil")</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SaleLeasebackTransactionsMonthlyRentalPayments', window );">Commercial sublease agreement, Monthly payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,160<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CommercialSubleaseAgreementMaturityDate', window );">Commercial sublease agreement, Maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Sep. 30,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfRateUsedInCommercialSubleaseAgreement', window );">Commercial sublease agreement, Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Inflation index<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement', window );">Commercial sublease agreement, State of the property in use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">S&#227;o Paulo (S&#227;o Jos&#233; dos Campos)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_MindMakersEditoraEducacionalMember', window );">Mind Makers Editora Educacional (&#8220;Mind Makers&#8221;)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Transactions held with Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions', window );">Aggregate amount of Guarantees related to finance</a></td>
<td class="nump">R$ 1,676<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of guarantees or collateral provided by the entity in related party transactions. [Refer: Guarantees [member]; Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2022-03-24<br> -Paragraph 21<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_21_h&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CommercialSubleaseAgreementMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The date of maturity for commercial sublease agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CommercialSubleaseAgreementMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DescriptionOfRateUsedInCommercialLeaseAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of rate used in commercial lease agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DescriptionOfRateUsedInCommercialLeaseAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DescriptionOfRateUsedInCommercialSubleaseAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of rate used in commercial sublease agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DescriptionOfRateUsedInCommercialSubleaseAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of state of the property in use upon commercial lease agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of state of the property in use upon commercial sublease agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_LesseeOperatingLeasesTermOfContract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Term of lessee's operating leases, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_LesseeOperatingLeasesTermOfContract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_OperatingLeaseTransactionMonthlyRentalPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the monthly rental payments due under operating lease transaction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_OperatingLeaseTransactionMonthlyRentalPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_SaleLeasebackTransactionsMonthlyRentalPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the monthly rental payments due under the lease entered into in connection with the transactions involving the sale of property to another party and the lease of the property back to the seller.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_SaleLeasebackTransactionsMonthlyRentalPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_SubleaseIncomeFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of sublease income resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_SubleaseIncomeFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraEDistribuidoraEducacionalSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_EditoraEDistribuidoraEducacionalSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=vsta_SomosSistemasDeEnsinoSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=vsta_SomosSistemasDeEnsinoSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosSistemasDeEnsinoSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_SomosSistemasDeEnsinoSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=vsta_EditoraScipioneSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=vsta_EditoraScipioneSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=vsta_EditoraAticaSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=vsta_EditoraAticaSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=vsta_SomosIdiomasSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=vsta_SomosIdiomasSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=vsta_SaraivaEducacaoSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=vsta_SaraivaEducacaoSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=vsta_LivrariaLivroFacilLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=vsta_LivrariaLivroFacilLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_MindMakersEditoraEducacionalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_MindMakersEditoraEducacionalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>150
<FILENAME>R117.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451738288416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related parties (Details 5) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract', window );"><strong>Related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits', window );">Short-term employee benefits</a></td>
<td class="nump">R$ 10,786<span></span>
</td>
<td class="nump">R$ 4,685<span></span>
</td>
<td class="nump">R$ 6,982<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment', window );">Share-based compensation plan</a></td>
<td class="nump">9,640<span></span>
</td>
<td class="nump">8,305<span></span>
</td>
<td class="nump">33,594<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Total key management personnel compensation expenses</a></td>
<td class="nump">R$ 20,426<span></span>
</td>
<td class="nump">R$ 12,990<span></span>
</td>
<td class="nump">R$ 40,576<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of share-based payments. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of short-term employee benefits. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>151
<FILENAME>R118.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451749900256">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Provision for tax, civil and labor losses and Judicial deposits and escrow accounts (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Proceedings whose likelihood of loss is probable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 648,748<span></span>
</td>
<td class="nump">R$ 645,619<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination', window );">Liabilities assumed in Business Combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,504<span></span>
</td>
<td class="nump">1,231<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Total of provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">651,252<span></span>
</td>
<td class="nump">646,850<span></span>
</td>
<td class="nump">R$ 613,933<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromTaxProceedingsMember', window );">Tax proceedings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Proceedings whose likelihood of loss is probable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">622,440<span></span>
</td>
<td class="nump">607,084<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination', window );">Liabilities assumed in Business Combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">749<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Total of provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">623,189<span></span>
</td>
<td class="nump">607,084<span></span>
</td>
<td class="nump">575,724<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromLaborProceedingsMember', window );">Labor proceedings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Proceedings whose likelihood of loss is probable</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">25,812<span></span>
</td>
<td class="nump">38,159<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination', window );">Liabilities assumed in Business Combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">1,755<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Total of provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">27,567<span></span>
</td>
<td class="nump">38,159<span></span>
</td>
<td class="nump">37,896<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromCivilProceedingsMember', window );">Civil proceedings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Proceedings whose likelihood of loss is probable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">496<span></span>
</td>
<td class="nump">376<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination', window );">Liabilities assumed in Business Combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,231<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Total of provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 496<span></span>
</td>
<td class="nump">R$ 1,607<span></span>
</td>
<td class="nump">R$ 313<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Primarily refers to income tax positions taken by Somos and the Company in connection with a corporate restructuring held by the predecessor in <span style="display: inline;">2010</span>, In <span style="display: inline;">2018</span>, 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 <span style="display: inline;">2018</span>, the Company reassessed this income tax position and recorded a liability, including interest and penalties.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">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.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfContingentLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the estimated financial effect of contingent liabilities in a business combination that were not recognised because their fair value cannot be measured reliably. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph j<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_j_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EstimatedFinancialEffectContingentLiabilitiesInBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the estimated financial effect of contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2022-03-24<br> -Paragraph 86<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_86_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EstimatedFinancialEffectOfContingentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provision for tax, civil and labor losses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NonCurrentProvisionForTaxCivilAndLaborLosses</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromTaxProceedingsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromLaborProceedingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromLaborProceedingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromCivilProceedingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromCivilProceedingsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>152
<FILENAME>R119.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451727403696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Provision for tax, civil and labor losses and Judicial deposits and escrow accounts (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract', window );"><strong>Changes in provision</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Beginning balance</a></td>
<td class="nump">R$ 646,850<span></span>
</td>
<td class="nump">R$ 613,933<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Business combination</a></td>
<td class="nump">2,504<span></span>
</td>
<td class="nump">1,231<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Additions</a></td>
<td class="nump">6,648<span></span>
</td>
<td class="nump">3,594<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Reversals</a></td>
<td class="num">(45,450)<span></span>
</td>
<td class="num">(5,580)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Interest</a></td>
<td class="nump">42,063<span></span>
</td>
<td class="nump">34,300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Payments</a></td>
<td class="num">(1,363)<span></span>
</td>
<td class="num">(628)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Ending balance</a></td>
<td class="nump">651,252<span></span>
</td>
<td class="nump">646,850<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReconciliationOfChangesInProvisionsWithProfitLossAbstract', window );"><strong>Reconciliation with profit or loss for the period</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ChangesInProvisionDueToFinanceInterestExpense', window );">Finance expense</a></td>
<td class="num">(42,063)<span></span>
</td>
<td class="num">(34,300)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses', window );">General and administrative expenses, Additions</a></td>
<td class="num">(6,648)<span></span>
</td>
<td class="num">(3,594)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses', window );">General and administrative expenses, Reversals</a></td>
<td class="nump">21,747<span></span>
</td>
<td class="nump">5,580<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome', window );">Income tax and social contribution, Reversals</a></td>
<td class="nump">23,703<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Addition (Total)</a></td>
<td class="num">(6,648)<span></span>
</td>
<td class="num">(3,594)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Reversal (Total)</a></td>
<td class="nump">45,450<span></span>
</td>
<td class="nump">5,580<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Interest (Total)</a></td>
<td class="num">(42,063)<span></span>
</td>
<td class="num">(34,300)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromTaxProceedingsMember', window );">Tax proceedings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract', window );"><strong>Changes in provision</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Beginning balance</a></td>
<td class="nump">607,084<span></span>
</td>
<td class="nump">575,724<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Business combination</a></td>
<td class="nump">749<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Additions</a></td>
<td class="nump">2,904<span></span>
</td>
<td class="nump">16<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Reversals</a></td>
<td class="num">(27,790)<span></span>
</td>
<td class="num">(262)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Interest</a></td>
<td class="nump">41,261<span></span>
</td>
<td class="nump">31,623<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Payments</a></td>
<td class="num">(1,019)<span></span>
</td>
<td class="num">(17)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Ending balance</a></td>
<td class="nump">623,189<span></span>
</td>
<td class="nump">607,084<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReconciliationOfChangesInProvisionsWithProfitLossAbstract', window );"><strong>Reconciliation with profit or loss for the period</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Addition (Total)</a></td>
<td class="num">(2,904)<span></span>
</td>
<td class="num">(16)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Reversal (Total)</a></td>
<td class="nump">27,790<span></span>
</td>
<td class="nump">262<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Interest (Total)</a></td>
<td class="num">(41,261)<span></span>
</td>
<td class="num">(31,623)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromLaborProceedingsMember', window );">Labor proceedings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract', window );"><strong>Changes in provision</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Beginning balance</a></td>
<td class="nump">38,159<span></span>
</td>
<td class="nump">37,896<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Business combination</a></td>
<td class="nump">1,755<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Additions</a></td>
<td class="nump">3,376<span></span>
</td>
<td class="nump">3,468<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Reversals</a></td>
<td class="num">(16,045)<span></span>
</td>
<td class="num">(5,294)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Interest</a></td>
<td class="nump">776<span></span>
</td>
<td class="nump">2,636<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Payments</a></td>
<td class="num">(454)<span></span>
</td>
<td class="num">(547)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Ending balance</a></td>
<td class="nump">27,567<span></span>
</td>
<td class="nump">38,159<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReconciliationOfChangesInProvisionsWithProfitLossAbstract', window );"><strong>Reconciliation with profit or loss for the period</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Addition (Total)</a></td>
<td class="num">(3,376)<span></span>
</td>
<td class="num">(3,468)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Reversal (Total)</a></td>
<td class="nump">16,045<span></span>
</td>
<td class="nump">5,294<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Interest (Total)</a></td>
<td class="num">(776)<span></span>
</td>
<td class="num">(2,636)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromCivilProceedingsMember', window );">Civil proceedings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract', window );"><strong>Changes in provision</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Beginning balance</a></td>
<td class="nump">1,607<span></span>
</td>
<td class="nump">313<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Business combination</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,231<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Additions</a></td>
<td class="nump">368<span></span>
</td>
<td class="nump">110<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Reversals</a></td>
<td class="num">(1,615)<span></span>
</td>
<td class="num">(24)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Interest</a></td>
<td class="nump">26<span></span>
</td>
<td class="nump">41<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Payments</a></td>
<td class="nump">110<span></span>
</td>
<td class="num">(64)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses', window );">Ending balance</a></td>
<td class="nump">496<span></span>
</td>
<td class="nump">1,607<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReconciliationOfChangesInProvisionsWithProfitLossAbstract', window );"><strong>Reconciliation with profit or loss for the period</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Addition (Total)</a></td>
<td class="num">(368)<span></span>
</td>
<td class="num">(110)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Reversal (Total)</a></td>
<td class="nump">1,615<span></span>
</td>
<td class="nump">24<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses', window );">Interest (Total)</a></td>
<td class="num">R$ (26)<span></span>
</td>
<td class="num">R$ (41)<span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in noncurrent provision for tax civil and labor losses resulting from acquisitions through business combinations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of additions in the amount of non-current provision for tax, civil and labor losses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of changes in provision due to addition in general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ChangesInProvisionDueToFinanceInterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of changes in provision due to finance interest expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ChangesInProvisionDueToFinanceInterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of changes in provision due to reversal in general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount representing changes in provision due to reversal in income tax and social contribution expenses (income).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ChangesInProvisionDueToReversalInIncomeTaxAndSocialContributionExpensesIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of interest expenses on the amount of non-current provision for tax, civil and labor losses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NonCurrentProvisionForTaxCivilAndLaborLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provision for tax, civil and labor losses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NonCurrentProvisionForTaxCivilAndLaborLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of payments made on amount of non-current provision for tax, civil and labor losses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ReconciliationOfChangesInProvisionsWithProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ReconciliationOfChangesInProvisionsWithProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromTaxProceedingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromTaxProceedingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromLaborProceedingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromLaborProceedingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromCivilProceedingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentLiabilityArisingFromCivilProceedingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>153
<FILENAME>R120.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451750056160">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Provision for tax, civil and labor losses and Judicial deposits and escrow accounts (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IndemnificationAssetsRecognisedAsOfAcquisitionDate', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 180,417<span></span>
</td>
<td class="nump">R$ 160,470<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NonCurrentJudicialDepositsAndEscrowAccounts', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">194,859<span></span>
</td>
<td class="nump">178,824<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember', window );">Cogna Group</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IndemnificationAssetsRecognisedAsOfAcquisitionDate', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,801<span></span>
</td>
<td class="nump">1,998<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentAssetsArisingFromTaxProceedingsMember', window );">Tax proceedings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentAssets', window );">Contingent assets arising from proceedings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,126<span></span>
</td>
<td class="nump">2,300<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentAssetsArisingFromEscrowAccountMember', window );">Escrow-account (ii)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IndemnificationAssetsRecognisedAsOfAcquisitionDate', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 10,515<span></span>
</td>
<td class="nump">R$ 14,055<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;">Refers to an indemnification asset of the seller in connection with the acquisition of Somos (Vasta&#8217;s Predecessor) by Cogna Group (Vasta&#8217;s Parent Company) 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$<span style="display: inline;">180,417</span> (R$ <span style="display: inline;">160,470</span> on December 31, 2021). See Note <span style="display: inline;">21</span>. This asset is indexed to CDI (Certificates of&#160;Interbank&#160;Deposits).</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Refers to guarantees received as a consequence of business combinations, in connection with contingencies whose likelihood of loss is probable, and for which the former owners are liable. According to the Sale Agreement, these former owners will reimburse the Company in case payments are required and if those contingencies materialize.</td>
</tr>
</table></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfContingentLiabilitiesLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EstimatedFinancialEffectOfContingentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the estimated financial effect of possible assets that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within control of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2022-03-24<br> -Paragraph 89<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_89&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EstimatedFinancialEffectOfContingentAssets</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IndemnificationAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for indemnification assets acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_g_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndemnificationAssetsRecognisedAsOfAcquisitionDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>instant</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current judicial deposits and escrow accounts.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NonCurrentJudicialDepositsAndEscrowAccounts</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>instant</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember</td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentAssetsArisingFromTaxProceedingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentAssetsArisingFromTaxProceedingsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=vsta_ContingentAssetsArisingFromEscrowAccountMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451737147200">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Provision for tax, civil and labor losses and Judicial deposits and escrow accounts (Details 4 - Textuals) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IndemnificationAssetsRecognisedAsOfAcquisitionDate', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 180,417<span></span>
</td>
<td class="nump">R$ 160,470<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember', window );">Cogna Group</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IndemnificationAssetsRecognisedAsOfAcquisitionDate', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,801<span></span>
</td>
<td class="nump">1,998<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember', window );">Cogna Group | Somos Sistemas [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Disclosure of contingent liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IndemnificationAssetsRecognisedAsOfAcquisitionDate', window );">Indemnification asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 180,417<span></span>
</td>
<td class="nump">R$ 160,470<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CDI (Certificates of&#160;Interbank&#160;Deposits).<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;">Refers to an indemnification asset of the seller in connection with the acquisition of Somos (Vasta&#8217;s Predecessor) by Cogna Group (Vasta&#8217;s Parent Company) 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$<span style="display: inline;">180,417</span> (R$ <span style="display: inline;">160,470</span> on December 31, 2021). See Note <span style="display: inline;">21</span>. This asset is indexed to CDI (Certificates of&#160;Interbank&#160;Deposits).</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfContingentLiabilitiesLineItems</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IndemnificationAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for indemnification assets acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_g_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndemnificationAssetsRecognisedAsOfAcquisitionDate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td>xbrli:monetaryItemType</td>
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<td>debit</td>
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<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember</td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember</td>
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<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td></td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
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<FILENAME>R122.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451726521152">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Current and Deferred Income Tax and Social Contribution (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="2"></th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2021</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Changes in deferred income tax and social contribution assets and liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 170,851<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 130,405<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 88,546<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Effect on profit (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">40,446<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">48,386<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Deferred tax on business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(6,527)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 170,851<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">130,405<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">88,546<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit', window );">Maximum limit for offsetting tax loss carry-forwards as percentage of taxable profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_EstimatedPeriodForTaxBenefitIsExpectedToBeRealizedFromFourthFiscalYear', window );">Estimated period for tax benefit is expected to be realized from 2026</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">6 years<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxLossesMember', window );">Income tax and social contribution losses carryforwards</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Changes in deferred income tax and social contribution assets and liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 422,240<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">307,319<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">182,257<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Effect on profit (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">114,921<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">125,062<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Deferred tax on business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">422,240<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">307,319<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">182,257<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember', window );">Impairment losses on trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Changes in deferred income tax and social contribution assets and liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20,471<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,010<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,543<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Effect on profit (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,461<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,467<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Deferred tax on business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20,471<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,010<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,543<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_ProvisionForObsoleteInventoriesMember', window );">Provision for obsolete inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Changes in deferred income tax and social contribution assets and liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,346<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,262)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,263<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Effect on profit (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,608<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,525)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Deferred tax on business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,346<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,262)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,263<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_ImputedInterestOnSuppliersMember', window );">Imputed interest on suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Changes in deferred income tax and social contribution assets and liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,548)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,157)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(744)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Effect on profit (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,391)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,413)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Deferred tax on business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,548)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,157)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(744)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_ProvisionForRisksOfTaxCivilAndLaborLossesMember', window );">Provision for risks of tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Changes in deferred income tax and social contribution assets and liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20,445<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">20,025<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">19,138<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Effect on profit (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">420<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">887<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Deferred tax on business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20,445<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">20,025<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">19,138<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_RefundLiabilitiesAndRightToReturnedGoodsMember', window );">Refund liabilities and right to returned goods</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Changes in deferred income tax and social contribution assets and liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,818<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,470<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">10,903<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Effect on profit (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,348<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,433)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Deferred tax on business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,818<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,470<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">10,903<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_LeaseLiabilitiesMember', window );">Lease Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Changes in deferred income tax and social contribution assets and liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,936<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,660<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,764<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Effect on profit (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,276<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,896<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Deferred tax on business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,936<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,660<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,764<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember', window );">Fair value adjustments on business combination and goodwill amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Changes in deferred income tax and social contribution assets and liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(358,454)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(248,628)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2],[3]</sup></td>
<td class="num">(150,598)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Effect on profit (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(109,826)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(90,588)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Deferred tax on business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(7,442)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(358,454)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(248,628)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2],[3]</sup></td>
<td class="num">(150,598)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherTemporaryDifferencesMember', window );">Other temporary difference</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Changes in deferred income tax and social contribution assets and liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">44,596<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">25,968<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">10,020<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Effect on profit (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,628<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15,033<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Deferred tax on business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">915<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred Assets, net at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 44,596<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 25,968<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">R$ 10,020<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="7"></td></tr>
<tr><td colspan="7"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The Company&#8217;s income tax and social contribution loss carryforwards are primarily the result of tax amortization of goodwill and the amortization of certain intangibles recognized related to the business combination in <span>2018</span>. In accordance with Brazilian tax regulation, tax loss carryforwards have a limitation for use of 30% of taxable profit generated in each year and do not expire. The tax benefit is expected to be realized over an estimated 6 year period beginning in <span>2026</span>.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Goodwill and fair value adjustments on business combination comprise <span>three</span> components, being (i) goodwill and fair value adjustment of prior business combination by Somos; (ii) amortization of fair value adjustment related to acquisition of the company; and (iii) deductibility of the acquisition goodwill for tax purposes as allowed by tax law.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">Goodwill</span> and fair value adjustments on business combination comprise <span>three</span> components, being (i) goodwill and fair value adjustment of prior business combination by predecessor Somos Anglo; (ii) amortization of fair value adjustment related to acquisition of the predecessor Somos Anglo by the successor Vasta; and (iii) deductibility of the acquisition goodwill for tax purpose allowed by tax law.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense or income relating to changes in deferred tax liabilities and deferred tax assets, recognised in profit or loss. [Refer: Deferred tax assets; Deferred tax expense (income); Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in deferred tax liability (asset) resulting from business combinations. [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_EstimatedPeriodForTaxBenefitIsExpectedToBeRealizedFromFourthFiscalYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The estimated period for tax benefit is expected to be realized from fourth fiscal year.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_EstimatedPeriodForTaxBenefitIsExpectedToBeRealizedFromFourthFiscalYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of taxable income that can be a maximum limit for offsetting tax loss carryforwards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MaximumLimitForOffsettingTaxLossCarryForwardsAsPercentageOfTaxableProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_ProvisionForObsoleteInventoriesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_ProvisionForObsoleteInventoriesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_ImputedInterestOnSuppliersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_ImputedInterestOnSuppliersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_ProvisionForRisksOfTaxCivilAndLaborLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_ProvisionForRisksOfTaxCivilAndLaborLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_RefundLiabilitiesAndRightToReturnedGoodsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_RefundLiabilitiesAndRightToReturnedGoodsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_LeaseLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_LeaseLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=vsta_GoodwillAndFairValueAdjustmentsOnBusinessCombinationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherTemporaryDifferencesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<FILENAME>R123.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451726528240">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Current and Deferred Income Tax and Social Contribution (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract', window );"><strong>Current and Deferred Income Tax and Social Contribution</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Loss before income tax and social contribution</a></td>
<td class="num">R$ (105,687)<span></span>
</td>
<td class="num">R$ (155,843)<span></span>
</td>
<td class="num">R$ (71,053)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Nominal statutory rate of income tax and social contribution</a></td>
<td class="nump">34.00%<span></span>
</td>
<td class="nump">34.00%<span></span>
</td>
<td class="nump">34.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate', window );">IRPJ and CSLL calculated at the nominal rates</a></td>
<td class="nump">R$ 35,934<span></span>
</td>
<td class="nump">R$ 52,987<span></span>
</td>
<td class="nump">R$ 24,158<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments', window );">Share of loss equity-accounted investees</a></td>
<td class="num">(1,534)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Permanent additions</a></td>
<td class="num">(8,292)<span></span>
</td>
<td class="num">(7,265)<span></span>
</td>
<td class="nump">1,246<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxEffectOfAdditionalCorporateIncomeTax', window );">Additional IRPJ</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">24<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary', window );">Difference in presumed profit rate of subsidiary</a></td>
<td class="nump">3,617<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxEffectOfTaxContingencies', window );">Tax Contingencies IRPJ and CSLL</a></td>
<td class="nump">23,703<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxEffectOfImpairmentWriteOffOnTaxLossCarryforward', window );">Impairment write-off on tax loss carryforward</a></td>
<td class="num">(2,314)<span></span>
</td>
<td class="num">(8,657)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Total IRPJ and CSLL</a></td>
<td class="nump">51,114<span></span>
</td>
<td class="nump">37,089<span></span>
</td>
<td class="nump">25,404<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods', window );">Current IRPJ and CSLL in the result</a></td>
<td class="nump">10,668<span></span>
</td>
<td class="num">(11,297)<span></span>
</td>
<td class="nump">7,874<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncome', window );">Deferred IRPJ and CSLL in the result</a></td>
<td class="nump">40,446<span></span>
</td>
<td class="nump">48,386<span></span>
</td>
<td class="nump">17,530<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax and social contribution</a></td>
<td class="nump">R$ 51,114<span></span>
</td>
<td class="nump">R$ 37,089<span></span>
</td>
<td class="nump">R$ 25,404<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective tax rate of Income and social contribution tax benefit</a></td>
<td class="nump">48.00%<span></span>
</td>
<td class="nump">24.00%<span></span>
</td>
<td class="nump">36.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AverageEffectiveTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The tax expense (income) divided by the accounting profit. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AverageEffectiveTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current tax expense (income) and adjustments for the current tax of prior periods. [Refer: Current tax expense (income); Adjustments for current tax of prior periods]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 80<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_80&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense (income) relating to changes in deferred tax liabilities and deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2022-03-24<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that the entity does not separately disclose in the same statement or note. [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseIncomeAtApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TaxEffectOfAdditionalCorporateIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to expenses additional corporate income tax in determining taxable profit (tax loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TaxEffectOfAdditionalCorporateIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount representing the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to difference in presumed profit rate of subsidiary.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TaxEffectOfDifferenceInPresumedProfitRateOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TaxEffectOfImpairmentWriteOffOnTaxLossCarryforward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to expenses impairment write-off on Tax loss carryforward in determining taxable profit (tax loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TaxEffectOfImpairmentWriteOffOnTaxLossCarryforward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount representing the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to share of profit (loss) of equity method investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TaxEffectOfShareOfProfitLossOfEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TaxEffectOfTaxContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount representing the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to tax contingencies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TaxEffectOfTaxContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729993728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Shareholder's Equity (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2022 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Number of shares issued at beginning of period</a></td>
<td class="nump">83,393,851<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ShareBasedPaymentTransactionsToEmployeesAbstract', window );"><strong>Remuneration</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughLongTermCompensationPlanExercised', window );">ILP exercised</a></td>
<td class="nump">184,117<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized', window );">Premium recognized</a></td>
<td class="nump">71,919<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Number of shares issued at end of period</a></td>
<td class="nump">83,649,887<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember', window );">Class&#160;A common shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Number of shares issued at beginning of period</a></td>
<td class="nump">18,957,758<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ShareBasedPaymentTransactionsToEmployeesAbstract', window );"><strong>Remuneration</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughLongTermCompensationPlanExercised', window );">ILP exercised</a></td>
<td class="nump">184,117<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized', window );">Premium recognized</a></td>
<td class="nump">71,919<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Number of shares issued at end of period</a></td>
<td class="nump">19,213,794<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember', window );">Class B common shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Number of shares issued at beginning of period</a></td>
<td class="nump">64,436,093<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ShareBasedPaymentTransactionsToEmployeesAbstract', window );"><strong>Remuneration</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughLongTermCompensationPlanExercised', window );">ILP exercised</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized', window );">Premium recognized</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Number of shares issued at end of period</a></td>
<td class="nump">64,436,093<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughLongTermCompensationPlanExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in the number of ordinary shares issued through long-term compensation plan exercised.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughLongTermCompensationPlanExercised</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td>xbrli:sharesItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in the number of ordinary shares issued through premium recognized.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity including the shares held in treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ShareBasedPaymentTransactionsToEmployeesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ShareBasedPaymentTransactionsToEmployeesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
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<td>na</td>
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<tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451728427472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Shareholder's Equity (Details 1) - shares<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Total number of shares issued</a></td>
<td class="nump">83,649,887<span></span>
</td>
<td class="nump">83,393,851<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember', window );">Treasury shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Total number of shares issued</a></td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember', window );">Cogna Group</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Total number of shares issued</a></td>
<td class="nump">64,436,093<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Free Float</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Total number of shares issued</a></td>
<td class="nump">18,213,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember', window );">Class&#160;A common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Total number of shares issued</a></td>
<td class="nump">19,213,794<span></span>
</td>
<td class="nump">18,957,758<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfOwnershipInterestHeldByShareholders', window );">Total percentage of shares issued</a></td>
<td class="nump">23.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember', window );">Class&#160;A common shares | Treasury shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Total number of shares issued</a></td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember', window );">Class&#160;A common shares | Cogna Group</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Total number of shares issued</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember', window );">Class&#160;A common shares | Free Float</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Total number of shares issued</a></td>
<td class="nump">18,213,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember', window );">Class B common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Total number of shares issued</a></td>
<td class="nump">64,436,093<span></span>
</td>
<td class="nump">64,436,093<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PercentageOfOwnershipInterestHeldByShareholders', window );">Total percentage of shares issued</a></td>
<td class="nump">77.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember', window );">Class B common shares | Treasury shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Total number of shares issued</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember', window );">Class B common shares | Cogna Group</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Total number of shares issued</a></td>
<td class="nump">64,436,093<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember', window );">Class B common shares | Free Float</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury', window );">Total number of shares issued</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td>xbrli:stringItemType</td>
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<tr>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity including the shares held in treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfSharesIssuedIncludingSharesHeldInTreasury</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
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<tr>
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<td>xbrli:sharesItemType</td>
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<tr>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PercentageOfOwnershipInterestHeldByShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage ownership interest held by shareholders of reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PercentageOfOwnershipInterestHeldByShareholders</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R126.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729068048">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Shareholder's Equity (Details 2) - BRL (R$)<br> R$ / shares in Units, shares in Thousands, R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EarningsPerShareLineItems', window );"><strong>Earning per share</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity', window );">Loss Attributable to Shareholder&#180;s</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (54,573)<span></span>
</td>
<td class="num">R$ (118,754)<span></span>
</td>
<td class="num">R$ (45,649)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted average number of ordinary shares outstanding</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">83,651<span></span>
</td>
<td class="nump">82,254<span></span>
</td>
<td class="nump">83,012<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShare', window );">Basic earning (loss) per share - R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (0.65)<span></span>
</td>
<td class="num">R$ (1.44)<span></span>
</td>
<td class="num">R$ (0.55)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShare', window );">Diluted earning (loss) per share - R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (0.65)<span></span>
</td>
<td class="num">R$ (1.44)<span></span>
</td>
<td class="num">R$ (0.55)<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company has not changed its number of voting rights since the IPO on July 31, 2020.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutedEarningsLossPerShare</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EarningsPerShareLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to ordinary equity holders of the parent entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 70<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_70_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 70<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>160
<FILENAME>R127.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451722358592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Shareholder's Equity (Details 3 - Textuals 1) - BRL (R$)<br> R$ / shares in Units, R$ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jul. 23, 2020</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Jun. 22, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners', window );">Capital contribution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 2,426<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued and outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">83,649,887<span></span>
</td>
<td class="nump">83,393,851<span></span>
</td>
<td class="nump">83,011,585<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaximumPercentageOfSharesAuthorizedForIssuance', window );">Maximum percentage of shares authorized for issuance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=vsta_ReserveForShareBasedCompensationVestedMember', window );">Share-based compensation reserve for vested [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners', window );">Capital contribution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember', window );">Treasury shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners', window );">Capital contribution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember', window );">Class&#160;A common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares', window );">Number of shares approved for issuance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">382,266<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 0.00005<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughBonusInitialPublicOffering', window );">Bonus IPO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">298,268<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember', window );">Class&#160;A common shares | Share-based compensation reserve for vested [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity', window );">Increase (decrease) through exercise of Bonus IPO, net of withholding taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 29,124<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ShareBasedPaymentArrangementsBonusInitialPublicOfferingLockupPeriod', window );">Bonus IPO, lockup period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering', window );">Number of shares vested in connection with Bonus IPO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpenseFromBonusInitialPublicOffering', window );">Payroll charges from Bonus IPO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 21,456<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity', window );">Increase (decrease) through exercise of long-term compensation plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 259<span></span>
</td>
<td class="nump">58<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpenseFromLongTermCompensationPlanExercised', window );">Payroll charges from long-term compensation plan exercised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">167<span></span>
</td>
<td class="nump">70<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity', window );">Increase (decrease) through exercise of performance based restricted share units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,912<span></span>
</td>
<td class="nump">1,861<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised', window );">Payroll charges from performance based restricted share units exercised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,748<span></span>
</td>
<td class="nump">R$ 1,538<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember', window );">Class&#160;A common shares | Treasury shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued and outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember', window );">Somos Sistemas [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember', window );">Cogna Group</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners', window );">Capital contribution</a></td>
<td class="nump">R$ 2,426<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember', window );">Cogna Group | Class B common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued and outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">64,436,093<span></span>
</td>
<td class="nump">64,436,093<span></span>
</td>
<td class="nump">64,436,093<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Others | Class&#160;A common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued and outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,957,758<span></span>
</td>
<td class="nump">18,575,492<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ThirdPartyLawsuitsMember', window );">Third-party lawsuits [member] | Class&#160;A common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued and outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,213,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through other contributions by owners that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherContributionsByOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares reserved for issue under options and contracts for the sale of shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause vii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_vii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ExpenseFromBonusInitialPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from Bonus Initial Public Offering ("IPO") in share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ExpenseFromBonusInitialPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ExpenseFromLongTermCompensationPlanExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from long-term compensation plan exercised in share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ExpenseFromLongTermCompensationPlanExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from performance based restricted share units exercised in share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the exercise of Bonus Initial Public Offering ("IPO"), net of withholding taxes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseThroughExerciseOfBonusInitialPublicOfferingNetOfWithholdingTaxesEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the exercise of long-term compensation plan.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the exercise of performance based restricted share units, net of withholding taxes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughBonusInitialPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in the number of ordinary shares issued through Bonus Initial Public Offering ("IPO").</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughBonusInitialPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MaximumPercentageOfSharesAuthorizedForIssuance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum percentage of shares authorized for issuance to employees.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MaximumPercentageOfSharesAuthorizedForIssuance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares vested in connection with bonus initial public offering in share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ShareBasedPaymentArrangementsBonusInitialPublicOfferingLockupPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The lockup period of Bonus Initial Public Offering ("IPO") in share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ShareBasedPaymentArrangementsBonusInitialPublicOfferingLockupPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=vsta_ReserveForShareBasedCompensationVestedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=vsta_ReserveForShareBasedCompensationVestedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassBSeries1CommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ThirdPartyLawsuitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=vsta_ThirdPartyLawsuitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>161
<FILENAME>R128.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451722530480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Shareholder's Equity (Details 4 - Textuals 2)<br> R$ / shares in Units, R$ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Apr. 30, 2022 </div>
<div>BRL (R$) </div>
<div>shares</div>
</th>
<th class="th">
<div>Sep. 03, 2018 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>BRL (R$) </div>
<div>R$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>BRL (R$) </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 22, 2021 </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaximumPercentageOfSharesAuthorizedForIssuance', window );">Maximum percentage of shares authorized for issuance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized', window );">Premium recognized | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">71,919<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of shares upon repurchase program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 23,880<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember', window );">Class&#160;A common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares', window );">Number of shares approved for issuance | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">382,266<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized', window );">Premium recognized | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">71,919<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=vsta_ReserveForShareBasedCompensationGrantedMember', window );">Share-based compensation reserve for granted [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfShareBasedCompensationPlans', window );">Number of share based compensation plans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfBonusPlans', window );">Number of bonus plans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of shares upon repurchase program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember', window );">Treasury shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of shares upon repurchase program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 23,880<span></span>
</td>
<td class="nump">R$ 23,880<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PurchaseOfTreasurySharesNumber', window );">Number of shres acquired upon repurchase program | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember', window );">Treasury shares | Class&#160;A common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfSharesAuthorizedForRepurchaseProgram', window );">Number of shres authorized for repurchase program | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of shares upon repurchase program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 23,880<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PurchaseOfTreasurySharesNumber', window );">Number of shres acquired upon repurchase program | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember', window );">Cogna Group | Share-based compensation reserve for granted [member] | Restricted share-based compensation plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares', window );">Number of shares approved for issuance | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,416,233<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaximumPercentageOfSharesAuthorizedForIssuance', window );">Maximum percentage of shares authorized for issuance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.20%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan', window );">Maximum period from end of vesting period for obligation to transfer shares under share-based plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_PeriodOfContinuedEmploymentUnderServiceConditions', window );">Period of continued employment under service conditions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement', window );">Number of outstanding restricted shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">155,919<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019', window );">Grant date fair value | R$ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,058<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees', window );">Effect of events on compensation in the Consolidated Statement of Profit or Loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 557<span></span>
</td>
<td class="nump">R$ 2,234<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Others | Share-based compensation reserve for granted [member] | Long Term Investment Plan (&#8220;ILP&#8221;) | Class&#160;A common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaximumPercentageOfSharesAuthorizedForIssuance', window );">Maximum percentage of shares authorized for issuance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees', window );">Effect of events on compensation in the Consolidated Statement of Profit or Loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 22,461<span></span>
</td>
<td class="nump">21,372<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfTranchesGrantedUnderShareBasedPlan', window );">Number of tranches granted under share-based plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares', window );">Maximum number of tranches authorized for issuance of shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_VestingPeriodUnderSharebasedPaymentArrangement', window );">Vesting period under the plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DescriptionOfExpectedVolatilityOtherEquityInstrumentsGranted', window );">Expected volatility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets', window );">Effect of events on compensation in the Shareholder&#8217;s Equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 22,404<span></span>
</td>
<td class="nump">21,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_AccruedLaborChargesOnShareBasedPaymentArrangements', window );">Labor charges in liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 58<span></span>
</td>
<td class="nump">R$ 122<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Others | Share-based compensation reserve for granted [member] | Performance based restricted share units bonus paln</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Share Capital</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized', window );">Premium recognized | shares</a></td>
<td class="nump">99,193<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity', window );">Increase (decrease) through exercise of performance based restricted share units</a></td>
<td class="nump">R$ 1,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised', window );">Labor charges from performance based restricted share units exercised</a></td>
<td class="nump">R$ 1,023<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from equity-settled share-based payment transactions in which the goods or services received did not qualify for recognition as assets. [Refer: Expense from share-based payment transactions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 51<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_51_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense from share-based payment transactions with employees. [Refer: Expense from share-based payment transactions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) outstanding in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity resulting from the purchase of treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares reserved for issue under options and contracts for the sale of shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause vii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_vii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The weighted average exercise price of other equity instruments (ie other than share options) granted in a share-based payment arrangement. [Refer: Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsGrantedInSharebasedPaymentArrangement2019</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_AccruedLaborChargesOnShareBasedPaymentArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of accrued labor charges on share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_AccruedLaborChargesOnShareBasedPaymentArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DescriptionOfExpectedVolatilityOtherEquityInstrumentsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The expected volatility of the share price used to calculate the fair value of the  other equity instruments (ie other than share options). Expected volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DescriptionOfExpectedVolatilityOtherEquityInstrumentsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from performance based restricted share units exercised in share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ExpenseFromPerformanceBasedRestrictedShareUnitsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the exercise of performance based restricted share units, net of withholding taxes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in the number of ordinary shares issued through premium recognized.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum number of tranches authorized for issuance of shares by the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MaximumNumberOfTranchesAuthorizedForIssuanceOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MaximumPercentageOfSharesAuthorizedForIssuance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum percentage of shares authorized for issuance to employees.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MaximumPercentageOfSharesAuthorizedForIssuance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum percentage of shares authorized for issuance to employees.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MaximumPeriodFromEndOfVestingPeriodForObligationToTransferSharesUnderShareBasedPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NumberOfBonusPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of bonus plans issued by the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfBonusPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NumberOfShareBasedCompensationPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of share-based compensation plans issued by the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfShareBasedCompensationPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NumberOfSharesAuthorizedForRepurchaseProgram">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shres authorized for repurchase program.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfSharesAuthorizedForRepurchaseProgram</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_NumberOfTranchesGrantedUnderShareBasedPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of tranches granted under share-based plan.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfTranchesGrantedUnderShareBasedPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PeriodOfContinuedEmploymentUnderServiceConditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The period of continued employment under service conditions in share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PeriodOfContinuedEmploymentUnderServiceConditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_PurchaseOfTreasurySharesNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of treasury shares purchased for repurchase program.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_PurchaseOfTreasurySharesNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_VestingPeriodUnderSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represneta the vesting period under share based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_VestingPeriodUnderSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=vsta_ClassACommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=vsta_ReserveForShareBasedCompensationGrantedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=vsta_ReserveForShareBasedCompensationGrantedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=vsta_RestrictedShareBasedCompensationPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=vsta_RestrictedShareBasedCompensationPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=vsta_LongTermInvestmentPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=vsta_LongTermInvestmentPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=vsta_PerformanceBasedRestrictedShareUnitsBonusPalnMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=vsta_PerformanceBasedRestrictedShareUnitsBonusPalnMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>162
<FILENAME>R129.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729198144">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net Revenue from sales and Services (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfProductsAndServicesLineItems', window );"><strong>Net Revenue from sales and Services</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_GrossRevenue', window );">Gross revenue</a></td>
<td class="nump">R$ 1,421,091<span></span>
</td>
<td class="nump">R$ 1,066,479<span></span>
</td>
<td class="nump">R$ 1,111,739<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome', window );">Taxes</a></td>
<td class="num">(9,962)<span></span>
</td>
<td class="num">(8,455)<span></span>
</td>
<td class="num">(6,432)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesDiscounts', window );">Discounts</a></td>
<td class="num">(15,692)<span></span>
</td>
<td class="num">(14,302)<span></span>
</td>
<td class="num">(8,609)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesReturns', window );">Returns</a></td>
<td class="num">(131,157)<span></span>
</td>
<td class="num">(96,303)<span></span>
</td>
<td class="num">(99,070)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">1,264,280<span></span>
</td>
<td class="nump">947,419<span></span>
</td>
<td class="nump">997,628<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoods', window );">Sales</a></td>
<td class="nump">1,229,827<span></span>
</td>
<td class="nump">914,266<span></span>
</td>
<td class="nump">967,374<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Service</a></td>
<td class="nump">34,453<span></span>
</td>
<td class="nump">33,153<span></span>
</td>
<td class="nump">30,254<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue</a></td>
<td class="nump">1,264,280<span></span>
</td>
<td class="nump">947,419<span></span>
</td>
<td class="nump">997,628<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=vsta_ContentAndEdTechPlatformMember', window );">Total Content &amp; EdTech</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfProductsAndServicesLineItems', window );"><strong>Net Revenue from sales and Services</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_GrossRevenue', window );">Gross revenue</a></td>
<td class="nump">1,304,496<span></span>
</td>
<td class="nump">964,545<span></span>
</td>
<td class="nump">1,014,107<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome', window );">Taxes</a></td>
<td class="num">(7,835)<span></span>
</td>
<td class="num">(5,822)<span></span>
</td>
<td class="num">(4,171)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesDiscounts', window );">Discounts</a></td>
<td class="num">(15,692)<span></span>
</td>
<td class="num">(14,302)<span></span>
</td>
<td class="num">(8,609)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesReturns', window );">Returns</a></td>
<td class="num">(125,624)<span></span>
</td>
<td class="num">(93,708)<span></span>
</td>
<td class="num">(92,921)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">1,155,345<span></span>
</td>
<td class="nump">850,713<span></span>
</td>
<td class="nump">908,406<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue</a></td>
<td class="nump">1,155,345<span></span>
</td>
<td class="nump">850,713<span></span>
</td>
<td class="nump">908,406<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=vsta_LearningSystemsMember', window );">Learning Systems</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfProductsAndServicesLineItems', window );"><strong>Net Revenue from sales and Services</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_GrossRevenue', window );">Gross revenue</a></td>
<td class="nump">878,468<span></span>
</td>
<td class="nump">568,522<span></span>
</td>
<td class="nump">608,200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome', window );">Taxes</a></td>
<td class="num">(382)<span></span>
</td>
<td class="num">(219)<span></span>
</td>
<td class="num">(40)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesDiscounts', window );">Discounts</a></td>
<td class="num">(13,157)<span></span>
</td>
<td class="num">(14,302)<span></span>
</td>
<td class="num">(8,603)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesReturns', window );">Returns</a></td>
<td class="num">(78,468)<span></span>
</td>
<td class="num">(41,919)<span></span>
</td>
<td class="num">(17,553)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">786,461<span></span>
</td>
<td class="nump">512,082<span></span>
</td>
<td class="nump">582,004<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue</a></td>
<td class="nump">786,461<span></span>
</td>
<td class="nump">512,082<span></span>
</td>
<td class="nump">582,004<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=vsta_TextbooksMember', window );">Textbooks</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfProductsAndServicesLineItems', window );"><strong>Net Revenue from sales and Services</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_GrossRevenue', window );">Gross revenue</a></td>
<td class="nump">228,094<span></span>
</td>
<td class="nump">212,708<span></span>
</td>
<td class="nump">308,298<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome', window );">Taxes</a></td>
<td class="num">(214)<span></span>
</td>
<td class="num">(1,608)<span></span>
</td>
<td class="num">(250)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesDiscounts', window );">Discounts</a></td>
<td class="num">(1,120)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesReturns', window );">Returns</a></td>
<td class="num">(31,401)<span></span>
</td>
<td class="num">(41,330)<span></span>
</td>
<td class="num">(72,488)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">195,359<span></span>
</td>
<td class="nump">169,770<span></span>
</td>
<td class="nump">235,560<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue</a></td>
<td class="nump">195,359<span></span>
</td>
<td class="nump">169,770<span></span>
</td>
<td class="nump">235,560<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=vsta_ComplementaryEducationServicesMember', window );">Complementary Education Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfProductsAndServicesLineItems', window );"><strong>Net Revenue from sales and Services</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_GrossRevenue', window );">Gross revenue</a></td>
<td class="nump">159,207<span></span>
</td>
<td class="nump">148,817<span></span>
</td>
<td class="nump">63,491<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome', window );">Taxes</a></td>
<td class="num">(193)<span></span>
</td>
<td class="num">(961)<span></span>
</td>
<td class="num">(17)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesDiscounts', window );">Discounts</a></td>
<td class="num">(1,415)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(6)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesReturns', window );">Returns</a></td>
<td class="num">(15,755)<span></span>
</td>
<td class="num">(10,459)<span></span>
</td>
<td class="num">(2,880)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">141,844<span></span>
</td>
<td class="nump">137,397<span></span>
</td>
<td class="nump">60,588<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue</a></td>
<td class="nump">141,844<span></span>
</td>
<td class="nump">137,397<span></span>
</td>
<td class="nump">60,588<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=vsta_OtherServicesMember', window );">Other services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfProductsAndServicesLineItems', window );"><strong>Net Revenue from sales and Services</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_GrossRevenue', window );">Gross revenue</a></td>
<td class="nump">38,727<span></span>
</td>
<td class="nump">34,498<span></span>
</td>
<td class="nump">34,118<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome', window );">Taxes</a></td>
<td class="num">(7,046)<span></span>
</td>
<td class="num">(3,034)<span></span>
</td>
<td class="num">(3,864)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">31,681<span></span>
</td>
<td class="nump">31,464<span></span>
</td>
<td class="nump">30,254<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue</a></td>
<td class="nump">31,681<span></span>
</td>
<td class="nump">31,464<span></span>
</td>
<td class="nump">30,254<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=vsta_DigitalServicesPlatformMember', window );">Total Digital Services Platform</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfProductsAndServicesLineItems', window );"><strong>Net Revenue from sales and Services</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_GrossRevenue', window );">Gross revenue</a></td>
<td class="nump">116,595<span></span>
</td>
<td class="nump">101,934<span></span>
</td>
<td class="nump">97,632<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome', window );">Taxes</a></td>
<td class="num">(2,127)<span></span>
</td>
<td class="num">(2,633)<span></span>
</td>
<td class="num">(2,261)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesReturns', window );">Returns</a></td>
<td class="num">(5,533)<span></span>
</td>
<td class="num">(2,595)<span></span>
</td>
<td class="num">(6,149)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">108,935<span></span>
</td>
<td class="nump">96,706<span></span>
</td>
<td class="nump">89,222<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue</a></td>
<td class="nump">108,935<span></span>
</td>
<td class="nump">96,706<span></span>
</td>
<td class="nump">89,222<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=vsta_ECommerceDigitalServicesPlatformMember', window );">E-commerce</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfProductsAndServicesLineItems', window );"><strong>Net Revenue from sales and Services</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_GrossRevenue', window );">Gross revenue</a></td>
<td class="nump">113,569<span></span>
</td>
<td class="nump">100,084<span></span>
</td>
<td class="nump">97,632<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome', window );">Taxes</a></td>
<td class="num">(1,873)<span></span>
</td>
<td class="num">(2,473)<span></span>
</td>
<td class="num">(2,261)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_SalesReturns', window );">Returns</a></td>
<td class="num">(5,533)<span></span>
</td>
<td class="num">(2,595)<span></span>
</td>
<td class="num">(6,149)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">106,163<span></span>
</td>
<td class="nump">95,016<span></span>
</td>
<td class="nump">89,222<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue</a></td>
<td class="nump">106,163<span></span>
</td>
<td class="nump">95,016<span></span>
</td>
<td class="nump">89,222<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=vsta_OtherDigitalServicesPlatformMember', window );">Other digital services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfProductsAndServicesLineItems', window );"><strong>Net Revenue from sales and Services</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_GrossRevenue', window );">Gross revenue</a></td>
<td class="nump">3,026<span></span>
</td>
<td class="nump">1,850<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome', window );">Taxes</a></td>
<td class="num">(254)<span></span>
</td>
<td class="num">(160)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">2,772<span></span>
</td>
<td class="nump">1,690<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue</a></td>
<td class="nump">R$ 2,772<span></span>
</td>
<td class="nump">R$ 1,690<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfProductsAndServicesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfProductsAndServicesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromSaleOfGoods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of goods. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfGoods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_GrossRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of gross revenue of reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_GrossRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_SalesDiscounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of discounts on sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_SalesDiscounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_SalesReturns">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of sales returns during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_SalesReturns</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense (income) exclusive of income tax expense (benefit).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=vsta_ContentAndEdTechPlatformMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=vsta_ContentAndEdTechPlatformMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=vsta_LearningSystemsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=vsta_LearningSystemsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=vsta_TextbooksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=vsta_TextbooksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=vsta_ComplementaryEducationServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=vsta_ComplementaryEducationServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=vsta_OtherServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=vsta_OtherServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=vsta_DigitalServicesPlatformMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=vsta_DigitalServicesPlatformMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=vsta_ECommerceDigitalServicesPlatformMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=vsta_ECommerceDigitalServicesPlatformMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=vsta_OtherDigitalServicesPlatformMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=vsta_OtherDigitalServicesPlatformMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>163
<FILENAME>R130.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451736493792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Costs and Expenses by Nature (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Costs and Expenses by Nature</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Salaries and payroll charges</a></td>
<td class="num">R$ (281,894)<span></span>
</td>
<td class="num">R$ (274,581)<span></span>
</td>
<td class="num">R$ (279,523)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RawMaterialsAndConsumablesUsed', window );">Raw materials and productions costs</a></td>
<td class="num">(201,700)<span></span>
</td>
<td class="num">(185,862)<span></span>
</td>
<td class="num">(216,791)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_EditorialCosts', window );">Editorial costs</a></td>
<td class="num">(49,329)<span></span>
</td>
<td class="num">(71,705)<span></span>
</td>
<td class="num">(52,794)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="num">(268,714)<span></span>
</td>
<td class="num">(211,156)<span></span>
</td>
<td class="num">(174,088)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CopyrightExpenses', window );">Copyright</a></td>
<td class="num">(72,348)<span></span>
</td>
<td class="num">(58,885)<span></span>
</td>
<td class="num">(59,597)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdvertisingExpense', window );">Advertising and publicity</a></td>
<td class="num">(99,834)<span></span>
</td>
<td class="num">(77,655)<span></span>
</td>
<td class="num">(88,965)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_UtilitiesCleaningAndSecurityExpenses', window );">Utilities, cleaning and security</a></td>
<td class="num">(20,087)<span></span>
</td>
<td class="num">(25,505)<span></span>
</td>
<td class="num">(19,499)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_RentAndCondominiumFees', window );">Rent and condominium fees</a></td>
<td class="num">(18,312)<span></span>
</td>
<td class="num">(17,775)<span></span>
</td>
<td class="num">(14,278)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ThirdPartyServices', window );">Third-party services</a></td>
<td class="num">(47,667)<span></span>
</td>
<td class="num">(25,758)<span></span>
</td>
<td class="num">(23,904)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TravelExpense', window );">Travel</a></td>
<td class="num">(23,577)<span></span>
</td>
<td class="num">(8,747)<span></span>
</td>
<td class="num">(8,760)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfessionalFeesExpense', window );">Consulting and advisory services</a></td>
<td class="num">(34,166)<span></span>
</td>
<td class="num">(23,395)<span></span>
</td>
<td class="num">(25,269)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Impairment losses on trade receivables</a></td>
<td class="num">(45,904)<span></span>
</td>
<td class="num">(32,726)<span></span>
</td>
<td class="num">(25,015)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MaterialsExpenses', window );">Material</a></td>
<td class="num">(6,263)<span></span>
</td>
<td class="num">(3,523)<span></span>
</td>
<td class="num">(3,708)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_TaxesAndContributions', window );">Taxes and contributions</a></td>
<td class="num">(1,777)<span></span>
</td>
<td class="num">(2,808)<span></span>
</td>
<td class="num">(2,066)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ReversalProvisionForTaxCivilAndLaborRisks', window );">Reversal for tax, civil and labor risks</a></td>
<td class="nump">15,099<span></span>
</td>
<td class="nump">1,986<span></span>
</td>
<td class="nump">2,092<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ProvisionForObsoleteInventories', window );">Provision for obsolete inventories</a></td>
<td class="num">(40,924)<span></span>
</td>
<td class="num">(22,117)<span></span>
</td>
<td class="num">(4,057)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties', window );">Income from lease and sublease agreements with related parties</a></td>
<td class="nump">13,047<span></span>
</td>
<td class="nump">15,939<span></span>
</td>
<td class="nump">21,683<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_MiscellaneousOtherOperatingIncomeExpense', window );">Other income, net</a></td>
<td class="nump">662<span></span>
</td>
<td class="nump">5,554<span></span>
</td>
<td class="nump">4,283<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Costs and Expenses by Nature</a></td>
<td class="num">R$ (1,183,688)<span></span>
</td>
<td class="num">R$ (1,018,719)<span></span>
</td>
<td class="num">R$ (970,256)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdvertisingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from advertising.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdvertisingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 104<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 104<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses aggregated according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and not reallocated among functions within the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNatureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNatureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss or reversal of impairment loss recognised in profit or loss for trade receivables. [Refer: Impairment loss recognised in profit or loss; Reversal of impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfessionalFeesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable for professional services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfessionalFeesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RawMaterialsAndConsumablesUsed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of raw materials and consumables used in the production process or in the rendering of services. [Refer: Current raw materials]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RawMaterialsAndConsumablesUsed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TravelExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from travel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TravelExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CopyrightExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents copyright exoenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CopyrightExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_EditorialCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with editorial activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_EditorialCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the income from lease and sublease agreements with related parties.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MaterialsExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents expenses related material expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MaterialsExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_MiscellaneousOtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating income (expense).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_MiscellaneousOtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ProvisionForObsoleteInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the provision for obsolete inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ProvisionForObsoleteInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_RentAndCondominiumFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents rent and condominium fees.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_RentAndCondominiumFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ReversalProvisionForTaxCivilAndLaborRisks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents reversal (provision) for tax, civil and labor risks.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ReversalProvisionForTaxCivilAndLaborRisks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_TaxesAndContributions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents taxes and contributions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_TaxesAndContributions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ThirdPartyServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents expenses related to third party services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ThirdPartyServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_UtilitiesCleaningAndSecurityExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents utilities, cleaning and security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_UtilitiesCleaningAndSecurityExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451750686000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Costs and Expenses by Nature (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Costs and Expenses by Nature</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of goods sold and services</a></td>
<td class="num">R$ (473,135)<span></span>
</td>
<td class="num">R$ (396,829)<span></span>
</td>
<td class="num">R$ (378,003)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CommercialExpenses', window );">Commercial expenses</a></td>
<td class="num">(194,043)<span></span>
</td>
<td class="num">(164,439)<span></span>
</td>
<td class="num">(165,169)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="num">(471,626)<span></span>
</td>
<td class="num">(430,279)<span></span>
</td>
<td class="num">(406,352)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Impairment loss on accounts receivable</a></td>
<td class="num">(45,904)<span></span>
</td>
<td class="num">(32,726)<span></span>
</td>
<td class="num">(25,015)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating income, net</a></td>
<td class="nump">1,020<span></span>
</td>
<td class="nump">5,554<span></span>
</td>
<td class="nump">4,283<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Costs and Expenses by Nature</a></td>
<td class="num">R$ (1,183,688)<span></span>
</td>
<td class="num">R$ (1,018,719)<span></span>
</td>
<td class="num">R$ (970,256)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of all expenses directly or indirectly attributed to the goods or services sold. Attributed expenses include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, such as depreciation and maintenance of factory buildings and equipment used in the production process, unallocated production overheads, and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses aggregated according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and not reallocated among functions within the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNatureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNatureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss or reversal of impairment loss recognised in profit or loss for trade receivables. [Refer: Impairment loss recognised in profit or loss; Reversal of impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CommercialExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to commercial activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CommercialExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>165
<FILENAME>R132.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729536576">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Finance result (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceIncomeAbstract', window );"><strong>Finance income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_IncomeFromFinancialInvestmentsAndMarketableSecurities', window );">Income from financial investments and marketable securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 54,954<span></span>
</td>
<td class="nump">R$ 26,719<span></span>
</td>
<td class="nump">R$ 16,907<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceIncomeFromIndemnificationAssetsAndContingencies', window );">Income finance from indemnification assets and contingencies</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">31,077<span></span>
</td>
<td class="nump">6,818<span></span>
</td>
<td class="nump">1,476<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherFinanceIncome', window );">Other finance income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,526<span></span>
</td>
<td class="nump">2,103<span></span>
</td>
<td class="nump">2,601<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">88,557<span></span>
</td>
<td class="nump">35,640<span></span>
</td>
<td class="nump">20,984<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceCostAbstract', window );"><strong>Finance costs</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnBonds', window );">Interest on bonds and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(108,896)<span></span>
</td>
<td class="num">(43,549)<span></span>
</td>
<td class="num">(52,935)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestExpenseOnAccountPayablesForBusinessCombinations', window );">Interest on account payables for business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(65,725)<span></span>
</td>
<td class="num">(8,158)<span></span>
</td>
<td class="num">(1,568)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ImputedInterestOnSuppliers', window );">Imputed interest on suppliers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(19,810)<span></span>
</td>
<td class="num">(6,609)<span></span>
</td>
<td class="num">(12,286)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestOnLoansFromRelatedParties', window );">Interest on Loans from related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="num">(157)<span></span>
</td>
<td class="num">(3,344)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts', window );">Bank and collection fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,891)<span></span>
</td>
<td class="num">(6,587)<span></span>
</td>
<td class="num">(17,771)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_InterestOnProvisionForTaxCivilAndLaborLosses', window );">Interest on provision for tax, civil and labor losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(52,891)<span></span>
</td>
<td class="num">(34,300)<span></span>
</td>
<td class="num">(13,297)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Interest on Lease Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(13,143)<span></span>
</td>
<td class="num">(14,984)<span></span>
</td>
<td class="num">(15,077)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherFinanceCost', window );">Other finance costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,968)<span></span>
</td>
<td class="num">(5,839)<span></span>
</td>
<td class="num">(3,131)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Finance costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(270,324)<span></span>
</td>
<td class="num">(120,183)<span></span>
</td>
<td class="num">(119,409)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Total finance result</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (181,767)<span></span>
</td>
<td class="num">R$ (84,543)<span></span>
</td>
<td class="num">R$ (98,425)<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Refers to income from marketable securities indexed at CDI.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Refers to an indemnification asset in the amount of R$ 20,249&#160;in connection with the acquisition of&#160;</span>Somos<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;(</span>Vasta&#8217;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Predecessor) by&#160;</span>Cogna<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Group (</span>Vasta&#8217;s<span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Parent Company), as mentioned in the note <span style="border-left: none; border-right: none;">21</span>b, and reversal of interest on provision for tax losses in the amount of R$ 10,828.</span></span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on bank loans and overdrafts. [Refer: Interest expense; Bank overdrafts]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnBankLoansAndOverdrafts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnBonds">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on bonds issued. [Refer: Interest expense; Bonds issued]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnBonds</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance costs that the entity does not separately disclose in the same statement or note. [Refer: Finance costs]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income that the entity does not separately disclose in the same statement or note. [Refer: Finance income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_FinanceCostAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_FinanceCostAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_FinanceIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_FinanceIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_FinanceIncomeFromIndemnificationAssetsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income arising from indemnification assets and contingencies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_FinanceIncomeFromIndemnificationAssetsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_ImputedInterestOnSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance cost related to imputed interest on suppliers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ImputedInterestOnSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_IncomeFromFinancialInvestmentsAndMarketableSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income related to financial investements and marketable securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_IncomeFromFinancialInvestmentsAndMarketableSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_InterestExpenseOnAccountPayablesForBusinessCombinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense arising from account payables for business combinations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_InterestExpenseOnAccountPayablesForBusinessCombinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_InterestOnLoansFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance cost related to interest on loans from related parties.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_InterestOnLoansFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_InterestOnProvisionForTaxCivilAndLaborLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on provision for tax, civil and labor risks.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_InterestOnProvisionForTaxCivilAndLaborLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>166
<FILENAME>R133.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451726500656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Finance result - Additional information (Details 1)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2022 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfFinanceIncomeCostLineItems', window );"><strong>Finance result</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">CDI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses', window );">Income finance from reversal of interest on provision for tax losses</a></td>
<td class="nump">R$ 10,828<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember', window );">Cogna Group | Somos Sistemas de Ensino S.A. ("Somos Sistemas")</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfFinanceIncomeCostLineItems', window );"><strong>Finance result</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">CDI (Certificates of&#160;Interbank&#160;Deposits).<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_FinanceIncomeFromIndemnificationAsset', window );">Income finance from indemnification asset</a></td>
<td class="nump">R$ 20,249<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfFinanceIncomeCostLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfFinanceIncomeCostLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_FinanceIncomeFromIndemnificationAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income arising from indemnification asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_FinanceIncomeFromIndemnificationAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income arising from reversal of interest on provision for tax losses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_FinanceIncomeFromReversalOfInterestOnProvisionForTaxLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_ParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=vsta_SomosSistemasDeEnsinoSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>167
<FILENAME>R134.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451729082112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Segment Reporting (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment Reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">R$ 1,264,280<span></span>
</td>
<td class="nump">R$ 947,419<span></span>
</td>
<td class="nump">R$ 997,628<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of goods sold and services</a></td>
<td class="num">(473,135)<span></span>
</td>
<td class="num">(396,829)<span></span>
</td>
<td class="num">(378,003)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OperatingIncomeExpensesAbstract', window );"><strong>Operating income (expenses)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="num">(471,626)<span></span>
</td>
<td class="num">(430,279)<span></span>
</td>
<td class="num">(406,352)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CommercialExpenses', window );">Commercial expenses</a></td>
<td class="num">(194,043)<span></span>
</td>
<td class="num">(164,439)<span></span>
</td>
<td class="num">(165,169)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating income, net</a></td>
<td class="nump">1,020<span></span>
</td>
<td class="nump">5,554<span></span>
</td>
<td class="nump">4,283<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Impairment losses on trade receivables</a></td>
<td class="num">(45,904)<span></span>
</td>
<td class="num">(32,726)<span></span>
</td>
<td class="num">(25,015)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Share of loss equity-accounted investees</a></td>
<td class="num">(4,512)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Profit (loss) before finance result and taxes</a></td>
<td class="nump">76,080<span></span>
</td>
<td class="num">(71,300)<span></span>
</td>
<td class="nump">27,372<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="nump">7,520,591<span></span>
</td>
<td class="nump">7,333,407<span></span>
</td>
<td class="nump">6,978,270<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Current and non-current liabilities</a></td>
<td class="nump">2,890,911<span></span>
</td>
<td class="nump">2,668,198<span></span>
</td>
<td class="nump">2,192,953<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=vsta_ContentAndEdTechPlatformMember', window );">Content &amp; EdTech Platform</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment Reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">1,155,345<span></span>
</td>
<td class="nump">850,713<span></span>
</td>
<td class="nump">908,406<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of goods sold and services</a></td>
<td class="num">(375,167)<span></span>
</td>
<td class="num">(327,651)<span></span>
</td>
<td class="num">(301,882)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OperatingIncomeExpensesAbstract', window );"><strong>Operating income (expenses)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="num">(445,330)<span></span>
</td>
<td class="num">(413,746)<span></span>
</td>
<td class="num">(387,023)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CommercialExpenses', window );">Commercial expenses</a></td>
<td class="num">(183,118)<span></span>
</td>
<td class="num">(147,664)<span></span>
</td>
<td class="num">(152,659)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating income, net</a></td>
<td class="nump">2,260<span></span>
</td>
<td class="nump">5,469<span></span>
</td>
<td class="nump">4,283<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Impairment losses on trade receivables</a></td>
<td class="num">(45,769)<span></span>
</td>
<td class="num">(32,344)<span></span>
</td>
<td class="num">(25,015)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Share of loss equity-accounted investees</a></td>
<td class="num">(4,512)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Profit (loss) before finance result and taxes</a></td>
<td class="nump">103,709<span></span>
</td>
<td class="num">(65,223)<span></span>
</td>
<td class="nump">46,110<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="nump">7,438,094<span></span>
</td>
<td class="nump">7,207,084<span></span>
</td>
<td class="nump">6,848,198<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Current and non-current liabilities</a></td>
<td class="nump">2,852,390<span></span>
</td>
<td class="nump">2,605,351<span></span>
</td>
<td class="nump">2,141,107<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=vsta_DigitalServicesPlatformMember', window );">Digital Services Platform</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment Reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">108,935<span></span>
</td>
<td class="nump">96,706<span></span>
</td>
<td class="nump">89,222<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of goods sold and services</a></td>
<td class="num">(97,968)<span></span>
</td>
<td class="num">(69,178)<span></span>
</td>
<td class="num">(76,121)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_OperatingIncomeExpensesAbstract', window );"><strong>Operating income (expenses)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="num">(26,295)<span></span>
</td>
<td class="num">(16,533)<span></span>
</td>
<td class="num">(19,329)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CommercialExpenses', window );">Commercial expenses</a></td>
<td class="num">(10,926)<span></span>
</td>
<td class="num">(16,775)<span></span>
</td>
<td class="num">(12,510)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating income, net</a></td>
<td class="num">(1,240)<span></span>
</td>
<td class="nump">85<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Impairment losses on trade receivables</a></td>
<td class="num">(135)<span></span>
</td>
<td class="num">(382)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Share of loss equity-accounted investees</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Profit (loss) before finance result and taxes</a></td>
<td class="num">(27,629)<span></span>
</td>
<td class="num">(6,077)<span></span>
</td>
<td class="num">(18,738)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="nump">82,497<span></span>
</td>
<td class="nump">126,323<span></span>
</td>
<td class="nump">130,072<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Current and non-current liabilities</a></td>
<td class="nump">R$ 38,521<span></span>
</td>
<td class="nump">R$ 62,847<span></span>
</td>
<td class="nump">R$ 51,847<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
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<td>debit</td>
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<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of all expenses directly or indirectly attributed to the goods or services sold. Attributed expenses include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, such as depreciation and maintenance of factory buildings and equipment used in the production process, unallocated production overheads, and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss or reversal of impairment loss recognised in profit or loss for trade receivables. [Refer: Impairment loss recognised in profit or loss; Reversal of impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2022-03-24<br> -Paragraph IE33<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2022-03-24<br> -Paragraph 39M<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_39M_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CommercialExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to commercial activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CommercialExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_OperatingIncomeExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_OperatingIncomeExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=vsta_ContentAndEdTechPlatformMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=vsta_ContentAndEdTechPlatformMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=vsta_DigitalServicesPlatformMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=vsta_DigitalServicesPlatformMember</td>
</tr>
<tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>168
<FILENAME>R135.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451736513568">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Segment Reporting (Details 1 - Textuals)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment Reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">R$ 1,264,280<span></span>
</td>
<td class="nump">R$ 947,419<span></span>
</td>
<td class="nump">R$ 997,628<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ConcentrationRiskBenchmarkAxis=vsta_RevenueBenchmarkMember', window );">Revenue Benchmark | Aggregate customers of entity | Customer concentrations risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment Reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfCustomers', window );">Number of customers</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of total net revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ConcentrationRiskBenchmarkAxis=vsta_RevenueBenchmarkMember', window );">Revenue Benchmark | Aggregate customers of entity | Customer concentrations risk | Bottom of range</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment Reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of total net revenues</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember', window );">Foreign customers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment Reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenue from sales and services</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of the entity's revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfEntitysRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of customers which reporting entity generate revenue from product or services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_NumberOfCustomers</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_ConcentrationRiskBenchmarkAxis=vsta_RevenueBenchmarkMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=vsta_AggregateCustomersOfEntityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_MajorCustomersAxis=vsta_AggregateCustomersOfEntityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConcentrationsOfRiskAxis=vsta_CustomerConcentrationsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConcentrationsOfRiskAxis=vsta_CustomerConcentrationsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>169
<FILENAME>R136.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451750014816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Non-cash transactions - Additional information (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNonCashTransactionsLineItems', window );"><strong>Non-cash transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Non-monetary transaction, additions of right of use assets and lease liabilities</a></td>
<td class="nump">R$ 12,002<span></span>
</td>
<td class="nump">R$ 25,513<span></span>
</td>
<td class="nump">R$ 35,925<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_CancellationOfLeaseAgreements', window );">Non-monetary transaction, disposals of contracts of right of use assets and lease liabilities</a></td>
<td class="nump">3,180<span></span>
</td>
<td class="nump">3,481<span></span>
</td>
<td class="nump">R$ 3,429<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember', window );">Phidelis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNonCashTransactionsLineItems', window );"><strong>Non-cash transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesIncurred', window );">Non-monetary transaction, accounts payable assumed</a></td>
<td class="nump">R$ 12,733<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember', window );">SEL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNonCashTransactionsLineItems', window );"><strong>Non-cash transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesIncurred', window );">Non-monetary transaction, accounts payable assumed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26,876<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisSAMember', window );">Reda&#231;&#227;o Nota 1000</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNonCashTransactionsLineItems', window );"><strong>Non-cash transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesIncurred', window );">Non-monetary transaction, accounts payable assumed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,294<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember', window );">EMME</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNonCashTransactionsLineItems', window );"><strong>Non-cash transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesIncurred', window );">Non-monetary transaction, accounts payable assumed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,253<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember', window );">De Gouges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNonCashTransactionsLineItems', window );"><strong>Non-cash transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesIncurred', window );">Non-monetary transaction, accounts payable assumed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">451,554<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_AAndRComercioEServicosDeInformaticaLtdaMember', window );">Pluri</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNonCashTransactionsLineItems', window );"><strong>Non-cash transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesIncurred', window );">Non-monetary transaction, accounts payable assumed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,347<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_MindMakersEditoraEducacionalMember', window );">Mind Makers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNonCashTransactionsLineItems', window );"><strong>Non-cash transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesIncurred', window );">Non-monetary transaction, accounts payable assumed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,621<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=vsta_MerittInformacaoEducacionalLtdaMember', window );">Meritt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_DisclosureOfNonCashTransactionsLineItems', window );"><strong>Non-cash transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesIncurred', window );">Non-monetary transaction, accounts payable assumed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 4,330<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsToRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to right-of-use assets. [Refer: Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_h&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsToRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of liabilities incurred (for example, a liability for contingent consideration) as consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph f<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_f_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesIncurred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_CancellationOfLeaseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of cancellation on lease agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_CancellationOfLeaseAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_vsta_DisclosureOfNonCashTransactionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">vsta_DisclosureOfNonCashTransactionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>vsta_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_SociedadeEducacionalDaLagoaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_Nota1000ServicosEducacionaisSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_EmmeProducoesDeMateriaisEmMultimidiaMember</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_EditoraDeGougesSAMember</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_AAndRComercioEServicosDeInformaticaLtdaMember</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=vsta_MindMakersEditoraEducacionalMember</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140451750106128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events - Additional information (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 03, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Subsequent events</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">CDI<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorBusinessCombinationMember', window );">Business Acquisition | Escola Start Ltda. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Subsequent events</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests', window );">Proportion of ownership interests held by minority shareholder</a></td>
<td class="nump">49.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Minority shareholder interest</a></td>
<td class="nump">R$ 11,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorBusinessCombinationMember', window );">Business Acquisition | Escola Start Ltda. [member] | Somos Sistemas de Ensino S.A. ("Somos Sistemas")</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Subsequent events</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_ConsiderationToBeTransferredAcquisitionDateFairValue', window );">Purchase consideration</a></td>
<td class="nump">R$ 4,454<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_vsta_NumberOfInstallmentsForConsiderationPayment', window );">Number of installments for consideration payment</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Consideration paid in cash</a></td>
<td class="nump">R$ 4,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesIncurred', window );">Consideration to be paid</a></td>
<td class="nump">R$ 354<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Interest rate basis</a></td>
<td class="text">100% of the CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of cash transferred as consideration in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph f<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_f_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashTransferred</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of liabilities incurred (for example, a liability for contingent consideration) as consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph f<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_f_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesIncurred</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 12<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2022-03-24<br> -Paragraph 22<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=10&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph q<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2022-03-24<br> -Paragraph B64<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interests in a subsidiary held by non-controlling interests. [Refer: Subsidiaries [member]; Non-controlling interests]</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration to be transferred in a business combination.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of installments for consideration payment in a business combination.</p></div>
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            <segment>
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            <segment>
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            <endDate>2022-12-31</endDate>
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            <segment>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
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            <segment>
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            <segment>
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            <segment>
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            <segment>
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        <entity>
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        <entity>
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        <period>
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            <endDate>2022-12-31</endDate>
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            <instant>2022-12-31</instant>
        </period>
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            <segment>
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            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:NonCurrentFinanceLeasesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="D20221231_LongtermBorrowingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ifrs-full:LongtermBorrowingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="I20221231_LongtermBorrowingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ifrs-full:LongtermBorrowingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20201231_CurrentBondsWithRelatedPartiesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:CurrentBondsWithRelatedPartiesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_CurrentBondsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:CurrentBondsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_CurrentFinanceLeasesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:CurrentFinanceLeasesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_NonCurrentBondsWithRelatedPartiesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:NonCurrentBondsWithRelatedPartiesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_NonCurrentBondsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:NonCurrentBondsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_NonCurrentFinanceLeasesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:NonCurrentFinanceLeasesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_ShorttermBorrowingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ifrs-full:ShorttermBorrowingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_LongtermBorrowingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ifrs-full:LongtermBorrowingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20221231_ComputerEquipmentMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ComputerEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_FurnitureEquipmentAndFittingsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">vsta:FurnitureEquipmentAndFittingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_LeaseholdImprovementsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LeaseholdImprovementsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_ConstructionInProgressMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_RightofuseAssetsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:RightofuseAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_LandMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LandMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="D20211231_CurrentBondsWithRelatedPartiesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:CurrentBondsWithRelatedPartiesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_CurrentBondsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:CurrentBondsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_CurrentFinanceLeasesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:CurrentFinanceLeasesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_ShorttermBorrowingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ifrs-full:ShorttermBorrowingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_NonCurrentBondsWithRelatedPartiesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:NonCurrentBondsWithRelatedPartiesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_NonCurrentBondsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:NonCurrentBondsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_NonCurrentFinanceLeasesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:NonCurrentFinanceLeasesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_LongtermBorrowingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ifrs-full:LongtermBorrowingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_BondMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:BondMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="I20221231_NotLaterThanOneYearMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanOneYearMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_LaterThanThreeYearsAndNotLaterThanFourYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20211231_NotLaterThanOneYearMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanOneYearMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_LaterThanOneYearAndNotLaterThanTwoYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_LaterThanThreeYearsAndNotLaterThanFourYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="D20221231_MeasurementPeriodOneMember_BondMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:BondMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">vsta:MeasurementPeriodOneMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_MeasurementPeriodTwoMember_BondMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:BondMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">vsta:MeasurementPeriodTwoMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_MeasurementPeriodThreeMember_BondMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:BondMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">vsta:MeasurementPeriodThreeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_MeasurementPeriodFourMember_BondMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:BondMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">vsta:MeasurementPeriodFourMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="I20210806_NonCurrentBondsMember_SomosSistemasDeEnsinoSaMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:NonCurrentBondsMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">vsta:SomosSistemasDeEnsinoSaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-08-06</instant>
        </period>
    </context>
    <context id="D20210806_NonCurrentBondsMember_SomosSistemasDeEnsinoSaMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:NonCurrentBondsMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">vsta:SomosSistemasDeEnsinoSaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-08-06</startDate>
            <endDate>2021-08-06</endDate>
        </period>
    </context>
    <context id="D20191119_BondsWithRelatedPartiesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:BondsWithRelatedPartiesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2019-11-19</startDate>
            <endDate>2019-11-19</endDate>
        </period>
    </context>
    <context id="D20211231_BondMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">vsta:BondMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="I20221231_RefundLiabilityMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="vsta:TypesOfContractLiabilitiesAndDeferredIncomeAxis">vsta:RefundLiabilityMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_DeferredIncomeInLeasebackAgreementMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="vsta:TypesOfContractLiabilitiesAndDeferredIncomeAxis">vsta:DeferredIncomeInLeasebackAgreementMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_OtherContractLiabilitiesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="vsta:TypesOfContractLiabilitiesAndDeferredIncomeAxis">vsta:OtherContractLiabilitiesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20211231_RefundLiabilityMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="vsta:TypesOfContractLiabilitiesAndDeferredIncomeAxis">vsta:RefundLiabilityMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_DeferredIncomeInLeasebackAgreementMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="vsta:TypesOfContractLiabilitiesAndDeferredIncomeAxis">vsta:DeferredIncomeInLeasebackAgreementMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_OtherContractLiabilitiesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="vsta:TypesOfContractLiabilitiesAndDeferredIncomeAxis">vsta:OtherContractLiabilitiesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="D20180331_PredecessorsMember_DeferredIncomeInLeasebackAgreementMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="vsta:TypesOfContractLiabilitiesAndDeferredIncomeAxis">vsta:DeferredIncomeInLeasebackAgreementMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ConsolidatedStructuredEntitiesAxis">vsta:PredecessorsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2018-03-01</startDate>
            <endDate>2018-03-31</endDate>
        </period>
    </context>
    <context id="I20180331_PredecessorsMember_DeferredIncomeInLeasebackAgreementMember">
        <entity>
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            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_GoodwillMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_ComputerSoftwareMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:ComputerSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_BrandNamesMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:BrandNamesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_TradeAgreementMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">vsta:TradeAgreementMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_PlatformContentProductionMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_OtherIntangibleAssetsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:OtherIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_IntangibleAssetsUnderDevelopmentMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:IntangibleAssetsUnderDevelopmentMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_GoodwillMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_ComputerSoftwareMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:ComputerSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_CustomerrelatedIntangibleAssetsMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_BrandNamesMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:BrandNamesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_TradeAgreementMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">vsta:TradeAgreementMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_PlatformContentProductionMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">vsta:PlatformContentProductionMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_OtherIntangibleAssetsMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:OtherIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_IntangibleAssetsUnderDevelopmentMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:IntangibleAssetsUnderDevelopmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_GoodwillMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20211231_ComputerSoftwareMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:ComputerSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_BrandNamesMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:BrandNamesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_TradeAgreementMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">vsta:TradeAgreementMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_PlatformContentProductionMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">vsta:PlatformContentProductionMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_OtherIntangibleAssetsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:OtherIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_IntangibleAssetsUnderDevelopmentMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:IntangibleAssetsUnderDevelopmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_GoodwillMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_ComputerSoftwareMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:ComputerSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_CustomerrelatedIntangibleAssetsMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_BrandNamesMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:BrandNamesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_TradeAgreementMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">vsta:TradeAgreementMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_PlatformContentProductionMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
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            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_OtherIntangibleAssetsMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:OtherIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_IntangibleAssetsUnderDevelopmentMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:IntangibleAssetsUnderDevelopmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_GoodwillMember_AccumulatedDepreciationAndAmortisationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
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            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_ComputerSoftwareMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:ComputerSoftwareMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_CustomerrelatedIntangibleAssetsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_BrandNamesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:BrandNamesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_TradeAgreementMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">vsta:TradeAgreementMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_PlatformContentProductionMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001792829</identifier>
            <segment>
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&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"&gt;Vasta Platform Ltd., together with its subsidiaries (the Company) is a publicly held company incorporated in the Cayman Islands on October 16, 2019, &lt;/span&gt;&lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;with headquarters in the city of S&#xe3;o Paulo, Brazil. &lt;/span&gt; The Company &lt;/span&gt;&lt;span&gt;is a technology-powered education content providing&lt;/span&gt;&lt;span&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;end-to-end&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;educational and digital solutions that cater to all needs of private schools operating in the&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;K-&lt;span&gt;12&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;educational segment.&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Vasta&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; fiscal year begins on January 1 of each year and ends on December 31 of the same year.&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The Company &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;has built a &#x201c;Platform as a Service&#x201d;, solution or PaaS, with two main modules: &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Content&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&amp;amp; EdTech Platform and Digital Services. &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The Company&#x2019;s Content &amp;amp; EdTech Platform combines a multi-brand and tech-enabled array with digital and printed content through long-term contracts with partner schools.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Since July 31, 2020, VASTA Platform Ltd. has been a &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;publicly-held&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; company registered with SEC (&#x201c;The US Securities and Exchange Commission) and its shares are traded on Nasdaq Global Select Market under ticker symbol &#x201c;VSTA&#x201d;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;1.2&lt;/span&gt; Corporate&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;restructuring&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;and business&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;combinations&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;U&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;ntil July 23, 2020, &lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;VASTA Platform,&lt;/span&gt; was not a separate legal entity. &lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;The Business, (referred herein when the company presented its financial statements combined with other entities),&#160;&lt;/span&gt;comprised combined carved-out historical balances of certain assets, liabilities and results of operations related to the delivery of educational content for private sector basic and secondary education (&#x201c;K-&lt;span&gt;12&lt;/span&gt; curriculum&#x201d;) previously carried out by the legal entity &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Cogna&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Educa&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; S.A. and its subsidiaries (hereinafter referred to as &#x201c;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#x201d; or &#x201c;Parent Entity&#x201d;, or in combination with its subsidiaries, &#x201c;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Group&#x201d;).&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;On January 1, 2020, the business activities were restructured in the legal entity &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;). On January 7, 2020, the Company concluded the acquisition of the entire ownership interest in &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Pluri&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;. On February 13, 2020, the Company concluded the acquisition of the entire ownership interest in Mind Makers.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;On July 23, 2020, prior to the completion of the Initial Public Offering &#x2013; IPO, the &#x2018;Board of Directors&#x2019; Meeting approved the Contribution Agreement which &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; (&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Vasta&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Parent Company) contributed with 100% of the shares issued by &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; held by &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; to &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Vasta&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Platform&#x2019;s share capital. After the contribution, &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; became wholly owned by &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Vasta&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Parent Company, which, in turn, continued to be controlled by &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;. In addition, &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; contributed with shareholders capital in the amount of R$ 2,426 in cash on July 23, 2020.&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;On March 2, 2021, the Company acquired an ownership interest in &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Sociedade&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Educacional da &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Lagoa&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Ltda.(&#x201c;SEL&#x201d;) through its wholly owned subsidiary &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A. See Note &lt;span&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;On May 27, 2021, the Company acquired an ownership interest in Nota &lt;span&gt;1000&lt;/span&gt; &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Servi&#xe7;os&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Educacionais&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; S.A (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Reda&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Nota &lt;span&gt;1000&lt;/span&gt;&#x201d;) through its wholly owned subsidiary &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A. See Note &lt;span&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;On August 1, 2021, the Company acquired an ownership interest in EMME &#x2013; &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Produ&#xe7;&#xf5;es&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; de &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Materiais&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; em &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Multim&#xed;dia&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; (&#x201c;EMME&#x201d;) through its wholly owned subsidiary &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A. See Note &lt;span&gt;5&lt;/span&gt;. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;On October 29, 2021, the Company acquired an equity interest in &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Editora&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; De Gouges SA &#x2013; Learning System Eleva - (&#x201c;De Gouges&#x201d;) through its wholly-owned subsidiary &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A. See Note &lt;span&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;On &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;January&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;14&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;, the Company acquired an equity interest in &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Phidelis&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Tecnologia Desenvolvimento de Sistemas Ltda. &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;and&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; MVP Consultoria e Sistemas Ltda&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#x2013;&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;through its wholly-owned subsidiary &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A. See Note &lt;span&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"&gt;&lt;span style="font-size: 10.0pt;"&gt;On July 19, 2022, the Company acquired a non-controlling interest (45%) in Educbank Gest&#xe3;o de Pagamentos Educacionais S.A. (&#x201c;Educbank&#x201d;). The consideration paid was R$ 87,651, 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.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"&gt;&lt;span style="font-size: 10.0pt;"&gt;On July 19, 2022, the Company acquired a non-controlling interest (10%) in Flex Flix Limited (&#x201c;Flex Flix&#x201d;). The consideration paid was R$ 8,271, paid in cash. The amount paid to acquire a stake in this company was recorded in &#x201c;other investments and interests in entities&#x201d;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;

&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The Consolidated Financial Statements comprise the following entities, which are all fully owned by the Company:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_2MP6D1YN3K00000000000000000000b"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Company &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 67%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Somos Sistemas de Ensino S.A ("Somos Sistemas") &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 15%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 15%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Livraria Livro F&#xe1;cil Ltda. ("Livro F&#xe1;cil") &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; A &amp;amp; R Comercio e Servi&#xe7;os de Inform&#xe1;tica Ltda. (&#x201c;Pluri&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Mind Makers Editora Educacional (&#x201c;Mind Makers&#x201d;) (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Col&#xe9;gio Anglo S&#xe3;o Paulo &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (&#x201c;Phidelis&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; MVP Consultoria e Sistemas Ltda. (&#x201c;MVP&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Meritt Informa&#xe7;&#xe3;o Educacional Ltda (&#x201c;Meritt&#x201d;) (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Sociedade Educacional da Lagoa Ltda (&#x201c;SEL&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Nota &lt;span&gt;1000&lt;/span&gt; Servi&#xe7;os Educacionais Ltda ("Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt;") (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td colspan="2" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; EMME &#x2013; Produ&#xe7;&#xf5;es de Materiais em Multim&#xed;dia Ltda (&#x201c;EMME&#x201d;). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Editora De Gouges S.A ("De Gouges")&#160; (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;(i)&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; color: #000000;"&gt;Entities that were merged during the fiscal year ended December 31,2022&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;/div&gt;
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&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The Consolidated Financial Statements comprise the following entities, which are all fully owned by the Company:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_2MP6D1YN3K00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 238px; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Company &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 67%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Somos Sistemas de Ensino S.A ("Somos Sistemas") &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 15%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 15%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Livraria Livro F&#xe1;cil Ltda. ("Livro F&#xe1;cil") &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; A &amp;amp; R Comercio e Servi&#xe7;os de Inform&#xe1;tica Ltda. (&#x201c;Pluri&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Mind Makers Editora Educacional (&#x201c;Mind Makers&#x201d;) (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Col&#xe9;gio Anglo S&#xe3;o Paulo &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (&#x201c;Phidelis&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; MVP Consultoria e Sistemas Ltda. (&#x201c;MVP&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Meritt Informa&#xe7;&#xe3;o Educacional Ltda (&#x201c;Meritt&#x201d;) (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Sociedade Educacional da Lagoa Ltda (&#x201c;SEL&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Nota &lt;span&gt;1000&lt;/span&gt; Servi&#xe7;os Educacionais Ltda ("Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt;") (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td colspan="2" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; EMME &#x2013; Produ&#xe7;&#xf5;es de Materiais em Multim&#xed;dia Ltda (&#x201c;EMME&#x201d;). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Editora De Gouges S.A ("De Gouges")&#160; (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;(i)&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; color: #000000;"&gt;Entities that were merged during the fiscal year ended December 31,2022&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
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&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;. Basis of preparation&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;and presentation of&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Consolidated Financial Statements&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The Consolidated Financial Statements of &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Vasta&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Platform, the reporting entity, have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations as issued by the International Accounting Standards Board (&#x201c;IASB&#x201d;). &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The Consolidated Financial Statements as of December 31, &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;,&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; were approved by the Executive Board on April&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;25&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;23&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;a.&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Consolidation&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The Company consolidates all entities over which it has control, that is, when it is exposed or is entitled to variable returns from its involvement with the investee and &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;has the ability to&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; direct the relevant activities of the investee. The subsidiaries included in the consolidation are described in the following note.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Subsidiaries are fully consolidated from the date on which control is transferred to the Company Consolidation is interrupted from the date on which the Company ceases to have control.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Transactions, &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;balances&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; and unrealized gains on transactions between Company companies are eliminated&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The accounting policies of the new subsidiaries are changed, when necessary, to ensure consistency with the policies adopted by the Company.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Below is a list of the companies controlled by the Company for the years ended December 31, &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;,&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div id="t_ft_42702AQ24G00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 231px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Company &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; width: 73%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="font-size: 9pt; font-family: Georgia, 'serif'; color: #000000;"&gt;Somos Sistemas de Ensino S.A.&#160;&lt;/span&gt;("Somos Sistemas") &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Livraria Livro F&#xe1;cil Ltda. ("Livro F&#xe1;cil") &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; A &amp;amp; R Comercio e Servi&#xe7;os de Inform&#xe1;tica Ltda. (&#x201c;Pluri&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Mind Makers Editora Educacional (&#x201c;Mind Makers&#x201d;)&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Col&#xe9;gio Anglo S&#xe3;o Paulo &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (&#x201c;Phidelis&#x201d;)&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; MVP Consultoria e Sistemas Ltda. (&#x201c;MVP&#x201d;)&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Meritt Informa&#xe7;&#xe3;o Educacional Ltda (&#x201c;Meritt&#x201d;)&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Sociedade Educacional da Lagoa Ltda (&#x201c;SEL&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Nota &lt;span&gt;1000&lt;/span&gt; Servi&#xe7;os Educacionais Ltda ("Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt;") (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td colspan="2" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; EMME &#x2013; Produ&#xe7;&#xf5;es de Materiais em Multim&#xed;dia Ltda (&#x201c;EMME&#x201d;). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Editora De Gouges S.A ("De Gouges")&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;


&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;span style="font-size: 10pt; color: #000000;"&gt;b.&#160;&#160;Associates&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"&gt;&lt;span style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt;Associates are those entities in which the Group, has significant influence, but does not control or jointly control, over the financial and operating policies.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"&gt;&lt;span style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt;Investments in associates are accounted for using the equity method. Such investments are initially recognized at cost, which includes transaction costs. After initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence ceases.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;span style="font-size: 10pt; color: #000000;"&gt;c.&#160;&#160;Operating segment&lt;/span&gt;&lt;/b&gt; &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt;The information by operating segment is presented in a manner consistent with the internal report provided to the Executive Board, which is the Chief Operating Decision Maker (CODM) in addition to being responsible for allocating resources, evaluating performance and making strategic decisions in the Company.&#160; &#160;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; text-indent: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt;The Executive Board considers the business to be segregated into Content EdTech and Digital Service.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;d.&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;Cash Generating Units &#x2013; (&#x201c;CGU&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt;For purposes&lt;/span&gt; of assessing impairment, these assets are grouped into the lowest levels for which there are separately identifiable cash flows (Cash Generating Units - CGU). For the purposes of this test, the goodwill is allocated to the Cash Generating Units, segregated into Content EdTech and Digital Service.&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;e.&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Functional and Presentation Currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Consolidated Financial Statements are presented in thousands of Brazilian Reais (&#x201c;R$&#x201d;), which is the Company's functional currency. All financial information presented in R$ has been rounded to the nearest &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;thousand&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, except as otherwise indicated.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;f.&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Measurement basis&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Consolidated Financial Statements were prepared based on historical cost, except for certain assets and liabilities that are measured at fair value, as explained in the accounting policies below.&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory>
    <ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory contextRef="D20221231_3" id="Tag622">
&lt;div id="t_ft_42702AQ24G00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 231px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Company &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; width: 73%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="font-size: 9pt; font-family: Georgia, 'serif'; color: #000000;"&gt;Somos Sistemas de Ensino S.A.&#160;&lt;/span&gt;("Somos Sistemas") &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Livraria Livro F&#xe1;cil Ltda. ("Livro F&#xe1;cil") &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; A &amp;amp; R Comercio e Servi&#xe7;os de Inform&#xe1;tica Ltda. (&#x201c;Pluri&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Mind Makers Editora Educacional (&#x201c;Mind Makers&#x201d;)&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Col&#xe9;gio Anglo S&#xe3;o Paulo &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Phidelis Tecnologia Desenvolvimento de Sistemas Ltda. (&#x201c;Phidelis&#x201d;)&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; MVP Consultoria e Sistemas Ltda. (&#x201c;MVP&#x201d;)&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Meritt Informa&#xe7;&#xe3;o Educacional Ltda (&#x201c;Meritt&#x201d;)&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Sociedade Educacional da Lagoa Ltda (&#x201c;SEL&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Nota &lt;span&gt;1000&lt;/span&gt; Servi&#xe7;os Educacionais Ltda ("Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt;") (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td colspan="2" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; EMME &#x2013; Produ&#xe7;&#xf5;es de Materiais em Multim&#xed;dia Ltda (&#x201c;EMME&#x201d;). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Editora De Gouges S.A ("De Gouges")&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
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    <ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory contextRef="D20221231_3" id="Tag676">&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;.&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Use of estimates and judgements&lt;/span&gt;
&lt;p style="margin: 0pt 0pt 0pt 14.2pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;In preparing the Consolidated Financial Statements, Management has made judgements and estimates that affect the application of Company&#xb4; accounting policies and the reported amounts of assets, liabilities, &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;income&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; and expenses. Actual results may differ from these estimates.&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Those estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable and relevant under the circumstances. Revisions to estimates are recognized prospectively.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 18pt; text-indent: -18pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;3.1&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Judgements&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 18pt; text-indent: -18pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_XCM2W987XC00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 2%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 3%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; a. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 95%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Determination of the lease period &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 8pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The Company has lease contracts where it acts as &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;lessee,&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; and it is related to warehousing, equipment and computers used to &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;learning systems and education solutions. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be exercised (or not terminated). For leases of warehouses, equipment or even computer used in education solutions, the following factors are normally the most relevant:&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_16YJBOOEK000000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; width: 2%;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 0px 4px; width: 98%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; If there are significant penalties for termination (or not to extend), the Company is reasonably certain to extend (or not terminate) the lease. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px 0px 4px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; If there are any leasehold improvements with significant residual balances, the Company is reasonably certain to extend (or not terminate) the lease. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="margin: 0px; text-indent: 0px; padding: 0px 0px 4px;"&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"&gt;Also, the Company considers other factors including past practices related to the use of specific categories of assets (leased or owned assets) as well as the historical length of the leases and the costs and business disruptions required to replace the leased asset. See Note &lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"&gt;&lt;span&gt;7&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div id="t_ft_DN6VG6ZXOG00000000000000000000b"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 5pt 0pt 0pt 18pt; text-indent: -18pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;3.2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Assumptions and estimation uncertainties&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_WYUOLOZ8RK00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 2%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 3%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; a. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 95%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Deferred Income tax&#160;and social contribution &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 6pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The liability method is used to account for deferred income tax and social contribution in respect of temporary differences between the carrying amount of assets and liabilities and the related tax bases. The amount of deferred tax assets is reviewed at the end of each reporting period and reduced for the amount that is no longer probable to be realized through future taxable income. The estimates of the availability of future taxable income against which deductible temporary differences and tax losses may be used to reduce income taxes expenses, therefore, deferred tax assets are subject to significant judgement. Additionally, future taxable income may be higher or lower than the estimates considered in determining the deferred tax assets. &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;See Note &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;23&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_T22GX2HBGW00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 2%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 3%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; b. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 95%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Provision for risks of tax, civil and&#160;labor&#160;losses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The Company is a party to judicial and administrative proceedings.&#160;We accounts for provisions for all judicial proceedings whose likelihood of loss is probable. The assessment of the likelihood of a loss and the estimate of probable disbursements by the Company, in connection of such losses, include the evaluation of available evidence as well the opinion of internal and external legal advisors. &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_N0IJHDKTLS00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 2%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 3%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; c. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 95%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Impairment&#160;losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 8pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The expected credit losses (&#x201c;ECL&#x201d;) for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company&#x2019;s historical collection information, existing market conditions, as well as forward looking estimates at the end of each reporting period.&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Note &lt;span&gt;10&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_RZEAUI9M4W00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 2%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 3%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; d. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 95%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Provision for inventory obsolescence &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 6pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The Company adopts as a &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;criteria&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; for the provision of inventory losses estimating the percentage of loss based on the historical production index, which considers the production aging data by type of product. The Company considers the editorial renewal calendar of its products to determine the number of periods in which the products may become obsolescent. In addition, the Company assesses whether inventories are overvalued, that is, whether the selling price is lower than the average cost of production. &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;See note &lt;span&gt;11&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_4MQ92N3XOG00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 2%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 3%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; e. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 95%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Impairment of Goodwill &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 6pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The Company annually tests goodwill for impairment based on the recoverable amounts of Cash Generating Units (CGUs), determined based on estimated value-in-use calculations. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for a foreseeable future, and it do not include restructuring activities to which the Company has not yet committed or significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the Discounted Cash Flow (DCF) model as well as to expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill recognized by the Company. The key assumptions used to determine the recoverable amount of the different CGUs are disclosed and further explained in &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Note &lt;span&gt;13&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_CHTH7O06NK00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 17px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 2%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 3%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; f. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 95%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Rights to Returned Goods and Refund Liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Pursuant to the terms of the contracts with some customers, they are required to provide the Company with an estimate of the number of students that will access the content in the next school year (which typically starts in February of the following year), allowing the Company to start the delivery of its products. Since the contracts allows product returns (generally for period of &lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;four months&lt;/span&gt; &lt;/span&gt;from delivery date) up to a certain limit, the Company recognizes revenue for the amount that is expected to be received based on &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;past experience&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;, assuming that the other conditions for revenue recognition &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;are met.&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Therefore, the amount of revenue recognized is adjusted for expected returns, which are estimated based on historical data on a portfolio basis. In these circumstances a refund liability and a right to recover returned goods asset are recognized&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;. See Note &lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;8&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 8pt 0pt 5pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover goods. The refund liability is included in Contractual Obligations&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;and Deferred Income and the right to recover returned goods is included in Inventories. The Company reviews its estimate of expected returns at each reporting date and updates the amounts of the asset and liability &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;accordingly. See Note&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_BNPRQUH3A800000000000000000000b"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div id="t_ft_OJPLKPKFTS00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 2%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 3%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; g. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 95%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fair value measurements and valuation processes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;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:&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_L2LDS14RHC00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding: 0.75pt; vertical-align: top; width: 5%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#x2022; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0.75pt; vertical-align: top; width: 95%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Level&#160;&lt;span&gt;1&lt;/span&gt;&#160;- Quoted (unadjusted) market prices in active markets for identical assets or liabilities. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding: 0.75pt; vertical-align: top;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#x2022; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0.75pt; vertical-align: top;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Level&#160;&lt;span&gt;2&lt;/span&gt;&#160;- Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding: 0.75pt; vertical-align: top;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#x2022; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0.75pt; vertical-align: top;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Level &lt;span&gt;3&lt;/span&gt; - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Where Level &lt;span&gt;1&lt;/span&gt; inputs are not available, if needed, the Company engages third party qualified appraisers to perform the valuation using Level &lt;span&gt;2&lt;/span&gt; and / or Level &lt;span&gt;3&lt;/span&gt; inputs. The Company&#x2019;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.&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The valuations of identifiable assets and contingent liabilities in business combinations could be particularly sensitive to changes in &lt;span&gt;one&lt;/span&gt; or more unobservable inputs considered in the valuation process. Further information on the assumptions used in the valuation p&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;rocess of such items is provided in Note &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;7&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;Fair value measurement assumptions are also used for determination of expenses with Share-based Compensation, which are disclosed in Note &lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_12T4CPLVC000000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 2%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 3%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; h. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1pt; vertical-align: middle; width: 95%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Purchase Price Allocation &lt;b&gt;&lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;&#x2013; Business combination&lt;/span&gt;&lt;/b&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;During the process of allocating the acquisition price in a business combination, management records the fair value of the consideration transferred (including contingent consideration) and the fair value of the assets &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;acquired&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; and liabilities assumed.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;The valuation techniques used for measuring the fair value of material assets acquired were as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 6pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_IYHH6KOJEO00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 102px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding: 0.75pt; height: 34px; width: 5%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0.75pt; height: 34px; width: 95%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Property, plant and equipment uses Market comparison technique and cost technique: The valuation model considers market prices for similar items when they are available, and depreciated replacement cost when appropriate. Depreciated replacement cost reflects adjustments for physical deterioration as well as functional and economic obsolescence; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding: 0.75pt; height: 34px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0.75pt; height: 34px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Intangible assets use Relief-from-royalty method and multi-period excess earnings method: The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the patents being owned. The multi-period excess earnings method considers the present value of net cash flows expected to be generated by the customer relationships, by excluding any cash flows related to contributory assets; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding: 0.75pt; height: 34px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0.75pt; height: 34px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; Inventories uses Market comparison technique: The fair value is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div style="line-height: 1.2;"&gt;
&lt;div id="t_ft_6QPEG7D5C000000000000000000000b"&gt;

&lt;/div&gt;
&lt;/div&gt;
</ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory>
    <vsta:SalesReturnTermFromDeliveryDate contextRef="D20221231_3" id="Tag2019">P4M</vsta:SalesReturnTermFromDeliveryDate>
    <vsta:DisclosureOfNewAccountingPoliciesAndSignificantAccountingPoliciesAdoptedTextBlock contextRef="D20221231_3" id="Tag3445">
&lt;div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt;"&gt;&lt;span style="text-align: justify; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;4.&lt;/span&gt;&lt;span style="text-align: justify; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="text-align: justify; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="text-align: justify; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="text-align: justify; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="text-align: justify; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="text-align: justify; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Significant accounting policies and new and not yet effective accounting standards&lt;/span&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div id="D9388hog19rme6uexibvyaf" style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt; line-height: 1.2; text-align: justify;"&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;4.1&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;New and not yet effective accounting standards&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;A&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;number of&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; new standards, amendments and interpretations were effective for &lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;annual periods beginning after January 1, 2022, none of which had a material impact. Below are presented the new and not yet effective standards:&lt;/span&gt; &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_QVHR9G108G00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top; width: 5%;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 95%;"&gt;
&lt;p&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Insurance&#160;contracts&#160;(IFRS &lt;span&gt;17&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;
&lt;p&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Income tax&#160;Deferred&#160;(Amendments to IAS&lt;span&gt;12&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;
&lt;p&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Classification&#160;of liabilities as current or non-current&#160;(Amendments to IAS&lt;span&gt;1&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;
&lt;p&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Disclosure of accounting Policies (Amendments to IAS&lt;span&gt;1&lt;/span&gt; and IFRS&#160;Practice Statement &lt;span&gt;2&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 8pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The new and not yet effective accounting standards, when adopted, are not expected to have a material impact on these consolidated financial statements.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;4.2&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Significant accounting policies&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The significant accounting policies applied in the preparation of the Consolidated Financial Statements are presented below. These policies have been consistently applied in the periods presented herein.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="margin: 0pt 0pt 10pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;a.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Cash and Cash Equivalents&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Cash and cash equivalents include cash on hand, bank deposits and highly liquid short-term investments and have maturities of &lt;/span&gt;three months or less from the date of purchase and that are readily convertible into a known amount of cash and are subject to immaterial risk of change in value.&lt;/span&gt;&lt;/p&gt;

&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;"&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;b.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Financial Assets and Liabilities&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 8pt 22pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Classification&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Financial Assets&#x2019; classification depends on the entity&#x2019;s business model for managing them and if their contractual cash flows represent solely payments of principal and interest. Based on this assessment Financial Assets are classified as measured: at amortized cost, at FVTOCI (fair value through other comprehensive income); or at FVTPL (fair value through profit or loss).&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;A business model to manage financial assets refers to the way the Company manages its financial assets to generate cash flows, determining if the cash flows will occur through the collection of contractual cash flows at maturity date, through the sale of the financial asset, or both. The information considered in the business model evaluation includes the following: &lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_XUTFCVMXNK00000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; height: 54px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="height: 20px; text-align: center; vertical-align: top; width: 5%;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 20px; width: 95%; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; The policies and goals established for the portfolio of financial assets and feasibility of these policies. They include whether management&#x2019;s strategy focuses on obtaining contractual interest income, maintaining a certain interest rate profile, matching the duration of financial assets with the duration of related liabilities or expected cash outflows, or the realization of cash flows through the sale of&#160;assets.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; how the performance of the portfolio is evaluated and reported to the Company&#x2019;s Management.&#160; &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; risks that affect the performance of the business model (and the financial assets held in that business model) and the&#160;manner in which&#160;those risks are managed. &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div id="t_ft_2DR5UKC50W00000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; height: 34px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; text-align: center; vertical-align: top; width: 5%;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 17px; text-align: justify; width: 95%; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; how business managers are compensated - for example, if the compensation is based on the fair value of managed assets or on the contractual cash flows obtained; and &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 17px; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; the volume and timing of sales of financial assets in prior periods, the reasons for such sales and future sales expectations. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;For assessing whether contractual cash flows represent solely payments of principal and interest, &#x201c;principal&#x201d; is defined as the fair value of the financial asset upon initial recognition. &#x201c;Interest&#x201d; is defined as a consideration &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;for the amount of&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; cash at the time and for the credit risk associated with outstanding principal amount during a certain period and for other risks and base costs of loans (for example, liquidity risk and administrative costs), as well as for the profit margin.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company considers the contractual terms of the instruments to evaluate whether the contractual cash flows are only payments of principal and interest. This includes evaluating whether the financial asset contains a contractual term that could change the timing or amount of the contractual cash flows so that it would not meet this condition. In making this evaluation, the Company considers the following:&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_0W01MG7TC000000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 55px; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="text-align: center; vertical-align: top; width: 5%; height: 15px;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 95%; height: 15px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; contingent events that change the amount or timing of cash&#160;flows. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="text-align: center; vertical-align: top; height: 15px;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; terms that may adjust the contractual rate, including variable&#160;rates. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="text-align: center; vertical-align: top; height: 15px;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; the prepayment and the extension of the term; and &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="text-align: center; vertical-align: top; height: 10px;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; the terms that limit the access of the Company to cash flows from specific assets (for example, based on the performance of an asset). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Due to their nature, as of December 31, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the Company&#x2019;s financial assets are classified as &#x201c;measured at amortized cost&#x201d;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, except &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;for &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;the&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Marketable securities &lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;and&lt;/span&gt; &lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;other investments and interests in entities, which are classified as &#x201c;measured at fair value through profit or loss&#x201d;.&lt;/span&gt; &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Financial assets are not reclassified after initial recognition, unless the Company changes the business model for the management of financial assets, in which case all financial assets affected are reclassified on the first day of the reporting period subsequent to the change in the business model.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Financial liabilities are classified as measured as amortized cost or at FVTPL. A financial liability is classified as measured at fair value through profit or loss if it is classified as held for trading, if it is a derivative or assigned as such upon initial recognition.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Due to their nature, as of December 31, 202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the Company&#x2019;s financial liabilities are classified as &#x201c;measured at amortized cost&#x201d;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ii.&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt; Initial Recognition and Subsequent Measurement &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Trade receivables are initially recognized on the date they were originated. All other financial assets and liabilities are initially recognized when the Company becomes a party to the instrument&#x2019;s contractual provisions. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;A financial asset (unless it is trade receivable without a significant financing component) or a financial liability is initially measured at fair value, plus, for an item not measured at FVTPL (fair value through profit or loss), transaction costs which are directly attributable to its acquisition or issuance. A trade receivable without a significant financing component is initially measured at its transaction price. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in statements of profit or loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Financial assets are derecognized when the rights to receive the cash flows expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Gains or losses arising from changes in the fair value of the "Financial assets at fair value through profit or loss", as well as interest income accrued over &#x201c;Assets measured at amortized cost&#x201d;, are presented in statements of profit or loss under "Finance income" in the period in which they arise.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company derecognizes a financial liability when its contractual obligations are discharged or canceled or expired. The Company also derecognizes a financial liability when the terms are modified, and the cash flows of the modified liability are substantially different. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in statements of profit or loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;iii.&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Offsetting of financial assets and liabilities&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Financial assets and liabilities are offset, and the net amount presented in the Consolidated Statement of Financial Position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle them a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;iv.&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Impairment of financial assets&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company assesses on a prospective basis the expected credit loss (&#x201c;ECL&#x201d;) associated with its financial asset instruments carried at amortized cost, with accruals and reversals recorded in the Statement of Profit or &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Loss .&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; ECLs are based on the difference between the contractual cash flows due in accordance with the contractual terms and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The methodology applied depends on whether there has been a significant increase in credit risk.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&lt;/span&gt; trade receivables, the Company applied the simplified approach&#160;and calculated impairment losses based on lifetime expected credit losses as from their initial recognition, as described in &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Note &lt;span&gt;10&lt;/span&gt;.c.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;c.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Inventories&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Inventories are stated at cost or net realizable value, whichever is lower. The method of valuation of inventories is the average cost. The cost of finished goods and work in progress comprises project costs, raw materials, publishing costs (e.g., direct labor, other direct &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;costs&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and the related direct production costs).&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Editorial costs incurred during the development phase of a new product are presented within inventories as &#x201c;work in progress&#x201d;, as materials are substantially revised annually. After the conclusion of its production and allocation in the line of "finished products", the sales of the product begins and any subsequent costs incurred are recognized in profit or loss as "cost of goods sold and services ", according to the accrual period on which the services are provided.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company recognizes a provision for losses on finished products and low-handling raw materials, which are periodically analyzed and evaluated in terms of the expected realization of these inventories.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;If losses are not expected, the provision is reversed. Management periodically assesses whether obsolete inventories need to be destroyed.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company also recognizes the right of return on its inventories. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span&gt;3.2&lt;/span&gt; &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;f&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;"&gt;

&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;d.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Property, Plant and Equipment&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Property, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;plant&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and equipment is stated at historical cost less accumulated depreciation. Historical cost includes the cost of acquisition.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Subsequent costs are included in the asset&#x2019;s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with these costs will flow to the Company, and they can be measured reliably. The carrying amount of the replaced items or parts is derecognized. All other repairs and maintenance are charged to statement of Profit or Loss during the financial period in which they are incurred. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Depreciation of assets is calculated using the straight-line method to reduce their cost to their residual values over their estimated useful lives, as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 80px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 90%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Property, buildings and leasehold improvements &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 5-20 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; IT equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 3-10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Furniture, equipment and fittings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 3-10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Right of use assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 3-15 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The assets&#x2019; residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The Company did not identify changes in the useful life &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;at&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; December 31, 202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in statement of Profit or Loss when control of the asset is transferred. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;e.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 18px;"&gt;Business Combination&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Acquisitions of businesses are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and included in general and administrative expenses.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognized at their fair value at the acquisition date.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer&#x2019;s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;remeasured&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in statement of profit or loss.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;f.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Intangible Assets and Goodwill&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company&#x2019;s intangible assets are mostly comprised of software, trademarks, customer portfolio, platform content production, trade agreement, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;copyrights&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and goodwill. Those items are further described below:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;"&gt;
&lt;li style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; margin: 0pt 0pt 0pt 30.85pt; padding-left: 4.6pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Goodwill&lt;/span&gt;&lt;/li&gt;
&lt;/ol&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 10pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Goodwill arising on the acquisition of subsidiaries is measured as set out in &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Note &lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;b.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Software&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Computer software licenses purchased are capitalized based on the costs incurred to acquire and bring to use the specific software or to develop new functionalities to existing ones. Directly attributable costs that are capitalized as part of the software product / project include the software / project development employee costs and an appropriate portion of significant direct expenses.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Other development costs and subsequent expenditures that do not meet these capitalization criteria (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;e.g.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; maintenance and on-going operations) are recognized as an expense as incurred. Development costs previously recorded as an expense are not recognized as an asset in a subsequent period. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Software recognized as assets is amortized using straight-line method over its estimated useful lives, not greater than 5 years. The Company did not identify changes in the useful life &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;at&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; December 31, 202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;c.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Trademarks&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Separately acquired trademarks are initially stated at historical cost. Trademarks acquired in a business combination are recognized at fair value at the acquisition date. Subsequently, trademarks are amortized to the end of their useful lives.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Amortization is calculated using the straight-line method to allocate the cost of trademarks over their estimated useful lives of 20 to 30 years&#160;. The Company did not identify changes in the useful life &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;at&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; December 31, 20&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;22&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;d.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Customer portfolio&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Customer portfolios acquired in a business combination are recognized at fair value at the acquisition date. The contractual customer relationship has an estimated finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method over the expected life of the customer relationship (from 12 to 13 years). The Company did not identify changes in the useful life &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;at&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; December 31, 202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;e.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Platform content production&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Development expenditure with platform content is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;probable&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Subsequent to&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Amortization is calculated on the straight-line method over their estimated useful lives of 3 years. The Company did not identify changes in the useful life &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;at&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; December 31, 202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;g.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Copyrights&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company accounts for different copyright agreements as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_C9BE8WO4PS00000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top"&gt;i.&lt;/td&gt;
&lt;td style="width: 94.7261%; text-align: justify; margin: 0px; text-indent: 0px; padding: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;Copyrights are paid to the authors of the content included in the textbooks produced by the Company and are calculated based on agreed upon percentages of revenue or cash inflows related to the books sold, as defined in each contract. Payments are made on a monthly, quarterly, semi-annually, annually or hybrid basis. For these contracts the authors maintain the legal title of the copyrights. These copyrights are charged to the statement of profit or loss and other comprehensive income on an accrual basis when the products are sold.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top"&gt;ii.&lt;/td&gt;
&lt;td style="width: 94.7261%; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;In some instances where the authors maintain the legal title of the copyrights, contracts require the prepayment of part or even the full down payment of forecasted sales before the authors start the production of the content. In such cases, copyrights are recognized as a &#x201c;Prepayments&#x201d; in the Consolidated Statement of Financial Position&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;and charged to statements of Profit or Loss when the books are sold based on the related sales forecast. The Company reviews regularly the forecast sales to determine if an impairment is required.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top"&gt;iii.&lt;/td&gt;
&lt;td style="width: 94.7261%; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;When &lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;the Company purchases permanently the legal title of the copyright from the authors, the amounts are capitalized in &#x201c;Intangible Assets and Goodwill&#x201d; as &#x201c;Other intangible assets&#x201d; and are amortized on the straight-line method over their estimated useful lives, which are not greater than 3 years, which is the content renewal estimated timeline.&lt;/span&gt; &lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company did not identify changes in the useful life as of December 31, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;h.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Impairment of non-financial assets&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized when the asset&#x2019;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested annually for impairment. Goodwill impairment tests are undertaken annually or more frequently if events or changes in circumstances indicate potential impairment, at the end of each fiscal year.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable and independent cash inflows (Cash-generating units &#x2013; CGU&#x2019;s). &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;For the purpose of&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs (or groups of CGUs) that is expected to benefit from the synergies of the combination. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Non-financial assets, other than goodwill, that have been adjusted following impairment are subsequently reviewed for possible reversal of the impairment at each reporting date. The impairment of goodwill recognized in statement of profit or loss is not reversed&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;. See Note &lt;span&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;i.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Bonds and Financing&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Bonds and financing are recognized initially at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost. Any difference between the proceeds (net of transaction costs) and the total amount payable is recognized in consolidated profit and loss over the period of the bonds and financing using the effective interest rate method.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Following initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest rate method. The Bonds and financing are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least &lt;span&gt;twelve&lt;/span&gt; months after the reporting period. Both general and specific borrowing costs directly related to the acquisition, construction or production of a qualifying asset that requires a substantial &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;period of time&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; to be prepared for its intended use or sale, are capitalized as part of the cost of that asset when it is probable that future economic benefits associated with the item will flow to the Company and the costs can be measured &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;reliably. The other borrowing costs are recognized as finance costs in the period in which they are incurred. See Note &lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;j.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Suppliers (including Reverse Factoring)&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Suppliers are obligations to pay for goods or services that have been acquired in the ordinary course of business. They are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Some of the Company&#x2019;s domestic suppliers sell their products with extended payment terms and may subsequently transfer their receivables due by the Company to financial institutions without right of recourse, in a transaction characterized as &#x201c;Reverse Factoring&#x201d;. The Company charged interest over the payment term at a rate that is commensurate with its own credit risk being subsequently recorded as finance cost using the effective interest rate method. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The operation &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;does not affect &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;the deadlines, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;prices&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and conditions &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;previously&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; agreed.&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;The suppliers specifically related to Reverse Factoring are segregated in the &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Note &lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;6&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;. In addition, the effects of Reverse Factoring on Cash Flows are recognized in &#x201c;Cash flow from operating activities&#x201d;.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; text-indent: 0pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; padding-left: 0px; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt !important;"&gt;k.&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times; margin-left: 20px;"&gt;Leases&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;"&gt;
&lt;li style="font-family: 'Times New Roman'; font-size: 10pt; margin: 0pt 0pt 0pt 30.88pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Right-of-use assets&lt;/span&gt;&lt;/li&gt;
&lt;/ol&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life or the lease term, as most of the Company&#x2019; leases are related to property leases.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.59pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;ii.&#160;&#160;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Lease liabilities&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The accounting amount of the lease liabilities is remeasured if there is a change in the term of the lease, a change in fixed lease payments or a change in valuation to purchase the right-of-use asset.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;iii.&#160;&#160;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Short-term leases and leases of low-value assets&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company applies the short-term lease recognition exemption to its short-term leases of properties (i.e., those leases that have a lease term of 12 months&#160;or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;iv.&#160;&#160;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Determining the lease term of contracts with renewal options&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if reasonably certain to be exercised.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company has the option, under some of its leases to lease the assets for additional terms. The Company applies judgment in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;l.&#160;&#160;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Provision for tax, civil and labor losses&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The provisions for risks related to lawsuits and administrative proceedings involving tax, civil and labor matters are recognized when (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;) the Company has a present legal or constructive obligation &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;as a result of&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) the amount can be reliably estimated. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The likelihood of loss of judicial/administrative proceedings in which the Company appears as a defendant is assessed by Management on the financial statement dates.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Provisions are recorded in an amount the Company believes it is adequate to cover probable losses, being determined by the expected future cash flows to settle the obligation that reflects current risks specific to the liability. The increase in the provision due to the time elapsed is recognized as interest expense. Penalties assessed on these proceedings are recognized in general and administrative expenses when incurred. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;m.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Current and Deferred income tax and social contribution&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Taxes comprise current and deferred Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL), calculated on pre-tax profit basis.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;IRPJ and CSLL are calculated based on the nominal statutory rates of 25% and 9%, respectively, adjusted by non-taxable/nondeductible items provided for by law. Deferred income tax and social contribution are calculated on income tax and social contribution losses and other temporary differences in relation to the balances of assets and liabilities in the Statement of Financial Position. The deferred income tax and social contribution assets are fully accounted for, except when it is not probable that assets will be recovered by future taxable income. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Current and deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when current and deferred tax assets and liabilities are related to the tax levied by the same tax authority on the taxable entity where there is an intention to settle the balances on a net basis. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;n.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Employee Benefits&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company has the following employee benefits:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;"&gt;
&lt;li style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; margin: 0pt 0pt 0pt 30.85pt; padding-left: 4.6pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Short-term employee benefits&lt;/span&gt;&lt;/li&gt;
&lt;/ol&gt;
&lt;p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Obligations for short-term employee benefits are recognized as personnel expenses as the related service is rendered. The liability is recognized at the amount expected to be paid, if the Company has a legal or constructive obligation to pay this amount &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;as a result of&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; prior service rendered by the employee, and the obligation can be reliably estimated. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company also provides its commercial team with commissions calculated considering existing sales and revenue targets that are periodically reviewed. These amounts are accrued in &#x201c;Salaries and Social contributions&#x201d; &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;on a monthly basis&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; based on the achievements of such goals, with payments generally being made twice a year. Since commissions are paid based on the annual sales of each contract, the Company elected to use the practical expedient to expense the costs as incurred.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;b.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Pension Contributions&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company offered a defined contribution plan to its employees and once the contributions have been made, the Company has no additional payment obligation, and the costs are therefore recognized in the month in which the contribution is incurred (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i.e&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; employees have rendered services entitling them to the right to receive those benefits), which is consistent with recognition of payroll expenses in statement of Profit or Loss.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;c.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Share-based Payments&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company compensates part of its Management and some employees through share-based compensation by plans involving Restricted Share Units or &#x201c;RSU&#x201d;. The RSU plans are based on Company shares, through a fixed share price (market price) determined on the grant date which the Company has the obligation of delivering shares without cash settled payment. The Share based payment is divided in the following:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table style="width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; width: 5%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;(&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="margin: 0px; text-indent: 0px; width: 95%;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;L&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;ong Term Investment &#x2013; &#x201c;ILP&#x201d; &#x2013; Refers to RSU plans for which some Company management and employees are eligible. In those plans the Company will deliver a fixed number of shares at a fixed share price measured at the Plan&#x2019;s inception. The Company recognizes the expense and inherent labor taxes related to the RSU plan in profit and loss. In addition, the effects of the constructive obligation are recognized in statement of financial position under the share-based compensation reserve in equity and the corresponding taxes under &#x201c;Salaries and Contributions&#x201d;.&lt;span&gt;&#160;&lt;/span&gt;See Note&lt;span&gt;&#160;&lt;/span&gt;&lt;span style="cursor: default;"&gt;2&lt;/span&gt;&lt;span style="cursor: default;"&gt;4&lt;/span&gt;.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0pt 0pt 31.35pt; text-align: justify; text-indent: -14.7pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;d.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Termination benefits &lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts voluntary resignation in exchange for these benefits. The Company recognizes termination benefits at the earlier of the following dates: (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;) when the Company can no longer withdraw the offer of those benefits; and (ii) when the entity recognizes costs for a restructuring and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than &lt;span&gt;12&lt;/span&gt; months after the end of the reporting period are discounted to their present value.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;"&gt;

&lt;div style="margin: 0px; padding-left: 0px; line-height: 1.2; text-indent: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times;"&gt;o.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Shareholders&#x2019; Equity&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Until July 23, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2020&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the Company presented its financial statement based on the combined carve-out, where the capital reserves were not presented, and all effects were recorded in Parent Company&#x2019;s Net Investment. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;As a consequence of&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the restructuring completed on July 23, 2020, the Company presented its consolidated financial statements considering a new basis of preparation where the share capital, capital reserve and accumulated losses were disclosed.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Since July 1, 2020, amounts previously recorded in Parent Company&#x2019;s net investment in Equity have been recorded as net income and portions were reclassified to share capital and capital reserve. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 12.99pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;ii.&#160;&#160;&lt;span style="font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Share Capital &lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;On December 31, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;2021&lt;/span&gt;,&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the Company&#x2019;s share capital was R$ 4,820,815, divided into 82,649,887&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;shares of which 64,436,093 are Class B shares held by &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Group and 18,213,794&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;are Class A common shares held by others.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 13.02pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;iii.&#160;&#160;&lt;span style="font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Capital &lt;/span&gt;&lt;span style="font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;reserve&lt;/span&gt; &lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The breakdown of capital reserves is arising from share-based payment in the amount of R$ 80,531&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;on December 31, 2022&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and R$61,488&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;on December 31,2021&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;S&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;ee Note &lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; line-height: 1.2; text-indent: 0px; padding-left: 13.02pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;iv.&#160;&#160;&lt;span style="font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Treasury shares&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;On December 31, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, the Company holds shares in treasury in the amount of R$ 23,880, corresponding to&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;1,000,000 shares, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;see Note &lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;"&gt;

&lt;div style="margin: 0px; padding-left: 0px; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times;"&gt;p.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Revenue Recognition&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company generates most of its revenue from the sale of textbooks (&#x201c;publishing&#x201d; when sold as standalone products or &#x201c;PAR&#x201d; when bundled as an educational platform) and learning systems in printed and digital formats to private schools through short-term transactions or term contracts with an average period from &lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="-sec-ix-hidden:Tag3489"&gt;three&lt;/span&gt;&lt;/span&gt; to &lt;span style="border-left: none; border-right: none;"&gt;five years&lt;/span&gt;. &lt;/span&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Contents in printed and digital formats related to these textbooks and learnings systems are mostly the same, with minor supplements presented in digital format only. Therefore, revenue from educational contents is recognized when the Company delivers the content in printed and digital format. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company also sells its products directly to students and parents through its e-commerce platform. Since the Company obtains control of the goods sold before they are transferred to its customers, the Company assessed the principal versus agent relationship and determined that it is a principal in the transaction. Therefore, revenue is recognized in a gross amount of consideration to which the Company is entitled in exchange for the specified goods transferred. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Pursuant to the terms of the contracts with some customers, they are required to provide the Company with an estimate of the number of students that will access the content in the next school year (which typically starts in February of the following year), allowing the Company to start the delivery of its products. Since the contracts allow product returns (generally for period of &lt;span style="border-left: none; border-right: none;"&gt;four months&lt;/span&gt; from the delivery date) up to a certain limit, the Company recognizes revenue for the amount that is expected to be received based on &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;past experience&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, assuming that the other conditions for revenue recognition are met.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Therefore, the amount of revenue recognized is adjusted for expected returns, which are estimated based on historical data on a portfolio basis. In these circumstances a contractual obligation and a right to recover returned goods asset are recognized.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover the goods. The refund liability on the return received is included in Contractual Obligations and Deferred Income and the right to recover returned goods is included in Inventories. The Company reviews its estimate of expected returns at each reporting date and updates the amounts of the asset and liability accordingly.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company also provides other types of complementary educational solutions, preparatory courses for university admission exams, digital &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;services&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and other services to private schools, such as: teacher training, educators and parenting support, extracurricular educational content and other services related to the management of private schools. Each complementary educational service, digital service and others are deemed to be separate performance obligations. Thus, revenue is recognized over time when the services are rendered (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i.e.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; output method) to the customer. The Company believes this is an appropriate measure of progress toward satisfaction of performance obligations as it is the most accurate measure of the consideration to which the Company expects to be entitled in exchange for the services. These services may be sold on a standalone basis or bundled within publishing and learning system contracts and when bundled, each performance obligation is recognized separately. Service revenue is presented net of the corresponding discounts, returns and taxes. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span style="border-left: none; border-right: none;"&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;q.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Taxes on Revenues&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company and its associates&#160;benefit from tax Law No. &lt;span&gt;10,865&lt;/span&gt;/&lt;span&gt;04&lt;/span&gt;, as amended by Law No. &lt;span&gt;11,033&lt;/span&gt;/&lt;span&gt;04&lt;/span&gt;, which provides that our tax rate on the sale of books is zero in respect of contributions to the social integration program tax (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Programa&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Integra&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Social, or PIS) and the social contributions on revenue tax (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Contribui&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; para o &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Financiamento&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; da &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Seguridade&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Social, or COFINS). The sale of books is also exempt by the Brazilian constitution from Brazilian municipal taxes, Brazilian services tax (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Imposto&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sobre&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Servi&#xe7;os&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, or ISS) and from the Brazilian tax on the circulation of goods, interstate and intercity transportation and communication services (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Imposto&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;sobre&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Opera&#xe7;&#xf5;es&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;relativas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; &#xe0; &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Circula&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Mercadorias&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; e &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;sobre&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Presta&#xe7;&#xf5;es&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de Services de &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Transporte&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Interestadual&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; e Intermunicipal e de &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Comunica&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, or ICMS). Tax exemption available to physical books have been extended to digital books based on a decision by the Brazilian Supreme Court rendered on March 8, 2017.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The services revenues are subject to PIS and COFINS under the non-cumulative tax regime (with a nominal statutory rate of 9.25%), as well as municipality service taxes (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Impostos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;sobre&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Servi&#xe7;os&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, or ISS) for which a statutory rate of 5% is applicable.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 20.25pt;"&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;r.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Fair Value Measurement&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Fair value is the price that would be received upon the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date, on the primary market or, in the absence thereof, on the most advantageous market to which the Business has access on such date. The fair value of a liability reflects its risk of non-performance, which includes, among others, the Company&#x2019;s own credit risk.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;If there is no price quoted on an active market, the Company uses valuation techniques that maximize the use of relevant observable data and minimize the use of unobservable data. The chosen valuation technique incorporates all the factors market participants would consider&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;when pricing a transaction. If an asset or a liability measured at fair value has a purchase and a selling price, the Company measures the assets based on purchase prices and liabilities based on selling prices. A market is considered as active if the transactions for the asset or liability take place with enough frequency and volume to provide pricing information on an ongoing basis.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The best evidence of the fair value of a financial instrument upon initial recognition is usually the transaction price - i.e., the fair value of the consideration given or received. If the Company determines that the fair value upon initial recognition differs from the transaction price and the fair value is not evidenced by either a price quoted on an active market for an identical asset or liability or based on a valuation technique for which any non-observable data are judged to be insignificant in relation to measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value upon initial recognition and the transaction price. This difference is subsequently recognized in Profit or Loss on an appropriate basis over the life of the instrument, or until such time when its valuation is fully supported by observable market data or the transaction is closed, whichever comes first.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;To provide an indication of the reliability of the inputs used in determining fair value, the Company has classified its financial instruments according to the judgements and estimates of the observable data as much as possible. The fair value hierarchy is based on the degree to which the fair value used in the valuation techniques is observable, as follows:&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_1T1USSJBU800000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top; width: 5%;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 95%; padding: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Level &lt;span&gt;1&lt;/span&gt;: The fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Level &lt;span&gt;2&lt;/span&gt;: The fair value measurements are those derived from inputs other than quoted prices included within Level &lt;span&gt;1&lt;/span&gt; that are observable for the asset or liability, either directly or indirectly; and &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Level &lt;span&gt;3&lt;/span&gt;: The fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;/div&gt;
&lt;/div&gt;
</vsta:DisclosureOfNewAccountingPoliciesAndSignificantAccountingPoliciesAdoptedTextBlock>
    <ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents contextRef="D20221231_3" id="Tag691">
&lt;div style="margin: 0pt 0pt 10pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;a.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Cash and Cash Equivalents&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Cash and cash equivalents include cash on hand, bank deposits and highly liquid short-term investments and have maturities of &lt;/span&gt;three months or less from the date of purchase and that are readily convertible into a known amount of cash and are subject to immaterial risk of change in value.&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents>
    <vsta:MaximumMaturityPeriodOfCashAndCashEquivalents contextRef="D20221231_3" id="Tag2022">P3M</vsta:MaximumMaturityPeriodOfCashAndCashEquivalents>
    <ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory contextRef="D20221231_3" id="Tag3388">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;b.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Financial Assets and Liabilities&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 8pt 22pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Classification&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Financial Assets&#x2019; classification depends on the entity&#x2019;s business model for managing them and if their contractual cash flows represent solely payments of principal and interest. Based on this assessment Financial Assets are classified as measured: at amortized cost, at FVTOCI (fair value through other comprehensive income); or at FVTPL (fair value through profit or loss).&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;A business model to manage financial assets refers to the way the Company manages its financial assets to generate cash flows, determining if the cash flows will occur through the collection of contractual cash flows at maturity date, through the sale of the financial asset, or both. The information considered in the business model evaluation includes the following: &lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_XUTFCVMXNK00000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; height: 54px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="height: 20px; text-align: center; vertical-align: top; width: 5%;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 20px; width: 95%; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; The policies and goals established for the portfolio of financial assets and feasibility of these policies. They include whether management&#x2019;s strategy focuses on obtaining contractual interest income, maintaining a certain interest rate profile, matching the duration of financial assets with the duration of related liabilities or expected cash outflows, or the realization of cash flows through the sale of&#160;assets.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; how the performance of the portfolio is evaluated and reported to the Company&#x2019;s Management.&#160; &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px;" valign="top"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; risks that affect the performance of the business model (and the financial assets held in that business model) and the&#160;manner in which&#160;those risks are managed. &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div id="t_ft_2DR5UKC50W00000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; height: 34px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; text-align: center; vertical-align: top; width: 5%;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 17px; text-align: justify; width: 95%; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; how business managers are compensated - for example, if the compensation is based on the fair value of managed assets or on the contractual cash flows obtained; and &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 17px; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; the volume and timing of sales of financial assets in prior periods, the reasons for such sales and future sales expectations. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;For assessing whether contractual cash flows represent solely payments of principal and interest, &#x201c;principal&#x201d; is defined as the fair value of the financial asset upon initial recognition. &#x201c;Interest&#x201d; is defined as a consideration &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;for the amount of&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; cash at the time and for the credit risk associated with outstanding principal amount during a certain period and for other risks and base costs of loans (for example, liquidity risk and administrative costs), as well as for the profit margin.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company considers the contractual terms of the instruments to evaluate whether the contractual cash flows are only payments of principal and interest. This includes evaluating whether the financial asset contains a contractual term that could change the timing or amount of the contractual cash flows so that it would not meet this condition. In making this evaluation, the Company considers the following:&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_0W01MG7TC000000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 55px; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="text-align: center; vertical-align: top; width: 5%; height: 15px;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 95%; height: 15px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; contingent events that change the amount or timing of cash&#160;flows. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="text-align: center; vertical-align: top; height: 15px;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; terms that may adjust the contractual rate, including variable&#160;rates. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="text-align: center; vertical-align: top; height: 15px;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; the prepayment and the extension of the term; and &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="text-align: center; vertical-align: top; height: 10px;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; the terms that limit the access of the Company to cash flows from specific assets (for example, based on the performance of an asset). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Due to their nature, as of December 31, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the Company&#x2019;s financial assets are classified as &#x201c;measured at amortized cost&#x201d;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, except &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;for &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;the&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Marketable securities &lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;and&lt;/span&gt; &lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;other investments and interests in entities, which are classified as &#x201c;measured at fair value through profit or loss&#x201d;.&lt;/span&gt; &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Financial assets are not reclassified after initial recognition, unless the Company changes the business model for the management of financial assets, in which case all financial assets affected are reclassified on the first day of the reporting period subsequent to the change in the business model.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Financial liabilities are classified as measured as amortized cost or at FVTPL. A financial liability is classified as measured at fair value through profit or loss if it is classified as held for trading, if it is a derivative or assigned as such upon initial recognition.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Due to their nature, as of December 31, 202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the Company&#x2019;s financial liabilities are classified as &#x201c;measured at amortized cost&#x201d;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ii.&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt; Initial Recognition and Subsequent Measurement &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Trade receivables are initially recognized on the date they were originated. All other financial assets and liabilities are initially recognized when the Company becomes a party to the instrument&#x2019;s contractual provisions. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;A financial asset (unless it is trade receivable without a significant financing component) or a financial liability is initially measured at fair value, plus, for an item not measured at FVTPL (fair value through profit or loss), transaction costs which are directly attributable to its acquisition or issuance. A trade receivable without a significant financing component is initially measured at its transaction price. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in statements of profit or loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Financial assets are derecognized when the rights to receive the cash flows expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Gains or losses arising from changes in the fair value of the "Financial assets at fair value through profit or loss", as well as interest income accrued over &#x201c;Assets measured at amortized cost&#x201d;, are presented in statements of profit or loss under "Finance income" in the period in which they arise.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company derecognizes a financial liability when its contractual obligations are discharged or canceled or expired. The Company also derecognizes a financial liability when the terms are modified, and the cash flows of the modified liability are substantially different. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in statements of profit or loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;iii.&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Offsetting of financial assets and liabilities&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Financial assets and liabilities are offset, and the net amount presented in the Consolidated Statement of Financial Position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle them a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;iv.&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Impairment of financial assets&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company assesses on a prospective basis the expected credit loss (&#x201c;ECL&#x201d;) associated with its financial asset instruments carried at amortized cost, with accruals and reversals recorded in the Statement of Profit or &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Loss .&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; ECLs are based on the difference between the contractual cash flows due in accordance with the contractual terms and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The methodology applied depends on whether there has been a significant increase in credit risk.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&lt;/span&gt; trade receivables, the Company applied the simplified approach&#160;and calculated impairment losses based on lifetime expected credit losses as from their initial recognition, as described in &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Note &lt;span&gt;10&lt;/span&gt;.c.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="D20221231_3" id="Tag701">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;c.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Inventories&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Inventories are stated at cost or net realizable value, whichever is lower. The method of valuation of inventories is the average cost. The cost of finished goods and work in progress comprises project costs, raw materials, publishing costs (e.g., direct labor, other direct &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;costs&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and the related direct production costs).&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Editorial costs incurred during the development phase of a new product are presented within inventories as &#x201c;work in progress&#x201d;, as materials are substantially revised annually. After the conclusion of its production and allocation in the line of "finished products", the sales of the product begins and any subsequent costs incurred are recognized in profit or loss as "cost of goods sold and services ", according to the accrual period on which the services are provided.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company recognizes a provision for losses on finished products and low-handling raw materials, which are periodically analyzed and evaluated in terms of the expected realization of these inventories.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;If losses are not expected, the provision is reversed. Management periodically assesses whether obsolete inventories need to be destroyed.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company also recognizes the right of return on its inventories. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span&gt;3.2&lt;/span&gt; &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;f&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
    <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="D20221231_3" id="Tag702">
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;d.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Property, Plant and Equipment&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Property, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;plant&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and equipment is stated at historical cost less accumulated depreciation. Historical cost includes the cost of acquisition.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Subsequent costs are included in the asset&#x2019;s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with these costs will flow to the Company, and they can be measured reliably. The carrying amount of the replaced items or parts is derecognized. All other repairs and maintenance are charged to statement of Profit or Loss during the financial period in which they are incurred. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Depreciation of assets is calculated using the straight-line method to reduce their cost to their residual values over their estimated useful lives, as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 80px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 90%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Property, buildings and leasehold improvements &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 5-20 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; IT equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 3-10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Furniture, equipment and fittings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 3-10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Right of use assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 3-15 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The assets&#x2019; residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The Company did not identify changes in the useful life &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;at&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; December 31, 202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in statement of Profit or Loss when control of the asset is transferred. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
    <vsta:ScheduleOfEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock contextRef="D20221231_3" id="Tag693">
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 80px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 90%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Property, buildings and leasehold improvements &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 5-20 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; IT equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 3-10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Furniture, equipment and fittings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 3-10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Right of use assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 3-15 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
</vsta:ScheduleOfEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment
      contextRef="D20221231_PropertyBuildingsAndLeaseholdImprovementsMember_BottomOfRangeMember"
      id="Tag2021">P5Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment
      contextRef="D20221231_PropertyBuildingsAndLeaseholdImprovementsMember_TopOfRangeMember"
      id="Tag2">P20Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment
      contextRef="D20221231_ComputerEquipmentMember_BottomOfRangeMember"
      id="Tag3197">P3Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment
      contextRef="D20221231_ComputerEquipmentMember_TopOfRangeMember"
      id="Tag2000">P10Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment
      contextRef="D20221231_FixturesAndFittingsMember_BottomOfRangeMember"
      id="Tag2006">P3Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment
      contextRef="D20221231_FixturesAndFittingsMember_TopOfRangeMember"
      id="Tag3204">P10Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment
      contextRef="D20221231_RightofuseAssetsMember_BottomOfRangeMember"
      id="Tag3207">P3Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment
      contextRef="D20221231_RightofuseAssetsMember_TopOfRangeMember"
      id="Tag2005">P15Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
    <ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory contextRef="D20221231_3" id="Tag706">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;e.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 18px;"&gt;Business Combination&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Acquisitions of businesses are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and included in general and administrative expenses.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognized at their fair value at the acquisition date.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer&#x2019;s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;remeasured&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in statement of profit or loss.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory contextRef="D20221231_3" id="Tag815">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;f.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Intangible Assets and Goodwill&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company&#x2019;s intangible assets are mostly comprised of software, trademarks, customer portfolio, platform content production, trade agreement, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;copyrights&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and goodwill. Those items are further described below:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;"&gt;
&lt;li style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; margin: 0pt 0pt 0pt 30.85pt; padding-left: 4.6pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Goodwill&lt;/span&gt;&lt;/li&gt;
&lt;/ol&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 10pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Goodwill arising on the acquisition of subsidiaries is measured as set out in &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Note &lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;b.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Software&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Computer software licenses purchased are capitalized based on the costs incurred to acquire and bring to use the specific software or to develop new functionalities to existing ones. Directly attributable costs that are capitalized as part of the software product / project include the software / project development employee costs and an appropriate portion of significant direct expenses.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Other development costs and subsequent expenditures that do not meet these capitalization criteria (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;e.g.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; maintenance and on-going operations) are recognized as an expense as incurred. Development costs previously recorded as an expense are not recognized as an asset in a subsequent period. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Software recognized as assets is amortized using straight-line method over its estimated useful lives, not greater than 5 years. The Company did not identify changes in the useful life &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;at&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; December 31, 202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;c.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Trademarks&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Separately acquired trademarks are initially stated at historical cost. Trademarks acquired in a business combination are recognized at fair value at the acquisition date. Subsequently, trademarks are amortized to the end of their useful lives.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Amortization is calculated using the straight-line method to allocate the cost of trademarks over their estimated useful lives of 20 to 30 years&#160;. The Company did not identify changes in the useful life &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;at&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; December 31, 20&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;22&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;d.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Customer portfolio&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Customer portfolios acquired in a business combination are recognized at fair value at the acquisition date. The contractual customer relationship has an estimated finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method over the expected life of the customer relationship (from 12 to 13 years). The Company did not identify changes in the useful life &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;at&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; December 31, 202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;e.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Platform content production&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Development expenditure with platform content is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;probable&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Subsequent to&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses. Amortization is calculated on the straight-line method over their estimated useful lives of 3 years. The Company did not identify changes in the useful life &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;at&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; December 31, 202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill
      contextRef="D20221231_ComputerSoftwareMember_1"
      id="Tag2017">P5Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill
      contextRef="D20221231_BrandNamesMember_BottomOfRangeMember"
      id="Tag3206">P20Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill
      contextRef="D20221231_BrandNamesMember_TopOfRangeMember"
      id="Tag3202">P30Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill
      contextRef="D20221231_CustomerrelatedIntangibleAssetsMember_BottomOfRangeMember"
      id="Tag3208">P12Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill
      contextRef="D20221231_CustomerrelatedIntangibleAssetsMember_TopOfRangeMember"
      id="Tag2003">P13Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill>
    <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill
      contextRef="D20221231_CapitalisedDevelopmentExpenditureMember"
      id="Tag2016">P3Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill>
    <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory contextRef="D20221231_3" id="Tag698">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;g.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Copyrights&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company accounts for different copyright agreements as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_C9BE8WO4PS00000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top"&gt;i.&lt;/td&gt;
&lt;td style="width: 94.7261%; text-align: justify; margin: 0px; text-indent: 0px; padding: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;Copyrights are paid to the authors of the content included in the textbooks produced by the Company and are calculated based on agreed upon percentages of revenue or cash inflows related to the books sold, as defined in each contract. Payments are made on a monthly, quarterly, semi-annually, annually or hybrid basis. For these contracts the authors maintain the legal title of the copyrights. These copyrights are charged to the statement of profit or loss and other comprehensive income on an accrual basis when the products are sold.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top"&gt;ii.&lt;/td&gt;
&lt;td style="width: 94.7261%; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;In some instances where the authors maintain the legal title of the copyrights, contracts require the prepayment of part or even the full down payment of forecasted sales before the authors start the production of the content. In such cases, copyrights are recognized as a &#x201c;Prepayments&#x201d; in the Consolidated Statement of Financial Position&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;and charged to statements of Profit or Loss when the books are sold based on the related sales forecast. The Company reviews regularly the forecast sales to determine if an impairment is required.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 5.27392%; vertical-align: top; text-align: center;" valign="top"&gt;iii.&lt;/td&gt;
&lt;td style="width: 94.7261%; text-align: justify; padding: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;When &lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;the Company purchases permanently the legal title of the copyright from the authors, the amounts are capitalized in &#x201c;Intangible Assets and Goodwill&#x201d; as &#x201c;Other intangible assets&#x201d; and are amortized on the straight-line method over their estimated useful lives, which are not greater than 3 years, which is the content renewal estimated timeline.&lt;/span&gt; &lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company did not identify changes in the useful life as of December 31, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory contextRef="D20221231_3" id="Tag700">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;h.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Impairment of non-financial assets&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized when the asset&#x2019;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested annually for impairment. Goodwill impairment tests are undertaken annually or more frequently if events or changes in circumstances indicate potential impairment, at the end of each fiscal year.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable and independent cash inflows (Cash-generating units &#x2013; CGU&#x2019;s). &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;For the purpose of&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs (or groups of CGUs) that is expected to benefit from the synergies of the combination. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Non-financial assets, other than goodwill, that have been adjusted following impairment are subsequently reviewed for possible reversal of the impairment at each reporting date. The impairment of goodwill recognized in statement of profit or loss is not reversed&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;. See Note &lt;span&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory contextRef="D20221231_3" id="Tag703">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;i.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Bonds and Financing&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Bonds and financing are recognized initially at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost. Any difference between the proceeds (net of transaction costs) and the total amount payable is recognized in consolidated profit and loss over the period of the bonds and financing using the effective interest rate method.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Following initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest rate method. The Bonds and financing are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least &lt;span&gt;twelve&lt;/span&gt; months after the reporting period. Both general and specific borrowing costs directly related to the acquisition, construction or production of a qualifying asset that requires a substantial &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;period of time&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; to be prepared for its intended use or sale, are capitalized as part of the cost of that asset when it is probable that future economic benefits associated with the item will flow to the Company and the costs can be measured &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;reliably. The other borrowing costs are recognized as finance costs in the period in which they are incurred. See Note &lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory contextRef="D20221231_3" id="Tag694">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;j.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Suppliers (including Reverse Factoring)&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Suppliers are obligations to pay for goods or services that have been acquired in the ordinary course of business. They are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Some of the Company&#x2019;s domestic suppliers sell their products with extended payment terms and may subsequently transfer their receivables due by the Company to financial institutions without right of recourse, in a transaction characterized as &#x201c;Reverse Factoring&#x201d;. The Company charged interest over the payment term at a rate that is commensurate with its own credit risk being subsequently recorded as finance cost using the effective interest rate method. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The operation &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;does not affect &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;the deadlines, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;prices&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and conditions &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;previously&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; agreed.&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;The suppliers specifically related to Reverse Factoring are segregated in the &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Note &lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;6&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;. In addition, the effects of Reverse Factoring on Cash Flows are recognized in &#x201c;Cash flow from operating activities&#x201d;.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; text-indent: 0pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory contextRef="D20221231_3" id="Tag697">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; padding-left: 0px; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt !important;"&gt;k.&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times; margin-left: 20px;"&gt;Leases&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;"&gt;
&lt;li style="font-family: 'Times New Roman'; font-size: 10pt; margin: 0pt 0pt 0pt 30.88pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Right-of-use assets&lt;/span&gt;&lt;/li&gt;
&lt;/ol&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life or the lease term, as most of the Company&#x2019; leases are related to property leases.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.59pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;ii.&#160;&#160;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Lease liabilities&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The accounting amount of the lease liabilities is remeasured if there is a change in the term of the lease, a change in fixed lease payments or a change in valuation to purchase the right-of-use asset.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;iii.&#160;&#160;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Short-term leases and leases of low-value assets&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company applies the short-term lease recognition exemption to its short-term leases of properties (i.e., those leases that have a lease term of 12 months&#160;or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 4.57pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;iv.&#160;&#160;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Determining the lease term of contracts with renewal options&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if reasonably certain to be exercised.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company has the option, under some of its leases to lease the assets for additional terms. The Company applies judgment in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory>
    <vsta:PeriodOfLeaseTermOfShortTermLeases contextRef="D20221231_3" id="Tag2001">P12M</vsta:PeriodOfLeaseTermOfShortTermLeases>
    <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory contextRef="D20221231_3" id="Tag707">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;l.&#160;&#160;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Provision for tax, civil and labor losses&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The provisions for risks related to lawsuits and administrative proceedings involving tax, civil and labor matters are recognized when (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;) the Company has a present legal or constructive obligation &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;as a result of&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) the amount can be reliably estimated. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The likelihood of loss of judicial/administrative proceedings in which the Company appears as a defendant is assessed by Management on the financial statement dates.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Provisions are recorded in an amount the Company believes it is adequate to cover probable losses, being determined by the expected future cash flows to settle the obligation that reflects current risks specific to the liability. The increase in the provision due to the time elapsed is recognized as interest expense. Penalties assessed on these proceedings are recognized in general and administrative expenses when incurred. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory contextRef="D20221231_3" id="Tag699">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;m.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Current and Deferred income tax and social contribution&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Taxes comprise current and deferred Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL), calculated on pre-tax profit basis.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;IRPJ and CSLL are calculated based on the nominal statutory rates of 25% and 9%, respectively, adjusted by non-taxable/nondeductible items provided for by law. Deferred income tax and social contribution are calculated on income tax and social contribution losses and other temporary differences in relation to the balances of assets and liabilities in the Statement of Financial Position. The deferred income tax and social contribution assets are fully accounted for, except when it is not probable that assets will be recovered by future taxable income. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Current and deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when current and deferred tax assets and liabilities are related to the tax levied by the same tax authority on the taxable entity where there is an intention to settle the balances on a net basis. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
    <vsta:NominalStatutoryRateForCalculatingCorporateIncomeTax
      contextRef="I20221231"
      decimals="2"
      id="Tag814"
      unitRef="Pure">0.25</vsta:NominalStatutoryRateForCalculatingCorporateIncomeTax>
    <vsta:NominalStatutoryRateForCalculatingSocialContributionOnNetIncome
      contextRef="I20221231"
      decimals="2"
      id="Tag2023"
      unitRef="Pure">0.09</vsta:NominalStatutoryRateForCalculatingSocialContributionOnNetIncome>
    <ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory contextRef="D20221231_3" id="Tag159">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;n.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Employee Benefits&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company has the following employee benefits:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;"&gt;
&lt;li style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; margin: 0pt 0pt 0pt 30.85pt; padding-left: 4.6pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Short-term employee benefits&lt;/span&gt;&lt;/li&gt;
&lt;/ol&gt;
&lt;p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Obligations for short-term employee benefits are recognized as personnel expenses as the related service is rendered. The liability is recognized at the amount expected to be paid, if the Company has a legal or constructive obligation to pay this amount &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;as a result of&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; prior service rendered by the employee, and the obligation can be reliably estimated. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company also provides its commercial team with commissions calculated considering existing sales and revenue targets that are periodically reviewed. These amounts are accrued in &#x201c;Salaries and Social contributions&#x201d; &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;on a monthly basis&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; based on the achievements of such goals, with payments generally being made twice a year. Since commissions are paid based on the annual sales of each contract, the Company elected to use the practical expedient to expense the costs as incurred.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;b.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Pension Contributions&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company offered a defined contribution plan to its employees and once the contributions have been made, the Company has no additional payment obligation, and the costs are therefore recognized in the month in which the contribution is incurred (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i.e&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; employees have rendered services entitling them to the right to receive those benefits), which is consistent with recognition of payroll expenses in statement of Profit or Loss.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.56pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;c.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Share-based Payments&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company compensates part of its Management and some employees through share-based compensation by plans involving Restricted Share Units or &#x201c;RSU&#x201d;. The RSU plans are based on Company shares, through a fixed share price (market price) determined on the grant date which the Company has the obligation of delivering shares without cash settled payment. The Share based payment is divided in the following:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table style="width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; width: 5%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;(&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="margin: 0px; text-indent: 0px; width: 95%;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;L&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;ong Term Investment &#x2013; &#x201c;ILP&#x201d; &#x2013; Refers to RSU plans for which some Company management and employees are eligible. In those plans the Company will deliver a fixed number of shares at a fixed share price measured at the Plan&#x2019;s inception. The Company recognizes the expense and inherent labor taxes related to the RSU plan in profit and loss. In addition, the effects of the constructive obligation are recognized in statement of financial position under the share-based compensation reserve in equity and the corresponding taxes under &#x201c;Salaries and Contributions&#x201d;.&lt;span&gt;&#160;&lt;/span&gt;See Note&lt;span&gt;&#160;&lt;/span&gt;&lt;span style="cursor: default;"&gt;2&lt;/span&gt;&lt;span style="cursor: default;"&gt;4&lt;/span&gt;.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0pt 0pt 31.35pt; text-align: justify; text-indent: -14.7pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2; text-indent: 16.25pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; padding-left: 4.6pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;d.&#160;&#160;&lt;span style="font-size: 10pt; font-style: italic; text-decoration: underline; line-height: inherit;"&gt;Termination benefits &lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts voluntary resignation in exchange for these benefits. The Company recognizes termination benefits at the earlier of the following dates: (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;) when the Company can no longer withdraw the offer of those benefits; and (ii) when the entity recognizes costs for a restructuring and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than &lt;span&gt;12&lt;/span&gt; months after the end of the reporting period are discounted to their present value.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory contextRef="D20221231_3" id="Tag696">
&lt;div style="margin: 0px; padding-left: 0px; line-height: 1.2; text-indent: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times;"&gt;o.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Shareholders&#x2019; Equity&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Until July 23, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2020&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the Company presented its financial statement based on the combined carve-out, where the capital reserves were not presented, and all effects were recorded in Parent Company&#x2019;s Net Investment. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;As a consequence of&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the restructuring completed on July 23, 2020, the Company presented its consolidated financial statements considering a new basis of preparation where the share capital, capital reserve and accumulated losses were disclosed.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Since July 1, 2020, amounts previously recorded in Parent Company&#x2019;s net investment in Equity have been recorded as net income and portions were reclassified to share capital and capital reserve. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 12.99pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;ii.&#160;&#160;&lt;span style="font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Share Capital &lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;On December 31, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;2021&lt;/span&gt;,&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the Company&#x2019;s share capital was R$ 4,820,815, divided into 82,649,887&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;shares of which 64,436,093 are Class B shares held by &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Group and 18,213,794&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;are Class A common shares held by others.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; padding-left: 13.02pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;iii.&#160;&#160;&lt;span style="font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Capital &lt;/span&gt;&lt;span style="font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;reserve&lt;/span&gt; &lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The breakdown of capital reserves is arising from share-based payment in the amount of R$ 80,531&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;on December 31, 2022&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and R$61,488&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;on December 31,2021&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;S&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;ee Note &lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; line-height: 1.2; text-indent: 0px; padding-left: 13.02pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;iv.&#160;&#160;&lt;span style="font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Treasury shares&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;On December 31, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, the Company holds shares in treasury in the amount of R$ 23,880, corresponding to&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;1,000,000 shares, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;see Note &lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory>
    <ifrs-full:IssuedCapital
      contextRef="I20221231_ParentMember"
      decimals="-3"
      id="Tag2015"
      unitRef="BRL">4820815000</ifrs-full:IssuedCapital>
    <ifrs-full:NumberOfSharesOutstanding
      contextRef="I20221231"
      decimals="0"
      id="Tag72"
      unitRef="Shares">82649887</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding
      contextRef="I20221231_ClassBCommonSharesMember_ParentMember"
      decimals="0"
      id="Tag2018"
      unitRef="Shares">64436093</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding
      contextRef="I20221231_ClassACommonSharesMember"
      decimals="0"
      id="Tag2002"
      unitRef="Shares">18213794</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:CapitalReserve
      contextRef="I20221231"
      decimals="-3"
      id="Tag3384"
      unitRef="BRL">80531000</ifrs-full:CapitalReserve>
    <ifrs-full:CapitalReserve
      contextRef="I20211231"
      decimals="-3"
      id="Tag3205"
      unitRef="BRL">61488000</ifrs-full:CapitalReserve>
    <ifrs-full:PurchaseOfTreasuryShares
      contextRef="D20211231_TreasurySharesMember"
      decimals="-3"
      id="Tag3487"
      unitRef="BRL">23880000</ifrs-full:PurchaseOfTreasuryShares>
    <ifrs-full:PurchaseOfTreasuryShares
      contextRef="D20221231_TreasurySharesMember"
      decimals="-3"
      id="Tag2007"
      unitRef="BRL">23880000</ifrs-full:PurchaseOfTreasuryShares>
    <vsta:PurchaseOfTreasurySharesNumber
      contextRef="D20211231_TreasurySharesMember"
      decimals="0"
      id="Tag3488"
      unitRef="Shares">1000000</vsta:PurchaseOfTreasurySharesNumber>
    <vsta:PurchaseOfTreasurySharesNumber
      contextRef="D20221231_TreasurySharesMember"
      decimals="0"
      id="Tag2024"
      unitRef="Shares">1000000</vsta:PurchaseOfTreasurySharesNumber>
    <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="D20221231_3" id="Tag695">
&lt;div style="margin: 0px; padding-left: 0px; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'times new roman', times;"&gt;p.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Revenue Recognition&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company generates most of its revenue from the sale of textbooks (&#x201c;publishing&#x201d; when sold as standalone products or &#x201c;PAR&#x201d; when bundled as an educational platform) and learning systems in printed and digital formats to private schools through short-term transactions or term contracts with an average period from &lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="-sec-ix-hidden:Tag3489"&gt;three&lt;/span&gt;&lt;/span&gt; to &lt;span style="border-left: none; border-right: none;"&gt;five years&lt;/span&gt;. &lt;/span&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Contents in printed and digital formats related to these textbooks and learnings systems are mostly the same, with minor supplements presented in digital format only. Therefore, revenue from educational contents is recognized when the Company delivers the content in printed and digital format. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company also sells its products directly to students and parents through its e-commerce platform. Since the Company obtains control of the goods sold before they are transferred to its customers, the Company assessed the principal versus agent relationship and determined that it is a principal in the transaction. Therefore, revenue is recognized in a gross amount of consideration to which the Company is entitled in exchange for the specified goods transferred. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Pursuant to the terms of the contracts with some customers, they are required to provide the Company with an estimate of the number of students that will access the content in the next school year (which typically starts in February of the following year), allowing the Company to start the delivery of its products. Since the contracts allow product returns (generally for period of &lt;span style="border-left: none; border-right: none;"&gt;four months&lt;/span&gt; from the delivery date) up to a certain limit, the Company recognizes revenue for the amount that is expected to be received based on &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;past experience&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, assuming that the other conditions for revenue recognition are met.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Therefore, the amount of revenue recognized is adjusted for expected returns, which are estimated based on historical data on a portfolio basis. In these circumstances a contractual obligation and a right to recover returned goods asset are recognized.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover the goods. The refund liability on the return received is included in Contractual Obligations and Deferred Income and the right to recover returned goods is included in Inventories. The Company reviews its estimate of expected returns at each reporting date and updates the amounts of the asset and liability accordingly.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company also provides other types of complementary educational solutions, preparatory courses for university admission exams, digital &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;services&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and other services to private schools, such as: teacher training, educators and parenting support, extracurricular educational content and other services related to the management of private schools. Each complementary educational service, digital service and others are deemed to be separate performance obligations. Thus, revenue is recognized over time when the services are rendered (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i.e.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; output method) to the customer. The Company believes this is an appropriate measure of progress toward satisfaction of performance obligations as it is the most accurate measure of the consideration to which the Company expects to be entitled in exchange for the services. These services may be sold on a standalone basis or bundled within publishing and learning system contracts and when bundled, each performance obligation is recognized separately. Service revenue is presented net of the corresponding discounts, returns and taxes. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;See Note &lt;span style="border-left: none; border-right: none;"&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
    <vsta:MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems contextRef="D20221231_3" id="Tag503">P5Y</vsta:MaximumPeriodOfContractForSaleOfTextbooksAndLearningSystems>
    <vsta:SalesReturnTermFromDeliveryDate contextRef="D20221231_3" id="Tag3203">P4M</vsta:SalesReturnTermFromDeliveryDate>
    <ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory contextRef="D20221231_3" id="Tag704">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;q.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Taxes on Revenues&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company and its associates&#160;benefit from tax Law No. &lt;span&gt;10,865&lt;/span&gt;/&lt;span&gt;04&lt;/span&gt;, as amended by Law No. &lt;span&gt;11,033&lt;/span&gt;/&lt;span&gt;04&lt;/span&gt;, which provides that our tax rate on the sale of books is zero in respect of contributions to the social integration program tax (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Programa&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Integra&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Social, or PIS) and the social contributions on revenue tax (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Contribui&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; para o &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Financiamento&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; da &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Seguridade&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Social, or COFINS). The sale of books is also exempt by the Brazilian constitution from Brazilian municipal taxes, Brazilian services tax (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Imposto&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sobre&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Servi&#xe7;os&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, or ISS) and from the Brazilian tax on the circulation of goods, interstate and intercity transportation and communication services (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Imposto&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;sobre&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Opera&#xe7;&#xf5;es&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;relativas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; &#xe0; &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Circula&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Mercadorias&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; e &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;sobre&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Presta&#xe7;&#xf5;es&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de Services de &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Transporte&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Interestadual&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; e Intermunicipal e de &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Comunica&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, or ICMS). Tax exemption available to physical books have been extended to digital books based on a decision by the Brazilian Supreme Court rendered on March 8, 2017.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The services revenues are subject to PIS and COFINS under the non-cumulative tax regime (with a nominal statutory rate of 9.25%), as well as municipality service taxes (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Impostos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;sobre&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Servi&#xe7;os&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, or ISS) for which a statutory rate of 5% is applicable.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory>
    <ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2014"
      unitRef="BRL">0</ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011>
    <vsta:NominalStatutoryRateOnServiceRevenues
      contextRef="D20221231_3"
      decimals="4"
      id="Tag71"
      unitRef="Pure">0.0925</vsta:NominalStatutoryRateOnServiceRevenues>
    <vsta:MunicipalServiceTaxStatutoryRate
      contextRef="D20221231_3"
      decimals="2"
      id="Tag2020"
      unitRef="Pure">0.05</vsta:MunicipalServiceTaxStatutoryRate>
    <ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory contextRef="D20221231_3" id="Tag692">
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;r.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Fair Value Measurement&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Fair value is the price that would be received upon the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date, on the primary market or, in the absence thereof, on the most advantageous market to which the Business has access on such date. The fair value of a liability reflects its risk of non-performance, which includes, among others, the Company&#x2019;s own credit risk.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;If there is no price quoted on an active market, the Company uses valuation techniques that maximize the use of relevant observable data and minimize the use of unobservable data. The chosen valuation technique incorporates all the factors market participants would consider&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;when pricing a transaction. If an asset or a liability measured at fair value has a purchase and a selling price, the Company measures the assets based on purchase prices and liabilities based on selling prices. A market is considered as active if the transactions for the asset or liability take place with enough frequency and volume to provide pricing information on an ongoing basis.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The best evidence of the fair value of a financial instrument upon initial recognition is usually the transaction price - i.e., the fair value of the consideration given or received. If the Company determines that the fair value upon initial recognition differs from the transaction price and the fair value is not evidenced by either a price quoted on an active market for an identical asset or liability or based on a valuation technique for which any non-observable data are judged to be insignificant in relation to measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value upon initial recognition and the transaction price. This difference is subsequently recognized in Profit or Loss on an appropriate basis over the life of the instrument, or until such time when its valuation is fully supported by observable market data or the transaction is closed, whichever comes first.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;To provide an indication of the reliability of the inputs used in determining fair value, the Company has classified its financial instruments according to the judgements and estimates of the observable data as much as possible. The fair value hierarchy is based on the degree to which the fair value used in the valuation techniques is observable, as follows:&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_1T1USSJBU800000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top; width: 5%;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 95%; padding: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Level &lt;span&gt;1&lt;/span&gt;: The fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Level &lt;span&gt;2&lt;/span&gt;: The fair value measurements are those derived from inputs other than quoted prices included within Level &lt;span&gt;1&lt;/span&gt; that are observable for the asset or liability, either directly or indirectly; and &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Level &lt;span&gt;3&lt;/span&gt;: The fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory>
    <ifrs-full:DisclosureOfBusinessCombinationsExplanatory contextRef="D20221231_3" id="Tag811">
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;&#160; &#160;Business Combinations &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Company concluded some acquisitions to improve its portfolio of educational solutions as presented below:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_3QPUE2LIEO00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top; width: 4.26471%;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 94.5588%;"&gt;
&lt;p&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; January 14, &lt;span&gt;2022&lt;/span&gt;&#x2013;Phidelis&#160;Tecnologia&#160;Desenvolvimento&#160;de&#160;Sistemas&#160;Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top; width: 4.26471%;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 94.5588%;"&gt;
&lt;p&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; January 14, 2022 &#x2013;&#160;MVP&#160;Consultoria&#160;e&#160;Sistemas&#160;Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company&#x2019; business combinations are described below:&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Business Combinations during &lt;span&gt;2022&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;MVP&lt;/span&gt; &lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Consultoria&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; e &lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Sistemas&lt;/span&gt; &lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Ltda&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;and &lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Phidelis&lt;/span&gt; &lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Tecnologia&lt;/span&gt; &lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Desenvolvimento&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; de &lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Ltda. (&#x201c;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Phidelis&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0px; font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;On January 14, 2022, the Company acquired though its subsidiary, Somos Sistemas de Ensino S.A. (&#x201c;Somos Sistemas&#x201d;), the entities Phidelis Tecnologia Desenvolvimento de Sistemas and MVP Consultoria e Sistemas Ltda. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;(&#x201c;Phidelis&#x201d;).&lt;/span&gt; Phidelis is a complete academic and financial management platform for elementary and high schools, providing (i) licensing and software development and (ii) messaging, retention, enrollment and standard management for schools and students. In addition to adding a digital solution and bringing in new customers, Phidelis' team will support the development of the Company's digital services platform. The Company will pay a total purchase price in the amount of R$21,966, comprised of (i) R$8,854&#160;in cash, paid on the acquisition date, (ii) R$7,638&#160;to be paid in annual installments over the course of&#160;two years, and (iii) a variable of R$5,474,&#160;with the achievement of performance linked to net revenue of the years &lt;span&gt;2023&lt;/span&gt; and &lt;span&gt;2024&lt;/span&gt;&#160;to be paid in three&#160;annual installments between 2023 and 2026. Both fixed and variable payment to be adjusted by the variation of&#160;Extended National Consumer Price Index (&#x201c;IPCA&#x201d;)&#160;in the period.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;


&lt;table cellpadding="0" style="height: 444px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Phidelis &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; MVP &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 64%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Cash and cash equivalents &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 162 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 217 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 379 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 65 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 131 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 196 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Taxes recoverable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 5 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 228 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 352 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 580 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; Property, plant and equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 72 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 72 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Intangible assets - Customer Portfolio &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 1,521 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 3,834 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Intangible assets - Software &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 523 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,702 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 3,225 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total non-current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; 2,044 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; 5,087 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; 7,131 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total Assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,272 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 5,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 7,711 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; Current liabilities&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Salaries and social contributions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 58 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 62 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Taxes payable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Income tax and social contribution payable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 80 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 80 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 12 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 12 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 58 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 106 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 164 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Provision for tax, civil and labor losses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,504 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,504 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,504 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,504 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 58 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,610 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,668 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net identifiable assets at fair value (A) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,214 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,829 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 5,043 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Total Consideration transferred (B) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,600 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 18,366 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 21,966 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Goodwill (B &#x2013; A) (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,386 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 15,537 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 16,923 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0.0001pt 28.35pt; text-align: justify; text-indent: -28.35pt; font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="line-height: inherit;"&gt;(i)&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; margin-left: 24px; line-height: inherit;"&gt;&lt;span&gt;Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the Company, as well as an expected increase in the Company&#x2019;s market-share due to the penetration of the Company&#x2019;s products and services in regions where the Company did not operate before. At the time of the acquisition, future tax deductibility is probable as certain actions, necessary to integrate the businesses from a tax perspective, are intended by management and considered feasible from a legal perspective.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', 'serif';"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: 1.2;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;From the date of acquisition to December 31, 2022, Phidelis contributed to a net revenue from sales and services in the amount of R$5,157, and net profit for the year in the amount of R$ 780. If the acquisition had occurred on January 1, 2022, Management estimates that net revenue from sales and services would have been R$ 1,264,287 and net loss for the year would have been R$ (54,572).&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Business Combinations during &lt;span&gt;2021&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Sociedade&lt;/span&gt; &lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Educacional&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; da &lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Lagoa&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Ltda. (&#x201c;SEL&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;On March 2, 2021, the Company acquired &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;through&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; its subsidiary, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A. (&#x201c;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#x201d;), the entity &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sociedade&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Educacional&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; da &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Lagoa&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Ltda. (&#x201c;SEL&#x201d;). SEL provides technical and pedagogical services to education platforms, including the maintenance of such platforms, development and improvement of contents and training of professionals. The consideration paid was R$ 65,000, of which R$ 38,124 was paid in cash and&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the remaining amount of R$ 26,876 is subject to certain post-closing price adjustments (conditioned to the minimum amount of R$ 39,400 total contract revenue for the next two years, &lt;span&gt;2023&lt;/span&gt; and &lt;span&gt;2024&lt;/span&gt;, with the client "SESI", and if the minimum amount is not reached, the installment due will be discounted in the percentage of reduction of the minimum value of each contract). The consideration will be divided in installments over a 4-year period (each installment&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;adjusted by the positive variation of 100% of CDI).&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Nota &lt;span&gt;1000&lt;/span&gt; &lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Servi&#xe7;os&lt;/span&gt; &lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Educacionais&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; S.A. (&#x201c;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Reda&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Nota &lt;span&gt;1000&lt;/span&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;On May 27, 2021, the Company acquired through its subsidiary, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A. (&#x201c;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#x201d;) the entity &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Reda&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Nota &lt;span&gt;1000&lt;/span&gt;, which provides essay review services as a service platform, through its proprietary software.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; The &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Reda&#xe7;&#xe3;o&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; Nota &lt;span&gt;1000&lt;/span&gt;&#x2019;s users may choose their essays reviewed under different approaches as follows: (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;) solely by essay-review specialists (manual); (ii) on an automated basis by the company&#x2019;s software, with a final review by a specialist (semi-automated); or (iii) exclusively on an automated basis by the company&#x2019;s software. The consideration transferred was R$ 11,387, of which R$ 4,093 was paid in cash and the remaining amount of R$ 7,294 will be paid in installments with final due date on December 24, 2026 (each installment adjusted by the positive variation of 100% of CDI index). In addition, the Company recognized a contingent consideration of R$ 2,650 subjects to certain post-closing price adjustments (achievement of financial targets such as maintenance of contracts, net revenue and average global cost, in addition to non-financial targets such as platform engagement, satisfaction of the customer in the service provided and adequate level of information security, for the years &lt;span&gt;2022&lt;/span&gt; and &lt;span&gt;2023&lt;/span&gt;). &lt;span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: inherit;"&gt;During &lt;span&gt;2022&lt;/span&gt;, &lt;span style="color: #000000; line-height: inherit;"&gt;the Company concluded the acquisition accounting and adjusted during the measurement period, intangible assets and goodwill in the amount of R$ 1,098.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;EMME &#x2013; &lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Produ&#xe7;&#xf5;es&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; de &lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Materiais&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; em &lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Multim&#xed;dia&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (&#x201c;EMME&#x201d;)&lt;/span&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;On August 1, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the Company acquired through its subsidiary, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A. (&#x201c;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#x201d;) the entity EMME, which provides educational marketing solutions for schools, through license of its &#x201c;software as a service&#x201d;. The consideration transferred was R$&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;15,317&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;of which R$&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;3,063&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;was paid in cash and the remaining amount of R$&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;12,253&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;will be paid in installments with final due date on August 16, 2026 (each installment adjusted by the positive variation of inflation- &#x201c;IPCA&#x201d; &#x2013; Extended National Consumer Price Index). &lt;span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; line-height: inherit;"&gt;During &lt;span&gt;2022&lt;/span&gt;, &lt;span style="color: #000000; line-height: inherit;"&gt;the Company concluded the acquisition accounting and adjusted, during the measurement period, intangible assets and goodwill, in the amount of R$ 1,055.&lt;/span&gt;&lt;/span&gt; &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Editora&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; De Gouges S.A. (&#x201c;De Gouges&#x201d;)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;On October 29, 2021 the Company acquired through its subsidiary, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A. (&#x201c;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#x201d;) the entity De Gouges, which provides learning system (K-&lt;span&gt;12&lt;/span&gt;) and solutions on the educational platform. The consideration transferred was R$ 611,554 of which R$ 160,000 was paid in cash and the remaining amount of R$ 451,554 to be paid in installments with final due date on October 29, 2026 (each installment adjusted by the positive variation of 100% of CDI index).&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The acquisition agreement for De Gouges provided an obligation on the subsidiary, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A. under the Commercial Agreement. (&#x201c;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#x201d;), to grant an amount of R$62,234 in discounts on the sale price of teaching materials to Eleva Holding&#x2019;s partner schools (the selling shareholder), within a period of up to 5 years&#160;limited to the amount of R$16,600 years. For this operation, the Company recorded a liability generated in the business combination (Provision for trade discount) and which should be realized according to its use in the coming years.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Net identifiable assets acquired, and liabilities assumed involved in the Business Combinations and Consideration &lt;/span&gt;&lt;span style="font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;transferred&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;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.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The following table presents the net identifiable assets acquired and liabilities assumed for each business combination in &lt;span&gt;2021&lt;/span&gt;:&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_2U0OXWU88W00000000000000000000b"&gt;


&lt;div&gt;
&lt;table cellpadding="0" style="height: 580px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; SEL &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"&gt; Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; EMME &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; De Gouges &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Cash and cash equivalents &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,461 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 525 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 637 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 16,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 19,062 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Trade receivables (vi) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,327 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,082 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 18,190 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 20,599 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Inventories (iv) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 4,534 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 4,534 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Prepayments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 14 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 83 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 97 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Taxes recoverable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 9 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,947 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,956 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Other receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 180 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 12 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 192 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 1,641 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 1,852 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 1,742 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 41,205 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 46,440 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Non-current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Property, plant and equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 611 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 128 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,272 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 2,011 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Other intangible assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,099 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 38 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,138 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Intangible assets - Customer Portfolio (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 18,783 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 64,806 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 83,589 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Intangible assets - Trade agreement (iii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 247,622 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 247,622 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Intangible assets - Software (v) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,296 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 5,692 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 4,048 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 11,036 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total non-current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 20,690 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 6,791 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 4,177 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 313,738 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 345,396 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total Assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 22,331 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 8,643 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 5,919 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 354,943 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 391,836 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Current liabilities&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Suppliers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 180 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 13 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,107 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Salaries and social contributions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 124 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 600 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 2,871 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 3,596 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Taxes payable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 17 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 207 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 102 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 326 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Income tax and social contribution payable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 33 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 5,232 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 5,265 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Provision for trade discount &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 15,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 15,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Other liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,673 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 2 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 25 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,700 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 51 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 2,184 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 717 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 24,235 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 27,187 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Provision for tax, civil and labor losses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,231 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,231 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Provision for trade discount &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 47,234 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 47,234 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 48,465 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 48,465 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 51 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 2,184 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 717 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 72,700 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 75,652 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Net identifiable assets at fair value (A) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 22,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 6,459 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 5,202 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 282,243 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 316,184 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Total Consideration transferred (B) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 65,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 11,387 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 15,317 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 611,554 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 703,258 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Goodwill (B &#x2013; A) (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 42,720 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 4,928 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 10,115 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 329,311 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 387,074 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;(&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;) &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the acquiror, as well as an expected increase in the Company&#x2019;s market-share due to the penetration of the Company&#x2019;s products and services in regions where the Company did not operate before. Also, the current tax law allows the deductibility of the acquisition date goodwill and fair value of net assets acquired when a non-substantive action is taken after acquisition by the Company (&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i.e.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; when the Company merges or spins off the companies acquired) and therefore the tax and accounting bases of the net assets acquired are the same as of the acquisition date. &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;(ii) &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;As a result of purchase price allocation, the Company identified R$ &lt;span style="border-left: none; border-right: none;"&gt;18,783&lt;/span&gt;, customer portfolio (&#x201c;SESI&#x201d;), and R$ &lt;span style="border-left: none; border-right: none;"&gt;64,806&lt;/span&gt;, customer portfolio (&#x201c;De Gouges&#x201d;) based on customer portfolio receivables expectation around &lt;span style="border-left: none; border-right: none;"&gt;8&lt;/span&gt;% per year. See Note &lt;span&gt;14&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none; text-align: justify;"&gt;

&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; text-align: justify;"&gt;(iii) &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;As a result of the purchase price allocation, the Company identified R$ 247,622,&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify;"&gt;a commercial agreement (&#x201c;Eleva Holding&#x201d;), which corresponds to the sale of teaching material from "De Gouges" to partner schools of "Eleva Holding" within &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify;"&gt;10&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify;"&gt; years, with an estimated sales rate of &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify;"&gt;10&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify;"&gt;% per year.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;(iv) &lt;span&gt;As a result of the purchase price allocation, the Company identified R$ &lt;span style="border-left: none; border-right: none;"&gt;4,534&lt;/span&gt; in inventories (&#x201c;De Gouges&#x201d;), based on the expectation of sales of this inventory at around &lt;span style="border-left: none; border-right: none;"&gt;33&lt;/span&gt;% per year.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;(v) &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;As a result of purchase price allocation, the Company identified R$ &lt;span style="border-left: none; border-right: none;"&gt;11,036&lt;/span&gt;, Educational Software applied in the &#x201c;SESI&#x201d; learning system, Writing Correction Software for &lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;Education System &#x201c;Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt;&#x201d; and software that produces digital marketing material solutions for schools &#x201c;EMME&#x201d;, all of them based on relief from royalties&#x2019; criteria (RIR) and each acquisition with its corresponding rate of net revenue by investment. See Note &lt;span&gt;14&lt;/span&gt;.&lt;/span&gt; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(vi) &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span&gt;Accounts receivable from customers comprise gross contractual amounts due of R$&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;24,344&lt;/span&gt;,&lt;/span&gt; of which R$&lt;span style="border-left: none; border-right: none;"&gt;3,746&lt;/span&gt; were uncollectible on the acquisition date. See Note &lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;10&lt;/span&gt;&lt;/span&gt;e.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
</ifrs-full:DisclosureOfBusinessCombinationsExplanatory>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred
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      unitRef="BRL">21966000</ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred>
    <ifrs-full:CashTransferred
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      id="Tag3218"
      unitRef="BRL">8854000</ifrs-full:CashTransferred>
    <vsta:AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred
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      unitRef="BRL">7638000</vsta:AcquisitionDateFairValueBusinessCombinationRemainingConsiderationToBeTransferred>
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      id="Tag133">P2Y</vsta:PeriodOfConsiderationTermsDividedInInstallments>
    <ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate
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      unitRef="BRL">5474000</ifrs-full:ContingentConsiderationRecognisedAsOfAcquisitionDate>
    <vsta:NumberOfInstallmentsForContingentConsiderationPayment
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      id="Tag755"
      unitRef="Installments">3</vsta:NumberOfInstallmentsForContingentConsiderationPayment>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="D20220114_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember"
      id="Tag350">Extended National Consumer Price Index (&#x201c;IPCA&#x201d;)</ifrs-full:BorrowingsInterestRateBasis>
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&lt;table cellpadding="0" style="height: 444px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Phidelis &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; MVP &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 64%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Cash and cash equivalents &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 162 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 217 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 379 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 65 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 131 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 196 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Taxes recoverable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 5 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 228 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 352 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 580 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; Property, plant and equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 72 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 72 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Intangible assets - Customer Portfolio &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 1,521 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 3,834 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Intangible assets - Software &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 523 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,702 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 3,225 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total non-current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; 2,044 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; 5,087 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; 7,131 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total Assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,272 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 5,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 7,711 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; Current liabilities&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Salaries and social contributions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 58 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 62 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Taxes payable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Income tax and social contribution payable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 80 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 80 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 12 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 12 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 58 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 106 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 164 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Provision for tax, civil and labor losses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,504 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,504 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,504 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,504 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 58 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,610 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,668 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net identifiable assets at fair value (A) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,214 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 2,829 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 5,043 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Total Consideration transferred (B) &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
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&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 18,366 &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Goodwill (B &#x2013; A) (i) &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,386 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 15,537 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 16,923 &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;div&gt;
&lt;table cellpadding="0" style="height: 580px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; SEL &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"&gt; Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; EMME &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; De Gouges &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Cash and cash equivalents &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,461 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 525 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 637 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 16,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 19,062 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Trade receivables (vi) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,327 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,082 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 18,190 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 20,599 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Inventories (iv) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 4,534 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 4,534 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Prepayments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 14 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 83 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 97 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Taxes recoverable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 9 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,947 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,956 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Other receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 180 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 12 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 192 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 1,641 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 1,852 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 1,742 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 41,205 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 46,440 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Non-current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Property, plant and equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 611 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 128 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,272 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 2,011 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Other intangible assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,099 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 38 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,138 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Intangible assets - Customer Portfolio (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 18,783 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 64,806 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 83,589 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Intangible assets - Trade agreement (iii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 247,622 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 247,622 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Intangible assets - Software (v) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,296 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 5,692 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 4,048 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 11,036 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total non-current assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 20,690 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 6,791 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 4,177 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 313,738 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 345,396 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total Assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 22,331 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 8,643 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 5,919 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 354,943 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 391,836 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Current liabilities&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Suppliers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 180 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 13 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,107 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Salaries and social contributions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 124 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 600 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 2,871 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 3,596 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Taxes payable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 17 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 207 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 102 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 326 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Income tax and social contribution payable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 33 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 5,232 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 5,265 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Provision for trade discount &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 15,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 15,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Other liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,673 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 2 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 25 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,700 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 51 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 2,184 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 717 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 24,235 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 27,187 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Provision for tax, civil and labor losses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,231 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 1,231 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Provision for trade discount &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 47,234 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 47,234 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 48,465 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 48,465 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 51 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 2,184 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 717 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 72,700 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.97024%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 75,652 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Net identifiable assets at fair value (A) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 22,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 6,459 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 5,202 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 282,243 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 316,184 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; Total Consideration transferred (B) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 65,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 11,387 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 15,317 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 611,554 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; 703,258 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: top; height: 17px; width: 40.9226%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; Goodwill (B &#x2013; A) (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 42,720 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 4,928 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 10,115 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 329,311 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; 387,074 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;(&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;) &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;Goodwill is recognized based on expected synergies from combining the operations of the acquirees and of the acquiror, as well as an expected increase in the Company&#x2019;s market-share due to the penetration of the Company&#x2019;s products and services in regions where the Company did not operate before. Also, the current tax law allows the deductibility of the acquisition date goodwill and fair value of net assets acquired when a non-substantive action is taken after acquisition by the Company (&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;i.e.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; when the Company merges or spins off the companies acquired) and therefore the tax and accounting bases of the net assets acquired are the same as of the acquisition date. &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;(ii) &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;As a result of purchase price allocation, the Company identified R$ &lt;span style="border-left: none; border-right: none;"&gt;18,783&lt;/span&gt;, customer portfolio (&#x201c;SESI&#x201d;), and R$ &lt;span style="border-left: none; border-right: none;"&gt;64,806&lt;/span&gt;, customer portfolio (&#x201c;De Gouges&#x201d;) based on customer portfolio receivables expectation around &lt;span style="border-left: none; border-right: none;"&gt;8&lt;/span&gt;% per year. See Note &lt;span&gt;14&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none; text-align: justify;"&gt;

&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; text-align: justify;"&gt;(iii) &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;As a result of the purchase price allocation, the Company identified R$ 247,622,&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify;"&gt;a commercial agreement (&#x201c;Eleva Holding&#x201d;), which corresponds to the sale of teaching material from "De Gouges" to partner schools of "Eleva Holding" within &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify;"&gt;10&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify;"&gt; years, with an estimated sales rate of &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify;"&gt;10&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify;"&gt;% per year.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;(iv) &lt;span&gt;As a result of the purchase price allocation, the Company identified R$ &lt;span style="border-left: none; border-right: none;"&gt;4,534&lt;/span&gt; in inventories (&#x201c;De Gouges&#x201d;), based on the expectation of sales of this inventory at around &lt;span style="border-left: none; border-right: none;"&gt;33&lt;/span&gt;% per year.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;(v) &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;As a result of purchase price allocation, the Company identified R$ &lt;span style="border-left: none; border-right: none;"&gt;11,036&lt;/span&gt;, Educational Software applied in the &#x201c;SESI&#x201d; learning system, Writing Correction Software for &lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;Education System &#x201c;Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt;&#x201d; and software that produces digital marketing material solutions for schools &#x201c;EMME&#x201d;, all of them based on relief from royalties&#x2019; criteria (RIR) and each acquisition with its corresponding rate of net revenue by investment. See Note &lt;span&gt;14&lt;/span&gt;.&lt;/span&gt; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(vi) &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span&gt;Accounts receivable from customers comprise gross contractual amounts due of R$&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;24,344&lt;/span&gt;,&lt;/span&gt; of which R$&lt;span style="border-left: none; border-right: none;"&gt;3,746&lt;/span&gt; were uncollectible on the acquisition date. See Note &lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;10&lt;/span&gt;&lt;/span&gt;e.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;6&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Financial Risk Management&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;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.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The economic and financial risks reflect the behavior of macroeconomic variables such as interest rates as well as other characteristics&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;of the financial instruments maintained by the Company. These risks are managed through control and monitoring policies, specific strategies, and limits.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;"&gt;
&lt;li style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; margin: 0pt 0pt 8pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160; &#160; &#160;Financial risk factors&lt;/span&gt;&lt;/li&gt;
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&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company&#x2019;s activities expose it to certain financial risks mainly related to market risk, credit risk and liquidity risk. Management and the Group&#x2019;s Board of Directors monitor such risks in line with their capital management policy objectives. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;This Note presents information on the Company&#x2019;s exposure to each of the risks above, the objectives of the Company, measurement policies, and the Company&#x2019;s risk and capital management process.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company has no derivative transactions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;"&gt;
&lt;li style="font-family: 'Times New Roman'; font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt 10pt; padding-left: 5.76pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Market &lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;risk &#x2013; cash flow interest rate risk&lt;/span&gt; &lt;/span&gt;&lt;/li&gt;
&lt;/ol&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;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 &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;in order to&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; 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.&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Interest rates contracted are as follows:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="height: 163px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Interest rate &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 51%;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman', times;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Private Bonds &#x2013; &lt;span&gt;6&lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;th&#160;&lt;/sup&gt;&lt;/span&gt;Issuance &lt;span style="font-size: 9pt; font-family: Georgia, 'serif'; color: #000000; margin: 0pt; text-align: justify;"&gt;&#x2013; &lt;span style="font-family: 'times new roman', times; font-size: 10pt; ;color: black;"&gt;series&#160;&lt;/span&gt;&lt;/span&gt;&lt;span&gt;2&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 53,688 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 104,844 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; CDI + 1.00% p.a. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Private Bonds &#x2013; &lt;span&gt;6&lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;th&lt;/sup&gt;&lt;/span&gt; Issuance &lt;span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 9pt; font-family: Georgia, 'serif'; margin: 0pt;"&gt;&#x2013;&lt;span&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; color: black;"&gt;series&#160;&lt;/span&gt;&lt;/span&gt;&lt;span&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 210,920 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; CDI + 1.70% p.a. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Private Bonds &#x2013; &lt;span&gt;9&lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;th&lt;/sup&gt;&lt;/span&gt;&#160;Issuance &lt;span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 9pt; font-family: Georgia, 'serif'; margin: 0pt;"&gt;&#x2013;&lt;span&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; color: black;"&gt;series&#160;&lt;/span&gt;&lt;/span&gt;&lt;span&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 259,843 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; CDI + 2.40% p.a. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Bonds &#x2013; &lt;span&gt;1&lt;/span&gt;&lt;sup&gt;st&lt;/sup&gt; Issuance - single &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 529,465 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 514,574 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; CDI + 2.30% p.a. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing and Lease Liabilities - Mind Makers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 888 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; TJPLP + 5% p.a. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing and Lease Liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 140,563 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 160,542 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; IPCA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Accounts Payable for Business Combination and acquisition of associates&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 532,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 100% CDI &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none; font-weight: bold;"&gt; 1,608,836&lt;/span&gt;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 1,524,081 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div style="line-height: 1.2;"&gt;
&lt;div id="t_ft_18UJPAWS7K00000000000000000000b"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div style="margin: 0pt 0pt 10pt -15pt; padding-left: 0pt; text-indent: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; padding-left: 5.76pt; text-indent: 0pt; margin: 0pt 0pt 8pt 10pt;"&gt;b.&#160; &#160;&lt;span style="font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Credit risk&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Credit risk arises from the potential default of a&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;counterparty&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;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&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, see N&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;ote&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;10&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;and financial activities that include reverse factoring deposits with banks and other financial institutions and other financial&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; i&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;nstruments contracted.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;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&#x2019;s policy. See &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Notes &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;8&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;9&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;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.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The diversification of its receivable&#x2019;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.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;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 &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;recorded (Note &lt;span&gt;10&lt;/span&gt;). &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="margin: 0pt 0pt 10pt -6pt; padding-left: 0pt; text-indent: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; padding-left: 5.76pt; text-indent: 0pt; margin: 0pt 0pt 8pt !important;"&gt;c.&#160;&#160;&lt;span style="font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Liquidity risk&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;In order to&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; 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 as long as this credit line is offered by banks and accepted by Company suppliers.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;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.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;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.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;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.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;On September 28, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2022&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the Company&#x2019;s subsidiary &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A issued R$ &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;250,000&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; in &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;private&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;bonds&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, not &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;convertible. The bonds are aimed to reinforce the Company&#x2019;s capital structure&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;, and &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;lengthen the debt maturity profile, whose average term currently is 37 months from the issuance&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;On August 6, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; the Company&#x2019;s subsidiary &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Somos&lt;/span&gt; &lt;span style="font-size: 10pt; line-height: inherit;"&gt;Sistemas&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; de Ensino S.A issued R$ 500,000 in simple debentures, not convertible. The debentures are aimed to reinforce the Company&#x2019;s capital structure as well as extending the debt maturity profile, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;see Note &lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="line-height: 1.2;"&gt;
&lt;div id="t_ft_JRTXAZG2CG00000000000000000000b"&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The table below presents the maturity of the Company&#x2019;s financial liabilities.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Financial liabilities by maturity ranges&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 130px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Less than &lt;span&gt;one&lt;/span&gt; year &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Between &lt;span&gt;one&lt;/span&gt; and &lt;span&gt;two&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Over &lt;span&gt;two&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 52%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds and financing (Note &lt;span&gt;15&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 93,779 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 499,217 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 250,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 842,996 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Lease Liabilities (Note &lt;span&gt;17&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 23,151 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 22,921 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 94,491 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 140,563 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Accounts Payable for business combination and acquisition of associates (Note &lt;span&gt;19&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 73,007 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 389,186 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 163,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Suppliers (Note &lt;span&gt;16&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 250,647 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 250,647 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Reverse Factoring (Note &lt;span&gt;16&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 155,469 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 155,469 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other liabilities - related parties (Note &lt;span&gt;21&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 54 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 54 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 596,107 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 911,324 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 507,575 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,015,006 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Financial liabilities by maturity ranges &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The table below reflects the estimated interest rate based on CDI for &lt;span&gt;12&lt;/span&gt; months (&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;12.43&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;% &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;p.a&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;) extracted from BACEN (Brazilian Central Bank) on December 31,202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;. Amounts payable refer to principal and interest based on undiscounted contractual amounts and, therefore, do not reflect the financial position presented as of December 31, 202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;table cellpadding="0" style="height: 129px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-weight: bold; font-size: 8pt;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Less than &lt;span&gt;one&lt;/span&gt; year &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Between &lt;span&gt;one&lt;/span&gt; and &lt;span&gt;two&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Over &lt;span&gt;two&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 52%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds and financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 105,436 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 561,270 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 281,075 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 947,781 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Lease Liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 26,029 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25,770 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 106,236 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 158,035 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Accounts Payable for business combination and acquisition of associates&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 82,082 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 437,562 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 183,355 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 702,999 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Suppliers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 281,802 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 281,802 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Reverse Factoring &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 174,794 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 174,794 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other liabilities - related parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 61 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 61 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; 670,204 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; 1,024,602 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 570,666 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,265,472 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Capital &lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;management&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company&#x2019;s objectives when managing capital are to safeguard its ability to continue as a going concern &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;in order to&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;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 &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;amount&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce, for example, debt.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;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&#x2019; equity as shown in the consolidated balance sheet plus net debt.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company&#x2019;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.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div style="line-height: 1.2;"&gt;
&lt;div id="t_ft_OI3DGHKAGW00000000000000000000b"&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 78px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 77%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Net debt (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,969,241 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,518,247 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total shareholders' equity &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times;font-size: 10pt;line-height: inherit;font-weight: bold;"&gt; 4,629,679 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,665,209 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total capitalization (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,660,438 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 3,146,963 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Gearing ratio - % - (iii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 74 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;%&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;48&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_2CJ8RX3D2800000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 30px; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; (i) &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span&gt; Net debt comprises financial liabilities (note &lt;span&gt;7&lt;/span&gt;) net of cash and cash equivalents. &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (ii) &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span&gt; Refers to the difference between Shareholders&#x2019; Equity and Net debt. &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0.75pt 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (iii) &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0.75pt 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span&gt; The Gearing Ratio is calculated based on Net Debt/Total Capitalization. &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -35.45pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Sensitivity analysis&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The following table presents the sensitivity analysis of potential losses from financial instruments, according to Management&#x2019;s assessment of relevant market risks presented above.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;A probable scenario (Base scenario) over a &lt;span&gt;12&lt;/span&gt;-month horizon was used, with a projected rate of &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;12.43&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;% p.a. as per DI Interest Deposit rate (&#x201c;CDI&#x201d;) reference rates disclosed by B&lt;span&gt;3&lt;/span&gt; S.A. (Brazilian stock exchange). &lt;span&gt;Two&lt;/span&gt; further scenarios are presented, stressing, respectively, a 25% deterioration in scenario I and 50% deterioration in scenario II, of the projected rates.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 182px; width: 99.9596%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 38.9053%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Index - % per year &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10.355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Balance as of December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Base scenario &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Scenario I &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Scenario&#160;II &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financial Investments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 103.40% of CDI &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.355%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 39,212 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,874 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6,093 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,311 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Marketable Securities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 103.39% CDI &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 380,514 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 47,298 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 59,122 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 70,947 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 419,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 52,172 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 65,215 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 78,258 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Accounts Payable for Business Combination and acquisition of associates&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 100% of CDI &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (77,722 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (97,152 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (116,583 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Lease liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; CDI + 1.28% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (140,563 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (17,472 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (21,840 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (26,208 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds and financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; CDI + 1.66% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (842,996 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (104,784 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (130,981 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (157,177 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,608,836 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (199,978 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (249,973 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (299,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Net exposure &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,189,110 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (147,806 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (184,758 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (221,710 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Interest rate -% p.a &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 10.355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 12.43 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 15.54 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 18.65 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Stressing scenarios&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 50 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;/div&gt;
</ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
    <ifrs-full:DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory contextRef="D20221231_3" id="Tag74">
&lt;table cellpadding="0" style="height: 163px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Interest rate &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 51%;"&gt;
&lt;p style="margin: 0pt; text-align: justify; font-family: 'times new roman', times;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Private Bonds &#x2013; &lt;span&gt;6&lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;th&#160;&lt;/sup&gt;&lt;/span&gt;Issuance &lt;span style="font-size: 9pt; font-family: Georgia, 'serif'; color: #000000; margin: 0pt; text-align: justify;"&gt;&#x2013; &lt;span style="font-family: 'times new roman', times; font-size: 10pt; ;color: black;"&gt;series&#160;&lt;/span&gt;&lt;/span&gt;&lt;span&gt;2&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 53,688 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 104,844 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 10px; width: 15%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; CDI + 1.00% p.a. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Private Bonds &#x2013; &lt;span&gt;6&lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;th&lt;/sup&gt;&lt;/span&gt; Issuance &lt;span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 9pt; font-family: Georgia, 'serif'; margin: 0pt;"&gt;&#x2013;&lt;span&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; color: black;"&gt;series&#160;&lt;/span&gt;&lt;/span&gt;&lt;span&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 210,920 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; CDI + 1.70% p.a. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Private Bonds &#x2013; &lt;span&gt;9&lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;th&lt;/sup&gt;&lt;/span&gt;&#160;Issuance &lt;span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 9pt; font-family: Georgia, 'serif'; margin: 0pt;"&gt;&#x2013;&lt;span&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; color: black;"&gt;series&#160;&lt;/span&gt;&lt;/span&gt;&lt;span&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 259,843 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; CDI + 2.40% p.a. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Bonds &#x2013; &lt;span&gt;1&lt;/span&gt;&lt;sup&gt;st&lt;/sup&gt; Issuance - single &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 529,465 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 514,574 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; CDI + 2.30% p.a. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing and Lease Liabilities - Mind Makers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 888 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; TJPLP + 5% p.a. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing and Lease Liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 140,563 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 160,542 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; IPCA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Accounts Payable for Business Combination and acquisition of associates&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 532,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 100% CDI &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="margin-left: 0.1px; height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none; font-weight: bold;"&gt; 1,608,836&lt;/span&gt;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 1,524,081 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; margin-left: 0.1px; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
</ifrs-full:DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory>
    <ifrs-full:BondsIssued
      contextRef="I20221231_BorrowingsIssue11Member"
      decimals="-3"
      id="Tag67"
      unitRef="BRL">53688000</ifrs-full:BondsIssued>
    <ifrs-full:BondsIssued
      contextRef="I20211231_BorrowingsIssue11Member"
      decimals="-3"
      id="Tag150"
      unitRef="BRL">104844000</ifrs-full:BondsIssued>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="D20221231_InterestRateRiskMember_BorrowingsIssue11Member_InterestRateHedgingInstruments2Member"
      id="Tag2048">CDI</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsAdjustmentToInterestRateBasis
      contextRef="I20221231_InterestRateRiskMember_BorrowingsIssue11Member_InterestRateHedgingInstruments2Member"
      decimals="4"
      id="Tag2260"
      unitRef="Pure">0.01</ifrs-full:BorrowingsAdjustmentToInterestRateBasis>
    <ifrs-full:BondsIssued
      contextRef="I20221231_BorrowingsIssue8Member"
      decimals="-3"
      id="Tag2298"
      unitRef="BRL">0</ifrs-full:BondsIssued>
    <ifrs-full:BondsIssued
      contextRef="I20211231_BorrowingsIssue8Member"
      decimals="-3"
      id="Tag1232"
      unitRef="BRL">210920000</ifrs-full:BondsIssued>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="D20221231_InterestRateRiskMember_BorrowingsIssue8Member_InterestRateHedgingInstruments1Member"
      id="Tag2498">CDI</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsAdjustmentToInterestRateBasis
      contextRef="I20221231_InterestRateRiskMember_BorrowingsIssue8Member_InterestRateHedgingInstruments1Member"
      decimals="4"
      id="Tag2393"
      unitRef="Pure">0.017</ifrs-full:BorrowingsAdjustmentToInterestRateBasis>
    <ifrs-full:BondsIssued
      contextRef="I20221231_BorrowingsIssue5Member_1"
      decimals="-3"
      id="Tag1068"
      unitRef="BRL">259843000</ifrs-full:BondsIssued>
    <ifrs-full:BondsIssued
      contextRef="I20211231_BorrowingsIssue5Member"
      decimals="-3"
      id="Tag2408"
      unitRef="BRL">0</ifrs-full:BondsIssued>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="D20221231_InterestRateRiskMember_BorrowingsIssue5Member_InterestRateHedgingInstruments3Member"
      id="Tag2255">CDI</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsAdjustmentToInterestRateBasis
      contextRef="I20221231_InterestRateRiskMember_BorrowingsIssue5Member_InterestRateHedgingInstruments3Member"
      decimals="4"
      id="Tag2493"
      unitRef="Pure">0.024</ifrs-full:BorrowingsAdjustmentToInterestRateBasis>
    <ifrs-full:BondsIssued
      contextRef="I20221231_BorrowingsIssue6Member"
      decimals="-3"
      id="Tag3248"
      unitRef="BRL">529465000</ifrs-full:BondsIssued>
    <ifrs-full:BondsIssued
      contextRef="I20211231_BorrowingsIssue6Member"
      decimals="-3"
      id="Tag2481"
      unitRef="BRL">514574000</ifrs-full:BondsIssued>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="D20221231_InterestRateRiskMember_BorrowingsIssue6Member_InterestRateHedgingInstruments4Member"
      id="Tag2412">CDI</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsAdjustmentToInterestRateBasis
      contextRef="I20221231_InterestRateRiskMember_BorrowingsIssue6Member_InterestRateHedgingInstruments4Member"
      decimals="4"
      id="Tag2217"
      unitRef="Pure">0.023</ifrs-full:BorrowingsAdjustmentToInterestRateBasis>
    <ifrs-full:BondsIssued
      contextRef="I20221231_InterestRateRiskMember_MindMakersEditoraEducacionalMember_3"
      decimals="-3"
      id="Tag7"
      unitRef="BRL">0</ifrs-full:BondsIssued>
    <ifrs-full:BondsIssued
      contextRef="I20211231_InterestRateRiskMember_MindMakersEditoraEducacionalMember_1"
      decimals="-3"
      id="Tag1072"
      unitRef="BRL">888000</ifrs-full:BondsIssued>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="D20221231_InterestRateRiskMember_InterestRateHedgingInstruments5Member_MindMakersEditoraEducacionalMember"
      id="Tag2223">TJPLP</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsAdjustmentToInterestRateBasis
      contextRef="I20221231_InterestRateRiskMember_InterestRateHedgingInstruments5Member_MindMakersEditoraEducacionalMember"
      decimals="2"
      id="Tag2494"
      unitRef="Pure">0.05</ifrs-full:BorrowingsAdjustmentToInterestRateBasis>
    <ifrs-full:LeaseLiabilities
      contextRef="I20221231_InterestRateRiskMember_3"
      decimals="-3"
      id="Tag2410"
      unitRef="BRL">140563000</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="I20211231_InterestRateRiskMember"
      decimals="-3"
      id="Tag2395"
      unitRef="BRL">160542000</ifrs-full:LeaseLiabilities>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="D20221231_InterestRateRiskMember_InterestRateHedgingInstruments6Member"
      id="Tag1233">IPCA</ifrs-full:BorrowingsInterestRateBasis>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20221231_InterestRateRiskMember_3"
      decimals="-3"
      id="Tag2257"
      unitRef="BRL">625277000</vsta:AccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20211231_InterestRateRiskMember"
      decimals="-3"
      id="Tag152"
      unitRef="BRL">532313000</vsta:AccountsPayableForBusinessCombination>
    <vsta:PercentageOfInterestRateBasis
      contextRef="I20221231_InterestRateRiskMember_InterestRateHedgingInstruments7Member"
      decimals="2"
      id="Tag2418"
      unitRef="Pure">1</vsta:PercentageOfInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="D20221231_InterestRateRiskMember_InterestRateHedgingInstruments7Member"
      id="Tag2224">CDI</ifrs-full:BorrowingsInterestRateBasis>
    <vsta:BorrowingsAndOtherPayablesUnderInterestRateRiskContract
      contextRef="I20221231_InterestRateRiskMember_3"
      decimals="-3"
      id="Tag2300"
      unitRef="BRL">1608836000</vsta:BorrowingsAndOtherPayablesUnderInterestRateRiskContract>
    <vsta:BorrowingsAndOtherPayablesUnderInterestRateRiskContract
      contextRef="I20211231_InterestRateRiskMember"
      decimals="-3"
      id="Tag3239"
      unitRef="BRL">1524081000</vsta:BorrowingsAndOtherPayablesUnderInterestRateRiskContract>
    <ifrs-full:NotesAndDebenturesIssued
      contextRef="I20220928_SomosSistemasDeEnsinoSaMember"
      decimals="-3"
      id="Tag11"
      unitRef="BRL">250000000</ifrs-full:NotesAndDebenturesIssued>
    <vsta:BorrowingsMaturityTerm
      contextRef="D20220928_NonCurrentBondsWithRelatedPartiesMember_SomosSistemasDeEnsinoSaMember"
      id="Tag2252">P37M</vsta:BorrowingsMaturityTerm>
    <ifrs-full:NotesAndDebenturesIssued
      contextRef="I20210806_NonCurrentBondsMember_SomosSistemasDeEnsinoSaMember"
      decimals="-3"
      id="Tag2045"
      unitRef="BRL">500000000</ifrs-full:NotesAndDebenturesIssued>
    <ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities contextRef="D20221231_3" id="Tag2250">
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 130px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Less than &lt;span&gt;one&lt;/span&gt; year &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Between &lt;span&gt;one&lt;/span&gt; and &lt;span&gt;two&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Over &lt;span&gt;two&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 52%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds and financing (Note &lt;span&gt;15&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 93,779 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 499,217 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 250,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 842,996 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Lease Liabilities (Note &lt;span&gt;17&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 23,151 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 22,921 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 94,491 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 140,563 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Accounts Payable for business combination and acquisition of associates (Note &lt;span&gt;19&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 73,007 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 389,186 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 163,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Suppliers (Note &lt;span&gt;16&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 250,647 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 250,647 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Reverse Factoring (Note &lt;span&gt;16&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 155,469 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 155,469 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other liabilities - related parties (Note &lt;span&gt;21&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 54 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 54 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 596,107 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 911,324 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 507,575 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,015,006 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
</ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities>
    <ifrs-full:Borrowings
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag2043"
      unitRef="BRL">93779000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag2417"
      unitRef="BRL">499217000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231_LaterThanTwoYearsMember"
      decimals="-3"
      id="Tag2504"
      unitRef="BRL">250000000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231"
      decimals="-3"
      id="Tag3240"
      unitRef="BRL">842996000</ifrs-full:Borrowings>
    <ifrs-full:LeaseLiabilities
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag2478"
      unitRef="BRL">23151000</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag2488"
      unitRef="BRL">22921000</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="I20221231_LaterThanTwoYearsMember"
      decimals="-3"
      id="Tag2473"
      unitRef="BRL">94491000</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="I20221231"
      decimals="-3"
      id="Tag2413"
      unitRef="BRL">140563000</ifrs-full:LeaseLiabilities>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag156"
      unitRef="BRL">73007000</vsta:AccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag2258"
      unitRef="BRL">389186000</vsta:AccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20221231_LaterThanTwoYearsMember"
      decimals="-3"
      id="Tag2471"
      unitRef="BRL">163084000</vsta:AccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20221231"
      decimals="-3"
      id="Tag3243"
      unitRef="BRL">625277000</vsta:AccountsPayableForBusinessCombination>
    <ifrs-full:TradeAndOtherPayablesToTradeSuppliers
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag2484"
      unitRef="BRL">250647000</ifrs-full:TradeAndOtherPayablesToTradeSuppliers>
    <ifrs-full:TradeAndOtherPayablesToTradeSuppliers
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag1795"
      unitRef="BRL">0</ifrs-full:TradeAndOtherPayablesToTradeSuppliers>
    <ifrs-full:TradeAndOtherPayablesToTradeSuppliers
      contextRef="I20221231_LaterThanTwoYearsMember"
      decimals="-3"
      id="Tag2220"
      unitRef="BRL">0</ifrs-full:TradeAndOtherPayablesToTradeSuppliers>
    <ifrs-full:TradeAndOtherPayablesToTradeSuppliers
      contextRef="I20221231"
      decimals="-3"
      id="Tag2489"
      unitRef="BRL">250647000</ifrs-full:TradeAndOtherPayablesToTradeSuppliers>
    <vsta:ReverseFactoringSuppliers
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag2216"
      unitRef="BRL">155469000</vsta:ReverseFactoringSuppliers>
    <vsta:ReverseFactoringSuppliers
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag2501"
      unitRef="BRL">0</vsta:ReverseFactoringSuppliers>
    <vsta:ReverseFactoringSuppliers
      contextRef="I20221231_LaterThanTwoYearsMember"
      decimals="-3"
      id="Tag1798"
      unitRef="BRL">0</vsta:ReverseFactoringSuppliers>
    <vsta:ReverseFactoringSuppliers
      contextRef="I20221231"
      decimals="-3"
      id="Tag2419"
      unitRef="BRL">155469000</vsta:ReverseFactoringSuppliers>
    <vsta:OtherLiabilitiesRelatedParties
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag2367"
      unitRef="BRL">54000</vsta:OtherLiabilitiesRelatedParties>
    <vsta:OtherLiabilitiesRelatedParties
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag2238"
      unitRef="BRL">0</vsta:OtherLiabilitiesRelatedParties>
    <vsta:OtherLiabilitiesRelatedParties
      contextRef="I20221231_LaterThanTwoYearsMember"
      decimals="-3"
      id="Tag2254"
      unitRef="BRL">0</vsta:OtherLiabilitiesRelatedParties>
    <vsta:OtherLiabilitiesRelatedParties
      contextRef="I20221231"
      decimals="-3"
      id="Tag3286"
      unitRef="BRL">54000</vsta:OtherLiabilitiesRelatedParties>
    <ifrs-full:FinancialLiabilities
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag3285"
      unitRef="BRL">596107000</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag2261"
      unitRef="BRL">911324000</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities
      contextRef="I20221231_LaterThanTwoYearsMember"
      decimals="-3"
      id="Tag2482"
      unitRef="BRL">507575000</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities
      contextRef="I20221231"
      decimals="-3"
      id="Tag2476"
      unitRef="BRL">2015006000</ifrs-full:FinancialLiabilities>
    <vsta:EstimatedInterestRate
      contextRef="I20221231"
      decimals="4"
      id="Tag1794"
      unitRef="Pure">0.1243</vsta:EstimatedInterestRate>
    <vsta:ScheduleOfFinancialLiabilitiesByMaturityRangesForEstimatedAmountsPayableBasedOnUndiscountedContractualAmountsTableTextBlock contextRef="D20221231_3" id="Tag1810">
&lt;table cellpadding="0" style="height: 129px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-weight: bold; font-size: 8pt;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Less than &lt;span&gt;one&lt;/span&gt; year &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Between &lt;span&gt;one&lt;/span&gt; and &lt;span&gt;two&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Over &lt;span&gt;two&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 52%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds and financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 105,436 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 561,270 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 281,075 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 947,781 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Lease Liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 26,029 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25,770 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 106,236 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 158,035 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Accounts Payable for business combination and acquisition of associates&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 82,082 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 437,562 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 183,355 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 702,999 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Suppliers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 281,802 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 281,802 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Reverse Factoring &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; 174,794 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 174,794 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other liabilities - related parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 61 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 61 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; 670,204 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; 1,024,602 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 570,666 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,265,472 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
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&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 78px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 77%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Net debt (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,969,241 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,518,247 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total shareholders' equity &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times;font-size: 10pt;line-height: inherit;font-weight: bold;"&gt; 4,629,679 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,665,209 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total capitalization (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,660,438 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 3,146,963 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Gearing ratio - % - (iii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 74 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;%&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;48&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_2CJ8RX3D2800000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 30px; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; (i) &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span&gt; Net debt comprises financial liabilities (note &lt;span&gt;7&lt;/span&gt;) net of cash and cash equivalents. &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (ii) &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 6pt; padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span&gt; Refers to the difference between Shareholders&#x2019; Equity and Net debt. &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0.75pt 0px; vertical-align: middle; width: 1.1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0.75pt 0px; vertical-align: middle; width: 2.82%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (iii) &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0.75pt 0px; vertical-align: middle; width: 96.08%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span&gt; The Gearing Ratio is calculated based on Net Debt/Total Capitalization. &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
</vsta:ScheduleOfCalculationOfGearingRatioTableTextBlock>
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      contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_BaseScenarioMember"
      id="Tag1809">CDI</ifrs-full:BorrowingsInterestRateBasis>
    <vsta:PercentageOfIncreaseInExpectedCreditLossRate
      contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario1Member"
      decimals="2"
      id="Tag32"
      unitRef="Pure">0.25</vsta:PercentageOfIncreaseInExpectedCreditLossRate>
    <vsta:PercentageOfIncreaseInExpectedCreditLossRate
      contextRef="D20221231_TwelvemonthExpectedCreditLossesMember_Scenario2Member"
      decimals="2"
      id="Tag2455"
      unitRef="Pure">0.50</vsta:PercentageOfIncreaseInExpectedCreditLossRate>
    <vsta:ScheduleOfSensitivityAnalysisOfPotentialLossesFromFinancialInstrumentsTableTextBlock contextRef="D20221231_3" id="Tag73">
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 182px; width: 99.9596%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 38.9053%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Index - % per year &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10.355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Balance as of December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Base scenario &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Scenario I &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.91124%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Scenario&#160;II &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.77515%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financial Investments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 103.40% of CDI &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.355%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 39,212 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,874 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6,093 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,311 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Marketable Securities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 103.39% CDI &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 380,514 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 47,298 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 59,122 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 70,947 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 419,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 52,172 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 65,215 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 78,258 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Accounts Payable for Business Combination and acquisition of associates&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 100% of CDI &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (77,722 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (97,152 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (116,583 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Lease liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; CDI + 1.28% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (140,563 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (17,472 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (21,840 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (26,208 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds and financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; CDI + 1.66% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (842,996 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (104,784 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (130,981 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (157,177 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,608,836 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (199,978 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (249,973 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (299,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Net exposure &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 10.355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,189,110 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (147,806 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (184,758 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 9.91124%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (221,710 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; width: 1.77515%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Interest rate -% p.a &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 10.355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 12.43 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 15.54 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 18.65 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 38.9053%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Stressing scenarios&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 50 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.77515%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
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      unitRef="Pure">0.50</vsta:PercentageOfIncreaseInExpectedCreditLossRate>
    <ifrs-full:DisclosureOfFinancialInstrumentsExplanatory contextRef="D20221231_3" id="Tag3454">
&lt;p style="font-size: 10pt; line-height: 115%; margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;7&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Financial Instruments by Category&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 115%; margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company holds the following financial instruments:&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_6RHQY3LBMO00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 294px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt;Hierarchy&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;span style="font-weight: bold;"&gt; December 31, &lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&lt;span&gt;2022&lt;/span&gt;&lt;/span&gt; &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;span style="font-weight: bold;"&gt; December 31, &lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&lt;span&gt;2021&lt;/span&gt;&lt;/span&gt; &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;Assets - Amortized cost&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; width: 67.9049%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Cash and cash equivalents &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.04012%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;45,765 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.48588%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;309,893 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; width: 67.9049%; margin: 0px; text-indent: 0px; height: 17px;"&gt;Marketable securities&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.04012%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"&gt;-&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.48588%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"&gt;166,349&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Trade receivables &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;649,135 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;505,514 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other receivables &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;972 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160;2,105 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Related parties &#x2013; other receivables &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,759 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160;501 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;697,631 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160; 984,362 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold;"&gt;Assets - Fair value &lt;/span&gt;&lt;span style="font-weight: bold;"&gt;through&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160;profit or loss&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Marketable securities &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;380,514 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; width: 67.9049%;"&gt;Other investments and interests in entities&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: center; width: 9.95542%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 9.95542%;"&gt;8,272&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 9.95542%;"&gt;-&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;388,786 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;Liabilities - Amortized cost&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Bonds and financing &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;842,996 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;831,226 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Lease liabilities &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;140,563 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;160,542 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Reverse factoring &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;155,469 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160;97,619 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Suppliers&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;250,647 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;167,168 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Accounts payable for business combination and acquisition of associates&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;569,360 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;497,187 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #bdd7ee; height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px; width: 67.9049%;"&gt;Accounts payable for business combination and acquisition of associates (i)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px; text-align: center; width: 9.95542%;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 9.95542%;"&gt;55,917&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 9.95542%;"&gt;35,126&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other liabilities - related parties&#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; 54 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;39,271 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;2,015,006 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;1,828,139 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; padding: 0px;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;Refers to a portion of the liability remeasured based on economic activity of the acquired entity (post-closing price adjustments).&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;

&lt;p style="text-align: justify; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', 'serif';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-weight: bold; margin: 0px; text-indent: 0px; font-size: 10pt; font-family: 'times new roman', times;"&gt;Valuation techniques and significant unobservable inputs&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;

&lt;div style="border-right: none; border-left: none;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="margin: 0px; text-indent: 0px; font-size: 10pt; font-family: 'times new roman', times;"&gt;The following table shows the valuation techniques used in measuring level &lt;span&gt;3&lt;/span&gt; fair values, as well as the significant unobservable inputs used:&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table border="0" cellpadding="0" style="height: 41px; width: 100%; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="width: 15.78%; padding: 0cm 3.5pt; height: 10px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"&gt;&lt;b&gt;&lt;span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;"&gt;Entities&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;b&gt;&lt;span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;Valuation technique&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;b&gt;&lt;span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;"&gt;Significant unobservable inputs&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;b&gt;&lt;span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;"&gt;Inter-relationship between key unobservable inputs and fair value measurement&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1px; background-color: #bdd7ee;"&gt;
&lt;td style="width: 15.78%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Phidelis &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 29.42%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 26.18%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;1. The achievement of financial targets are linked to net revenue of the years 2023 and 2024. &lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;2.Revenue: we consider for the revenue projection the continuity of old contracts and new contracts with average annual revenue growth of 21.1%.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 24.2%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;&lt;span style="-sec-ix-hidden:Tag3486"&gt;The estimated fair value would increase (decrease) if:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;- Any product is no longer monetized (lower)&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;&lt;span style="line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span&gt;- The risk-adjusted discount rates were lower (higher)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="width: 15.78%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; SEL &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; 1. Renewal, in writing, to the year 2023 and 2024, of the Structured Teaching Program Contract; or &lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;2. Entering a new contract, in writing, with SESI effective for the year 2024, with or without the need for bidding, so that the Buyer continues to provide in the year of 2024 services to SESI, according to the specific scope to be defined by SESI (&#x201c;Renovation Structured Teaching Program 2024&#x201d;). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;The estimated fair value would increase (decrease) if:&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 20pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;- No contract renewal (lower)&lt;span style="color: #000000; line-height: inherit;"/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="width: 15.78%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; 1. Net Revenue Target 2023: R$3,952 &lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;2. (i) 2023 Net Revenue equal to or greater than R$3,952 so = 100%, (ii) 2023 Net Revenue equal to or greater than R$2,799 and less than R$3,952 so 70%, (iii) 2023 Net Revenue equal to or greater than R$ 2,659 and less than R$2,799 so 60%, (iv) 2023 Net Revenue equal to or greater than R$2,379 and less than R$2,659 so, 40%, and (v) Net Revenue less than R$2,379 so 0%. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Not applicable. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="width: 15.78%; border: none; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Educbank &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 29.42%; border: none; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (students enrolled). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 26.18%; border: none; padding: 0px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1. Reaching 25,000 new students effectively hired, as determined after issuing bank slips, in relation to the Company's services&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;2. Reaching 37,000 new students effectively hired, as determined after issuing bank slips, in relation to the Company's services. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 24.2%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The estimated fair value would increase (decrease) if:&lt;span style="color: black; line-height: inherit;"&gt;&lt;br/&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 20pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;- Not applicable.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="text-align: justify; background: white; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10.0pt;"&gt;The Company has not disclosed the fair values of your financial instruments, because their carrying amounts approximates fair value.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
</ifrs-full:DisclosureOfFinancialInstrumentsExplanatory>
    <ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory contextRef="D20221231_3" id="Tag3453">
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company holds the following financial instruments:&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_6RHQY3LBMO00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 294px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt;Hierarchy&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;span style="font-weight: bold;"&gt; December 31, &lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&lt;span&gt;2022&lt;/span&gt;&lt;/span&gt; &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; text-align: center; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;span style="font-weight: bold;"&gt; December 31, &lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&lt;span&gt;2021&lt;/span&gt;&lt;/span&gt; &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;Assets - Amortized cost&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; width: 67.9049%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Cash and cash equivalents &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.04012%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;45,765 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.48588%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;309,893 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; width: 67.9049%; margin: 0px; text-indent: 0px; height: 17px;"&gt;Marketable securities&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.04012%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"&gt;-&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.48588%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.95542%; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"&gt;166,349&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Trade receivables &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;649,135 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;505,514 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other receivables &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;972 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160;2,105 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Related parties &#x2013; other receivables &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,759 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160;501 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;697,631 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160; 984,362 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold;"&gt;Assets - Fair value &lt;/span&gt;&lt;span style="font-weight: bold;"&gt;through&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160;profit or loss&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Marketable securities &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;380,514 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; width: 67.9049%;"&gt;Other investments and interests in entities&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: center; width: 9.95542%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 9.95542%;"&gt;8,272&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; height: 17px; width: 9.95542%;"&gt;-&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;388,786 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;Liabilities - Amortized cost&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Bonds and financing &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;842,996 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;831,226 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Lease liabilities &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;140,563 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;160,542 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Reverse factoring &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;155,469 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160;97,619 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Suppliers&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;250,647 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;167,168 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Accounts payable for business combination and acquisition of associates&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;569,360 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;497,187 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #bdd7ee; height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px; width: 67.9049%;"&gt;Accounts payable for business combination and acquisition of associates (i)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee; height: 17px; text-align: center; width: 9.95542%;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 9.95542%;"&gt;55,917&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; height: 17px; width: 9.95542%;"&gt;35,126&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other liabilities - related parties&#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; 54 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; text-align: right; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;39,271 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 67.9049%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; text-align: center; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.04012%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;2,015,006 &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; width: 1.48588%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; margin: 0px; text-indent: 0px; text-align: right; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95542%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;1,828,139 &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; padding: 0px;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;Refers to a portion of the liability remeasured based on economic activity of the acquired entity (post-closing price adjustments).&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
</ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory>
    <ifrs-full:FinancialAssets
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      id="Tag3282"
      unitRef="BRL">45765000</ifrs-full:FinancialAssets>
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      id="Tag3251"
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&lt;div style="border-right: none; border-left: none;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="margin: 0px; text-indent: 0px; font-size: 10pt; font-family: 'times new roman', times;"&gt;The following table shows the valuation techniques used in measuring level &lt;span&gt;3&lt;/span&gt; fair values, as well as the significant unobservable inputs used:&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0in 0in 0.0001pt; font-size: 10.5pt; font-family: Calibri, 'sans-serif';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table border="0" cellpadding="0" style="height: 41px; width: 100%; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="width: 15.78%; padding: 0cm 3.5pt; height: 10px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"&gt;&lt;b&gt;&lt;span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;"&gt;Entities&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;b&gt;&lt;span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;Valuation technique&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;b&gt;&lt;span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;"&gt;Significant unobservable inputs&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;b&gt;&lt;span style="font-size: 7pt; font-family: Georgia, serif; color: black; line-height: inherit;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; line-height: inherit;"&gt;Inter-relationship between key unobservable inputs and fair value measurement&lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1px; background-color: #bdd7ee;"&gt;
&lt;td style="width: 15.78%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Phidelis &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 29.42%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 26.18%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;1. The achievement of financial targets are linked to net revenue of the years 2023 and 2024. &lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;2.Revenue: we consider for the revenue projection the continuity of old contracts and new contracts with average annual revenue growth of 21.1%.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 1px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 24.2%; padding: 0px 4px 10px; height: 1px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;&lt;span style="-sec-ix-hidden:Tag3486"&gt;The estimated fair value would increase (decrease) if:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;- Any product is no longer monetized (lower)&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;&lt;span style="line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span&gt;- The risk-adjusted discount rates were lower (higher)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="width: 15.78%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; SEL &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; 1. Renewal, in writing, to the year 2023 and 2024, of the Structured Teaching Program Contract; or &lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;2. Entering a new contract, in writing, with SESI effective for the year 2024, with or without the need for bidding, so that the Buyer continues to provide in the year of 2024 services to SESI, according to the specific scope to be defined by SESI (&#x201c;Renovation Structured Teaching Program 2024&#x201d;). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;The estimated fair value would increase (decrease) if:&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 20pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;- No contract renewal (lower)&lt;span style="color: #000000; line-height: inherit;"/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="width: 15.78%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 29.42%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 26.18%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; 1. Net Revenue Target 2023: R$3,952 &lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;2. (i) 2023 Net Revenue equal to or greater than R$3,952 so = 100%, (ii) 2023 Net Revenue equal to or greater than R$2,799 and less than R$3,952 so 70%, (iii) 2023 Net Revenue equal to or greater than R$ 2,659 and less than R$2,799 so 60%, (iv) 2023 Net Revenue equal to or greater than R$2,379 and less than R$2,659 so, 40%, and (v) Net Revenue less than R$2,379 so 0%. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 24.2%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; padding: 0px 4px 10px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Not applicable. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="width: 15.78%; border: none; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Educbank &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;"/&gt;
&lt;td style="width: 29.42%; border: none; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt; Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (students enrolled). &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0px 4px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 26.18%; border: none; padding: 0px; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1. Reaching 25,000 new students effectively hired, as determined after issuing bank slips, in relation to the Company's services&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 10pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;2. Reaching 37,000 new students effectively hired, as determined after issuing bank slips, in relation to the Company's services. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.48%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"/&gt;
&lt;td style="width: 24.2%; padding: 0cm 3.5pt; height: 10px; background-color: #ffffff; margin-left: 0.1px;" valign="top"&gt;
&lt;p style="text-align: right; margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The estimated fair value would increase (decrease) if:&lt;span style="color: black; line-height: inherit;"&gt;&lt;br/&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="text-align: right; margin: 20pt 0pt 0pt 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;"&gt;- Not applicable.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</ifrs-full:DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory>
    <ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities
      contextRef="D20221231_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember_ContingentConsiderationMember_Level3OfFairValueHierarchyMember"
      id="Tag3256">Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue).</ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities>
    <ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities
      contextRef="D20221231_UnobservableInputs1Member_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember"
      id="Tag3446">1. The achievement of financial targets are linked to net revenue of the years 2023 and 2024.</ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities>
    <ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities
      contextRef="D20221231_UnobservableInputs2Member_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember"
      id="Tag1273">2.Revenue: we consider for the revenue projection the continuity of old contracts and new contracts with average annual revenue growth of 21.1%.</ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities>
    <vsta:ExpectedWeightedAverageAnnualRevenueGrowthRate
      contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember_UnobservableInputs2Member"
      decimals="3"
      id="Tag3283"
      unitRef="Pure">0.211</vsta:ExpectedWeightedAverageAnnualRevenueGrowthRate>
    <ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities
      contextRef="D20221231_UnobservableInputs2Member_PhidelisTecnologiaDesenvolvimentoDeSistemasLtdaAndMvpConsultoriaESistemasLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember"
      id="Tag115">The risk-adjusted discount rates were lower (higher)</ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities>
    <ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities
      contextRef="D20221231_SociedadeEducacionalDaLagoaLtdaMember_ContingentConsiderationMember_Level3OfFairValueHierarchyMember"
      id="Tag3393">Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue).</ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities>
    <ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities
      contextRef="D20221231_UnobservableInputs1Member_SociedadeEducacionalDaLagoaLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember"
      id="Tag3263">1. Renewal, in writing, to the year 2023 and 2024, of the Structured Teaching Program Contract; or</ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities>
    <ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities
      contextRef="D20221231_UnobservableInputs2Member_SociedadeEducacionalDaLagoaLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember"
      id="Tag3462">2. Entering a new contract, in writing, with SESI effective for the year 2024, with or without the need for bidding, so that the Buyer continues to provide in the year of 2024 services to SESI, according to the specific scope to be defined by SESI (&#x201c;Renovation Structured Teaching Program 2024&#x201d;).</ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities>
    <ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities
      contextRef="D20221231_UnobservableInputs1Member_SociedadeEducacionalDaLagoaLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember"
      id="Tag3261">The estimated fair value would increase (decrease) if:</ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities>
    <ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities
      contextRef="D20221231_UnobservableInputs2Member_SociedadeEducacionalDaLagoaLtdaMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember"
      id="Tag3267">- No contract renewal (lower)</ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities>
    <ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities
      contextRef="D20221231_Nota1000ServicosEducacionaisSAMember_ContingentConsiderationMember_Level3OfFairValueHierarchyMember"
      id="Tag114">Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue).</ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities>
    <ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities
      contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_UnobservableInputs1Member"
      id="Tag3259">1. Net Revenue Target 2023: R$3,952 </ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities>
    <ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities
      contextRef="D20221231_UnobservableInputs2Member_Nota1000ServicosEducacionaisSAMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember"
      id="Tag1274">2. (i) 2023 Net Revenue equal to or greater than R$3,952 so = 100%, (ii) 2023 Net Revenue equal to or greater than R$2,799 and less than R$3,952 so 70%, (iii) 2023 Net Revenue equal to or greater than R$ 2,659 and less than R$2,799 so 60%, (iv) 2023 Net Revenue equal to or greater than R$2,379 and less than R$2,659 so, 40%, and (v) Net Revenue less than R$2,379 so 0%.</ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities>
    <vsta:NetRevenueTargetForNextFiscalYear
      contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget1Member_UnobservableInputs2Member_BottomOfRangeMember"
      decimals="-3"
      id="Tag3275"
      unitRef="BRL">3952000</vsta:NetRevenueTargetForNextFiscalYear>
    <vsta:PercentageOfNetRevenueTargetForNextFiscalYear
      contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget1Member_UnobservableInputs2Member"
      decimals="2"
      id="Tag3290"
      unitRef="Pure">1</vsta:PercentageOfNetRevenueTargetForNextFiscalYear>
    <vsta:NetRevenueTargetForNextFiscalYear
      contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget2Member_UnobservableInputs2Member_BottomOfRangeMember"
      decimals="-3"
      id="Tag3390"
      unitRef="BRL">2799000</vsta:NetRevenueTargetForNextFiscalYear>
    <vsta:NetRevenueTargetForNextFiscalYear
      contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget2Member_UnobservableInputs2Member_TopOfRangeMember"
      decimals="-3"
      id="Tag3391"
      unitRef="BRL">3952000</vsta:NetRevenueTargetForNextFiscalYear>
    <vsta:PercentageOfNetRevenueTargetForNextFiscalYear
      contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget2Member_UnobservableInputs2Member"
      decimals="2"
      id="Tag3455"
      unitRef="Pure">0.70</vsta:PercentageOfNetRevenueTargetForNextFiscalYear>
    <vsta:NetRevenueTargetForNextFiscalYear
      contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget3Member_UnobservableInputs2Member_BottomOfRangeMember"
      decimals="-3"
      id="Tag3260"
      unitRef="BRL">2659000</vsta:NetRevenueTargetForNextFiscalYear>
    <vsta:NetRevenueTargetForNextFiscalYear
      contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget3Member_UnobservableInputs2Member_TopOfRangeMember"
      decimals="-3"
      id="Tag3466"
      unitRef="BRL">2799000</vsta:NetRevenueTargetForNextFiscalYear>
    <vsta:PercentageOfNetRevenueTargetForNextFiscalYear
      contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget3Member_UnobservableInputs2Member"
      decimals="2"
      id="Tag3465"
      unitRef="Pure">0.60</vsta:PercentageOfNetRevenueTargetForNextFiscalYear>
    <vsta:NetRevenueTargetForNextFiscalYear
      contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget4Member_UnobservableInputs2Member_BottomOfRangeMember"
      decimals="-3"
      id="Tag3467"
      unitRef="BRL">2379000</vsta:NetRevenueTargetForNextFiscalYear>
    <vsta:NetRevenueTargetForNextFiscalYear
      contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget4Member_UnobservableInputs2Member_TopOfRangeMember"
      decimals="-3"
      id="Tag3480"
      unitRef="BRL">2659000</vsta:NetRevenueTargetForNextFiscalYear>
    <vsta:PercentageOfNetRevenueTargetForNextFiscalYear
      contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget4Member_UnobservableInputs2Member"
      decimals="2"
      id="Tag3273"
      unitRef="Pure">0.40</vsta:PercentageOfNetRevenueTargetForNextFiscalYear>
    <vsta:NetRevenueTargetForNextFiscalYear
      contextRef="D20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget5Member_UnobservableInputs2Member_TopOfRangeMember"
      decimals="-3"
      id="Tag3269"
      unitRef="BRL">2379000</vsta:NetRevenueTargetForNextFiscalYear>
    <vsta:PercentageOfNetRevenueTargetForNextFiscalYear
      contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_Nota1000ServicosEducacionaisSAMember_RevenueTarget5Member_UnobservableInputs2Member"
      decimals="2"
      id="Tag3458"
      unitRef="Pure">0</vsta:PercentageOfNetRevenueTargetForNextFiscalYear>
    <ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities
      contextRef="D20221231_Nota1000ServicosEducacionaisSAMember_ContingentConsiderationMember_Level3OfFairValueHierarchyMember"
      id="Tag3276">Not applicable.</ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities>
    <ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities
      contextRef="D20221231_EducbankGestaoDePagamentosEducacionaisSAMember_ContingentConsiderationMember_Level3OfFairValueHierarchyMember"
      id="Tag3476">Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (students enrolled).</ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementLiabilities>
    <ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities
      contextRef="D20221231_UnobservableInputs1Member_EducbankGestaoDePagamentosEducacionaisSAMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember"
      id="Tag3280">1. Reaching 25,000 new students effectively hired, as determined after issuing bank slips, in relation to the Company's services</ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities>
    <vsta:ExpectedNumberOfNewStudentsToBeHiredEffectively
      contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_EducbankGestaoDePagamentosEducacionaisSAMember_UnobservableInputs1Member"
      decimals="0"
      id="Tag3270"
      unitRef="Pure">25000</vsta:ExpectedNumberOfNewStudentsToBeHiredEffectively>
    <ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities
      contextRef="D20221231_UnobservableInputs2Member_EducbankGestaoDePagamentosEducacionaisSAMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember"
      id="Tag1272">2. Reaching 37,000 new students effectively hired, as determined after issuing bank slips, in relation to the Company's services.</ifrs-full:DescriptionOfInputsUsedInFairValueMeasurementLiabilities>
    <vsta:ExpectedNumberOfNewStudentsToBeHiredEffectively
      contextRef="I20221231_ContingentConsiderationMember_Level3OfFairValueHierarchyMember_EducbankGestaoDePagamentosEducacionaisSAMember_UnobservableInputs2Member"
      decimals="0"
      id="Tag3277"
      unitRef="Pure">37000</vsta:ExpectedNumberOfNewStudentsToBeHiredEffectively>
    <ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities
      contextRef="D20221231_UnobservableInputs1Member_EducbankGestaoDePagamentosEducacionaisSAMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember"
      id="Tag3265">The estimated fair value would increase (decrease) if:</ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities>
    <ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities
      contextRef="D20221231_UnobservableInputs2Member_EducbankGestaoDePagamentosEducacionaisSAMember_Level3OfFairValueHierarchyMember_ContingentConsiderationMember"
      id="Tag3255">- Not applicable.</ifrs-full:DescriptionOfReasonsForTransfersIntoLevel3OfFairValueHierarchyLiabilities>
    <ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory contextRef="D20221231_3" id="Tag3394">
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 5pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;8&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Cash and cash equivalents&lt;/span&gt;&lt;/p&gt;
&lt;ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;"&gt;
&lt;li style="font-family: 'Times New Roman'; font-size: 10.5pt; font-weight: bold; line-height: 125%; margin: 0pt 0pt 5pt 31.13pt; padding-left: 4.88pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Composition&lt;/span&gt;&lt;/li&gt;
&lt;/ol&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The balance of this account comprises the following amounts:&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div id="t_ft_O3685BO25C00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 86px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 73%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Cash &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 12%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 12%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Bank account &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 6,546 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 17,772 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Financial investments (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 39,212 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 292,021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 45,765 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 309,893 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: Georgia; font-size: 8pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; height: 10px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; width: 3%; height: 10px;" valign="top"&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;(&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;i&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;)&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; text-align: justify; width: 97%; height: 10px;"&gt;&lt;span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% of the annual CDI rate on&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;December 31, 2022&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (105.2&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% on December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;). All investments are highly liquid investments that are readily convertible to known amounts of&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;cash&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and which are subject to an insignificant risk of changes in value and correspond to the cash obligations for the period.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

</ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory>
    <vsta:ScheduleOfCashAndCashEquivalentTableTextBlock contextRef="D20221231_3" id="Tag3389">
&lt;div id="t_ft_O3685BO25C00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 86px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 73%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Cash &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 12%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 12%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Bank account &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 6,546 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 17,772 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Financial investments (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 39,212 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 292,021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 45,765 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 309,893 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: Georgia; font-size: 8pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; height: 10px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; width: 3%; height: 10px;" valign="top"&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;(&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;i&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;)&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; text-align: justify; width: 97%; height: 10px;"&gt;&lt;span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% of the annual CDI rate on&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;December 31, 2022&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (105.2&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% on December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;). All investments are highly liquid investments that are readily convertible to known amounts of&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;cash&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and which are subject to an insignificant risk of changes in value and correspond to the cash obligations for the period.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
</vsta:ScheduleOfCashAndCashEquivalentTableTextBlock>
    <ifrs-full:CashOnHand
      contextRef="I20221231"
      decimals="-3"
      id="Tag848"
      unitRef="BRL">7000</ifrs-full:CashOnHand>
    <ifrs-full:CashOnHand
      contextRef="I20211231"
      decimals="-3"
      id="Tag844"
      unitRef="BRL">100000</ifrs-full:CashOnHand>
    <ifrs-full:BalancesWithBanks
      contextRef="I20221231"
      decimals="-3"
      id="Tag847"
      unitRef="BRL">6546000</ifrs-full:BalancesWithBanks>
    <ifrs-full:BalancesWithBanks
      contextRef="I20211231"
      decimals="-3"
      id="Tag843"
      unitRef="BRL">17772000</ifrs-full:BalancesWithBanks>
    <ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents
      contextRef="I20221231"
      decimals="-3"
      id="Tag846"
      unitRef="BRL">39212000</ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents>
    <ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents
      contextRef="I20211231"
      decimals="-3"
      id="Tag842"
      unitRef="BRL">292021000</ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents>
    <ifrs-full:CashAndCashEquivalents
      contextRef="I20221231"
      decimals="-3"
      id="Tag845"
      unitRef="BRL">45765000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:CashAndCashEquivalents
      contextRef="I20211231"
      decimals="-3"
      id="Tag841"
      unitRef="BRL">309893000</ifrs-full:CashAndCashEquivalents>
    <vsta:AverageGrossYieldOfDeposits
      contextRef="I20221231"
      decimals="2"
      id="Tag840"
      unitRef="Pure">1.03</vsta:AverageGrossYieldOfDeposits>
    <vsta:AverageGrossYieldOfDeposits
      contextRef="I20211231"
      decimals="3"
      id="Tag839"
      unitRef="Pure">1.052</vsta:AverageGrossYieldOfDeposits>
    <ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory contextRef="D20221231_3" id="Tag852">
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 5pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;9&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Marketable&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;securities &lt;/span&gt;&lt;/p&gt;
&lt;p&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160; &lt;span style="border-left: none; border-right: none;"&gt;a&lt;/span&gt;.&#160; Composition&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;div id="t_ft_ON72UZ5LJK00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 103px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Credit Risk &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Financial bills (LF) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; AAA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,640 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Financial treasury bills (LFT) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; AAA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 164,709 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Private investment fund &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; AAA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 31,842 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Private investment fund &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; AA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 348,672 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 380,514 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: middle; background-color: #bdd7ee; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 166,349 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The average gross yield of securities is based on 104&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% CDI on December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (101&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% CDI on December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;).&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory>
    <vsta:ScheduleOfMarketableSecuritiesTableTextBlock contextRef="D20221231_3" id="Tag849">
&lt;div id="t_ft_ON72UZ5LJK00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 103px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Credit Risk &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Financial bills (LF) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; AAA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,640 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Financial treasury bills (LFT) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; AAA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 164,709 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Private investment fund &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; AAA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 31,842 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Private investment fund &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; AA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 348,672 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 380,514 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: middle; background-color: #bdd7ee; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 166,349 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfMarketableSecuritiesTableTextBlock>
    <vsta:CurrentBills
      contextRef="I20221231_CreditRiskMember_StandardPoorsAAARatingMember"
      decimals="-3"
      id="Tag3315"
      unitRef="BRL">0</vsta:CurrentBills>
    <vsta:CurrentBills
      contextRef="I20211231_CreditRiskMember_StandardPoorsAAARatingMember"
      decimals="-3"
      id="Tag3312"
      unitRef="BRL">1640000</vsta:CurrentBills>
    <vsta:CurrentTreasuryBills
      contextRef="I20221231_CreditRiskMember_StandardPoorsAAARatingMember"
      decimals="-3"
      id="Tag3314"
      unitRef="BRL">0</vsta:CurrentTreasuryBills>
    <vsta:CurrentTreasuryBills
      contextRef="I20211231_CreditRiskMember_StandardPoorsAAARatingMember"
      decimals="-3"
      id="Tag3313"
      unitRef="BRL">164709000</vsta:CurrentTreasuryBills>
    <vsta:CurrentPrivateInvestmentFund
      contextRef="I20221231_CreditRiskMember_StandardPoorsAAARatingMember"
      decimals="-3"
      id="Tag3311"
      unitRef="BRL">31842000</vsta:CurrentPrivateInvestmentFund>
    <vsta:CurrentPrivateInvestmentFund
      contextRef="I20211231_CreditRiskMember_StandardPoorsAAARatingMember"
      decimals="-3"
      id="Tag3309"
      unitRef="BRL">0</vsta:CurrentPrivateInvestmentFund>
    <vsta:CurrentPrivateInvestmentFund
      contextRef="I20221231_CreditRiskMember_StandardPoorsAARatingMember"
      decimals="-3"
      id="Tag3310"
      unitRef="BRL">348672000</vsta:CurrentPrivateInvestmentFund>
    <vsta:CurrentPrivateInvestmentFund
      contextRef="I20211231_CreditRiskMember_StandardPoorsAARatingMember"
      decimals="-3"
      id="Tag3308"
      unitRef="BRL">0</vsta:CurrentPrivateInvestmentFund>
    <vsta:CurrentMarketableSecurities
      contextRef="I20221231"
      decimals="-3"
      id="Tag851"
      unitRef="BRL">380514000</vsta:CurrentMarketableSecurities>
    <vsta:CurrentMarketableSecurities
      contextRef="I20211231"
      decimals="-3"
      id="Tag850"
      unitRef="BRL">166349000</vsta:CurrentMarketableSecurities>
    <vsta:AverageGrossYieldOfSecurities
      contextRef="I20221231"
      decimals="2"
      id="Tag862"
      unitRef="Pure">1.04</vsta:AverageGrossYieldOfSecurities>
    <vsta:AverageGrossYieldOfSecurities
      contextRef="I20211231"
      decimals="2"
      id="Tag863"
      unitRef="Pure">1.01</vsta:AverageGrossYieldOfSecurities>
    <ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory contextRef="D20221231_3" id="Tag3401">
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;10&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Trade receivables &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 2.55pt 10pt 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The balance of this account comprises the following amounts:&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"&gt;a.&lt;span style="font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Composition&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 14.89pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 14.89pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;

&lt;div id="t_ft_K7YGPNKLTC00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 79px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 76.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 76.9231%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9.91124%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 711,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9.91124%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 505,190 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; Related Parties (Note &lt;span&gt;21&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,177 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 46,824 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 76.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; ( - ) Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (69,481 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (46,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; width: 76.9231%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 649,135 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 505,514 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;span style="font-size: 10pt; text-align: justify;"&gt;&#160;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"&gt;b.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Maturities of trade receivables&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 14.89pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;

&lt;div id="t_ft_FISSH7DP2800000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.9241%; height: 200px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 77%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Not yet due &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 563,005 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 417,233 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Past due &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Up to &lt;span&gt;30&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 19,435 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,657 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; From &lt;span&gt;31&lt;/span&gt; to &lt;span&gt;60&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 22,637 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10,331 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; From &lt;span&gt;61&lt;/span&gt; to &lt;span&gt;90&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 12,193 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,366 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; From &lt;span&gt;91&lt;/span&gt; to &lt;span&gt;180&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 42,169 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 21,154 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; From &lt;span&gt;181&lt;/span&gt; to &lt;span&gt;360&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 31,357 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 23,852 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Over &lt;span&gt;360&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20,643 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 15,597 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total past due &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 148,434 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 87,957 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160;Related parties (note &lt;span&gt;21&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,177 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 46,824 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (69,481 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (46,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 649,135 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 505,514 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;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.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"&gt;c.&lt;span style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 20px;"&gt;Impairment losses on trade receivables&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The Company measures impairment losses on trade receivables at an amount equal to lifetime expected credit losses (&#x201c;ECL&#x201d;) estimated using a monthly provision matrix. This matrix is prepared by analyzing the receivables established each month (in the &lt;span&gt;12&lt;/span&gt;-month period) and the related composition per default range and by calculating the recovery performance. In this methodology, for each default range an estimated loss likelihood percentage is established, which considers current and prospective information on macroeconomic factors that affect the customers&#x2019; ability to settle the receivables.&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company also recognizes impairment losses on trade receivables at 100% for customers that filed for judicial recovery or bankruptcy, based on historical experience, which indicates that these receivables are generally not recoverable.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The credit risk and expected credit losses associated with amounts due from related parties is not significant.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;The following table details the risk profile of trade receivables based on the Company&#x2019;s provision matrix as of December 31, &lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; and as of December 31, 202&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; &lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;d.&#160;&#160;&lt;/span&gt;&lt;span style="color: rgb(0, 0, 0); font-family: &amp;quot;times new roman&amp;quot;, times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"&gt;Expected credit losses&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: rgb(0, 0, 0); font-family: &amp;quot;times new roman&amp;quot;, times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"&gt;aging&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;div style="margin: 0pt; padding-left: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;div id="fs_D3RJWOBYO000000000000000000000B"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;div style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="height: 200px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;"&gt;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Expected credit loss rate (%) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Lifetime ECL (R$) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Expected credit loss rate (%) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Lifetime ECL (R$) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 54%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Not yet due &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1.52% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8,970 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 0.30% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,263 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Past due &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Up to &lt;span&gt;30&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 9.53% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,072 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12.67% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,219 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; From &lt;span&gt;31&lt;/span&gt; to &lt;span&gt;60&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 14.09% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,728 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 17.01% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,769 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; From &lt;span&gt;61&lt;/span&gt; to &lt;span&gt;90&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 19.87% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,335 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 23.75% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,764 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; From &lt;span&gt;91&lt;/span&gt; to &lt;span&gt;180&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 29.66% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 10,096 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 35.71% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 7,608 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; From &lt;span&gt;181&lt;/span&gt; to &lt;span&gt;360&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 48.35% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12,465 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 72.90% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 17,399 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Over &lt;span&gt;360&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 76.40% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 15,434 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 99.23% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 15,478 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Total past due &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 54,100 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 46,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Customers in judicial recovery (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;15,381 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (-) Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 69,481 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 46,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3.28346%; vertical-align: top;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 96.7165%;"&gt;&lt;span style="font-size: 10pt; color: #000000;"&gt;&lt;span style="mso-list: Ignore;"&gt;&lt;span&gt;&lt;span style="font-size: 10.0pt; color: black;"&gt;On December 31, 2022 the Company&#x2019;s Management recorded R$15 million in provision for expected credit loss relating to the entirely of Vasta&#x2019;s receivable for products in inventory of a large retail company in judicial recovery. The Company did not identify customers in judicial recovery as of December 31, 2021.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0in 0in 0.0001pt 28.35pt; text-align: justify; text-indent: -28.35pt; font-size: 10pt; font-family: 'Times New Roman', 'serif';"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="background-color: #ffffff;"&gt;The following table shows the c&lt;/span&gt;hanges in impairment losses on trade receivables for the years ended December 31, 2022, &lt;span&gt;2021&lt;/span&gt; and &lt;span&gt;2020&lt;/span&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"&gt;e.&#160;&#160;&lt;span style="font-weight: bold;"&gt;Changes on provision&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; padding-left: 16.06pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; padding-left: 16.06pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt;"&gt;

&lt;div id="t_ft_ZZ2JFFC59S00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 81px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 64.9331%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.9331%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Opening balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 46,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 32,055 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 22,524 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.9331%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 45,904 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 39,326 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 29,870 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.9331%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Reversals &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (288 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,854 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (4,855 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 64.9331%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Write offs (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (22,635 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (22,027 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15,484 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 64.9331%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Closing balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 69,481 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 46,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 32,055 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_3ZVGVF8MZ400000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; width: 3%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 97%;"&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;The Company assessed its customers credit lines, on a regular basis. Due to historical losses and lack of prospects of credit recovery alongside these customers, the Company recognized R$ 22,635 as write-off as of December 31, 2022 (R$ 22,027 as of December 31, 2021).&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;/div&gt;
</ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory>
    <vsta:ScheduleOfTradeReceivablesTableTextBlock contextRef="D20221231_3" id="Tag875">
&lt;div id="t_ft_K7YGPNKLTC00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 79px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 76.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 76.9231%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9.91124%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 711,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9.91124%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 505,190 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1.0355%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; Related Parties (Note &lt;span&gt;21&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,177 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 46,824 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 76.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt; font-weight: bold;"&gt; ( - ) Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (69,481 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (46,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; width: 76.9231%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 649,135 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 9.91124%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 505,514 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 18px; width: 1.0355%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfTradeReceivablesTableTextBlock>
    <vsta:TradeReceivableGrossCurrent
      contextRef="I20221231"
      decimals="-3"
      id="Tag3360"
      unitRef="BRL">711439000</vsta:TradeReceivableGrossCurrent>
    <vsta:TradeReceivableGrossCurrent
      contextRef="I20211231"
      decimals="-3"
      id="Tag3327"
      unitRef="BRL">505190000</vsta:TradeReceivableGrossCurrent>
    <vsta:TradeReceivableRelatedPartiesCurrent
      contextRef="I20221231"
      decimals="-3"
      id="Tag877"
      unitRef="BRL">7177000</vsta:TradeReceivableRelatedPartiesCurrent>
    <vsta:TradeReceivableRelatedPartiesCurrent
      contextRef="I20211231"
      decimals="-3"
      id="Tag3356"
      unitRef="BRL">46824000</vsta:TradeReceivableRelatedPartiesCurrent>
    <vsta:ProvisionForImpairmentOfTradeReceivables
      contextRef="I20221231"
      decimals="-3"
      id="Tag3352"
      unitRef="BRL">69481000</vsta:ProvisionForImpairmentOfTradeReceivables>
    <vsta:ProvisionForImpairmentOfTradeReceivables
      contextRef="I20211231"
      decimals="-3"
      id="Tag3345"
      unitRef="BRL">46500000</vsta:ProvisionForImpairmentOfTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20221231"
      decimals="-3"
      id="Tag3358"
      unitRef="BRL">649135000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20211231"
      decimals="-3"
      id="Tag3350"
      unitRef="BRL">505514000</ifrs-full:CurrentTradeReceivables>
    <vsta:ScheduleOfMaturitiesOfTradeReceivablesTableTextBlock contextRef="D20221231_3" id="Tag873">
&lt;div id="t_ft_FISSH7DP2800000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.9241%; height: 200px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 77%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Not yet due &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 563,005 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 417,233 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Past due &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Up to &lt;span&gt;30&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 19,435 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,657 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; From &lt;span&gt;31&lt;/span&gt; to &lt;span&gt;60&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 22,637 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10,331 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; From &lt;span&gt;61&lt;/span&gt; to &lt;span&gt;90&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 12,193 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,366 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; From &lt;span&gt;91&lt;/span&gt; to &lt;span&gt;180&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 42,169 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 21,154 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; From &lt;span&gt;181&lt;/span&gt; to &lt;span&gt;360&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 31,357 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 23,852 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Over &lt;span&gt;360&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20,643 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 15,597 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total past due &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 148,434 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 87,957 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160;Related parties (note &lt;span&gt;21&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,177 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 46,824 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (69,481 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (46,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 649,135 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 505,514 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfMaturitiesOfTradeReceivablesTableTextBlock>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20221231_CurrentMember"
      decimals="-3"
      id="Tag886"
      unitRef="BRL">563005000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20211231_CurrentMember"
      decimals="-3"
      id="Tag879"
      unitRef="BRL">417233000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20221231_NotLaterThanOneMonthMember"
      decimals="-3"
      id="Tag890"
      unitRef="BRL">19435000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20211231_NotLaterThanOneMonthMember"
      decimals="-3"
      id="Tag880"
      unitRef="BRL">9657000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20221231_LaterThanOneMonthAndNotLaterThanTwoMonthsMember"
      decimals="-3"
      id="Tag3339"
      unitRef="BRL">22637000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20211231_LaterThanOneMonthAndNotLaterThanTwoMonthsMember"
      decimals="-3"
      id="Tag3343"
      unitRef="BRL">10331000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20221231_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember"
      decimals="-3"
      id="Tag3325"
      unitRef="BRL">12193000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20211231_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember"
      decimals="-3"
      id="Tag896"
      unitRef="BRL">7366000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20221231_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember"
      decimals="-3"
      id="Tag895"
      unitRef="BRL">42169000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20211231_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember"
      decimals="-3"
      id="Tag3340"
      unitRef="BRL">21154000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20221231_LaterThanSixMonthsAndNotLaterThanOneYearMember"
      decimals="-3"
      id="Tag898"
      unitRef="BRL">31357000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20211231_LaterThanSixMonthsAndNotLaterThanOneYearMember"
      decimals="-3"
      id="Tag3324"
      unitRef="BRL">23852000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20221231_LaterThanOneYearMember"
      decimals="-3"
      id="Tag3332"
      unitRef="BRL">20643000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20211231_LaterThanOneYearMember"
      decimals="-3"
      id="Tag861"
      unitRef="BRL">15597000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20221231"
      decimals="-3"
      id="Tag3338"
      unitRef="BRL">148434000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivablesRecordedInvestmentPastDue
      contextRef="I20211231"
      decimals="-3"
      id="Tag3334"
      unitRef="BRL">87957000</vsta:TradeReceivablesRecordedInvestmentPastDue>
    <vsta:TradeReceivableRelatedPartiesCurrent
      contextRef="I20221231"
      decimals="-3"
      id="Tag899"
      unitRef="BRL">7177000</vsta:TradeReceivableRelatedPartiesCurrent>
    <vsta:TradeReceivableRelatedPartiesCurrent
      contextRef="I20211231"
      decimals="-3"
      id="Tag3331"
      unitRef="BRL">46824000</vsta:TradeReceivableRelatedPartiesCurrent>
    <vsta:ProvisionForImpairmentOfTradeReceivables
      contextRef="I20221231"
      decimals="-3"
      id="Tag860"
      unitRef="BRL">69481000</vsta:ProvisionForImpairmentOfTradeReceivables>
    <vsta:ProvisionForImpairmentOfTradeReceivables
      contextRef="I20211231"
      decimals="-3"
      id="Tag3333"
      unitRef="BRL">46500000</vsta:ProvisionForImpairmentOfTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20221231"
      decimals="-3"
      id="Tag3359"
      unitRef="BRL">649135000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20211231"
      decimals="-3"
      id="Tag881"
      unitRef="BRL">505514000</ifrs-full:CurrentTradeReceivables>
    <vsta:PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt
      contextRef="I20221231"
      decimals="2"
      id="Tag3323"
      unitRef="Pure">1</vsta:PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt>
    <ifrs-full:DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory contextRef="D20221231_3" id="Tag874">
&lt;div style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="height: 200px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;"&gt;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Expected credit loss rate (%) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Lifetime ECL (R$) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Expected credit loss rate (%) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Lifetime ECL (R$) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 54%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Not yet due &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1.52% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8,970 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 0.30% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,263 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Past due &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Up to &lt;span&gt;30&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 9.53% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,072 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12.67% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,219 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; From &lt;span&gt;31&lt;/span&gt; to &lt;span&gt;60&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 14.09% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,728 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 17.01% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,769 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; From &lt;span&gt;61&lt;/span&gt; to &lt;span&gt;90&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 19.87% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,335 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 23.75% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,764 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; From &lt;span&gt;91&lt;/span&gt; to &lt;span&gt;180&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 29.66% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 10,096 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 35.71% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 7,608 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; From &lt;span&gt;181&lt;/span&gt; to &lt;span&gt;360&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 48.35% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12,465 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 72.90% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 17,399 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Over &lt;span&gt;360&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 76.40% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 15,434 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 99.23% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 15,478 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Total past due &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 54,100 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 46,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Customers in judicial recovery (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;15,381 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (-) Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 69,481 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: terminal, monaco; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 46,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3.28346%; vertical-align: top;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 96.7165%;"&gt;&lt;span style="font-size: 10pt; color: #000000;"&gt;&lt;span style="mso-list: Ignore;"&gt;&lt;span&gt;&lt;span style="font-size: 10.0pt; color: black;"&gt;On December 31, 2022 the Company&#x2019;s Management recorded R$15 million in provision for expected credit loss relating to the entirely of Vasta&#x2019;s receivable for products in inventory of a large retail company in judicial recovery. The Company did not identify customers in judicial recovery as of December 31, 2021.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
</ifrs-full:DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory>
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      id="Tag3322"
      unitRef="Pure">0.1267</ifrs-full:ExpectedCreditLossRate>
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      contextRef="I20221231_LaterThanOneMonthAndNotLaterThanTwoMonthsMember"
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      unitRef="Pure">0.1409</ifrs-full:ExpectedCreditLossRate>
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      decimals="4"
      id="Tag910"
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      id="Tag904"
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      contextRef="I20221231_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember"
      decimals="4"
      id="Tag3329"
      unitRef="Pure">0.1987</ifrs-full:ExpectedCreditLossRate>
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      decimals="-3"
      id="Tag887"
      unitRef="BRL">2335000</vsta:LifetimeExpectedCreditLosses>
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      contextRef="I20211231_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember"
      decimals="4"
      id="Tag3347"
      unitRef="Pure">0.2375</ifrs-full:ExpectedCreditLossRate>
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      contextRef="I20221231_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember"
      decimals="4"
      id="Tag878"
      unitRef="Pure">0.2966</ifrs-full:ExpectedCreditLossRate>
    <vsta:LifetimeExpectedCreditLosses
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      decimals="-3"
      id="Tag856"
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    <ifrs-full:ExpectedCreditLossRate
      contextRef="I20211231_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember"
      decimals="4"
      id="Tag906"
      unitRef="Pure">0.3571</ifrs-full:ExpectedCreditLossRate>
    <vsta:LifetimeExpectedCreditLosses
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      decimals="-3"
      id="Tag858"
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    <ifrs-full:ExpectedCreditLossRate
      contextRef="I20221231_LaterThanSixMonthsAndNotLaterThanOneYearMember"
      decimals="4"
      id="Tag3351"
      unitRef="Pure">0.4835</ifrs-full:ExpectedCreditLossRate>
    <vsta:LifetimeExpectedCreditLosses
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      id="Tag3330"
      unitRef="BRL">12465000</vsta:LifetimeExpectedCreditLosses>
    <ifrs-full:ExpectedCreditLossRate
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      decimals="4"
      id="Tag884"
      unitRef="Pure">0.729</ifrs-full:ExpectedCreditLossRate>
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      id="Tag888"
      unitRef="BRL">17399000</vsta:LifetimeExpectedCreditLosses>
    <ifrs-full:ExpectedCreditLossRate
      contextRef="I20221231_LaterThanOneYearMember"
      decimals="4"
      id="Tag908"
      unitRef="Pure">0.764</ifrs-full:ExpectedCreditLossRate>
    <vsta:LifetimeExpectedCreditLosses
      contextRef="I20221231_LaterThanOneYearMember"
      decimals="-3"
      id="Tag3336"
      unitRef="BRL">15434000</vsta:LifetimeExpectedCreditLosses>
    <ifrs-full:ExpectedCreditLossRate
      contextRef="I20211231_LaterThanOneYearMember"
      decimals="4"
      id="Tag889"
      unitRef="Pure">0.9923</ifrs-full:ExpectedCreditLossRate>
    <vsta:LifetimeExpectedCreditLosses
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      decimals="-3"
      id="Tag891"
      unitRef="BRL">15478000</vsta:LifetimeExpectedCreditLosses>
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      id="Tag859"
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      id="Tag857"
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      unitRef="Pure">1</vsta:PercentageOfImpairmentLossesOnTradeReceivablesRecordedForTheCustomersWhoWentBankrupt>
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&lt;div id="t_ft_ZZ2JFFC59S00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 81px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 64.9331%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.9331%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Opening balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 46,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 32,055 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95542%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 22,524 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.04012%; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.9331%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 45,904 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 39,326 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 29,870 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.9331%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Reversals &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (288 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,854 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.95542%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (4,855 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04012%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 64.9331%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Write offs (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (22,635 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (22,027 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.95542%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15,484 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 64.9331%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Closing balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 69,481 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 46,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 9.95542%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 32,055 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; height: 10px; width: 1.04012%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_3ZVGVF8MZ400000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; width: 3%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 97%;"&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;The Company assessed its customers credit lines, on a regular basis. Due to historical losses and lack of prospects of credit recovery alongside these customers, the Company recognized R$ 22,635 as write-off as of December 31, 2022 (R$ 22,027 as of December 31, 2021).&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfChangesInImpairmentLossesOnTradeReceivablesTableTextBlock>
    <vsta:ProvisionForImpairmentOfTradeReceivables
      contextRef="I20211231"
      decimals="-3"
      id="Tag3344"
      unitRef="BRL">46500000</vsta:ProvisionForImpairmentOfTradeReceivables>
    <vsta:ProvisionForImpairmentOfTradeReceivables
      contextRef="I20201231"
      decimals="-3"
      id="Tag907"
      unitRef="BRL">32055000</vsta:ProvisionForImpairmentOfTradeReceivables>
    <vsta:ProvisionForImpairmentOfTradeReceivables
      contextRef="I20191231"
      decimals="-3"
      id="Tag3319"
      unitRef="BRL">22524000</vsta:ProvisionForImpairmentOfTradeReceivables>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag3348"
      unitRef="BRL">45904000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag3353"
      unitRef="BRL">39326000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables
      contextRef="D20201231"
      decimals="-3"
      id="Tag3328"
      unitRef="BRL">29870000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables>
    <ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag901"
      unitRef="BRL">288000</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables>
    <ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag3337"
      unitRef="BRL">2854000</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables>
    <ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables
      contextRef="D20201231"
      decimals="-3"
      id="Tag902"
      unitRef="BRL">4855000</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables>
    <vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag3354"
      unitRef="BRL">22635000</vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables>
    <vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag897"
      unitRef="BRL">22027000</vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables>
    <vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables
      contextRef="D20201231"
      decimals="-3"
      id="Tag883"
      unitRef="BRL">15484000</vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables>
    <vsta:ProvisionForImpairmentOfTradeReceivables
      contextRef="I20221231"
      decimals="-3"
      id="Tag3320"
      unitRef="BRL">69481000</vsta:ProvisionForImpairmentOfTradeReceivables>
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      contextRef="I20211231"
      decimals="-3"
      id="Tag3357"
      unitRef="BRL">46500000</vsta:ProvisionForImpairmentOfTradeReceivables>
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      contextRef="I20201231"
      decimals="-3"
      id="Tag912"
      unitRef="BRL">32055000</vsta:ProvisionForImpairmentOfTradeReceivables>
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      contextRef="D20221231_3"
      decimals="-3"
      id="Tag3349"
      unitRef="BRL">22635000</vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables>
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      contextRef="D20211231_3"
      decimals="-3"
      id="Tag911"
      unitRef="BRL">22027000</vsta:WriteOffsOfImpairmentProvisionOfTradeReceivables>
    <ifrs-full:DisclosureOfInventoriesExplanatory contextRef="D20221231_3" id="Tag866">
&lt;p style="font-size: 10pt; line-height: 150%; margin: 0pt 0pt 10pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;11&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Inventories&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The balance of this account comprises the following amounts:&lt;/span&gt;&lt;/p&gt;
&lt;ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;"&gt;
&lt;li style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: 125%; margin: 0pt 0pt 10pt 11.24pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; Composition&lt;/span&gt;&lt;/li&gt;
&lt;/ol&gt;
&lt;div id="t_ft_MKEFDIUJTS00000000000000000000b"&gt;

&lt;div&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 105px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 73%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Finished products (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 12%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 160,519 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 12%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 160,318 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Work in process &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 73,993 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 51,152 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Raw materials &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 30,773 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 27,081 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Imports in progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 347 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,681 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Right to returned goods (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 818 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,131 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 266,450 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 242,363 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; height: 20px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 3%; vertical-align: top; height: 10px;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top; height: 10px;" valign="top"&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;These amounts are net of slow-moving items and net realizable value. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; height: 10px;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;" valign="top"&gt;
&lt;p style="margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Represents the Company&#x2019;s right to recover products from customers when customers exercise their right of return under the Company&#x2019;s returns policies, where the Company estimates the volume of goods returned based on experience and foreseen expectations.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;/div&gt;
&lt;div style="margin: 0pt; text-indent: 0pt;"&gt;
&lt;div id="t_ft_A90CN84TDC00000000000000000000b"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Changes in provision for losses with slow-moving inventories, net realizable &lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;value&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and provision for right to returned goods are broken down as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: 125%; margin: 0pt 0pt 8pt 32.76pt; padding-left: 3.24pt; text-align: justify; text-indent: 0pt; margin-left: 0pt !important;"&gt;&lt;span&gt;b.&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Changes in provision&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; text-indent: 0pt;"&gt;
&lt;div style="margin: 0pt; padding-left: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;

&lt;div id="t_ft_E3B6NT5MXC00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9598%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2020&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 59%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Opening balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 58,723 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 62,210 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 69,080 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-indent: 10.5pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 46,138 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 24,178 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8,783 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-indent: 10.5pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (Reversals) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,214 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,061 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (4,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160; Inventory losses (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15,598 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,604 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (10,927 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Closing balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 84,049 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 58,723 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 62,210 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -13.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;/div&gt;
</ifrs-full:DisclosureOfInventoriesExplanatory>
    <vsta:ScheduleOfInventoriesTableTextBlock contextRef="D20221231_3" id="Tag705">
&lt;div&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 105px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 73%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Finished products (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 12%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 160,519 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 12%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 160,318 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Work in process &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 73,993 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 51,152 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Raw materials &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 30,773 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 27,081 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Imports in progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 347 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,681 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Right to returned goods (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 818 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,131 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 266,450 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 242,363 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; height: 20px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 3%; vertical-align: top; height: 10px;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top; height: 10px;" valign="top"&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;These amounts are net of slow-moving items and net realizable value. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; height: 10px;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -19.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;" valign="top"&gt;
&lt;p style="margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Represents the Company&#x2019;s right to recover products from customers when customers exercise their right of return under the Company&#x2019;s returns policies, where the Company estimates the volume of goods returned based on experience and foreseen expectations.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
</vsta:ScheduleOfInventoriesTableTextBlock>
    <ifrs-full:FinishedGoods
      contextRef="I20221231"
      decimals="-3"
      id="Tag176"
      unitRef="BRL">160519000</ifrs-full:FinishedGoods>
    <ifrs-full:FinishedGoods
      contextRef="I20211231"
      decimals="-3"
      id="Tag171"
      unitRef="BRL">160318000</ifrs-full:FinishedGoods>
    <ifrs-full:WorkInProgress
      contextRef="I20221231"
      decimals="-3"
      id="Tag181"
      unitRef="BRL">73993000</ifrs-full:WorkInProgress>
    <ifrs-full:WorkInProgress
      contextRef="I20211231"
      decimals="-3"
      id="Tag869"
      unitRef="BRL">51152000</ifrs-full:WorkInProgress>
    <ifrs-full:RawMaterials
      contextRef="I20221231"
      decimals="-3"
      id="Tag178"
      unitRef="BRL">30773000</ifrs-full:RawMaterials>
    <ifrs-full:RawMaterials
      contextRef="I20211231"
      decimals="-3"
      id="Tag870"
      unitRef="BRL">27081000</ifrs-full:RawMaterials>
    <vsta:ImportsInProgress
      contextRef="I20221231"
      decimals="-3"
      id="Tag177"
      unitRef="BRL">347000</vsta:ImportsInProgress>
    <vsta:ImportsInProgress
      contextRef="I20211231"
      decimals="-3"
      id="Tag871"
      unitRef="BRL">1681000</vsta:ImportsInProgress>
    <ifrs-full:OtherInventories
      contextRef="I20221231"
      decimals="-3"
      id="Tag855"
      unitRef="BRL">818000</ifrs-full:OtherInventories>
    <ifrs-full:OtherInventories
      contextRef="I20211231"
      decimals="-3"
      id="Tag872"
      unitRef="BRL">2131000</ifrs-full:OtherInventories>
    <ifrs-full:Inventories
      contextRef="I20221231"
      decimals="-3"
      id="Tag867"
      unitRef="BRL">266450000</ifrs-full:Inventories>
    <ifrs-full:Inventories
      contextRef="I20211231"
      decimals="-3"
      id="Tag167"
      unitRef="BRL">242363000</ifrs-full:Inventories>
    <vsta:ScheduleOfChangesInProvisionForInventoriesTableTextBlock contextRef="D20221231_3" id="Tag166">
&lt;div id="t_ft_E3B6NT5MXC00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9598%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2020&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 59%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Opening balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 58,723 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 62,210 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 12%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 69,080 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-indent: 10.5pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 46,138 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 24,178 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8,783 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-indent: 10.5pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (Reversals) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,214 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,061 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (4,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160; Inventory losses (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15,598 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,604 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (10,927 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Closing balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 84,049 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 58,723 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 62,210 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -13.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
</vsta:ScheduleOfChangesInProvisionForInventoriesTableTextBlock>
    <vsta:CurrentProvisionForLossesWithInventories
      contextRef="I20211231"
      decimals="-3"
      id="Tag179"
      unitRef="BRL">58723000</vsta:CurrentProvisionForLossesWithInventories>
    <vsta:CurrentProvisionForLossesWithInventories
      contextRef="I20201231"
      decimals="-3"
      id="Tag868"
      unitRef="BRL">62210000</vsta:CurrentProvisionForLossesWithInventories>
    <vsta:CurrentProvisionForLossesWithInventories
      contextRef="I20191231"
      decimals="-3"
      id="Tag191"
      unitRef="BRL">69080000</vsta:CurrentProvisionForLossesWithInventories>
    <ifrs-full:InventoryWritedown2011
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag168"
      unitRef="BRL">46138000</ifrs-full:InventoryWritedown2011>
    <ifrs-full:InventoryWritedown2011
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag180"
      unitRef="BRL">24178000</ifrs-full:InventoryWritedown2011>
    <ifrs-full:InventoryWritedown2011
      contextRef="D20201231"
      decimals="-3"
      id="Tag182"
      unitRef="BRL">8783000</ifrs-full:InventoryWritedown2011>
    <ifrs-full:ReversalOfInventoryWritedown
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag172"
      unitRef="BRL">5214000</ifrs-full:ReversalOfInventoryWritedown>
    <ifrs-full:ReversalOfInventoryWritedown
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag170"
      unitRef="BRL">2061000</ifrs-full:ReversalOfInventoryWritedown>
    <ifrs-full:ReversalOfInventoryWritedown
      contextRef="D20201231"
      decimals="-3"
      id="Tag853"
      unitRef="BRL">4726000</ifrs-full:ReversalOfInventoryWritedown>
    <vsta:InventoryGainLosses
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag174"
      unitRef="BRL">15598000</vsta:InventoryGainLosses>
    <vsta:InventoryGainLosses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag169"
      unitRef="BRL">25604000</vsta:InventoryGainLosses>
    <vsta:InventoryGainLosses
      contextRef="D20201231"
      decimals="-3"
      id="Tag865"
      unitRef="BRL">10927000</vsta:InventoryGainLosses>
    <vsta:CurrentProvisionForLossesWithInventories
      contextRef="I20221231"
      decimals="-3"
      id="Tag173"
      unitRef="BRL">84049000</vsta:CurrentProvisionForLossesWithInventories>
    <vsta:CurrentProvisionForLossesWithInventories
      contextRef="I20211231"
      decimals="-3"
      id="Tag175"
      unitRef="BRL">58723000</vsta:CurrentProvisionForLossesWithInventories>
    <vsta:CurrentProvisionForLossesWithInventories
      contextRef="I20201231"
      decimals="-3"
      id="Tag854"
      unitRef="BRL">62210000</vsta:CurrentProvisionForLossesWithInventories>
    <ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory contextRef="D20221231_3" id="Tag3300">
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 10pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold;"&gt;1&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160;&#160;&#160;&#160; &lt;span style="font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;span style="font-size: 10pt;"&gt;Equity accounted investees&lt;/span&gt;&lt;/b&gt; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;a) Composition of investments&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 41px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Investment type &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Interest % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Investment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Fair value &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Goodwill &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 46%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Educbank &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Associate &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 45% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 41,485 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 7,868 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 33,786 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 83,139 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 41,485 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 7,868 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 33,786 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 83,139 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;p style="font-size: 10pt; line-height: 125%; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;b) &lt;b&gt;&lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;Investments without control and significant influence&lt;/span&gt;&lt;/b&gt; &lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="height: 71px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.9822%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; EducBank &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.47929%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 84.4675%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.07101%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 11.9822%; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.47929%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Acquisition &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.9822%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;87,651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.47929%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 84.4675%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Equity method &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.07101%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 11.9822%; height: 17px;border-bottom-width: 1pt;border-bottom-style: solid ;border-bottom-color: rgb(0, 0, 0);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(4,512 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 1.47929%; height: 17px;border-bottom-width: 1pt;border-bottom-style: solid ;border-bottom-color: rgb(0, 0, 0);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31,2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.9822%; height: 10px;border-bottom-width: 2.8pt;border-bottom-style: double ;border-bottom-color: rgb(0, 0, 0) ;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;83,139 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.47929%; height: 10px;border-bottom-width: 2.8pt;border-bottom-style: double ;border-bottom-color: rgb(0, 0, 0) ;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

</ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory>
    <vsta:ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock contextRef="D20221231_3" id="Tag3301">
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;a) Composition of investments&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 41px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Investment type &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Interest % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Investment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Fair value &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Goodwill &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 13px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 46%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Educbank &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Associate &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 45% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 41,485 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 7,868 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 33,786 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 83,139 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 41,485 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 7,868 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 33,786 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 83,139 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
</vsta:ScheduleOfCompositionOfInvestmentsAccountedForUsingEquityMethodTableTextBlock>
    <ifrs-full:ProportionOfOwnershipInterestInAssociate
      contextRef="D20221231_EducbankGestaoDePagamentosEducacionaisSAMember"
      decimals="2"
      id="Tag3294"
      unitRef="Pure">0.45</ifrs-full:ProportionOfOwnershipInterestInAssociate>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred
      contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1"
      decimals="-3"
      id="Tag3293"
      unitRef="BRL">41485000</ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred>
    <ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished
      contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1"
      decimals="-3"
      id="Tag3292"
      unitRef="BRL">7868000</ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate
      contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1"
      decimals="-3"
      id="Tag3304"
      unitRef="BRL">33786000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:InvestmentAccountedForUsingEquityMethod
      contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1"
      decimals="-3"
      id="Tag3296"
      unitRef="BRL">83139000</ifrs-full:InvestmentAccountedForUsingEquityMethod>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred
      contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1"
      decimals="-3"
      id="Tag3306"
      unitRef="BRL">41485000</ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred>
    <ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished
      contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1"
      decimals="-3"
      id="Tag3305"
      unitRef="BRL">7868000</ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate
      contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1"
      decimals="-3"
      id="Tag3291"
      unitRef="BRL">33786000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ifrs-full:InvestmentAccountedForUsingEquityMethod
      contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1"
      decimals="-3"
      id="Tag3299"
      unitRef="BRL">83139000</ifrs-full:InvestmentAccountedForUsingEquityMethod>
    <vsta:ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock contextRef="D20221231_3" id="Tag3302">
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;b) &lt;b&gt;&lt;span style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"&gt;Investments without control and significant influence&lt;/span&gt;&lt;/b&gt; &lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="height: 71px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 11.9822%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; EducBank &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.47929%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 84.4675%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.07101%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 11.9822%; background-color: #bdd7ee; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.47929%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Acquisition &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.9822%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;87,651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.47929%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 84.4675%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Equity method &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.07101%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 11.9822%; height: 17px;border-bottom-width: 1pt;border-bottom-style: solid ;border-bottom-color: rgb(0, 0, 0);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(4,512 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 1.47929%; height: 17px;border-bottom-width: 1pt;border-bottom-style: solid ;border-bottom-color: rgb(0, 0, 0);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 84.4675%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31,2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 2.07101%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 11.9822%; height: 10px;border-bottom-width: 2.8pt;border-bottom-style: double ;border-bottom-color: rgb(0, 0, 0) ;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;83,139 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.47929%; height: 10px;border-bottom-width: 2.8pt;border-bottom-style: double ;border-bottom-color: rgb(0, 0, 0) ;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfInvestmentsAccountedForUsingEquityMethodWithoutControlAndSignificantInfluenceTableTextBlock>
    <ifrs-full:InvestmentAccountedForUsingEquityMethod
      contextRef="I20211231_EducbankGestaoDePagamentosEducacionaisSAMember_1"
      decimals="-3"
      id="Tag3307"
      unitRef="BRL">0</ifrs-full:InvestmentAccountedForUsingEquityMethod>
    <vsta:IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod
      contextRef="D20221231_EducbankGestaoDePagamentosEducacionaisSAMember"
      decimals="-3"
      id="Tag3298"
      unitRef="BRL">87651000</vsta:IncreaseThroughBusinessCombinationsInvestmentsAccountedForUsingEquityMethod>
    <ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod
      contextRef="D20221231_EducbankGestaoDePagamentosEducacionaisSAMember"
      decimals="-3"
      id="Tag3297"
      unitRef="BRL">-4512000</ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod>
    <ifrs-full:InvestmentAccountedForUsingEquityMethod
      contextRef="I20221231_EducbankGestaoDePagamentosEducacionaisSAMember_1"
      decimals="-3"
      id="Tag3295"
      unitRef="BRL">83139000</ifrs-full:InvestmentAccountedForUsingEquityMethod>
    <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="D20221231_3" id="Tag1070">
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 5pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;13&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &lt;/span&gt;&lt;span style="font-weight: bold;"&gt;Property, &lt;/span&gt;&lt;span style="font-weight: bold;"&gt;plant&lt;/span&gt;&lt;span style="font-weight: bold;"&gt; and equipment&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The cost, weighted average depreciation rates and accumulated depreciation are as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div id="t_ft_NYCGF27JOW00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 126px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; Weighted average depreciation rate &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Accumulated depreciation &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Net book value &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Accumulated depreciation &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Net book value &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 31%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; IT equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 10% - 33% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 80,262 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (43,294 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 36,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 44,181 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (27,565 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 16,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; Furniture, equipment and fittings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 10% - 33% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 60,920 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (36,818 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 24,102 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 38,116 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (29,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8,390 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; Property, buildings and improvements &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5%-20% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 53,027 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (40,381 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12,646 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 54,508 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (36,636 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 17,872 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; In progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4,494 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4,494 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 677 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 677 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Right of use assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 6%-33% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 257,034 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (137,948 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 119,086 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 251,694 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (109,957 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 141,737 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Land &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 456,128 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; (258,441 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 197,688 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 389,567 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; (203,885 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 185,682 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div&gt;

&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Changes in property, plant and equipment are as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_0ZTO5VMSW000000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 129px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; IT equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; Furniture, equipment and fittings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.82143%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; Property, buildings and improvements &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; In progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Right of use assets &lt;sup&gt;(i) &lt;/sup&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 8.77976%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Land &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 16,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 8,390 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 17,872 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 677 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 141,737 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 185,682 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 35,086 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 21,571 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.82143%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 657 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 3,829 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 12,002 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.77976%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 73,145 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions through business combinations &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 54 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 6 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 72 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Disposals / Cancelled contracts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.82143%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (18 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (3,796 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.77976%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (3,820 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Depreciation &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (15,727 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (5,379 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (5,428 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (30,857 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (57,391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Transfers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 941 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (486 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.82143%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (455 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.77976%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; As of December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 36,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 24,102 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 12,646 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 4,494 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 119,086 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 197,688 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="display: none; font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="display: none; font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span&gt;Refers to recognition of new lease agreements of R$ 12,002 which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note &lt;span&gt;17&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_Q6EUDR7Z4G00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 132px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; IT equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; Furniture, equipment and fittings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; Property, buildings and improvements &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; In progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Right of use assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Land &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; width: 24%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; As of December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 1,479 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 9,908 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 19,978 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 315 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 159,873 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 453 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 192,006 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; Additions (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;16,105&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;1,028&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="display: inline; border-left: none; border-right: none;"&gt;597&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="display: inline; border-left: none; border-right: none;"&gt;2,732&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="display: inline; border-left: none; border-right: none;"&gt;25,513&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="display: inline; border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="display: inline; border-left: none; border-right: none;"&gt;45,975&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions through business combinations &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,041 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 835 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 135 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,011 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Renegotiation (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (12,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (12,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Disposals / Cancelled contracts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (124 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,286 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,410 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Depreciation &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,010 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,319 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,208 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (27,924 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (38,461 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;)&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Transfers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 62 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,370 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,370 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (62 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 16,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 8,390 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 17,872 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 677 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 141,737 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 185,682 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_TR507D5JHC00000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top; text-align: left;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: 0px; line-height: 1.2;"&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"&gt;Refers substantially to recognition of new lease agreements of R$ 25,513 which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note&#160;&lt;span style="line-height: inherit;"&gt;&lt;span&gt;17&lt;/span&gt;&lt;/span&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top; text-align: left;"&gt;(ii)&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;The Company returned part of the S&#xe3;o Jos&#xe9; dos Campos warehouse to the lessor in September 2021, maintaining the lease agreement and term, changing only in the subsequent lease installments leading to the reversal adjustments of the right-of-use asset and corresponding lease liabilities.&lt;/span&gt;&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company assesses at each reporting date, whether there is an indication that a property, plant and equipment asset may be impaired. If any indication exists, the Company estimates the asset&#x2019;s recoverable amount. There were no indications of impairment of property, plant and equipment as of December 31, 2022 and &lt;/span&gt;&lt;span&gt;2021&lt;/span&gt;&lt;span style="font-size: 10pt; text-indent: 0pt;"&gt;.&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
    <ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory contextRef="D20221231_3" id="Tag1069">
&lt;div id="t_ft_NYCGF27JOW00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 126px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; Weighted average depreciation rate &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Accumulated depreciation &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Net book value &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Accumulated depreciation &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Net book value &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 31%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; IT equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 10% - 33% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 80,262 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (43,294 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 36,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 44,181 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (27,565 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 16,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; Furniture, equipment and fittings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 10% - 33% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 60,920 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (36,818 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 24,102 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 38,116 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (29,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8,390 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; Property, buildings and improvements &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5%-20% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 53,027 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (40,381 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12,646 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 54,508 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (36,636 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 17,872 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; In progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4,494 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4,494 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 677 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 677 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Right of use assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 6%-33% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 257,034 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (137,948 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 119,086 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 251,694 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (109,957 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 141,737 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Land &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 456,128 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; (258,441 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 197,688 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 389,567 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; (203,885 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 185,682 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory>
    <ifrs-full:DepreciationRatePropertyPlantAndEquipment
      contextRef="D20221231_ComputerEquipmentMember_BottomOfRangeMember"
      decimals="2"
      id="Tag930"
      unitRef="Pure">0.10</ifrs-full:DepreciationRatePropertyPlantAndEquipment>
    <ifrs-full:DepreciationRatePropertyPlantAndEquipment
      contextRef="D20221231_ComputerEquipmentMember_TopOfRangeMember"
      decimals="2"
      id="Tag916"
      unitRef="Pure">0.33</ifrs-full:DepreciationRatePropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_ComputerEquipmentMember_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag968"
      unitRef="BRL">80262000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_ComputerEquipmentMember_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag1023"
      unitRef="BRL">-43294000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_ComputerEquipmentMember"
      decimals="-3"
      id="Tag918"
      unitRef="BRL">36968000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_ComputerEquipmentMember_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag991"
      unitRef="BRL">44181000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_ComputerEquipmentMember_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag1013"
      unitRef="BRL">-27565000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_ComputerEquipmentMember"
      decimals="-3"
      id="Tag982"
      unitRef="BRL">16615000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:DepreciationRatePropertyPlantAndEquipment
      contextRef="D20221231_FurnitureEquipmentAndFittingsMember_BottomOfRangeMember"
      decimals="2"
      id="Tag1059"
      unitRef="Pure">0.10</ifrs-full:DepreciationRatePropertyPlantAndEquipment>
    <ifrs-full:DepreciationRatePropertyPlantAndEquipment
      contextRef="D20221231_FurnitureEquipmentAndFittingsMember_TopOfRangeMember"
      decimals="2"
      id="Tag1000"
      unitRef="Pure">0.33</ifrs-full:DepreciationRatePropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_FurnitureEquipmentAndFittingsMember_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag938"
      unitRef="BRL">60920000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_FurnitureEquipmentAndFittingsMember_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag1022"
      unitRef="BRL">-36818000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_FurnitureEquipmentAndFittingsMember"
      decimals="-3"
      id="Tag1054"
      unitRef="BRL">24102000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_FurnitureEquipmentAndFittingsMember_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag1033"
      unitRef="BRL">38116000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_FurnitureEquipmentAndFittingsMember_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag1010"
      unitRef="BRL">-29726000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_FurnitureEquipmentAndFittingsMember"
      decimals="-3"
      id="Tag1058"
      unitRef="BRL">8390000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:DepreciationRatePropertyPlantAndEquipment
      contextRef="D20221231_LeaseholdImprovementsMember_BottomOfRangeMember"
      decimals="2"
      id="Tag963"
      unitRef="Pure">0.05</ifrs-full:DepreciationRatePropertyPlantAndEquipment>
    <ifrs-full:DepreciationRatePropertyPlantAndEquipment
      contextRef="D20221231_LeaseholdImprovementsMember_TopOfRangeMember"
      decimals="2"
      id="Tag1034"
      unitRef="Pure">0.20</ifrs-full:DepreciationRatePropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_LeaseholdImprovementsMember_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag1035"
      unitRef="BRL">53027000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_LeaseholdImprovementsMember_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag972"
      unitRef="BRL">-40381000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_LeaseholdImprovementsMember"
      decimals="-3"
      id="Tag939"
      unitRef="BRL">12646000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_LeaseholdImprovementsMember_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag975"
      unitRef="BRL">54508000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_LeaseholdImprovementsMember_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag1028"
      unitRef="BRL">-36636000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_LeaseholdImprovementsMember"
      decimals="-3"
      id="Tag947"
      unitRef="BRL">17872000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_ConstructionInProgressMember_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag999"
      unitRef="BRL">4494000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_ConstructionInProgressMember_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag956"
      unitRef="BRL">0</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_ConstructionInProgressMember"
      decimals="-3"
      id="Tag964"
      unitRef="BRL">4494000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_ConstructionInProgressMember_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag1021"
      unitRef="BRL">677000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_ConstructionInProgressMember_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag1027"
      unitRef="BRL">0</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_ConstructionInProgressMember"
      decimals="-3"
      id="Tag1049"
      unitRef="BRL">677000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:DepreciationRatePropertyPlantAndEquipment
      contextRef="D20221231_RightofuseAssetsMember_BottomOfRangeMember"
      decimals="2"
      id="Tag937"
      unitRef="Pure">0.06</ifrs-full:DepreciationRatePropertyPlantAndEquipment>
    <ifrs-full:DepreciationRatePropertyPlantAndEquipment
      contextRef="D20221231_RightofuseAssetsMember_TopOfRangeMember"
      decimals="2"
      id="Tag954"
      unitRef="Pure">0.33</ifrs-full:DepreciationRatePropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_RightofuseAssetsMember_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag1380"
      unitRef="BRL">257034000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_RightofuseAssetsMember_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag965"
      unitRef="BRL">-137948000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_RightofuseAssetsMember"
      decimals="-3"
      id="Tag953"
      unitRef="BRL">119086000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_RightofuseAssetsMember_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag992"
      unitRef="BRL">251694000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_RightofuseAssetsMember_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag3198"
      unitRef="BRL">-109957000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_RightofuseAssetsMember"
      decimals="-3"
      id="Tag1011"
      unitRef="BRL">141737000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_LandMember_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag925"
      unitRef="BRL">391000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_LandMember_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag1008"
      unitRef="BRL">0</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_LandMember"
      decimals="-3"
      id="Tag1041"
      unitRef="BRL">391000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_LandMember_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag919"
      unitRef="BRL">391000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_LandMember_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag997"
      unitRef="BRL">0</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_LandMember"
      decimals="-3"
      id="Tag1064"
      unitRef="BRL">391000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag917"
      unitRef="BRL">456128000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag927"
      unitRef="BRL">-258441000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20221231"
      decimals="-3"
      id="Tag1029"
      unitRef="BRL">197688000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_GrossCarryingAmountMember"
      decimals="-3"
      id="Tag958"
      unitRef="BRL">389567000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_AccumulatedImpairmentMember"
      decimals="-3"
      id="Tag1047"
      unitRef="BRL">-203885000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231"
      decimals="-3"
      id="Tag966"
      unitRef="BRL">185682000</ifrs-full:PropertyPlantAndEquipment>
    <vsta:ScheduleOfChangesInPropertyPlantAndEquipmentTableTextBlock contextRef="D20221231_3" id="Tag913">
&lt;div&gt;

&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 2.55pt 0pt 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Changes in property, plant and equipment are as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_0ZTO5VMSW000000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 129px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; IT equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; Furniture, equipment and fittings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.82143%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; Property, buildings and improvements &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; In progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Right of use assets &lt;sup&gt;(i) &lt;/sup&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 8.77976%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Land &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 16,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 8,390 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 17,872 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 677 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 141,737 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 185,682 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 35,086 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 21,571 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.82143%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 657 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 3,829 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 12,002 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.77976%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; 73,145 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions through business combinations &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 54 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 6 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 72 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Disposals / Cancelled contracts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.82143%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (18 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (3,796 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.77976%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (3,820 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Depreciation &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (15,727 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (5,379 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (5,428 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (30,857 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (57,391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Transfers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 941 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (486 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.82143%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (455 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.77976%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 23.6607%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; As of December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 36,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 24,102 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 9.82143%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 12,646 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 4,494 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 119,086 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.77976%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 8.92857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; 197,688 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1.04167%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="display: none; font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="display: none; font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span&gt;Refers to recognition of new lease agreements of R$ 12,002 which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note &lt;span&gt;17&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_Q6EUDR7Z4G00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 132px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; IT equipment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; Furniture, equipment and fittings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; font-weight: bold;"&gt; Property, buildings and improvements &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; In progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Right of use assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Land &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; width: 24%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"&gt; As of December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 1,479 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 9,908 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 19,978 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 315 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 159,873 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 453 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 9%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 192,006 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; Additions (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;16,105&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;1,028&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="display: inline; border-left: none; border-right: none;"&gt;597&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="display: inline; border-left: none; border-right: none;"&gt;2,732&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="display: inline; border-left: none; border-right: none;"&gt;25,513&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="display: inline; border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span style="display: inline; border-left: none; border-right: none;"&gt;45,975&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions through business combinations &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,041 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 835 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 135 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,011 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Renegotiation (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (12,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (12,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Disposals / Cancelled contracts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (124 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,286 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,410 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Depreciation &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,010 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,319 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,208 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (27,924 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (38,461 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;)&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Transfers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 62 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,370 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,370 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (62 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 16,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 8,390 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 17,872 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 677 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_TR507D5JHC00000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top; text-align: left;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: 0px; line-height: 1.2;"&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"&gt;Refers substantially to recognition of new lease agreements of R$ 25,513 which the Company considers as part of its digital learning solutions through computer tablets that have been part of current learning system solutions. See the corresponding lease liabilities in Note&#160;&lt;span style="line-height: inherit;"&gt;&lt;span&gt;17&lt;/span&gt;&lt;/span&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
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&lt;td style="width: 3%; vertical-align: top; text-align: left;"&gt;(ii)&lt;/td&gt;
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&lt;p style="font-size: 10pt; line-height: 150%; margin: 4pt 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span&gt;14&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;Intangible Assets and Goodwill&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The cost, weighted average amortization rates and accumulated amortization of intangible assets and goodwill comprise the following amounts:&lt;/span&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 167px; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="9" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"/&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Weighted&#160;&#160; average amortization rate &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Accumulated amortization &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Net book value &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Accumulated amortization &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-weight: bold; font-size: 8pt;"&gt; Net book value &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 18%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Software &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 20% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 263,433 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (182,711 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 80,722 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 247,326 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (151,281 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 96,045 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Customer Portfolio &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,201,074 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (377,891 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 823,183 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,197,381 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (275,276 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 922,105 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Trademarks &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 631,582 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (112,967 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 518,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 632,016 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (85,658 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 546,358 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Trade Agreement &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 247,622 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (28,795 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 218,827 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 247,622 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (4,127 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 243,495 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Platform content production &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 33% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 123,251 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (74,881 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 48,370 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 73,877 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (49,583 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 24,294 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other Intangible assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 33% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 39,422 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (32,142 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 7,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 39,421 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (32,140 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 7,281 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; In progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 18,958 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 18,958 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,991 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,991 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Goodwill &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,711,721 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,711,721 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,694,798 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,694,798 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 6,237,063 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (809,387 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 5,427,676 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 6,136,432 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (598,065 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 5,538,367 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;p style="font-size: 10pt; line-height: 125%; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 10pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Changes in intangible assets and goodwill were as follows:&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_8TL6TFRHKW00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 116px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 35px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 35px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Software &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Customer Portfolio &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8.43195%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Trademarks &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Trade Agreement &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Platform content production&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.10059%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Other Intangible assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; In progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9.1716%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Goodwill&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.4881%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31, 2021&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&lt;span&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt;"&gt;(i)&lt;/span&gt;&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 6.80473%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 96,045 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.69231%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 922,105 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 8.43195%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 546,358 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.69231%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 243,495 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.98817%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 24,294 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.10059%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 7,281 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.47929%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 6.80473%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,991 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.47929%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.1716%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,694,798 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.98817%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 5,538,367 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.4881%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12,881 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8.43195%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 62,722 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.10059%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 14,967 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9.1716%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 90,587 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.4881%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions through business combinations &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,225 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,833 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8.43195%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.10059%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9.1716%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 16,923 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 23,981 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.4881%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Disposals &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (140 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8.43195%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;(&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;434&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;(&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13,348&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&#160;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.10059%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9.1716%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;(&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13,937&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.4881%; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Amortization &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (31,430 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (102,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8.43195%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (27,309 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (24,668 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,298 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.10059%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;( 3&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9.1716%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (211,323 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.4881%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 6.80473%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 80,722 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.69231%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 823,183 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 8.43195%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 518,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.69231%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 218,827 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.98817%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 48,370 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.10059%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 7,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.47929%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 6.80473%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 18,958 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.47929%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.1716%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,711,721 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.98817%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 5,427,676 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.4881%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_KBC5NIT7WW00000000000000000000b"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_7XC9ZAA2R400000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; height: 10px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 4%; height: 10px; vertical-align: top;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96%; height: 10px; padding: 0px 0px 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Considers the review of goodwill and intangibles assets of the acquisition of EMME and Reda&#xe7;&#xe3;o Nota Mil, acquired during the year 2021.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font-size: 8pt; line-height: 125%; margin: 0pt 0pt 0pt 28.35pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_WLELWBKQJ400000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 91px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 16.5179%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Software &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Customer Portfolio &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Trademarks &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Trade Agreement &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Platform content production (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Other intangible assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; In progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Goodwill (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 16.5179%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 83,414 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 928,858 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 573,586 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 23,821 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 6,243 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 999 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,307,805 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 4,924,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.892857%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 16.5179%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.84524%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 25,560 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.48214%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.58929%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 20,808 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.99405%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 39 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.54762%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 9,509 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 55,916 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee; width: 16.5179%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions through business combinations &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.84524%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 11,036 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 83,589 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 8.48214%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 247,622 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.58929%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.99405%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,099 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.54762%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 387,074 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 730,419 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 16.5179%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Amortization &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.84524%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (30,482 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (90,342 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.48214%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (27,309 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (4,127 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.58929%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (20,335 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.99405%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (100 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.54762%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (172,695 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.892857%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 16.5179%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Transfers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.84524%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 6,517 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 8.48214%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.58929%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.99405%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.54762%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,517 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 16.5179%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 96,045 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 922,105 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 546,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 243,495 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 24,294 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 7,281 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,991 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,694,879 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 5,538,367 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_O0GWVOS2XS00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 4%; vertical-align: top; text-align: center;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 96%; padding: 0px 0px 10px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Substantially refers to development of the projects related to&#160;Plurall&#160;Platform. The Company has invested in changes in its digital platform that include &#x201c;Plurall&#160;Digital Transformation&#x201d; in the amount of R$ 20,808 million, and project related to learning systems, in the amount of R$ 9,509 million.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; text-align: center;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;The Company recognized R$ &lt;span style="border-left: none; border-right: none;"&gt;387,074&lt;/span&gt; as goodwill on SEL,&#160;&lt;/span&gt;Reda&#xe7;&#xe3;o&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&#160;Nota &lt;span style="border-left: none; border-right: none;"&gt;1000&lt;/span&gt;, EMME and De Gouges acquisition, see Note &lt;span style="border-left: none; border-right: none;"&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="display: none; font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_F7YC0T19S000000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="padding: 0.75pt; vertical-align: middle; width: 4%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0.75pt; vertical-align: middle; width: 96%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline;"&gt; Goodwill impairment test &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 8pt 0pt 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company performed its annual impairment test in &lt;span&gt;2022&lt;/span&gt; and &lt;span&gt;2021&lt;/span&gt; The Company also carried out a sensitivity analysis in the long-term model and cash flows. The conclusion of these tests conducted by the Company for the years ended December 31, 2022 and &lt;span&gt;2021&lt;/span&gt;, showed that no adjustments were required to these assets.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company is comprised of &lt;span style="border-left: none; border-right: none;"&gt;two&lt;/span&gt; separate CGUs (each &lt;span&gt;one&lt;/span&gt; of its reportable operating segments, as per Note &lt;span&gt;28&lt;/span&gt;), for which the recoverable amount has been determined based on value-in-use calculations, Goodwill is allocated to each CGU as shown below:&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9988%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 67%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Content and Edtech Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 15%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,674,034 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 15%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,674,036 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Digital Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 37,687 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 20,843 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,711,721 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,694,879 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;/div&gt;
&lt;p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The recoverable amount of a CGU has been determined based on value-in-use calculations. These calculations use pre-income tax and social contribution cash flow projections based on financial budget approved by management covering a period of &lt;span style="border-left: none; border-right: none;"&gt;eight&lt;/span&gt; years. Cash Flows beyond that period are extrapolated using growth rates. The growth rate does not exceed the long-term average growth rate for the business that CGU operates.&#160;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_ST11L802HC00000000000000000000b"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 8pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For each of the CGUs, the key assumptions, long-term growth rate and discount rate used in the value-in-use calculations are stated in the table below. In addition, the recoverable amount is also disclosed in the table. The key assumptions used for value-in-use calculations as of December 31, 2022 and &lt;span&gt;2021&lt;/span&gt; are as follows:&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 88px; width: 99.9988%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Content and EdTech Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Digital Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Content and EdTech Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Digital Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 45%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Growth rate - % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 13.70 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12.5 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 14.40 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 9.7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Discount rate - % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12.10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12.10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 10.81 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 10.81 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Growth rate (%) in perpetuity &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4.7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4.7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5.8 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5.8 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Years projected &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Growth rate is based on assumptions defined by the Company&#x2019;s management, underpinned by business performance compared with other competitors and based on internal measures (new initiatives and services provided) taken into consideration. The discount rate is determined by individual WACC (weighted average working capital), net of income taxes. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The assumptions of the long-term model used in the impairment test calculation were assessed and approved by the Business&#x2019; Management, as well as the rates used.&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_VC4BSTNVLS00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 10px; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 1px 0px 0px; vertical-align: middle; width: 4%; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 1px 0px 0px; vertical-align: middle; width: 96%; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Impairment of other intangible assets and in progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;There were no indications of impairment of intangible assets for the years ended December 31, 2022 and &lt;span&gt;2021&lt;/span&gt;. Additionally, intangible assets stated as &#x201c;in progress&#x201d; were assessed for impairment by comparing its carrying amount with its recoverable amount and no adjustments were considered necessary.&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory>
    <ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory contextRef="D20221231_3" id="Tag2600">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 167px; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="9" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"/&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Weighted&#160;&#160; average amortization rate &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Accumulated amortization &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Net book value &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Accumulated amortization &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-weight: bold; font-size: 8pt;"&gt; Net book value &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 18%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Software &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 20% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 263,433 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (182,711 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 80,722 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 247,326 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (151,281 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 96,045 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Customer Portfolio &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,201,074 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (377,891 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 823,183 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,197,381 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (275,276 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 922,105 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Trademarks &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 631,582 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (112,967 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 518,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 632,016 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (85,658 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 546,358 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Trade Agreement &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 247,622 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (28,795 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 218,827 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 247,622 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (4,127 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 243,495 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Platform content production &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 33% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 123,251 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (74,881 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 48,370 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 73,877 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (49,583 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 24,294 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other Intangible assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 33% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 39,422 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (32,142 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 7,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 39,421 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (32,140 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 7,281 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; In progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 18,958 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 18,958 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,991 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,991 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Goodwill &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,711,721 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,711,721 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,694,798 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,694,798 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 6,237,063 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (809,387 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 5,427,676 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 6,136,432 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (598,065 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 5,538,367 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
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&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_8TL6TFRHKW00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 116px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 35px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 35px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Software &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Customer Portfolio &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8.43195%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Trademarks &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Trade Agreement &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Platform content production&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.10059%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Other Intangible assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; In progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9.1716%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Goodwill&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 35px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.4881%; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31, 2021&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&lt;span&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt;"&gt;(i)&lt;/span&gt;&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 6.80473%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 96,045 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.69231%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 922,105 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 8.43195%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 546,358 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.69231%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 243,495 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.98817%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 24,294 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.10059%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 7,281 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.47929%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 6.80473%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,991 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.47929%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.1716%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,694,798 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.98817%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 5,538,367 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.4881%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12,881 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8.43195%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 62,722 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.10059%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 14,967 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9.1716%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 90,587 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.4881%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions through business combinations &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,225 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,833 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8.43195%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.10059%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9.1716%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 16,923 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 23,981 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.4881%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Disposals &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (140 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8.43195%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;(&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;434&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;(&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13,348&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&#160;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.10059%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9.1716%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;(&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13,937&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.4881%; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Amortization &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (31,430 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (102,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 8.43195%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (27,309 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.69231%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (24,668 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,298 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.887574%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.10059%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;( 3&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 6.80473%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.47929%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9.1716%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.739645%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7.98817%; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (211,323 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.4881%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 15.6805%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 6.80473%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 80,722 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.69231%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 823,183 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 8.43195%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 518,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.69231%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 218,827 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.98817%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 48,370 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.887574%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.10059%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 7,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.47929%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 6.80473%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 18,958 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.47929%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.1716%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,711,721 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 0.739645%; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 7.98817%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 5,427,676 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.4881%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_KBC5NIT7WW00000000000000000000b"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_7XC9ZAA2R400000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; height: 10px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 4%; height: 10px; vertical-align: top;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96%; height: 10px; padding: 0px 0px 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Considers the review of goodwill and intangibles assets of the acquisition of EMME and Reda&#xe7;&#xe3;o Nota Mil, acquired during the year 2021.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font-size: 8pt; line-height: 125%; margin: 0pt 0pt 0pt 28.35pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_WLELWBKQJ400000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 91px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 16.5179%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Software &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Customer Portfolio &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Trademarks &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Trade Agreement &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Platform content production (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Other intangible assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; In progress &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Goodwill (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.892857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 16.5179%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 83,414 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 928,858 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 573,586 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 23,821 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 6,243 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 999 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,307,805 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 4,924,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.892857%; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 16.5179%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.84524%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 25,560 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.48214%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.58929%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 20,808 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.99405%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 39 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.54762%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 9,509 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 55,916 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee; width: 16.5179%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions through business combinations &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.84524%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 11,036 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 83,589 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 8.48214%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 247,622 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.58929%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.99405%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,099 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.54762%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 387,074 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 730,419 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 16.5179%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Amortization &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.84524%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (30,482 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (90,342 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.48214%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (27,309 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (4,127 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.58929%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (20,335 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.99405%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (100 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4881%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 6.54762%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (172,695 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.892857%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 16.5179%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Transfers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.84524%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 6,517 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 8.48214%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.7381%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 7.58929%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.99405%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 6.54762%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,517 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.892857%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.22619%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #bdd7ee; width: 0.892857%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; width: 16.5179%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.84524%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 96,045 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 922,105 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8.48214%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 546,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.7381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 243,495 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 7.58929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 24,294 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.99405%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 7,281 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 6.54762%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,991 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,694,879 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 0.595238%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 9.22619%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 5,538,367 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 0.892857%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_O0GWVOS2XS00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 4%; vertical-align: top; text-align: center;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 96%; padding: 0px 0px 10px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Substantially refers to development of the projects related to&#160;Plurall&#160;Platform. The Company has invested in changes in its digital platform that include &#x201c;Plurall&#160;Digital Transformation&#x201d; in the amount of R$ 20,808 million, and project related to learning systems, in the amount of R$ 9,509 million.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
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&lt;td style="vertical-align: top; text-align: center;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;The Company recognized R$ &lt;span style="border-left: none; border-right: none;"&gt;387,074&lt;/span&gt; as goodwill on SEL,&#160;&lt;/span&gt;Reda&#xe7;&#xe3;o&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&#160;Nota &lt;span style="border-left: none; border-right: none;"&gt;1000&lt;/span&gt;, EMME and De Gouges acquisition, see Note &lt;span style="border-left: none; border-right: none;"&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
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      contextRef="D20211231_IntangibleAssetsUnderDevelopmentMember"
      decimals="-3"
      id="Tag2766"
      unitRef="BRL">0</ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill>
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      contextRef="D20211231_GoodwillMember"
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      id="Tag2621"
      unitRef="BRL">387074000</ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill>
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      contextRef="D20211231_3"
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      id="Tag2636"
      unitRef="BRL">730419000</ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill>
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      contextRef="D20211231_ComputerSoftwareMember"
      decimals="-3"
      id="Tag2608"
      unitRef="BRL">30482000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
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      contextRef="D20211231_CustomerrelatedIntangibleAssetsMember"
      decimals="-3"
      id="Tag2699"
      unitRef="BRL">90342000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
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      contextRef="D20211231_BrandNamesMember"
      decimals="-3"
      id="Tag2786"
      unitRef="BRL">27309000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
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      contextRef="D20211231_TradeAgreementMember"
      decimals="-3"
      id="Tag2617"
      unitRef="BRL">4127000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
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      contextRef="D20211231_PlatformContentProductionMember"
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      id="Tag2756"
      unitRef="BRL">20335000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
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      contextRef="D20211231_OtherIntangibleAssetsMember"
      decimals="-3"
      id="Tag2696"
      unitRef="BRL">100000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
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      contextRef="D20211231_IntangibleAssetsUnderDevelopmentMember"
      decimals="-3"
      id="Tag2688"
      unitRef="BRL">0</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
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      contextRef="D20211231_GoodwillMember"
      decimals="-3"
      id="Tag2731"
      unitRef="BRL">0</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
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      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2695"
      unitRef="BRL">172695000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
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      contextRef="D20211231_ComputerSoftwareMember"
      decimals="-3"
      id="Tag2661"
      unitRef="BRL">6517000</ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill>
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      contextRef="D20211231_CustomerrelatedIntangibleAssetsMember"
      decimals="-3"
      id="Tag2693"
      unitRef="BRL">0</ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill>
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      contextRef="D20211231_BrandNamesMember"
      decimals="-3"
      id="Tag2770"
      unitRef="BRL">0</ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill>
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      contextRef="D20211231_TradeAgreementMember"
      decimals="-3"
      id="Tag2674"
      unitRef="BRL">0</ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill>
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      contextRef="D20211231_PlatformContentProductionMember"
      decimals="-3"
      id="Tag2727"
      unitRef="BRL">0</ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill>
    <ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill
      contextRef="D20211231_OtherIntangibleAssetsMember"
      decimals="-3"
      id="Tag2618"
      unitRef="BRL">0</ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill>
    <ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill
      contextRef="D20211231_IntangibleAssetsUnderDevelopmentMember"
      decimals="-3"
      id="Tag2746"
      unitRef="BRL">-6517000</ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill>
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      contextRef="D20211231_GoodwillMember"
      decimals="-3"
      id="Tag2692"
      unitRef="BRL">0</ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill>
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      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2607"
      unitRef="BRL">0</ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill>
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      contextRef="I20211231_ComputerSoftwareMember_PreviouslyStatedMember"
      decimals="-3"
      id="Tag2802"
      unitRef="BRL">96045000</ifrs-full:IntangibleAssetsAndGoodwill>
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      contextRef="I20211231_CustomerrelatedIntangibleAssetsMember_PreviouslyStatedMember"
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      decimals="-3"
      id="Tag2755"
      unitRef="BRL">7281000</ifrs-full:IntangibleAssetsAndGoodwill>
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      unitRef="BRL">3991000</ifrs-full:IntangibleAssetsAndGoodwill>
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      contextRef="I20211231_PreviouslyStatedMember"
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      id="Tag2782"
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&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9988%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 67%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Content and Edtech Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 15%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,674,034 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 15%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,674,036 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Digital Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 37,687 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 20,843 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,711,721 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 3,694,879 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
</ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory>
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      unitRef="BRL">3674034000</ifrs-full:Goodwill>
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&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 88px; width: 99.9988%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Content and EdTech Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Digital Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Content and EdTech Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Digital Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 45%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Growth rate - % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 13.70 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12.5 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 14.40 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; width: 12%; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 9.7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Discount rate - % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12.10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 12.10 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 10.81 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 10.81 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Growth rate (%) in perpetuity &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4.7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4.7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5.8 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5.8 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #bdd7ee;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Years projected &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
</vsta:ScheduleOfKeyAssumptionsUsedForValueInUseCalculationsTableTextBlock>
    <ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections
      contextRef="I20221231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
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      unitRef="Pure">0.137</ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections>
    <ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections
      contextRef="I20221231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      decimals="3"
      id="Tag2629"
      unitRef="Pure">0.125</ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections>
    <ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections
      contextRef="I20211231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      decimals="4"
      id="Tag2730"
      unitRef="Pure">0.144</ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections>
    <ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections
      contextRef="I20211231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      decimals="3"
      id="Tag2788"
      unitRef="Pure">0.097</ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections>
    <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections
      contextRef="I20221231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      decimals="4"
      id="Tag2779"
      unitRef="Pure">0.121</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
    <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections
      contextRef="I20221231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      decimals="4"
      id="Tag2666"
      unitRef="Pure">0.121</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
    <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections
      contextRef="I20211231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      decimals="4"
      id="Tag2757"
      unitRef="Pure">0.1081</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
    <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections
      contextRef="I20211231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      decimals="4"
      id="Tag2694"
      unitRef="Pure">0.1081</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
    <vsta:DescriptionOfGrowthRateInPerpetuityCashFlowProjections
      contextRef="I20221231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      decimals="3"
      id="Tag2643"
      unitRef="Pure">0.047</vsta:DescriptionOfGrowthRateInPerpetuityCashFlowProjections>
    <vsta:DescriptionOfGrowthRateInPerpetuityCashFlowProjections
      contextRef="I20221231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      decimals="3"
      id="Tag2775"
      unitRef="Pure">0.047</vsta:DescriptionOfGrowthRateInPerpetuityCashFlowProjections>
    <vsta:DescriptionOfGrowthRateInPerpetuityCashFlowProjections
      contextRef="I20211231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      decimals="3"
      id="Tag2614"
      unitRef="Pure">0.058</vsta:DescriptionOfGrowthRateInPerpetuityCashFlowProjections>
    <vsta:DescriptionOfGrowthRateInPerpetuityCashFlowProjections
      contextRef="I20211231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      decimals="3"
      id="Tag2633"
      unitRef="Pure">0.058</vsta:DescriptionOfGrowthRateInPerpetuityCashFlowProjections>
    <vsta:IntangibleAssetsYearsProjected
      contextRef="D20221231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      id="Tag2719">P8Y</vsta:IntangibleAssetsYearsProjected>
    <vsta:IntangibleAssetsYearsProjected
      contextRef="D20221231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      id="Tag2665">P8Y</vsta:IntangibleAssetsYearsProjected>
    <vsta:IntangibleAssetsYearsProjected
      contextRef="D20211231_ContentAndEdTechPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
      id="Tag2644">P8Y</vsta:IntangibleAssetsYearsProjected>
    <vsta:IntangibleAssetsYearsProjected
      contextRef="D20211231_DigitalServicesPlatformMember_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember"
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    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill
      contextRef="D20211231_3"
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      unitRef="BRL">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill
      contextRef="D20221231_3"
      decimals="-3"
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      unitRef="BRL">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill>
    <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="D20221231_3" id="Tag1229">
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;15&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Bonds and financing&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The balance of bonds and financing comprises the following amounts:&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_H1L8VSG0SG00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 114px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Additions (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Payment of interest (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Payment of principal (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Interest accrued &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Transaction cost of bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Transfers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 21%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds with Related Parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 264,673 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (33,921 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (254,885 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 36,573 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 50,885 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 63,325 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 16,581 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (58,425 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 72,298 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,018 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,018 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 30,454 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 237 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (154 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (759 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 281,491 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (92,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (255,644 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 108,896 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,018 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 50,518 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 93,779 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds with Related Parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 51,091 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 250,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (50,885 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 250,206 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 497,993 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,018 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 499,011 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 549,735 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 250,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (50,518 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 749,217 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 831,226 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 250,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (92,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt;(255,644&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 108,896 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 1,018 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 842,996 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_4X98E4U41S00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; text-align: left; width: 3%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; vertical-align: top; width: 97%;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;On September 28, 2022, the Company issued simple debentures not convertible into shares, subject to remunerative interest of&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;"&gt;100% of the CDI&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;, plus a spread of&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;"&gt;2.40&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;% per year, in the total amount of R$&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;"&gt;250,000&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;. The debentures aim to strengthen the Company's capital structure and lengthen the maturity profile of the debt, whose average term has become&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;"&gt;37 months&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; text-align: left;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;We present below the composition of interest and principal payments considering the issues made:&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;


&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 84px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 39.2713%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2.51484%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 29.9562%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1.46413%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2.04978%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1.46413%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 2.04978%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 39.2713%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Emission &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 2.51484%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 29.9562%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.46413%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 2.04978%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.46413%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 2.04978%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Principal &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; width: 39.2713%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; SSED&lt;span&gt;21&lt;/span&gt; &#x2013; &lt;span&gt;6&lt;/span&gt;th. SOMOS &#x2013; &lt;span&gt;2&lt;/span&gt;nd.&#160;S&#xe9;rie &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; width: 2.51484%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 29.9562%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 02/15/2022 and 08/11/2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 2.04978%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.80966%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(10,792 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 2.04978%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.95608%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(50,885 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 39.2713%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; SEDU&lt;span&gt;21&lt;/span&gt; &#x2013; &lt;span&gt;7&lt;/span&gt;th. SOMOS &lt;span&gt;2&lt;/span&gt;nd.&#160;S&#xe9;rie &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.51484%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 29.9562%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 02/15/2022 and 08/11/2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.80966%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(23,129 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.95608%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(204,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 39.2713%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; GAGL&lt;span&gt;11&lt;/span&gt; &#x2013;&#160;Somos Sistemas &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 2.51484%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 29.9562%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 02/07/2022 and 08/05/2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.80966%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(58,425 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.95608%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 39.2713%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.51484%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 29.9562%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 06/22/2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(154 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(759 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; vertical-align: bottom; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 39.2713%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 2.51484%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 29.9562%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.80966%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (92,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.95608%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (255,644 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;


&lt;div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div&gt;
&lt;table cellpadding="0" style="height: 122px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Additions (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.3947%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Payment of interest (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Payment of principal (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Interest accrued &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Transaction cost of bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Transfers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;Bonds with related parties&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 502,743 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.3947%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (24,873 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (477,564 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.47929%; padding: 0px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25,859 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 238,509 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 264,673 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 17,574 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (993 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 16,581 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 139 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (49 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (177 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 116 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 208 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 237 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; width: 20.9517%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 502,882 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 1.3947%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (24,922 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (477,741 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 1.47929%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 43,549 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (993 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 238,717 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 281,491 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds with related parties(i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 289,600 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (238,509 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 51,091 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 20.9517%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 500,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.3947%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (2,007 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 497,993 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 20.9517%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 859 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (208 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 290,459 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 500,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (2,007 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (238,717 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 549,735 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 793,341 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 500,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (24,922 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (477,741 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 43,549 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (3,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 831,226 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_RXDKC3SFS000000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 78px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; height: 10px; width: 3%; text-align: left;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top; width: 97%;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;On March 15, 2021, the Company, substantially settled bonds with related parties amounting to R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;100,000&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;and R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;1,488&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;, in principal and interest, respectively as follows:&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;th Issuance,&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;st series &#x2013; R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;101,488&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;. In addition, the Company settled only interest on the following bonds:&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;th Issuance,&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;nd series &#x2013; R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;1,451&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;,&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;6&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;th Issuance,&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;nd series &#x2013; R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;3,613&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;and&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;7&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;th Issuance, single series &#x2013; R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;5,663&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;. This measure is part of a commitment with shareholders as a result of the IPO.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; height: 10px; text-align: left;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;On May 31, 2021, the Company partially settled bonds with related parties amounting to R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;188,000&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;, of principal of the&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;7&lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;th&lt;/sup&gt;&lt;/span&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;issuance single series.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; height: 10px; text-align: left;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;On August 6, 2021, the Company settled the remaining&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;7&lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;th&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&lt;span style="font-size: 8pt;"&gt;&#160;&lt;/span&gt;issuance with related parties in the amounts of R$&lt;/span&gt;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;189,564&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;and R$&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;5,871&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;, as principal and interest. In addition, the Company settled only interest on the following bonds:&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;th Issuance,&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;nd series &#x2013; R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;2,029&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;and&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;6&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;th Issuance,&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;nd series &#x2013; R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;4,758&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 26px;"&gt;
&lt;td style="vertical-align: top; height: 26px; text-align: left;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding: 1px 1px 8px; height: 26px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;Regarding the financing with Banco de&#160;&lt;/span&gt;Desenvolvimento&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;de Minas&#160;&lt;/span&gt;Gerais&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;SA - BDMG, the Company pays monthly the amount of R$&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;15&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;and R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;4&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;, respectively, of principal and interest, totaling on December 31, 2021 an amount of R$&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;177&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;and R$&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;49&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;, respectively, of principal and interest&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 22px;"&gt;
&lt;td style="vertical-align: top; height: 22px; text-align: left;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; height: 22px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;On August 6, 2021, the&#160;&lt;/span&gt;Company&#xb4;s&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;subsidiary&#160;&lt;/span&gt;Somos&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;&lt;/span&gt;Sistemas&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;de&#160;&lt;/span&gt;Ensino&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;S.A. issued R$&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;500&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;million in simple debentures not convertible into shares, subject to compensatory interest of&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;100% of DI Interest Deposit rate (CDI)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;, plus spread of&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;2.30&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;% per year. The debentures are aimed at reinforcing the Company&#x2019;s capital structure and elongating the debt maturity profile, which average maturity now stands at&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;35 months&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;/div&gt;

&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;ol style="margin: 0px; padding-left: 0pt; list-style-type: lower-alpha; text-indent: 0px;"&gt;
&lt;li style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 125%; margin: 0px; padding-left: 3.76pt; text-align: justify; text-indent: 0px; margin-left: 14px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160; &#160; &#160; Bonds&#x2019; description&lt;/span&gt;&lt;/li&gt;
&lt;/ol&gt;
&lt;p&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;See below the bonds outstanding on December 31, 2022:&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_HHKSP6UFYO00000000000000000000b"&gt;

&lt;div&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 146px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Subscriber &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Related Parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Related Parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Third parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Issuance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;5&lt;/span&gt;th &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;9&lt;/span&gt;th &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;1&lt;/span&gt;st &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Series &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;nd&lt;/sup&gt;&lt;/span&gt;&#160;Series&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;2&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;nd&lt;/sup&gt;&lt;/span&gt; Series&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Single Series &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Date of issuance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 08/15/2018 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 09/28/2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 08/06/2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Maturity Date &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 08/15/2023 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 09/28/2025 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 08/05/2024 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; First payment after &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 60 months&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 36 months&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 35 months&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Remuneration payment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Semi-annual interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Semi-annual interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Semi-annual interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financials charges &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt; CDI + 1.00% p.a. &lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt; CDI + 2.40% p.a. &lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt; CDI + 2.30% p.a. &lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Principal amount (in millions of R$) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 100 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 250 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 8pt 0pt !important;"&gt;b.&#160; &#160; &#160; &#160; &#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Bond&#x2019;s maturities&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The maturities range of these accounts, considering related and third parties are as follow:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div id="t_ft_3N3QJJJFXS00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 95px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Maturity of installments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; width: 36%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 93,779 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 11.1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 281,491 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 33.9 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 499,217 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 59.2 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 51,063 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6.1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2025&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 250,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 29.7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 498,672 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 60.0 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 749,217 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 88.9 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 549,735 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 66.1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 842,996 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt;100.0 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 831,226 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 100.0 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 0pt 0pt !important;"&gt;c.&#160; &#160; &#160; &#160; &#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Debit commitments&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The maintenance of the contractual maturity of debentures at their original maturities is subject to covenants, which are being regularly complied with. The covenant compliance indicators are the following:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Bonds with related parties &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 6pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;On November 19, 2019, all rights and obligations related to bonds issued by Saber with third parties were transferred to Cogna, under the condition that R$ 1,535,800 of the amounts should be transferred to the Company upon the Corporate Restructuring. Through this process, the Company is subject to the following clauses: (i) the acceleration of the other debentures originally issued by Saber; (ii) the grant by the Company of any liens on Company assets or its capital stock; (iii) a change in control by Cogna of Saber&#x2019;s subsidiaries, subject to certain exceptions. Additionally, the Company has agreed until the maturity of the private debentures that: (i) it will allocate at least 50% of the use of proceeds from any liquidity event to repay such debentures; (ii) it will not obtain any new loans unless the proceeds of such loans are directed to repayment of its debentures with Cogna; and (iii) the Company will not pledge shares and/or dividends.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 10pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company complied with all debt commitments in the period applicable on December 31, 2022 and &lt;span&gt;2021&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="margin: 0px; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; text-decoration: underline; line-height: inherit;"&gt;Bonds with third parties &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The bond issued by Somos Sistemas requires the maintenance of certain financial indicators &#x201c;covenants&#x201d; which are annually calculated based on Somos Sistemas Consolidated financial statements. The period of covenants compliance comprises &lt;span&gt;12&lt;/span&gt; months immediately prior to the end of each year, being the first year of analysis December 31, 2022 and based on ratio between adjusted net debt by adjusted consolidated EBITDA. The net debt adjusted EBITDA ratio should be less or equal:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Symbol; font-size: 10pt; margin: 0px; padding-left: 8.4pt; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;4.25%in &lt;span&gt;2021&lt;/span&gt;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Symbol; font-size: 10pt; margin: 0px; padding-left: 8.4pt; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;4.00% in &lt;span&gt;2022&lt;/span&gt;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Symbol; font-size: 10pt; margin: 0px; padding-left: 8.4pt; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;3.75% in &lt;span&gt;2023&lt;/span&gt;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Symbol; font-size: 10pt; margin: 0px; padding-left: 8.4pt; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;3.50% in &lt;span&gt;2024&lt;/span&gt;&lt;/span&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;This ratio cannot be breached&#160;for two consecutive periods or three alternate periods. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="text-decoration: underline; line-height: inherit;"&gt;Consolidated net debt&lt;/span&gt;: Company&#x2019;s total debt (short- and long-term loans and financing, including capital markets operations, less cash equivalents cash which could be withdrawn&#160;until&#160;&lt;span&gt;five&lt;/span&gt; business days added by accounts payable for business combinations) &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="text-decoration: underline; line-height: inherit;"&gt;Adjusted consolidated EBITDA&lt;/span&gt;: Earnings before income taxes, depreciation and amortization, financial results (excluding financial expenses), and non recuring expenses. &#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;On December 31, 2022, the financial ratio net debt by adjusted EBITDA reached the result of 2.74%, within the conditions established in the aforementioned financial contractual clauses. On December 31, 2021, the financial ratio net debt by adjusted EBITDA reached the result of 4.47%, exceeding the ratio, but yet within the clauses established.&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DisclosureOfBorrowingsExplanatory>
    <ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory contextRef="D20221231_3" id="Tag3238">
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The balance of bonds and financing comprises the following amounts:&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_H1L8VSG0SG00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 114px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Additions (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Payment of interest (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Payment of principal (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Interest accrued &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Transaction cost of bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Transfers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 21%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds with Related Parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 264,673 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (33,921 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (254,885 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 36,573 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 50,885 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 63,325 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 16,581 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (58,425 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 72,298 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,018 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,018 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 30,454 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 237 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (154 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (759 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 281,491 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (92,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (255,644 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 108,896 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,018 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 50,518 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 93,779 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds with Related Parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 51,091 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 250,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (50,885 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 250,206 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 497,993 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,018 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 499,011 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 549,735 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 250,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (50,518 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 749,217 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 831,226 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 250,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (92,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt;(255,644&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 108,896 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 1,018 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 842,996 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_4X98E4U41S00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; text-align: left; width: 3%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; vertical-align: top; width: 97%;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;On September 28, 2022, the Company issued simple debentures not convertible into shares, subject to remunerative interest of&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;"&gt;100% of the CDI&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;, plus a spread of&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;"&gt;2.40&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;% per year, in the total amount of R$&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;"&gt;250,000&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;. The debentures aim to strengthen the Company's capital structure and lengthen the maturity profile of the debt, whose average term has become&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;"&gt;37 months&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; text-align: left;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;We present below the composition of interest and principal payments considering the issues made:&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;div&gt;
&lt;table cellpadding="0" style="height: 122px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Additions (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.3947%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Payment of interest (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Payment of principal (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Interest accrued &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Transaction cost of bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Transfers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;Bonds with related parties&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 502,743 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.3947%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (24,873 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (477,564 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.47929%; padding: 0px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25,859 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 238,509 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 7.98158%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 264,673 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 0.997698%; padding: 0px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 17,574 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (993 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 16,581 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 139 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (49 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (177 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 116 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 208 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 237 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; width: 20.9517%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 502,882 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 1.3947%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (24,922 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (477,741 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 1.47929%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 43,549 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (993 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 238,717 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 281,491 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds with related parties(i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 289,600 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (238,509 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 51,091 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 20.9517%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonds &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 500,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.3947%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (2,007 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 497,993 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 20.9517%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 859 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (208 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 290,459 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 500,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.47929%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (2,007 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (238,717 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 549,735 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 20.9517%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 793,341 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 500,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.3947%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (24,922 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (477,741 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 1.47929%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 43,549 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (3,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px 0px 1px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.98158%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 831,226 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.997698%; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_RXDKC3SFS000000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 78px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; height: 10px; width: 3%; text-align: left;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top; width: 97%;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;On March 15, 2021, the Company, substantially settled bonds with related parties amounting to R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;100,000&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;and R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;1,488&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;, in principal and interest, respectively as follows:&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;th Issuance,&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;st series &#x2013; R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;101,488&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;. In addition, the Company settled only interest on the following bonds:&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;th Issuance,&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;nd series &#x2013; R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;1,451&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;,&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;6&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;th Issuance,&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;nd series &#x2013; R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;3,613&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;and&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;7&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;th Issuance, single series &#x2013; R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;5,663&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;. This measure is part of a commitment with shareholders as a result of the IPO.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; height: 10px; text-align: left;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;On May 31, 2021, the Company partially settled bonds with related parties amounting to R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;188,000&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;, of principal of the&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;7&lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;th&lt;/sup&gt;&lt;/span&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;issuance single series.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; height: 10px; text-align: left;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding: 1px 1px 8px; height: 10px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;On August 6, 2021, the Company settled the remaining&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;7&lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;th&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&lt;span style="font-size: 8pt;"&gt;&#160;&lt;/span&gt;issuance with related parties in the amounts of R$&lt;/span&gt;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;189,564&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;and R$&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;5,871&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;, as principal and interest. In addition, the Company settled only interest on the following bonds:&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;th Issuance,&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;nd series &#x2013; R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;2,029&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;and&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;6&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;th Issuance,&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;nd series &#x2013; R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;4,758&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
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&lt;tr style="height: 26px;"&gt;
&lt;td style="vertical-align: top; height: 26px; text-align: left;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding: 1px 1px 8px; height: 26px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;Regarding the financing with Banco de&#160;&lt;/span&gt;Desenvolvimento&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;de Minas&#160;&lt;/span&gt;Gerais&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;SA - BDMG, the Company pays monthly the amount of R$&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;15&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;and R$&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;4&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;, respectively, of principal and interest, totaling on December 31, 2021 an amount of R$&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;177&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;and R$&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;49&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;, respectively, of principal and interest&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 22px;"&gt;
&lt;td style="vertical-align: top; height: 22px; text-align: left;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; height: 22px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;On August 6, 2021, the&#160;&lt;/span&gt;Company&#xb4;s&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;subsidiary&#160;&lt;/span&gt;Somos&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;&lt;/span&gt;Sistemas&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;de&#160;&lt;/span&gt;Ensino&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;S.A. issued R$&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;500&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;million in simple debentures not convertible into shares, subject to compensatory interest of&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;100% of DI Interest Deposit rate (CDI)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;, plus spread of&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;2.30&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;% per year. The debentures are aimed at reinforcing the Company&#x2019;s capital structure and elongating the debt maturity profile, which average maturity now stands at&#160;&lt;/span&gt;&lt;span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;"&gt;35 months&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
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&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 84px; text-indent: 0px;" width="100%"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Interest &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Principal &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; SSED&lt;span&gt;21&lt;/span&gt; &#x2013; &lt;span&gt;6&lt;/span&gt;th. SOMOS &#x2013; &lt;span&gt;2&lt;/span&gt;nd.&#160;S&#xe9;rie &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; width: 2.51484%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 29.9562%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 02/15/2022 and 08/11/2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 2.04978%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.80966%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(10,792 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 2.04978%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; width: 9.95608%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(50,885 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; background-color: #bdd7ee; width: 1.46413%; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 39.2713%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; SEDU&lt;span&gt;21&lt;/span&gt; &#x2013; &lt;span&gt;7&lt;/span&gt;th. SOMOS &lt;span&gt;2&lt;/span&gt;nd.&#160;S&#xe9;rie &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.51484%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 29.9562%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 02/15/2022 and 08/11/2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.80966%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(23,129 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.95608%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(204,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 39.2713%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; GAGL&lt;span&gt;11&lt;/span&gt; &#x2013;&#160;Somos Sistemas &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 2.51484%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 29.9562%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 02/07/2022 and 08/05/2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.80966%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(58,425 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.95608%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 39.2713%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; width: 2.51484%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 29.9562%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 06/22/2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.80966%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(154 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.95608%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(759 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; vertical-align: bottom; width: 1.46413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 39.2713%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 2.51484%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 29.9562%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.80966%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (92,500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 2.04978%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #bdd7ee; vertical-align: bottom; width: 9.95608%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (255,644 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; background-color: #bdd7ee; vertical-align: bottom; width: 1.46413%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
</vsta:ScheduleOfCompositionOfInterestAndPrincipalPaymentsOfBondsAndFinancingTableTextBlock>
    <vsta:DescriptionOfPeriodOfBorrowingPayments
      contextRef="D20221231_BorrowingsIssue1Member_CurrentBondsMember"
      id="Tag1255">02/15/2022 and 08/11/2022</vsta:DescriptionOfPeriodOfBorrowingPayments>
    <vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities
      contextRef="D20221231_BorrowingsIssue1Member_CurrentBondsMember"
      decimals="-3"
      id="Tag1099"
      unitRef="BRL">10792000</vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities>
    <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities
      contextRef="D20221231_BorrowingsIssue1Member_CurrentBondsMember"
      decimals="-3"
      id="Tag1244"
      unitRef="BRL">50885000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
    <vsta:DescriptionOfPeriodOfBorrowingPayments
      contextRef="D20221231_BorrowingsIssue2Member_CurrentBondsMember"
      id="Tag3234">02/15/2022 and 08/11/2022</vsta:DescriptionOfPeriodOfBorrowingPayments>
    <vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities
      contextRef="D20221231_BorrowingsIssue2Member_CurrentBondsMember"
      decimals="-3"
      id="Tag1170"
      unitRef="BRL">23129000</vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities>
    <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities
      contextRef="D20221231_BorrowingsIssue2Member_CurrentBondsMember"
      decimals="-3"
      id="Tag105"
      unitRef="BRL">204000000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
    <vsta:DescriptionOfPeriodOfBorrowingPayments
      contextRef="D20221231_BorrowingsIssue3Member_CurrentBondsMember"
      id="Tag1092">02/07/2022 and 08/05/2022</vsta:DescriptionOfPeriodOfBorrowingPayments>
    <vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities
      contextRef="D20221231_BorrowingsIssue3Member_CurrentBondsMember"
      decimals="-3"
      id="Tag3316"
      unitRef="BRL">58425000</vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities>
    <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities
      contextRef="D20221231_BorrowingsIssue3Member_CurrentBondsMember"
      decimals="-3"
      id="Tag1105"
      unitRef="BRL">0</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
    <vsta:DescriptionOfPeriodOfBorrowingPayments
      contextRef="D20221231_CurrentFinanceLeasesMember"
      id="Tag1210">06/22/2022</vsta:DescriptionOfPeriodOfBorrowingPayments>
    <vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities
      contextRef="D20221231_CurrentFinanceLeasesMember"
      decimals="-3"
      id="Tag1104"
      unitRef="BRL">154000</vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities>
    <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities
      contextRef="D20221231_CurrentFinanceLeasesMember"
      decimals="-3"
      id="Tag1186"
      unitRef="BRL">759000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
    <vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1197"
      unitRef="BRL">92500000</vsta:PaymentOfInterestOnBondsAndFinancingClassifiedAsOperatingActivities>
    <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2749"
      unitRef="BRL">255644000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
    <ifrs-full:Borrowings
      contextRef="I20201231_CurrentBondsWithRelatedPartiesMember"
      decimals="-3"
      id="Tag1252"
      unitRef="BRL">502743000</ifrs-full:Borrowings>
    <ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities
      contextRef="D20211231_CurrentBondsWithRelatedPartiesMember"
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&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Subscriber &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Related Parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Related Parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Third parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Issuance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;5&lt;/span&gt;th &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;9&lt;/span&gt;th &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;1&lt;/span&gt;st &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Series &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;nd&lt;/sup&gt;&lt;/span&gt;&#160;Series&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;2&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;nd&lt;/sup&gt;&lt;/span&gt; Series&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Single Series &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Date of issuance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 08/15/2018 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 09/28/2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 08/06/2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Maturity Date &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 08/15/2023 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 09/28/2025 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 08/05/2024 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; First payment after &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 60 months&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 36 months&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 35 months&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Remuneration payment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Semi-annual interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Semi-annual interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Semi-annual interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Financials charges &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt; CDI + 1.00% p.a. &lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt; CDI + 2.40% p.a. &lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt; CDI + 2.30% p.a. &lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 36.2%; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Principal amount (in millions of R$) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 100 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.46%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 250 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: bottom; width: 2.7%; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.65pt; padding-right: 5.65pt; vertical-align: middle; width: 19.48%; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 500 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfBondsDescriptionTableTextBlock>
    <vsta:BorrowingsDateOfIssuance
      contextRef="D20221231_BondsWithRelatedPartiesMember_BorrowingsIssue4Member"
      id="Tag1107">08/15/2018</vsta:BorrowingsDateOfIssuance>
    <vsta:BorrowingsDateOfIssuance
      contextRef="D20221231_BorrowingsIssue5Member_BondsWithRelatedPartiesMember"
      id="Tag1146">09/28/2022</vsta:BorrowingsDateOfIssuance>
    <vsta:BorrowingsDateOfIssuance
      contextRef="D20221231_BondMember_BorrowingsIssue6Member"
      id="Tag1180">08/06/2021</vsta:BorrowingsDateOfIssuance>
    <vsta:BorrowingsMaturityDate
      contextRef="D20221231_BondsWithRelatedPartiesMember_BorrowingsIssue4Member"
      id="Tag1247">08/15/2023</vsta:BorrowingsMaturityDate>
    <vsta:BorrowingsMaturityDate
      contextRef="D20221231_BorrowingsIssue5Member_BondsWithRelatedPartiesMember"
      id="Tag1261">09/28/2025</vsta:BorrowingsMaturityDate>
    <vsta:BorrowingsMaturityDate
      contextRef="D20221231_BondMember_BorrowingsIssue6Member"
      id="Tag1165">08/05/2024</vsta:BorrowingsMaturityDate>
    <vsta:BorrowingsMaturityTerm
      contextRef="D20221231_BondsWithRelatedPartiesMember_BorrowingsIssue4Member"
      id="Tag1098">P60M</vsta:BorrowingsMaturityTerm>
    <vsta:BorrowingsMaturityTerm
      contextRef="D20221231_BorrowingsIssue5Member_BondsWithRelatedPartiesMember"
      id="Tag1205">P36M</vsta:BorrowingsMaturityTerm>
    <vsta:BorrowingsMaturityTerm
      contextRef="D20221231_BondMember_BorrowingsIssue6Member"
      id="Tag1226">P35M</vsta:BorrowingsMaturityTerm>
    <vsta:DescriptionOfPeriodicPaymentFrequencyOfBorrowings
      contextRef="D20221231_BondsWithRelatedPartiesMember_BorrowingsIssue4Member"
      id="Tag1178">Semi-annual interest</vsta:DescriptionOfPeriodicPaymentFrequencyOfBorrowings>
    <vsta:DescriptionOfPeriodicPaymentFrequencyOfBorrowings
      contextRef="D20221231_BorrowingsIssue5Member_BondsWithRelatedPartiesMember"
      id="Tag1215">Semi-annual interest</vsta:DescriptionOfPeriodicPaymentFrequencyOfBorrowings>
    <vsta:DescriptionOfPeriodicPaymentFrequencyOfBorrowings
      contextRef="D20221231_BondMember_BorrowingsIssue6Member"
      id="Tag1119">Semi-annual interest</vsta:DescriptionOfPeriodicPaymentFrequencyOfBorrowings>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="D20221231_BondsWithRelatedPartiesMember_BorrowingsIssue4Member"
      id="Tag1124"> CDI + 1.00% p.a. </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="D20221231_BorrowingsIssue5Member_BondsWithRelatedPartiesMember"
      id="Tag1116"> CDI + 2.40% p.a. </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="D20221231_BondMember_BorrowingsIssue6Member"
      id="Tag1268"> CDI + 2.30% p.a. </ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:NotionalAmount
      contextRef="I20221231_BondsWithRelatedPartiesMember_BorrowingsIssue4Member"
      decimals="-3"
      id="Tag1125"
      unitRef="BRL">100000</ifrs-full:NotionalAmount>
    <ifrs-full:NotionalAmount
      contextRef="I20221231_BorrowingsIssue5Member_BondsWithRelatedPartiesMember"
      decimals="-3"
      id="Tag1201"
      unitRef="BRL">250000</ifrs-full:NotionalAmount>
    <ifrs-full:NotionalAmount
      contextRef="I20221231_BondMember_BorrowingsIssue6Member"
      decimals="-3"
      id="Tag1207"
      unitRef="BRL">500000</ifrs-full:NotionalAmount>
    <vsta:ScheduleOfBondsAndFinancingMaturitiesTableTextBlock contextRef="D20221231_3" id="Tag813">
&lt;div id="t_ft_3N3QJJJFXS00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 95px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Maturity of installments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; width: 36%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 93,779 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 11.1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 281,491 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 33.9 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 499,217 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 59.2 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 51,063 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6.1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2025&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 250,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 29.7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 498,672 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 60.0 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 749,217 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 88.9 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 549,735 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 66.1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: left; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 842,996 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt;100.0 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 831,226 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 100.0 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfBondsAndFinancingMaturitiesTableTextBlock>
    <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag107"
      unitRef="BRL">93779000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <vsta:PercentageOfCurrentBondsAndFinancing
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="3"
      id="Tag1158"
      unitRef="Pure">0.111</vsta:PercentageOfCurrentBondsAndFinancing>
    <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="I20211231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag1148"
      unitRef="BRL">281491000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <vsta:PercentageOfCurrentBondsAndFinancing
      contextRef="I20211231_NotLaterThanOneYearMember"
      decimals="3"
      id="Tag2249"
      unitRef="Pure">0.339</vsta:PercentageOfCurrentBondsAndFinancing>
    <ifrs-full:LongtermBorrowings
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag1253"
      unitRef="BRL">499217000</ifrs-full:LongtermBorrowings>
    <vsta:PercentageOfNonCurrentBondsAndFinancing
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="3"
      id="Tag1264"
      unitRef="Pure">0.592</vsta:PercentageOfNonCurrentBondsAndFinancing>
    <ifrs-full:LongtermBorrowings
      contextRef="I20211231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag3192"
      unitRef="BRL">51063000</ifrs-full:LongtermBorrowings>
    <vsta:PercentageOfNonCurrentBondsAndFinancing
      contextRef="I20211231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="3"
      id="Tag1174"
      unitRef="Pure">0.061</vsta:PercentageOfNonCurrentBondsAndFinancing>
    <ifrs-full:LongtermBorrowings
      contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1211"
      unitRef="BRL">250000000</ifrs-full:LongtermBorrowings>
    <vsta:PercentageOfNonCurrentBondsAndFinancing
      contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="3"
      id="Tag1128"
      unitRef="Pure">0.297</vsta:PercentageOfNonCurrentBondsAndFinancing>
    <ifrs-full:LongtermBorrowings
      contextRef="I20211231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1139"
      unitRef="BRL">498672000</ifrs-full:LongtermBorrowings>
    <vsta:PercentageOfNonCurrentBondsAndFinancing
      contextRef="I20211231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="3"
      id="Tag1108"
      unitRef="Pure">0.60</vsta:PercentageOfNonCurrentBondsAndFinancing>
    <ifrs-full:LongtermBorrowings
      contextRef="I20221231"
      decimals="-3"
      id="Tag1182"
      unitRef="BRL">749217000</ifrs-full:LongtermBorrowings>
    <vsta:PercentageOfNonCurrentBondsAndFinancing
      contextRef="I20221231"
      decimals="3"
      id="Tag1256"
      unitRef="Pure">0.889</vsta:PercentageOfNonCurrentBondsAndFinancing>
    <ifrs-full:LongtermBorrowings
      contextRef="I20211231"
      decimals="-3"
      id="Tag3459"
      unitRef="BRL">549735000</ifrs-full:LongtermBorrowings>
    <vsta:PercentageOfNonCurrentBondsAndFinancing
      contextRef="I20211231"
      decimals="3"
      id="Tag1157"
      unitRef="Pure">0.661</vsta:PercentageOfNonCurrentBondsAndFinancing>
    <ifrs-full:Borrowings
      contextRef="I20221231"
      decimals="-3"
      id="Tag1137"
      unitRef="BRL">842996000</ifrs-full:Borrowings>
    <vsta:PercentageOfBondsAndFinancing
      contextRef="I20221231"
      decimals="3"
      id="Tag1175"
      unitRef="Pure">1</vsta:PercentageOfBondsAndFinancing>
    <ifrs-full:Borrowings
      contextRef="I20211231"
      decimals="-3"
      id="Tag1249"
      unitRef="BRL">831226000</ifrs-full:Borrowings>
    <vsta:PercentageOfBondsAndFinancing
      contextRef="I20211231"
      decimals="3"
      id="Tag1100"
      unitRef="Pure">1</vsta:PercentageOfBondsAndFinancing>
    <ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities
      contextRef="D20191119_BondsWithRelatedPartiesMember"
      decimals="-3"
      id="Tag1265"
      unitRef="BRL">1535800000</ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities>
    <vsta:PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent
      contextRef="D20191119_BondsWithRelatedPartiesMember"
      decimals="2"
      id="Tag1163"
      unitRef="Pure">0.50</vsta:PercentageOfProceedsFromBondsIssuedToBeUseForRepayUponAnyLiquidityEvent>
    <vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization
      contextRef="D20221231_MeasurementPeriodOneMember_BondMember"
      decimals="4"
      id="Tag2680"
      unitRef="Pure">0.0425</vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization>
    <vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization
      contextRef="D20221231_MeasurementPeriodTwoMember_BondMember"
      decimals="4"
      id="Tag2736"
      unitRef="Pure">0.04</vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization>
    <vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization
      contextRef="D20221231_MeasurementPeriodThreeMember_BondMember"
      decimals="4"
      id="Tag1132"
      unitRef="Pure">0.0375</vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization>
    <vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization
      contextRef="D20221231_MeasurementPeriodFourMember_BondMember"
      decimals="4"
      id="Tag98"
      unitRef="Pure">0.035</vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization>
    <vsta:NumberOfConsecutivePeriods
      contextRef="D20221231_BondMember"
      decimals="0"
      id="Tag1109"
      unitRef="Pure">2</vsta:NumberOfConsecutivePeriods>
    <vsta:NumberOfAlternatePeriods
      contextRef="D20221231_BondMember"
      decimals="0"
      id="Tag1179"
      unitRef="Pure">3</vsta:NumberOfAlternatePeriods>
    <vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization
      contextRef="D20221231_BondMember"
      decimals="4"
      id="Tag3451"
      unitRef="Pure">0.0274</vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization>
    <vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization
      contextRef="D20211231_BondMember"
      decimals="4"
      id="Tag1103"
      unitRef="Pure">0.0447</vsta:PercentageOfNetDebtAdjustedEarningsBeforeInterestIncomeTaxesDepreciationAndAmortization>
    <ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory contextRef="D20221231_3" id="Tag3402">
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;16&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Suppliers &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 5pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The balance of this account comprises the following amounts:&lt;/span&gt;&lt;/p&gt;
&lt;ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;"&gt;
&lt;li style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: 150%; margin: 5pt 0pt 5pt 32.24pt; padding-left: 3.76pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Composition&lt;/span&gt;&lt;/li&gt;
&lt;/ol&gt;
&lt;div id="t_ft_N5YEQZN2A800000000000000000000b"&gt;

&lt;div&gt;
&lt;table cellpadding="0" style="height: 112px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 76.901%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Local suppliers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 215,593 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.0043%; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 132,124 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Related parties (note &lt;span&gt;21&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10.043%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 13,781 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.0043%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10.043%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 19,534 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Copyright &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 21,273 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.0043%; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 15,510 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 76.901%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10.043%; height: 10px; padding: 0px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;250,647&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10.043%; height: 10px; padding: 0px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;167,168&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #bdd7ee; height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 76.901%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10.043%; padding: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10.043%; padding: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Reverse Factoring (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.043%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 155,469 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.043%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 97,619 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; height: 60px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 60px;"&gt;
&lt;td style="vertical-align: top; width: 3%; height: 60px;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&#160;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; vertical-align: top; width: 97%; height: 60px;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;As of December 31, 2022, the balance of reverse factoring was R$ 155,469 (R$ 97,619 as of December 31, 2021), and the discount rates of assignment operations carried out by our suppliers with financial institutions had a weighted average of 1.27% per month (as of December 31, 2021, the weighted average was 1.05% 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.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;/div&gt;
</ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory>
    <vsta:ScheduleOfTradeSuppliersTableTextBlock contextRef="D20221231_3" id="Tag222">
&lt;div&gt;
&lt;table cellpadding="0" style="height: 112px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; width: 76.901%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Local suppliers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 215,593 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.0043%; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 132,124 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Related parties (note &lt;span&gt;21&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10.043%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 13,781 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.0043%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10.043%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 19,534 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Copyright &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 21,273 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.0043%; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10.043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 15,510 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 76.901%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10.043%; height: 10px; padding: 0px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;250,647&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10.043%; height: 10px; padding: 0px; text-align: right; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;167,168&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #bdd7ee; height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 76.901%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10.043%; padding: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10.043%; padding: 0px; text-align: right; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 76.901%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Reverse Factoring (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.043%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 155,469 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.0043%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.043%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 97,619 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.0043%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; height: 60px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 60px;"&gt;
&lt;td style="vertical-align: top; width: 3%; height: 60px;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&#160;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; vertical-align: top; width: 97%; height: 60px;" valign="top"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;As of December 31, 2022, the balance of reverse factoring was R$ 155,469 (R$ 97,619 as of December 31, 2021), and the discount rates of assignment operations carried out by our suppliers with financial institutions had a weighted average of 1.27% per month (as of December 31, 2021, the weighted average was 1.05% 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.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfTradeSuppliersTableTextBlock>
    <vsta:LocalSuppliers
      contextRef="I20221231"
      decimals="-3"
      id="Tag1067"
      unitRef="BRL">215593000</vsta:LocalSuppliers>
    <vsta:LocalSuppliers
      contextRef="I20211231"
      decimals="-3"
      id="Tag1377"
      unitRef="BRL">132124000</vsta:LocalSuppliers>
    <vsta:RelatedPartiesSuppliers
      contextRef="I20221231"
      decimals="-3"
      id="Tag3169"
      unitRef="BRL">13781000</vsta:RelatedPartiesSuppliers>
    <vsta:RelatedPartiesSuppliers
      contextRef="I20211231"
      decimals="-3"
      id="Tag2456"
      unitRef="BRL">19534000</vsta:RelatedPartiesSuppliers>
    <vsta:CopyrightSuppliers
      contextRef="I20221231"
      decimals="-3"
      id="Tag3249"
      unitRef="BRL">21273000</vsta:CopyrightSuppliers>
    <vsta:CopyrightSuppliers
      contextRef="I20211231"
      decimals="-3"
      id="Tag2044"
      unitRef="BRL">15510000</vsta:CopyrightSuppliers>
    <ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers
      contextRef="I20221231"
      decimals="-3"
      id="Tag2225"
      unitRef="BRL">250647000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
    <ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers
      contextRef="I20211231"
      decimals="-3"
      id="Tag136"
      unitRef="BRL">167168000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
    <vsta:CurrentReverseFactoringSuppliers
      contextRef="I20221231"
      decimals="-3"
      id="Tag1375"
      unitRef="BRL">155469000</vsta:CurrentReverseFactoringSuppliers>
    <vsta:CurrentReverseFactoringSuppliers
      contextRef="I20211231"
      decimals="-3"
      id="Tag3"
      unitRef="BRL">97619000</vsta:CurrentReverseFactoringSuppliers>
    <vsta:CurrentReverseFactoringSuppliers
      contextRef="I20221231"
      decimals="-3"
      id="Tag3241"
      unitRef="BRL">155469000</vsta:CurrentReverseFactoringSuppliers>
    <vsta:CurrentReverseFactoringSuppliers
      contextRef="I20211231"
      decimals="-3"
      id="Tag135"
      unitRef="BRL">97619000</vsta:CurrentReverseFactoringSuppliers>
    <vsta:WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction
      contextRef="I20221231"
      decimals="4"
      id="Tag3170"
      unitRef="Pure">0.0127</vsta:WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction>
    <vsta:WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction
      contextRef="I20211231"
      decimals="4"
      id="Tag2253"
      unitRef="Pure">0.0105</vsta:WeightedAverageDiscountRatesPerMonthOfAssignmentOperationsCarriedOutBySuppliersWithFinancialInstitutionsForReverseFactoringTransaction>
    <vsta:MaximumMaturityPeriodOfReverseFactoring contextRef="D20221231_3" id="Tag66">P360D</vsta:MaximumMaturityPeriodOfReverseFactoring>
    <ifrs-full:DisclosureOfLeasesExplanatory contextRef="D20221231_3" id="Tag96">
&lt;p style="margin: 0pt 0pt 8pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;17&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Lease liabilities&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The lease agreements have an average term of 7 years&#160;and weighted average rate of 14.32% p.a.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="height: 172px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Opening balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 160,542 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 173,103 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Additions for new lease agreements (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 12,002 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25,513 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Renegotiation &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (12,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Cancelled contracts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (3,180 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (3,481 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Renegotiation - COVID-&lt;span&gt;19&lt;/span&gt; impact &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (448 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 13,143 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 14,984 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Payment of interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (14,941 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (14,692 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Payment of principal &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (27,003 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (21,998 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Closing balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 140,563 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 160,542 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 23,151 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 26,636 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 117,412 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 133,906 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 140,563 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 160,542 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Refers to new lease agreements which the Company has embedded part of its digital learning solutions. These lease agreements (digital learning) refer to lease terms of 36 months, with rates negotiated in the range of 10.3% p.a to 10.9% p.a.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Short-term leases (lease period of 12 months&#160;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. Fixed and variable lease payments, including those related to short-term contracts and to low-value assets, were the following for the years ended December 31, 2022 and &lt;span&gt;2021&lt;/span&gt;:&lt;/span&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="4" style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; For the years ended December 31 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-indent: 10.5pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: rgb(189, 215, 238); width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Fixed Payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 41,944 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 36,689 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 5px; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Payments related to short-term contracts and low value assets, variable price contracts (note &lt;span&gt;26&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 18,312 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 17,775 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 60,256 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 54,464 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

</ifrs-full:DisclosureOfLeasesExplanatory>
    <vsta:AverageTermOfLeaseAgreements contextRef="D20221231_3" id="Tag331">P7Y</vsta:AverageTermOfLeaseAgreements>
    <vsta:LeaseAgreementsWeightedAverageDiscountRatePercent
      contextRef="D20221231_3"
      decimals="4"
      id="Tag183"
      unitRef="Pure">0.1432</vsta:LeaseAgreementsWeightedAverageDiscountRatePercent>
    <vsta:ScheduleOfLeaseLiabilitiesTableTextBlock contextRef="D20221231_3" id="Tag221">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="height: 172px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Opening balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 160,542 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 173,103 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Additions for new lease agreements (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 12,002 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25,513 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Renegotiation &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (12,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Cancelled contracts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (3,180 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (3,481 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Renegotiation - COVID-&lt;span&gt;19&lt;/span&gt; impact &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (448 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 13,143 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 14,984 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Payment of interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (14,941 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (14,692 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Payment of principal &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (27,003 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (21,998 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Closing balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 140,563 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 160,542 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 23,151 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 26,636 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 117,412 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 133,906 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 140,563 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 160,542 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;span style="font-size: 10pt; font-family: 'times new roman', times;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Refers to new lease agreements which the Company has embedded part of its digital learning solutions. These lease agreements (digital learning) refer to lease terms of 36 months, with rates negotiated in the range of 10.3% p.a to 10.9% p.a.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
</vsta:ScheduleOfLeaseLiabilitiesTableTextBlock>
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    <vsta:AdditionsToNewLeaseAgreements
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    <ifrs-full:AmountRecognisedInProfitOrLossForReportingPeriodToReflectChangesInLeasePaymentsThatAriseFromRentConcessionsOccurringAsDirectConsequenceOfCovid19PandemicToWhichLesseeAppliedPracticalExpedientInParagraph46AOfIFRS16
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      id="Tag252"
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      id="Tag337"
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      contextRef="I20211231"
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      id="Tag333"
      unitRef="BRL">160542000</ifrs-full:LeaseLiabilities>
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&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="4" style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; For the years ended December 31 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-indent: 10.5pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: rgb(189, 215, 238); width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Fixed Payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 41,944 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 36,689 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 5px; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Payments related to short-term contracts and low value assets, variable price contracts (note &lt;span&gt;26&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 18,312 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 17,775 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 60,256 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 54,464 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfFixedAndVariableLeasePaymentsTableTextBlock>
    <ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag341"
      unitRef="BRL">41944000</ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed>
    <ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag235"
      unitRef="BRL">36689000</ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed>
    <ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag336"
      unitRef="BRL">18312000</ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities>
    <ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag234"
      unitRef="BRL">17775000</ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities>
    <vsta:AggregateFixedAndVariableLeasePayments
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag339"
      unitRef="BRL">60256000</vsta:AggregateFixedAndVariableLeasePayments>
    <vsta:AggregateFixedAndVariableLeasePayments
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag232"
      unitRef="BRL">54464000</vsta:AggregateFixedAndVariableLeasePayments>
    <vsta:DisclosureOfContractLiabilitiesAndDeferredIncomeTextBlock contextRef="D20221231_3" id="Tag309">
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span&gt;18&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160; &#160;Contractual obligations&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;and deferred income&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;div id="t_ft_DRIVC27RR400000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 153px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Refund liability (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 51,533 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 37,122 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;Contract of exclusivity for processing payroll&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 587 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 783 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Deferred income in leaseback agreement (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4,075 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5,678 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other contractual obligations &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,657 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,582 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 57,852 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 46,165 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Current &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 57,852 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 46,037 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Non-current &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 128 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 10.5pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 57,852 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 46,165 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom: 2.8pt double rgb(0, 0, 0);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="display: none; font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_8O1FCM3ANK00000000000000000000b"&gt;
&lt;table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; height: 44px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-top: 7.5pt; width: 3%; height: 10px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 7.5pt; padding-top: 7.5pt; width: 97%; height: 10px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Refers to the customer&#x2019;s right to return products, as mentioned in Note &lt;span&gt;11&lt;/span&gt;, the Company business cycle is from September to September for each year, being the provision reduced in the end of business cycle and estimated in the fourth quarter. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding: 0.75pt; height: 34px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0.75pt; height: 34px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; In March 2018, the predecessor Somos-Anglo entered into a sales and leaseback agreement of a property located at Avenida Jo&#xe3;o Dias in the city of S&#xe3;o Paulo in the amount of R$ 25,500. This transaction included deferred income of R$ 9,104, which has been appropriated according to the lease term of the property (120 months).&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

</vsta:DisclosureOfContractLiabilitiesAndDeferredIncomeTextBlock>
    <vsta:ScheduleOfContractLiabilitiesAndDeferredIncomeTableTextBlock contextRef="D20221231_3" id="Tag308">
&lt;div id="t_ft_DRIVC27RR400000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 153px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Refund liability (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 51,533 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 37,122 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;Contract of exclusivity for processing payroll&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 587 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 783 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Deferred income in leaseback agreement (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4,075 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5,678 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other contractual obligations &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,657 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,582 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 57,852 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 46,165 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Current &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 57,852 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 46,037 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Non-current &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="display: none; font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
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&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (i) &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Refers to the customer&#x2019;s right to return products, as mentioned in Note &lt;span&gt;11&lt;/span&gt;, the Company business cycle is from September to September for each year, being the provision reduced in the end of business cycle and estimated in the fourth quarter. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
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&lt;tr style="height: 34px;"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (ii) &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; In March 2018, the predecessor Somos-Anglo entered into a sales and leaseback agreement of a property located at Avenida Jo&#xe3;o Dias in the city of S&#xe3;o Paulo in the amount of R$ 25,500. This transaction included deferred income of R$ 9,104, which has been appropriated according to the lease term of the property (120 months).&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt;&lt;span style="font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;19&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&gt;Accounts payable for business combination and acquisition of associates&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div id="t_ft_PFBMCB7YKG00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 239px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 77%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Pluri &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160;3,653 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 3,251 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Mind Makers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160;7,915 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;7,044 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Livro F&#xe1;cil &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160;10,516 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 14,055 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Meritt &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;3,347 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; SEL &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160;30,267 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;26,935 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160;6,030 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;7,230 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; EMME &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160;10,827 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12,780 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Editora De Gouges &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;514,299 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 457,671 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Phidelis &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 16,976 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Educbank &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 24,494 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 532,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Current &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;73,007 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,502 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Non-current &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;552,270 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 511,811 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 532,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt;&lt;span style="font-size: 10pt;"&gt;The changes in the balance are as follows:&lt;/span&gt;&lt;span style="font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" style="height: 154px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Opening balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 532,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 48,055 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 120,344 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 703,257 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;Cash payment&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (80,939 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (205,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;Payments in installments&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: right; height: 17px;"&gt;(11,379&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: right; height: 17px;"&gt;(19,168&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest payment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (603 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,571 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest adjustment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 65,725 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8,158 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Remeasurement &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (184 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,138 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Closing balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 532,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt;&lt;span style="font-size: 10pt;"&gt;The maturity years of such balances as of December 31, &lt;/span&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt;"&gt; are shown in the table below:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_KD40O1300W00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 120px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="4" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="4" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Maturity of installments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 19%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; In up to &lt;span&gt;one&lt;/span&gt; year &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 73,007 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 19%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 11.7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 20,502 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3.9 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span&gt;One&lt;/span&gt; to &lt;span&gt;two&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 389,186 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 62.2 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 35,685 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 6.7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span&gt;Two&lt;/span&gt; to &lt;span&gt;three&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 163,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 26.1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 166,730 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 31.3 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span&gt;Three&lt;/span&gt; years on &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 309,396 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 58.1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 100.0 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 532,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 100.0 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

</vsta:DisclosureOfAccountsPayableForBusinessCombinationTextBlock>
    <vsta:ScheduleOfAccountsPayableForBusinessCombinationTableTextBlock contextRef="D20221231_3" id="Tag24">
&lt;div id="t_ft_PFBMCB7YKG00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 239px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 77%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Pluri &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160;3,653 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 3,251 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Mind Makers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160;7,915 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;7,044 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Livro F&#xe1;cil &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160;10,516 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 14,055 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Meritt &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;3,347 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; SEL &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160;30,267 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;26,935 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160;6,030 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;7,230 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; EMME &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160;10,827 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12,780 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Editora De Gouges &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;514,299 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 457,671 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Phidelis &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 16,976 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Educbank &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; 24,494 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 532,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 13px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Current &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;73,007 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,502 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Non-current &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;552,270 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 511,811 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 532,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
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&lt;table cellpadding="0" style="height: 154px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Opening balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 532,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 48,055 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 120,344 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 703,257 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;Cash payment&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (80,939 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (205,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;Payments in installments&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: right; height: 17px;"&gt;(11,379&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: right; height: 17px;"&gt;(19,168&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest payment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (603 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,571 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest adjustment &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 65,725 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 8,158 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Remeasurement &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (184 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,138 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #bdd7ee; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Closing balance &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 532,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
</vsta:ScheduleOfChangesInAccountsPayableForBusinessCombinationTableTextBlock>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20211231"
      decimals="-3"
      id="Tag54"
      unitRef="BRL">532313000</vsta:AccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20201231"
      decimals="-3"
      id="Tag141"
      unitRef="BRL">48055000</vsta:AccountsPayableForBusinessCombination>
    <vsta:AdditionsToAccountsPayableForBusinessCombination
      contextRef="D20221231_3"
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      id="Tag35"
      unitRef="BRL">120344000</vsta:AdditionsToAccountsPayableForBusinessCombination>
    <vsta:AdditionsToAccountsPayableForBusinessCombination
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2403"
      unitRef="BRL">703257000</vsta:AdditionsToAccountsPayableForBusinessCombination>
    <vsta:CashPaymentForAccountsPayableForBusinessCombination
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag28"
      unitRef="BRL">80939000</vsta:CashPaymentForAccountsPayableForBusinessCombination>
    <vsta:CashPaymentForAccountsPayableForBusinessCombination
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1379"
      unitRef="BRL">205280000</vsta:CashPaymentForAccountsPayableForBusinessCombination>
    <vsta:PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag31"
      unitRef="BRL">11379000</vsta:PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities>
    <vsta:PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2477"
      unitRef="BRL">19168000</vsta:PaymentsForAccountsPayableForBusinessCombinationClassifiedAsFinancingActivities>
    <vsta:PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag23"
      unitRef="BRL">603000</vsta:PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities>
    <vsta:PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag34"
      unitRef="BRL">1571000</vsta:PaymentOfInterestOnBusinessCombinationsClassifiedAsOperatingActivities>
    <vsta:InterestAdjustmentOnAccountsPayableForBusinessCombination
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag6"
      unitRef="BRL">-65725000</vsta:InterestAdjustmentOnAccountsPayableForBusinessCombination>
    <vsta:InterestAdjustmentOnAccountsPayableForBusinessCombination
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag65"
      unitRef="BRL">-8158000</vsta:InterestAdjustmentOnAccountsPayableForBusinessCombination>
    <vsta:RemeasurementOnAccountsPayableForBusinessCombination
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag22"
      unitRef="BRL">184000</vsta:RemeasurementOnAccountsPayableForBusinessCombination>
    <vsta:RemeasurementOnAccountsPayableForBusinessCombination
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1378"
      unitRef="BRL">1138000</vsta:RemeasurementOnAccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20221231"
      decimals="-3"
      id="Tag55"
      unitRef="BRL">625277000</vsta:AccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20211231"
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      id="Tag2825"
      unitRef="BRL">532313000</vsta:AccountsPayableForBusinessCombination>
    <vsta:ScheduleOfMaturitiesOfAccountsPayableForBusinessCombinationTableTextBlock contextRef="D20221231_3" id="Tag3444">
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times;"&gt;&lt;span style="font-size: 10pt;"&gt;The maturity years of such balances as of December 31, &lt;/span&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt;"&gt; are shown in the table below:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_KD40O1300W00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 120px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="4" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="4" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Maturity of installments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 19%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; In up to &lt;span&gt;one&lt;/span&gt; year &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 73,007 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 19%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 11.7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 20,502 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 18%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3.9 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span&gt;One&lt;/span&gt; to &lt;span&gt;two&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 389,186 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 62.2 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 35,685 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 6.7 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span&gt;Two&lt;/span&gt; to &lt;span&gt;three&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 163,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 26.1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 166,730 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 31.3 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;span&gt;Three&lt;/span&gt; years on &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 309,396 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 58.1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 625,277 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 100.0 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 532,313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 100.0 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; % &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfMaturitiesOfAccountsPayableForBusinessCombinationTableTextBlock>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag15"
      unitRef="BRL">73007000</vsta:AccountsPayableForBusinessCombination>
    <vsta:PercentageOfAccountsPayableForBusinessCombination
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="3"
      id="Tag44"
      unitRef="Pure">0.117</vsta:PercentageOfAccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20211231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag2483"
      unitRef="BRL">20502000</vsta:AccountsPayableForBusinessCombination>
    <vsta:PercentageOfAccountsPayableForBusinessCombination
      contextRef="I20211231_NotLaterThanOneYearMember"
      decimals="3"
      id="Tag2248"
      unitRef="Pure">0.039</vsta:PercentageOfAccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag37"
      unitRef="BRL">389186000</vsta:AccountsPayableForBusinessCombination>
    <vsta:PercentageOfAccountsPayableForBusinessCombination
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="3"
      id="Tag2415"
      unitRef="Pure">0.622</vsta:PercentageOfAccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20211231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag25"
      unitRef="BRL">35685000</vsta:AccountsPayableForBusinessCombination>
    <vsta:PercentageOfAccountsPayableForBusinessCombination
      contextRef="I20211231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="3"
      id="Tag2843"
      unitRef="Pure">0.067</vsta:PercentageOfAccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag2414"
      unitRef="BRL">163084000</vsta:AccountsPayableForBusinessCombination>
    <vsta:PercentageOfAccountsPayableForBusinessCombination
      contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="3"
      id="Tag1381"
      unitRef="Pure">0.261</vsta:PercentageOfAccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20211231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag2877"
      unitRef="BRL">166730000</vsta:AccountsPayableForBusinessCombination>
    <vsta:PercentageOfAccountsPayableForBusinessCombination
      contextRef="I20211231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="3"
      id="Tag46"
      unitRef="Pure">0.313</vsta:PercentageOfAccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20221231_LaterThanThreeYearsAndNotLaterThanFourYearsMember"
      decimals="-3"
      id="Tag139"
      unitRef="BRL">0</vsta:AccountsPayableForBusinessCombination>
    <vsta:PercentageOfAccountsPayableForBusinessCombination
      contextRef="I20221231_LaterThanThreeYearsAndNotLaterThanFourYearsMember"
      decimals="2"
      id="Tag1786"
      unitRef="Pure">0</vsta:PercentageOfAccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20211231_LaterThanThreeYearsAndNotLaterThanFourYearsMember"
      decimals="-3"
      id="Tag38"
      unitRef="BRL">309396000</vsta:AccountsPayableForBusinessCombination>
    <vsta:PercentageOfAccountsPayableForBusinessCombination
      contextRef="I20211231_LaterThanThreeYearsAndNotLaterThanFourYearsMember"
      decimals="3"
      id="Tag18"
      unitRef="Pure">0.581</vsta:PercentageOfAccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20221231"
      decimals="-3"
      id="Tag2956"
      unitRef="BRL">625277000</vsta:AccountsPayableForBusinessCombination>
    <vsta:PercentageOfAccountsPayableForBusinessCombination
      contextRef="I20221231"
      decimals="3"
      id="Tag13"
      unitRef="Pure">1</vsta:PercentageOfAccountsPayableForBusinessCombination>
    <vsta:AccountsPayableForBusinessCombination
      contextRef="I20211231"
      decimals="-3"
      id="Tag51"
      unitRef="BRL">532313000</vsta:AccountsPayableForBusinessCombination>
    <vsta:PercentageOfAccountsPayableForBusinessCombination
      contextRef="I20211231"
      decimals="3"
      id="Tag3199"
      unitRef="Pure">1</vsta:PercentageOfAccountsPayableForBusinessCombination>
    <ifrs-full:DisclosureOfEmployeeBenefitsExplanatory contextRef="D20221231_3" id="Tag63">
&lt;p style="margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Salaries and Social Contribution&lt;/span&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div id="t_ft_DKY499CQ2O00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt;31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt;31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 77%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Salaries payable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 28,351 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 22,348 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Social contribution payable (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 25,205 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 23,926 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Provision for vacation pay and &lt;span&gt;13&lt;/span&gt;th salary &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 21,454 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 10,616 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Provision for profit sharing (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 25,047 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5,923 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Others &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 16 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 100,057 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 62,829 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_5GCRVPFLHS00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; width: 3%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding: 0px 0px 8px; width: 97%;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"&gt;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&lt;span style="line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"&gt;on a monthly basis&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"&gt;&lt;span style="line-height: inherit;"&gt;&#160;&lt;/span&gt;according to the Company&#x2019;s share price&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;(ii)&lt;/span&gt;&lt;span style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;The provision for profit sharing is based on qualitative and quantitative metrics determined by Management.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

</ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
    <vsta:ScheduleOfSalariesAndSocialContributionTableTextBlock contextRef="D20221231_3" id="Tag62">
&lt;div id="t_ft_DKY499CQ2O00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt;31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt;31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 77%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Salaries payable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 28,351 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 22,348 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Social contribution payable (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 25,205 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 23,926 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Provision for vacation pay and &lt;span&gt;13&lt;/span&gt;th salary &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 21,454 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 10,616 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Provision for profit sharing (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 25,047 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5,923 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Others &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 16 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 100,057 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 62,829 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_5GCRVPFLHS00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; width: 3%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding: 0px 0px 8px; width: 97%;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"&gt;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&lt;span style="line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"&gt;on a monthly basis&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"&gt;&lt;span style="line-height: inherit;"&gt;&#160;&lt;/span&gt;according to the Company&#x2019;s share price&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;(ii)&lt;/span&gt;&lt;span style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;The provision for profit sharing is based on qualitative and quantitative metrics determined by Management.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfSalariesAndSocialContributionTableTextBlock>
    <vsta:SalariesPayableCurrent
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      id="Tag483"
      unitRef="BRL">28351000</vsta:SalariesPayableCurrent>
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      id="Tag478"
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      id="Tag482"
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      id="Tag477"
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      id="Tag476"
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    <vsta:ProvisionForProfitSharingAndBonusCurrent
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      id="Tag480"
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      id="Tag475"
      unitRef="BRL">5923000</vsta:ProvisionForProfitSharingAndBonusCurrent>
    <vsta:OtherSalariesAndSocialContributionsCurrent
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      id="Tag472"
      unitRef="BRL">0</vsta:OtherSalariesAndSocialContributionsCurrent>
    <vsta:OtherSalariesAndSocialContributionsCurrent
      contextRef="I20211231"
      decimals="-3"
      id="Tag474"
      unitRef="BRL">16000</vsta:OtherSalariesAndSocialContributionsCurrent>
    <ifrs-full:CurrentProvisionsForEmployeeBenefits
      contextRef="I20221231"
      decimals="-3"
      id="Tag479"
      unitRef="BRL">100057000</ifrs-full:CurrentProvisionsForEmployeeBenefits>
    <ifrs-full:CurrentProvisionsForEmployeeBenefits
      contextRef="I20211231"
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      id="Tag473"
      unitRef="BRL">62829000</ifrs-full:CurrentProvisionsForEmployeeBenefits>
    <ifrs-full:DisclosureOfRelatedPartyExplanatory contextRef="D20221231_3" id="Tag3217">
&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;21&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Related&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;parties&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;As presented in note &lt;span&gt;1&lt;/span&gt;, the Company is part of Cogna Group and some of the Company&#x2019;s transactions and arrangements involve entities that belong to the Cogna Group. The effect of these transactions is reflected in these Consolidated Financial Statements, with these related parties segregated by nature of transaction measured on an arm&#x2019;s length basis and determined by intercompany agreements and approved by the Company&#x2019;s Management. Furthermore, all of them are settled in cash, except for certain intangibles described in item &lt;span&gt;21&lt;/span&gt;(d).&#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 8pt 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The balances and transactions between the Company and its associates have been eliminated in the Company&#x2019;s Consolidated Financial Statements. The balances and transactions between related parties are shown below: &lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_HUWE3UMIJ400000000000000000000b"&gt;

&lt;div&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="16" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 75.5952%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.52381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Other receivables (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.52381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Trade receivables (Note &lt;span&gt;10&lt;/span&gt; and &lt;span&gt;21&lt;/span&gt;C) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.3512%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt;Indemnification asset &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;(note &lt;span&gt;21&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;b&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.07738%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Other payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.07738%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt;Suppliers &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;(note &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;16&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 8.92857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt;Bonds &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;(note &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;15&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Cogna Educa&#xe7;&#xe3;o S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 12.3512%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 180,417 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,828 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 8.92857%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 313,531 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora Atica S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 5,754 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,778 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora E Distribuidora Educacional S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,722 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 19 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Educa&#xe7;&#xe3;o Inova&#xe7;&#xe3;o e Tecnologia S.A. &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 389 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 175 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Nice Participa&#xe7;&#xf5;es Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 37 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Saraiva Educa&#xe7;&#xe3;o S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 749 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;"&gt;
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&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 229 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Others &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 37 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 54 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,759 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 7,177 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 180,417 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 54 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 13,781 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 313,531 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table cellpadding="0" style="height: 15px; width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="margin-left: 0.1px; height: 15px;"&gt;
&lt;td style="vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding: 0px; height: 15px; width: 3%;" valign="top"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; width: 97%;" valign="top"&gt;&lt;span&gt;&lt;span style="font-size: 10pt;"&gt;Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;div style="margin: 0px; text-indent: 0px;"&gt;
&lt;table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; width: 100%; height: 587px; text-indent: 0px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="17" style="vertical-align: bottom; height: 17px; width: 71.9298%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Other receivables (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Trade receivables (Note &lt;span&gt;10&lt;/span&gt; and &lt;span&gt;21&lt;/span&gt;c) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10.0877%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Indemnification asset (note &lt;span&gt;21&lt;/span&gt;b) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Other payments (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; width: 9.94152%; height: 11px;"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; width: 9.94152%; height: 11px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; width: 9.94152%; height: 11px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 474 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; width: 1.02339%; height: 11px;"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 315,764 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Col&#xe9;gio Ambiental Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 805 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Col&#xe9;gio JAO Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,974 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 33 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Colegio Manauara Lato Sensu Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,291 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 458 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Colegio Manauara Cidade Nova Ltda.&#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 395 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Colegio Visao Eireli &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 132 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 13 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Col&#xe9;gio Cidade Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 397 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 15 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; COLEGIO DO SALVADOR LTDA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Curso e Col&#xe9;gio Coqueiro Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 434 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ECSA&#160;&#160;Escola A Chave do Saber Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,444 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 16 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora Atica S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,207 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20,040 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,239 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora E Distribuidora Educacional S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 436 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 15,754 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 88 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora Scipione S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 445 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 211 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 556 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Educa&#xe7;&#xe3;o Inova&#xe7;&#xe3;o e Tecnologia S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 128 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Escola Mater Christi Ltda. &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 765 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 139 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Escola Riacho Doce Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 24 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Maxiprint Editora Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,205 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 117 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 76 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Nucleo Brasileiro de Estudos Avan&#xe7;ados Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 420 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 45 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Papelaria Brasiliana Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 644 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Pitagoras Sistema De Educac&#xe3;o Superior Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 76 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Saber Servi&#xe7;os Educacionais S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 14 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,269 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 578 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
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&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,602 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 665 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 28.5088%; margin: 0px; text-indent: 0px; text-align: right;"/&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 501 &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 46,824 &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10.0877%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 160,470 &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 39,271 &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 19,533 &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 315,764 &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 54pt; text-indent: -36pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="display: none; line-height: inherit;"&gt;(i)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-indent: 0px; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; height: 20px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 3%;" valign="top"&gt;&lt;span style="font-size: 10pt;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 10px; width: 97%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span&gt;Refers substantially to accounts payable by sharing expenses e.g property leasing, personnel and IT licenses shared with Cogna Group.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;div id="t_ft_391YCX9ISW00000000000000000000b"&gt;


&lt;div&gt;
&lt;div&gt;
&lt;table cellpadding="0" style="height: 554px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="10" style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="10" style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="11" style="padding: 0px; vertical-align: middle; height: 17px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Year ended December 31, 2020&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Transactions held: &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Revenues &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Finance costs (i) note &lt;span&gt;15&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Cost Sharing (note &lt;span&gt;21&lt;/span&gt;d) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Sublease (note &lt;span&gt;21&lt;/span&gt;f) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Revenues &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Finance costs &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Cost Sharing (note &lt;span&gt;21&lt;/span&gt;d) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Sublease (note &lt;span&gt;21&lt;/span&gt;f) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Revenues&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Finance costs&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Cost Sharing (note&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span&gt;&lt;span&gt;21&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;d)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Sublease (note&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span&gt;&lt;span&gt;21&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;f)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 16%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Acel Administracao De Cursos Educacionais Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 2,790 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,230&lt;/span&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 14px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Centro Educacional Leonardo Da Vinci SS &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,319&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Cogna Educa&#xe7;&#xe3;o S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 36,573 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 25,859 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 48,432&lt;/span&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Col&#xe9;gio Ambiental Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Col&#xe9;gio Cidade Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Colegio JAO Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,582 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 387&lt;/span&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Col&#xe9;gio Manauara Lato Sensu Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,903 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;3,139&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Col&#xe9;gio Manauara Cidade Nova Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 275 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Col&#xe9;gio Motivo Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,308&lt;/span&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Col&#xe9;gio Vis&#xe3;o Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 287 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
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&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Cursos e Col&#xe9;gio Coqueiros Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 5,757 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 8,551 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 5,374 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 6,130 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 13,153 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 7,287&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 229&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 11,989&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 15,364&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Editora E Distribuidora Educacional SA. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 29,475 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 31,384 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,841&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 36,144&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,489&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Editora Scipione SA. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 3,096 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,341 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,551&lt;/span&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Escola Mater Christi &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 311 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 246&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Escola Riacho Doce Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 77 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Maxiprint Editora Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 6,665 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,107 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 612&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Nucleo Brasileiro de Estudos Avancados Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 276 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 423&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Papelaria Brasiliana Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 249 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,287&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Saber Servi&#xe7;os Educacionais S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 41 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 900 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,254&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 6,740&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 729&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Saraiva Educacao SA. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 4,090 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,905 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 2,405 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 2,528 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 3,364&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 3,739&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Sistema P H De Ensino Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 4,417 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 5,776&lt;/span&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Sociedade Educacional Alphaville SA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 414 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Sociedade Educacional Neodna Cuiaba Ltda. &lt;/span&gt;&lt;/p&gt;
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&lt;/tr&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 362&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 31,682 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 36,573 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 35,232 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 13,047 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 28,663 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 25,859 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 37,514 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 15,939 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; font-size: 8pt;"&gt;33,822&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; font-size: 8pt;"&gt;55,679&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; font-size: 8pt;"&gt;48,133&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; font-size: 8pt;"&gt;21,683&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;div id="t_ft_72CJ7Y350G00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 10px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 3%; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 97%; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span&gt; Refers to debentures interest; see Note &lt;span&gt;15&lt;/span&gt;. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="display: none; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0px; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; text-indent: 0pt;"&gt;a.&#160;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit;"&gt;Suppliers and other arrangements with related parties&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;In consequence to carve out process on December 31, 2019, Cogna&#x2019;s associates also&#160;had some shared expenses such as property lease, expenses with personnel and software license, which continued even after the carve-out process was completed and still remain today. As of December 31, 2022, only shared expense transactions are part of these commitments, which amounted to R$54 (R$39,271 as of December 31, 2021). &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit;"&gt;b.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Indemnification asset&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;In December 2019, the Company and Cogna Group signed the agreement to legally bind the indemnification from the seller in connection with the acquisition of Somos by the Cogna Group, in order to indemnify the Company for any and all losses that may be incurred in connection with all contingencies or lawsuits related to&#160;Somos-Anglo up to the maximum amount of R$ 180,417 as of December 31, 2022 (R$ 160,470 as of December 31, 2021). See Provision for risks of tax, civil and labor losses and judicial deposits and escrow account footnote (note &lt;span&gt;22&lt;/span&gt;).&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;c.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Trade receivables&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company and its subsidiaries provide learning systems, textbooks, and complementary educational solutions to the Cogna Group which substantially comprises schools, publishers, language schools and stationery shops. All sales and services provided are based on intercompany contracts and its commercial conditions, which include price, margin and payment terms, were determined on an arm&#x2019;s length basis.&lt;/span&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;d.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Cost sharing agreements with related &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;parties&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company expensed certain amounts based on an apportionment from Cogna Group related to shared services, including the shared service center, IT expenses, proprietary IT systems and legal and accounting activities, and shared warehouses and other logistic activities based on agreements. Those expenses, in the amount of R$ 35,232 as of December 31, 2022 (R$ 37,514 for the year ended December 31, 2021) are related to these apportionments. &lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit;"&gt;e.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Brand and Copyrights sharing agreements with related &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;parties&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;In November and December 2019, the Company entered into brand and copyrights sharing agreements with related parties, as follows:&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_WH59I1J3IO00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 84px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0.75pt 0px 6pt; vertical-align: top; margin: 0px; text-indent: 0px; width: 5%; height: 10px; text-align: left;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1.2; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0.75pt 0px 6pt; vertical-align: top; margin: 0px; text-indent: 0px; width: 95%; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; On November 6, 2019, the Company entered into a trademark license agreement (as amended in &lt;span&gt;2020&lt;/span&gt;) with EDE whereby the Company was granted at no cost rights to use related to the trademark &#x201c;Pit&#xe1;goras,&#x201d; This agreement is valid for a period of 20 years, automatically and successively renewable for the same period. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding: 0.75pt 0px 6pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 34px; text-align: left;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0.75pt 0px 6pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 34px;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; On November 11, 2019, the Company and EDE (Cogna Group&#x2019;s Parent Company) entered into a copyright license agreement whereby EDE agreed to grant a license, at no cost, to the Company, for commercial exploitation and use of copyrights related to the educational platform materials. This agreement was valid for three years, and it has not been renewed.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 40px;"&gt;
&lt;td style="padding-right: 0px; padding-top: 0.75pt; vertical-align: top; padding-left: 0px; margin: 0px; text-indent: 0px; height: 40px; text-align: left;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (iii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-top: 0.75pt; vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 40px;"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; On December 6, 2019, the Company also entered into two trademark license agreements (as amended in &lt;span&gt;2020&lt;/span&gt;) whereby the rights to use related to certain trademarks, such as &#x201c;Somos Educa&#xe7;&#xe3;o&#x201d;, &#x201c;Editora Atica&#x201d;, &#x201c;Editora Scipione,&#x201d; &#x201c;Atual Editora,&#x201d; &#x201c;Par Plataforma Educacional,&#x201d; &#x201c;Sistema Maxi de Ensino,&#x201d; &#x201c;Bilingual Experience,&#x201d; &#x201c;English Stars&#x201d; and &#x201c;Rede Crist&#xe3; de Educa&#xe7;&#xe3;o,&#x201d; were granted at no cost to certain related parties, this agreement is valid for a period of 20 years, automatically and successively renewable for the same period&lt;span style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 8pt 0pt 8pt 0pt !important;"&gt;f.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Lease and sublease agreements with related parties&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company and its related parties also shared the infrastructure of leased warehouses and other properties, which are direct expenses of the Cogna Group, The expenses related to these lease payments were recognized in the consolidated financial statements according to assumptions defined by Management based on utilization of these properties by the Company,&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;However, as part of its corporate restructuring (Note &lt;span&gt;1&lt;/span&gt;), the Company entered into lease and sublease agreements with its related parties on December 5, 2019, to continue to share these leased warehouses and other properties, as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;f,&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Commercial lease agreement&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;div id="t_ft_VC0FO0PX2O00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 76px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Lessee Entity &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Counterparty to lease agreement (Lessor) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Monthly payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Maturity &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Rate &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; State of the property in use &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 33px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora Scipione S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$44 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 60 months from the agreement date &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 16%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Pernambuco (Recife) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 33px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora &#xc1;tica S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$37 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 60 months from the agreement date &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bahia (Salvador) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div id="t_ft_2S69B4GB6800000000000000000000b"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;f,&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Commercial sublease agreement&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_52ZGV8IRKW00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 182px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 12px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Entity (Sublessor) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Counterparty to the sublease agreement (Sublessee) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Monthly payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Maturity &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Rate &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; State of the property in use &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora e Distribuidora Educacional S.A. (&#x201c;EDE&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$ 430 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; September 30, 2025.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 16%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; S&#xe3;o Paulo (S&#xe3;o Paulo) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora &#xc1;tica S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$827 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; September 30, 2025.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; S&#xe3;o Paulo (S&#xe3;o Jos&#xe9; dos Campos) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Idiomas S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$ 53 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; September 30, 2025.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; S&#xe3;o Paulo (S&#xe3;o Jos&#xe9; dos Campos) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Saraiva Educa&#xe7;&#xe3;o S.A (&#x201c;Saraiva&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$ 207 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; September 30, 2025.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; S&#xe3;o Paulo (S&#xe3;o Jos&#xe9; dos Campos) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Livraria Livro F&#xe1;cil Ltda,(&#x201c;Livro F&#xe1;cil&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$ 1,160 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; September 30, 2025.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; S&#xe3;o Paulo (S&#xe3;o Jos&#xe9; dos Campos) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"&gt;&lt;span style="font-size: 10pt;"&gt;Income from these lease and sublease agreements with related parties was recognized in the Consolidated Financial Statements as of December 31, 2022 in the amount of R$ &lt;/span&gt;13,047&lt;span style="font-size: 10pt;"&gt; (R$ &lt;/span&gt;15,939&lt;span style="font-size: 10pt;"&gt; for the year ended December 31, 2021).&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 8pt 0pt !important;"&gt;g.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Compensation of key management personnel&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;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.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;For the year ended December 31, 2022, key management compensation, including charges and variable compensation amounted to R$ 20,426 (R$ 12,990 for the year ended December 31, 2021). The Audit Committee and Board of Directors were established in July 2020 as a result of the IPO.&#160; &#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The following benefits are granted to the Company&#x2019;s management members: healthcare plan, share-based compensation plan, discounts on monthly tuition of K-&lt;span&gt;12&lt;/span&gt; in the Cogna Group&#x2019;s schools, besides discounts over the Company&#x2019; own products. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;See below the compensation of key management personnel by nature:&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_TQIGR8074000000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3.96566%; vertical-align: top;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;a)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 96.0343%; text-align: justify;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Short term benefits - Short-term benefits include fixed compensation (salaries and fees, vacation, mandatory bonus, and &#x201c;&lt;span&gt;13&lt;/span&gt;th salary&#x201d; bonus), payroll charges (Company share of contributions to social security &#x2013; INSS) and variable compensation such as profit sharing, the short-term benefits, that included Bonus IPO. For the year ended December 31, 2022 amounted to R$ 10,786 (R$ 4,685 for the year ended December 31, 2021), including payroll charges.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.96566%; vertical-align: top;" valign="top"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;b)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 96.0343%; text-align: justify;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Long-term benefits - The Company also offered to certain key management personnel payment based on its restricted shares units &#x2013; ILP, amounting to R$ 9,640 for the year ended December 31, 2022 (R$ 8,305 for the year ended December 31, 2021) including payroll charges.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Key management personnel compensation expenses comprised the following:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_C72O3RC1WW00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 61px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 65%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Short-term employee benefits &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10,786 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,685 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6,982 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Share-based compensation plan &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,640 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 8,305 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 33,594 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 20,426 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 12,990 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 40,576 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 8pt 0pt 8pt 0pt !important;"&gt;h.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Guarantees related to &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;finance&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;On November 21, 2018, Mind Makers entered into a bank credit note in favor of Banco de Desenvolvimento de Minas Gerais SA - BDMG, for an aggregate amount of R$1,676 with maturity on November 15, 2026. A personal lien to secure this bank credit note was granted by certain individuals, including, our Chief Executive Officer. This liability was settled during &lt;span&gt;2022&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;/div&gt;
</ifrs-full:DisclosureOfRelatedPartyExplanatory>
    <vsta:ScheduleOfBalancesWithRelatedPartiesTableTextBlock contextRef="D20221231_3" id="Tag485">
&lt;div&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="16" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 75.5952%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.52381%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Other receivables (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.52381%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Trade receivables (Note &lt;span&gt;10&lt;/span&gt; and &lt;span&gt;21&lt;/span&gt;C) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 12.3512%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt;Indemnification asset &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;(note &lt;span&gt;21&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;b&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.07738%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Other payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 9.07738%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt;Suppliers &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;(note &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;16&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.93452%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 8.92857%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt;Bonds &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;(note &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;15&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.4881%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Cogna Educa&#xe7;&#xe3;o S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 12.3512%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 180,417 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,828 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 8.92857%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 313,531 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora Atica S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 5,754 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,778 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora E Distribuidora Educacional S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,722 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 19 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Educa&#xe7;&#xe3;o Inova&#xe7;&#xe3;o e Tecnologia S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 389 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 175 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Nice Participa&#xe7;&#xf5;es Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 37 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Saraiva Educa&#xe7;&#xe3;o S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 749 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Idiomas S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 229 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Others &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 37 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.52381%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 12.3512%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 54 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 9.07738%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 8.92857%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11.35pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 20.5357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; width: 2.08333%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,759 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.52381%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 7,177 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 12.3512%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 180,417 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 54 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 9.07738%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 13,781 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 1.93452%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; width: 8.92857%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 313,531 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #bdd7ee; width: 1.4881%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table cellpadding="0" style="height: 15px; width: 100%; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="margin-left: 0.1px; height: 15px;"&gt;
&lt;td style="vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding: 0px; height: 15px; width: 3%;" valign="top"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; width: 97%;" valign="top"&gt;&lt;span&gt;&lt;span style="font-size: 10pt;"&gt;Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;div style="margin: 0px; text-indent: 0px;"&gt;
&lt;table cellpadding="0" style="font-size: 10pt; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; width: 100%; height: 587px; text-indent: 0px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="17" style="vertical-align: bottom; height: 17px; width: 71.9298%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Other receivables (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Trade receivables (Note &lt;span&gt;10&lt;/span&gt; and &lt;span&gt;21&lt;/span&gt;c) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10.0877%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Indemnification asset (note &lt;span&gt;21&lt;/span&gt;b) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Other payments (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Suppliers (note &lt;span&gt;16&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt;Bonds &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;(note &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;15&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 28.5088%; height: 11px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Acel Adminstra&#xe7;&#xe3;o de Cursos Educacionais Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9.94152%; height: 11px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.02339%; height: 11px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.16959%; height: 11px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9.94152%; height: 11px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6,482 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.02339%; height: 11px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.16959%; height: 11px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10.0877%; height: 11px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.02339%; height: 11px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; width: 1.02339%; height: 11px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; width: 1.16959%; height: 11px;"&gt;
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&lt;td style="vertical-align: bottom; width: 9.94152%; height: 11px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 474 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; width: 1.02339%; height: 11px;"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; width: 1.16959%; height: 11px;"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 12px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 12px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 413 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 12px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6 &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 160,470 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,021 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 315,764 &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Col&#xe9;gio JAO Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,974 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 33 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Colegio Manauara Lato Sensu Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,291 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 458 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Colegio Manauara Cidade Nova Ltda.&#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 395 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Colegio Visao Eireli &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 132 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 13 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Col&#xe9;gio Cidade Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 397 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 15 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; COLEGIO DO SALVADOR LTDA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Curso e Col&#xe9;gio Coqueiro Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 434 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ECSA&#160;&#160;Escola A Chave do Saber Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,444 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 16 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora Atica S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,207 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20,040 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,239 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora E Distribuidora Educacional S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 436 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 15,754 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 88 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora Scipione S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 445 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 211 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 556 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Educa&#xe7;&#xe3;o Inova&#xe7;&#xe3;o e Tecnologia S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 128 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Escola Mater Christi Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 765 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 139 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Escola Riacho Doce Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 24 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Maxiprint Editora Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,205 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 117 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 76 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Nucleo Brasileiro de Estudos Avan&#xe7;ados Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 420 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 45 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 644 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;/tr&gt;
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&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 76 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 28.5088%;"&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 14 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,269 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 578 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 365 &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,179 &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 5,136 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Sociedade Educacional Parana Ltda. &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 91 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 11 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;/tr&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 122 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,305 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 29 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,602 &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 10.0877%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.16959%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 665 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 1.02339%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 9.94152%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
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&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 28.5088%; margin: 0px; text-indent: 0px; text-align: right;"/&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 501 &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 46,824 &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10.0877%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 160,470 &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 39,271 &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 19,533 &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.02339%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 9.94152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 315,764 &lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1.16959%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 54pt; text-indent: -36pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="display: none; line-height: inherit;"&gt;(i)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-indent: 0px; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; height: 20px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 3%;" valign="top"&gt;&lt;span style="font-size: 10pt;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 10px; width: 97%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span&gt;Refers substantially to accounts payable by sharing expenses e.g property leasing, personnel and IT licenses shared with Cogna Group.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
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&lt;div&gt;
&lt;div&gt;
&lt;table cellpadding="0" style="height: 554px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="10" style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="10" style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="11" style="padding: 0px; vertical-align: middle; height: 17px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Year ended December 31, 2020&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Transactions held: &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Revenues &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Finance costs (i) note &lt;span&gt;15&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Cost Sharing (note &lt;span&gt;21&lt;/span&gt;d) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Sublease (note &lt;span&gt;21&lt;/span&gt;f) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Revenues &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Finance costs &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Cost Sharing (note &lt;span&gt;21&lt;/span&gt;d) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Sublease (note &lt;span&gt;21&lt;/span&gt;f) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Revenues&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Finance costs&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Cost Sharing (note&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span&gt;&lt;span&gt;21&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;d)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; text-align: center; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Sublease (note&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span&gt;&lt;span&gt;21&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;f)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 16%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Acel Administracao De Cursos Educacionais Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 2,790 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 6%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,230&lt;/span&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; width: 6%;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; width: 0.5%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 14px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Centro Educacional Leonardo Da Vinci SS &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 25,859 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 48,432&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Col&#xe9;gio Ambiental Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 496 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Col&#xe9;gio Cidade Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 146 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Colegio JAO Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,582 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 387&lt;/span&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Col&#xe9;gio Manauara Lato Sensu Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,903 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;3,139&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Col&#xe9;gio Manauara Cidade Nova Ltda &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 275 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
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&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Col&#xe9;gio Motivo Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/tr&gt;
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&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Col&#xe9;gio Vis&#xe3;o Ltda &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Editora Atica S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 16,286 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 5,757 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 8,551 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 5,374 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 6,130 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 13,153 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 7,287&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 229&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 11,989&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 15,364&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Editora E Distribuidora Educacional SA. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 29,475 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 31,384 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,841&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 36,144&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,489&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Editora Scipione SA. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 3,096 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,341 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,551&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Escola Mater Christi &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 311 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 246&lt;/span&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Escola Riacho Doce Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 77 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Maxiprint Editora Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 6,665 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,107 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 612&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Nucleo Brasileiro de Estudos Avancados Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 276 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 423&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Papelaria Brasiliana Ltda &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 249 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,287&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Saber Servi&#xe7;os Educacionais S.A. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 41 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 900 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,254&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 6,740&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 729&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Saraiva Educacao SA. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 4,090 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,905 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 2,405 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 2,528 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 3,364&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 3,739&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Sistema P H De Ensino Ltda. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 4,417 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 5,776&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; Sociedade Educacional Alphaville SA &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 414 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 1,086 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
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&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 243 &lt;/span&gt;&lt;/p&gt;
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&lt;/tr&gt;
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&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;"&gt; Sociedade Educacional Paran&#xe1; Ltda. &lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; text-align: left; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 8pt; font-family: 'times new roman', times; color: #000000;"&gt; Others &lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: right; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; 362&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 31,682 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 36,573 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 35,232 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 13,047 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 28,663 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 25,859 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 37,514 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 15,939 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; font-size: 8pt;"&gt;33,822&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; font-size: 8pt;"&gt;55,679&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; font-size: 8pt;"&gt;48,133&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; text-align: right; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; font-size: 8pt;"&gt;21,683&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #bdd7ee; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/div&gt;
&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;div id="t_ft_72CJ7Y350G00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 10px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 3%; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 97%; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span&gt; Refers to debentures interest; see Note &lt;span&gt;15&lt;/span&gt;. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
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&lt;div id="t_ft_VC0FO0PX2O00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 76px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Lessee Entity &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Counterparty to lease agreement (Lessor) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Monthly payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Maturity &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Rate &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; State of the property in use &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 33px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora Scipione S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$44 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 60 months from the agreement date &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 16%; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Pernambuco (Recife) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 33px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora &#xc1;tica S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$37 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 60 months from the agreement date &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 33px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bahia (Salvador) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div id="t_ft_2S69B4GB6800000000000000000000b"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 8pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;f,&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Commercial sublease agreement&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_52ZGV8IRKW00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 182px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 12px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Entity (Sublessor) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Counterparty to the sublease agreement (Sublessee) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Monthly payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Maturity &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Rate &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: bottom; border-image: initial; height: 12px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; State of the property in use &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora e Distribuidora Educacional S.A. (&#x201c;EDE&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$ 430 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 20%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; September 30, 2025.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 12%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; width: 16%; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; S&#xe3;o Paulo (S&#xe3;o Paulo) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Editora &#xc1;tica S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$827 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; September 30, 2025.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; S&#xe3;o Paulo (S&#xe3;o Jos&#xe9; dos Campos) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Idiomas S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$ 53 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; September 30, 2025.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; S&#xe3;o Paulo (S&#xe3;o Jos&#xe9; dos Campos) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Saraiva Educa&#xe7;&#xe3;o S.A (&#x201c;Saraiva&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$ 207 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; September 30, 2025.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; S&#xe3;o Paulo (S&#xe3;o Jos&#xe9; dos Campos) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Somos Sistemas de Ensino S.A.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Livraria Livro F&#xe1;cil Ltda,(&#x201c;Livro F&#xe1;cil&#x201d;) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; R$ 1,160 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; September 30, 2025.&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Inflation index &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 5.9pt; padding-right: 5.9pt; vertical-align: top; border-image: initial; height: 34px; border-width: 1px; border-color: #000000 !important; border-style: solid;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; S&#xe3;o Paulo (S&#xe3;o Jos&#xe9; dos Campos) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfCommercialLeaseAndSubleaseAgreementsWithRelatedPartiesTableTextBlock>
    <vsta:OperatingLeaseTransactionMonthlyRentalPayments
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraScipioneSaMember"
      decimals="-3"
      id="Tag3165"
      unitRef="BRL">44000</vsta:OperatingLeaseTransactionMonthlyRentalPayments>
    <vsta:LesseeOperatingLeasesTermOfContract
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraScipioneSaMember"
      id="Tag1366">P60M</vsta:LesseeOperatingLeasesTermOfContract>
    <vsta:DescriptionOfRateUsedInCommercialLeaseAgreement
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraScipioneSaMember"
      id="Tag581">Inflation index</vsta:DescriptionOfRateUsedInCommercialLeaseAgreement>
    <vsta:DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraScipioneSaMember"
      id="Tag402">Pernambuco (Recife)</vsta:DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement>
    <vsta:OperatingLeaseTransactionMonthlyRentalPayments
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember"
      decimals="-3"
      id="Tag1436"
      unitRef="BRL">37000</vsta:OperatingLeaseTransactionMonthlyRentalPayments>
    <vsta:LesseeOperatingLeasesTermOfContract
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember"
      id="Tag559">P60M</vsta:LesseeOperatingLeasesTermOfContract>
    <vsta:DescriptionOfRateUsedInCommercialLeaseAgreement
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember"
      id="Tag387">Inflation index</vsta:DescriptionOfRateUsedInCommercialLeaseAgreement>
    <vsta:DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember"
      id="Tag1566">Bahia (Salvador)</vsta:DescriptionOfStateOfPropertyInUseUponCommercialLeaseAgreement>
    <vsta:SaleLeasebackTransactionsMonthlyRentalPayments
      contextRef="D20221231_EditoraEDistribuidoraEducacionalSaMember_SomosSistemasDeEnsinoSaMember"
      decimals="-3"
      id="Tag1441"
      unitRef="BRL">430000</vsta:SaleLeasebackTransactionsMonthlyRentalPayments>
    <vsta:CommercialSubleaseAgreementMaturityDate
      contextRef="D20221231_EditoraEDistribuidoraEducacionalSaMember_SomosSistemasDeEnsinoSaMember"
      id="Tag1760">2025-09-30</vsta:CommercialSubleaseAgreementMaturityDate>
    <vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement
      contextRef="D20221231_EditoraEDistribuidoraEducacionalSaMember_SomosSistemasDeEnsinoSaMember"
      id="Tag2519">Inflation index</vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement>
    <vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement
      contextRef="D20221231_EditoraEDistribuidoraEducacionalSaMember_SomosSistemasDeEnsinoSaMember"
      id="Tag378">S&#xe3;o Paulo (S&#xe3;o Paulo)</vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement>
    <vsta:SaleLeasebackTransactionsMonthlyRentalPayments
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember"
      decimals="-3"
      id="Tag82"
      unitRef="BRL">827000</vsta:SaleLeasebackTransactionsMonthlyRentalPayments>
    <vsta:CommercialSubleaseAgreementMaturityDate
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember"
      id="Tag1700">2025-09-30</vsta:CommercialSubleaseAgreementMaturityDate>
    <vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember"
      id="Tag560">Inflation index</vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement>
    <vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_EditoraAticaSaMember"
      id="Tag1410">S&#xe3;o Paulo (S&#xe3;o Jos&#xe9; dos Campos)</vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement>
    <vsta:SaleLeasebackTransactionsMonthlyRentalPayments
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SomosIdiomasSaMember"
      decimals="-3"
      id="Tag1335"
      unitRef="BRL">53000</vsta:SaleLeasebackTransactionsMonthlyRentalPayments>
    <vsta:CommercialSubleaseAgreementMaturityDate
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SomosIdiomasSaMember"
      id="Tag2544">2025-09-30</vsta:CommercialSubleaseAgreementMaturityDate>
    <vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SomosIdiomasSaMember"
      id="Tag1676">Inflation index</vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement>
    <vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SomosIdiomasSaMember"
      id="Tag616">S&#xe3;o Paulo (S&#xe3;o Jos&#xe9; dos Campos)</vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement>
    <vsta:SaleLeasebackTransactionsMonthlyRentalPayments
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SaraivaEducacaoSaMember"
      decimals="-3"
      id="Tag1299"
      unitRef="BRL">207000</vsta:SaleLeasebackTransactionsMonthlyRentalPayments>
    <vsta:CommercialSubleaseAgreementMaturityDate
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SaraivaEducacaoSaMember"
      id="Tag1727">2025-09-30</vsta:CommercialSubleaseAgreementMaturityDate>
    <vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SaraivaEducacaoSaMember"
      id="Tag451">Inflation index</vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement>
    <vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_SaraivaEducacaoSaMember"
      id="Tag2521">S&#xe3;o Paulo (S&#xe3;o Jos&#xe9; dos Campos)</vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement>
    <vsta:SaleLeasebackTransactionsMonthlyRentalPayments
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_LivrariaLivroFacilLtdaMember"
      decimals="-3"
      id="Tag403"
      unitRef="BRL">1160000</vsta:SaleLeasebackTransactionsMonthlyRentalPayments>
    <vsta:CommercialSubleaseAgreementMaturityDate
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_LivrariaLivroFacilLtdaMember"
      id="Tag445">2025-09-30</vsta:CommercialSubleaseAgreementMaturityDate>
    <vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_LivrariaLivroFacilLtdaMember"
      id="Tag1783">Inflation index</vsta:DescriptionOfRateUsedInCommercialSubleaseAgreement>
    <vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement
      contextRef="D20221231_SomosSistemasDeEnsinoSaMember_LivrariaLivroFacilLtdaMember"
      id="Tag575">S&#xe3;o Paulo (S&#xe3;o Jos&#xe9; dos Campos)</vsta:DescriptionOfStateOfPropertyInUseUponCommercialSubleaseAgreement>
    <vsta:SubleaseIncomeFromRelatedParties
      contextRef="D20221231_RelatedPartiesMember"
      decimals="-3"
      id="Tag600"
      unitRef="BRL">13047000</vsta:SubleaseIncomeFromRelatedParties>
    <vsta:SubleaseIncomeFromRelatedParties
      contextRef="D20211231_RelatedPartiesMember"
      decimals="-3"
      id="Tag1575"
      unitRef="BRL">15939000</vsta:SubleaseIncomeFromRelatedParties>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1594"
      unitRef="BRL">20426000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1705"
      unitRef="BRL">12990000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag612"
      unitRef="BRL">10786000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
    <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2100"
      unitRef="BRL">4685000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
    <ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1669"
      unitRef="BRL">9640000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
    <ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1286"
      unitRef="BRL">8305000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
    <ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory contextRef="D20221231_3" id="Tag1384">
&lt;p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Key management personnel compensation expenses comprised the following:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 0.3pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_C72O3RC1WW00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 61px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 65%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Short-term employee benefits &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10,786 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,685 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6,982 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Share-based compensation plan &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,640 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 8,305 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 33,594 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 20,426 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 12,990 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 40,576 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; border-bottom-width: 2.8pt; border-bottom-style: double; height: 10px; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory>
    <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1411"
      unitRef="BRL">10786000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
    <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag380"
      unitRef="BRL">4685000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
    <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits
      contextRef="D20201231"
      decimals="-3"
      id="Tag542"
      unitRef="BRL">6982000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
    <ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag398"
      unitRef="BRL">9640000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
    <ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1775"
      unitRef="BRL">8305000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
    <ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment
      contextRef="D20201231"
      decimals="-3"
      id="Tag1631"
      unitRef="BRL">33594000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1637"
      unitRef="BRL">20426000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag502"
      unitRef="BRL">12990000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="D20201231"
      decimals="-3"
      id="Tag501"
      unitRef="BRL">40576000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions
      contextRef="D20181121_MindMakersEditoraEducacionalMember"
      decimals="-3"
      id="Tag1316"
      unitRef="BRL">1676000</ifrs-full:ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions>
    <vsta:DisclosureOfProvisionForTaxCivilAndLaborLossesAndJudicialDepositsAndEscrowAccountsTextBlock contextRef="D20221231_3" id="Tag1784">
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;22&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Provision for tax, civil and labor losses and Judicial deposits and escrow accounts&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;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. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;In connection with the acquisition of Somos Group (Vasta&#x2019;s predecessor) 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:&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: left;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;a.&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt; Composition&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div id="t_ft_ZGKJNBFKXS00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 222px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 77%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Proceedings whose likelihood of loss is probable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Tax proceedings (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 622,440 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 607,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Labor proceedings (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25,812 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 38,159 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Civil proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 496 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 376 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 648,748 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 645,619 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Liabilities assumed in Business Combination &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Labor proceedings (ii)&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,755 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Civil proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,231 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Tax proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 749 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 2,504&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,231 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; rtant;height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Total of provision for tax, civil and labor losses&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 651,252 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 646,850 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 10pt 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(i) &lt;span&gt;Primarily refers to income tax positions taken by Somos and the Company in connection with a corporate restructuring held by the predecessor in &lt;span style="display: inline;"&gt;2010&lt;/span&gt;, In &lt;span style="display: inline;"&gt;2018&lt;/span&gt;, 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 &lt;span style="display: inline;"&gt;2018&lt;/span&gt;, the Company reassessed this income tax position and recorded a liability, including interest and penalties.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(ii) &lt;span&gt;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.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The changes in provision for the years ended December 31, 2022 and &lt;span&gt;2021&lt;/span&gt; were as follows:&lt;/span&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_KSWZVJO5Y800000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 160px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.76672%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.93165%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.95061%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Business combination &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.10357%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.01071%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Reversals &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 7.48618%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.10013%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.33231%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;Decem&lt;/span&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;ber 31, 2022 &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 17.682%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Tax proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 8.76672%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 607,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93165%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; width: 9.95061%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 749 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.10357%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,904 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.01071%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (27,790 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; width: 7.48618%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 41,261 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; width: 8.10013%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,019 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.33231%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 623,189 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Labor proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.76672%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 38,159 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,755 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,376 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (16,045 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;)&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 776 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (454 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;)&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 27,567 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Civil proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.76672%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,607 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 368 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;)&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 26 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 110 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 496 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.76672%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 646,850 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,504 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 6,648 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (45,450 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 42,063 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (1,363 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 651,252 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Reconciliation with profit or loss for the period &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Finance expense &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 8.76672%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (42,063 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;)&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; height: 17px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; General and administrative expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (6,648 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;)&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 21,747 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Income tax and social contribution &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; width: 8.76672%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 23,703 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; height: 10px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (6,648 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 45,450 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (42,063 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;

&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;div id="t_ft_M3F2CHUFPC00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 156px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &#160; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Business combination &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Reversals &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 31%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Tax proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 575,724 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 16 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (262 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 31,623 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (17 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 607,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Labor proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 37,896 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,468 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (5,294 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,636 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (547 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 38,159 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Civil proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,231 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 110 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (24 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 41 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (64 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,607 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 613,933 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,231 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 3,594 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (5,580 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 34,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 646,850 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Reconciliation with profit or loss for the period &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Finance costs &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (34,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; General and administrative expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (3,594 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 5,580 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (3,594 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 5,580 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (34,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; margin: 0pt 0pt 10pt !important; line-height: inherit;"&gt;b.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Judicial Deposits and Escrow Accounts&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Judicial deposits and escrow accounts recorded as non-current assets are as follows:&lt;/span&gt;&lt;/p&gt;

&lt;div id="t_ft_W3MC1PAZB400000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 7.5pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Tax proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,126 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Indemnification asset -Former owner &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,801 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,998 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Indemnification asset &#x2013; Related parties (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 180,417 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 160,470 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Escrow-account (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10,515 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 14,055 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13.5pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 194,859 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 178,824 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(i) &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;Refers to an indemnification asset of the seller in connection with the acquisition of Somos (Vasta&#x2019;s Predecessor) by Cogna Group (Vasta&#x2019;s Parent Company) 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$&lt;span style="display: inline;"&gt;180,417&lt;/span&gt; (R$ &lt;span style="display: inline;"&gt;160,470&lt;/span&gt; on December 31, 2021). See Note &lt;span style="display: inline;"&gt;21&lt;/span&gt;. This asset is indexed to CDI (Certificates of&#160;Interbank&#160;Deposits).&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(ii) &lt;span&gt;Refers to guarantees received as a consequence of business combinations, in connection with contingencies whose likelihood of loss is probable, and for which the former owners are liable. According to the Sale Agreement, these former owners will reimburse the Company in case payments are required and if those contingencies materialize.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;
</vsta:DisclosureOfProvisionForTaxCivilAndLaborLossesAndJudicialDepositsAndEscrowAccountsTextBlock>
    <ifrs-full:DisclosureOfContingentLiabilitiesExplanatory contextRef="D20221231_3" id="Tag1785">
&lt;div id="t_ft_ZGKJNBFKXS00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 222px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 77%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Proceedings whose likelihood of loss is probable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Tax proceedings (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 622,440 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 607,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Labor proceedings (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25,812 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 38,159 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Civil proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 496 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 376 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 648,748 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 645,619 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Liabilities assumed in Business Combination &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Labor proceedings (ii)&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,755 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Civil proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,231 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Tax proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 749 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 2,504&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,231 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; rtant;height: 17px; background-color: #bdd7ee; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Total of provision for tax, civil and labor losses&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 651,252 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 646,850 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 10pt 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(i) &lt;span&gt;Primarily refers to income tax positions taken by Somos and the Company in connection with a corporate restructuring held by the predecessor in &lt;span style="display: inline;"&gt;2010&lt;/span&gt;, In &lt;span style="display: inline;"&gt;2018&lt;/span&gt;, 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 &lt;span style="display: inline;"&gt;2018&lt;/span&gt;, the Company reassessed this income tax position and recorded a liability, including interest and penalties.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(ii) &lt;span&gt;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.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DisclosureOfContingentLiabilitiesExplanatory>
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      id="Tag1480"
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      id="Tag3126"
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      id="Tag1449"
      unitRef="BRL">496000</ifrs-full:EstimatedFinancialEffectOfContingentLiabilities>
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      id="Tag1516"
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      id="Tag1535"
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      id="Tag1498"
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      id="Tag1458"
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      id="Tag3129"
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    <vsta:ScheduleOfChangesInProvisionForContingentLiabilitiesTableTextBlock contextRef="D20221231_3" id="Tag1472">&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The changes in provision for the years ended December 31, 2022 and &lt;span&gt;2021&lt;/span&gt; were as follows:&lt;/span&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_KSWZVJO5Y800000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 160px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.76672%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.93165%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.95061%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Business combination &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.10357%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.01071%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Reversals &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 7.48618%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.10013%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; width: 1.89347%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.33231%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;Decem&lt;/span&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt;ber 31, 2022 &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 17.682%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Tax proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 8.76672%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 607,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.93165%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; width: 9.95061%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 749 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.10357%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,904 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.01071%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (27,790 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; width: 7.48618%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 41,261 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; width: 8.10013%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,019 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; width: 1.89347%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; width: 8.33231%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 623,189 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.48588%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Labor proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.76672%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 38,159 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,755 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,376 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (16,045 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;)&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 776 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (454 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;)&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 27,567 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Civil proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.76672%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,607 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 368 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,615 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;)&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 26 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 110 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 496 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.76672%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 646,850 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,504 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 6,648 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (45,450 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 42,063 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (1,363 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 651,252 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Reconciliation with profit or loss for the period &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Finance expense &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 8.76672%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (42,063 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.48588%;"&gt;)&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; height: 17px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 17px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; General and administrative expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (6,648 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;)&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 21,747 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Income tax and social contribution &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; width: 8.76672%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 23,703 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; height: 10px; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; height: 10px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; height: 10px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 17.682%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.76672%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.93165%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 9.95061%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.10357%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (6,648 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.01071%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 45,450 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.48618%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (42,063 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.48588%;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.10013%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: bottom; background-color: #bdd7ee; height: 10px; width: 1.89347%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 8.33231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px; width: 1.48588%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;

&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;div id="t_ft_M3F2CHUFPC00000000000000000000b"&gt;
&lt;table cellpadding="0" style="height: 156px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &#160; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; Business combination &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Reversals &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Interest &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Payments &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 31%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Tax proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 575,724 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 16 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (262 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 31,623 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (17 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 607,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Labor proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 37,896 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,468 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (5,294 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,636 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (547 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 38,159 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Civil proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 313 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,231 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 110 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (24 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 41 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (64 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,607 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 613,933 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,231 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 3,594 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (5,580 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 34,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 646,850 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Reconciliation with profit or loss for the period &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Finance costs &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (34,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; General and administrative expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (3,594 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 5,580 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td colspan="3" style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (3,594 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 5,580 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (34,300 &lt;/span&gt;&lt;/p&gt;
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&lt;td colspan="2" style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
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      id="Tag1531"
      unitRef="BRL">1231000</vsta:AcquisitionsThroughBusinessCombinationsInNonCurrentProvisionForTaxCivilAndLaborLosses>
    <vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1468"
      unitRef="BRL">-3594000</vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses>
    <vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1487"
      unitRef="BRL">-5580000</vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses>
    <vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag3155"
      unitRef="BRL">34300000</vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses>
    <vsta:PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1474"
      unitRef="BRL">-628000</vsta:PaymentsNonCurrentProvisionForTaxCivilAndLaborLosses>
    <vsta:NonCurrentProvisionForTaxCivilAndLaborLosses
      contextRef="I20211231"
      decimals="-3"
      id="Tag1467"
      unitRef="BRL">646850000</vsta:NonCurrentProvisionForTaxCivilAndLaborLosses>
    <vsta:ChangesInProvisionDueToFinanceInterestExpense
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1506"
      unitRef="BRL">34300000</vsta:ChangesInProvisionDueToFinanceInterestExpense>
    <vsta:ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1483"
      unitRef="BRL">-3594000</vsta:ChangesInProvisionDueToAdditionInGeneralAndAdministrativeExpenses>
    <vsta:ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1465"
      unitRef="BRL">-5580000</vsta:ChangesInProvisionDueToReversalInGeneralAndAdministrativeExpenses>
    <vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1500"
      unitRef="BRL">-3594000</vsta:AdditionInNonCurrentProvisionForTaxCivilAndLaborLosses>
    <vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1442"
      unitRef="BRL">-5580000</vsta:ReversalsInNonCurrentProvisionForTaxCivilAndLaborLosses>
    <vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag1471"
      unitRef="BRL">34300000</vsta:InterestExpensesOnNonCurrentProvisionForTaxCivilAndLaborLosses>
    <vsta:ScheduleOfJudicialDepositsAndEscrowAccountsTableTextBlock contextRef="D20221231_3" id="Tag1448">
&lt;div id="t_ft_W3MC1PAZB400000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 7.5pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Tax proceedings &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,126 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Indemnification asset -Former owner &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,801 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,998 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Indemnification asset &#x2013; Related parties (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 180,417 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 160,470 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Escrow-account (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10,515 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 14,055 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13.5pt; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 194,859 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 178,824 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(i) &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;Refers to an indemnification asset of the seller in connection with the acquisition of Somos (Vasta&#x2019;s Predecessor) by Cogna Group (Vasta&#x2019;s Parent Company) 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$&lt;span style="display: inline;"&gt;180,417&lt;/span&gt; (R$ &lt;span style="display: inline;"&gt;160,470&lt;/span&gt; on December 31, 2021). See Note &lt;span style="display: inline;"&gt;21&lt;/span&gt;. This asset is indexed to CDI (Certificates of&#160;Interbank&#160;Deposits).&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 8pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;(ii) &lt;span&gt;Refers to guarantees received as a consequence of business combinations, in connection with contingencies whose likelihood of loss is probable, and for which the former owners are liable. According to the Sale Agreement, these former owners will reimburse the Company in case payments are required and if those contingencies materialize.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</vsta:ScheduleOfJudicialDepositsAndEscrowAccountsTableTextBlock>
    <ifrs-full:EstimatedFinancialEffectOfContingentAssets
      contextRef="I20221231_ContingentAssetsArisingFromTaxProceedingsMember"
      decimals="-3"
      id="Tag1490"
      unitRef="BRL">2126000</ifrs-full:EstimatedFinancialEffectOfContingentAssets>
    <ifrs-full:EstimatedFinancialEffectOfContingentAssets
      contextRef="I20211231_ContingentAssetsArisingFromTaxProceedingsMember"
      decimals="-3"
      id="Tag1517"
      unitRef="BRL">2300000</ifrs-full:EstimatedFinancialEffectOfContingentAssets>
    <ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate
      contextRef="I20221231_ParentMember"
      decimals="-3"
      id="Tag1503"
      unitRef="BRL">1801000</ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate
      contextRef="I20211231_ParentMember"
      decimals="-3"
      id="Tag1486"
      unitRef="BRL">1998000</ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate
      contextRef="I20221231"
      decimals="-3"
      id="Tag1511"
      unitRef="BRL">180417000</ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate
      contextRef="I20211231"
      decimals="-3"
      id="Tag1453"
      unitRef="BRL">160470000</ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate
      contextRef="I20221231_ContingentAssetsArisingFromEscrowAccountMember"
      decimals="-3"
      id="Tag1534"
      unitRef="BRL">10515000</ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate
      contextRef="I20211231_ContingentAssetsArisingFromEscrowAccountMember"
      decimals="-3"
      id="Tag1524"
      unitRef="BRL">14055000</ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate>
    <vsta:NonCurrentJudicialDepositsAndEscrowAccounts
      contextRef="I20221231"
      decimals="-3"
      id="Tag1462"
      unitRef="BRL">194859000</vsta:NonCurrentJudicialDepositsAndEscrowAccounts>
    <vsta:NonCurrentJudicialDepositsAndEscrowAccounts
      contextRef="I20211231"
      decimals="-3"
      id="Tag3130"
      unitRef="BRL">178824000</vsta:NonCurrentJudicialDepositsAndEscrowAccounts>
    <ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate
      contextRef="I20221231_ParentMember_SomosSistemasDeEnsinoSaMember"
      decimals="-3"
      id="Tag1519"
      unitRef="BRL">180417000</ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate
      contextRef="I20211231_ParentMember_SomosSistemasDeEnsinoSaMember"
      decimals="-3"
      id="Tag1489"
      unitRef="BRL">160470000</ifrs-full:IndemnificationAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="D20221231_ParentMember_SomosSistemasDeEnsinoSaMember"
      id="Tag1464">CDI (Certificates of&#160;Interbank&#160;Deposits).</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:DisclosureOfIncomeTaxExplanatory contextRef="D20221231_3" id="Tag1923">
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 12pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;23&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Current and Deferred Income Tax and Social Contribution&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 5pt 0pt !important;"&gt;a.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Reconciliation of income tax and social contribution&lt;/span&gt;&lt;/span&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 36pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The reconciliation of income tax and social contribution expense is as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div id="t_ft_CNYG07DS4W00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 237px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 11px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.04167%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 11px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.4881%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 11px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.47929%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.881%; height: 16px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Loss before income tax and social contribution for the year &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (105,687 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.04167%; height: 16px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.04167%; height: 16px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (155,843 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.4881%; height: 16px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.04167%; height: 16px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (71,053 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.47929%; height: 16px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Nominal statutory rate of income tax and social contribution &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 34% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 34% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 34% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; IRPJ and CSLL calculated at the nominal rates &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 35,934&#160;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 52,987 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 24,158 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;Share of loss equity-accounted investees&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,534 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Permanent additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (8,292 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (7,265 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,246 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Additional IRPJ &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 24 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.881%; height: 15px; background-color: #bdd7ee;"&gt;Difference in presumed profit rate of subsidiary&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;"&gt;3,617&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.04167%; height: 15px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.04167%; height: 15px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;"&gt;-&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.4881%; height: 15px; text-align: right; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.04167%; height: 15px; text-align: right; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;"&gt;-&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.47929%; height: 15px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Tax Contingencies IRPJ and CSLL &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 23,703 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Impairment write-off on tax loss carryforward &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;(&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;2,314 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; )&#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (8,657 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total IRPJ and CSLL &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 51,114 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 37,089 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 25,404 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Current IRPJ and CSLL in the result &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10,668 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (11,297 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,874 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Deferred IRPJ and CSLL in the result &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 40,446 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 48,386 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 17,530 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 16px; width: 64.881%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 51,114 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 37,089 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 25,404 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.47929%; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Effective tax rate of Income and social contribution tax benefit &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 48% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 24% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 36% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 5pt 0pt !important;"&gt;b.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Deferred taxes&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Changes in deferred income tax and social contribution assets and liabilities are as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 5pt 0pt !important;"&gt;i.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;December 31, 2022 &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_GEMKRDBDJK00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 201px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Effect on profit (loss) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Income tax/social contribution: &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Income tax and social contribution losses carryforwards&#160;&lt;sup&gt;(ii)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 307,319 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 114,921 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 422,240 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Temporary Differences: &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 13,010 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,461 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20,471 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Provision for obsolete inventories &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,262 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,608 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,346 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Imputed interest on suppliers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (2,157 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (3,391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (5,548 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Provision for risks of tax, civil and labor losses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20,025 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 420 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20,445 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Refund liabilities and right to returned goods &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,470 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6,348 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 15,818 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Lease Liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6,660 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,276 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,936 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Fair value adjustments on business combination and goodwill amortization &lt;sup&gt;(i)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (248,628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (109,826 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (358,454 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other temporary difference &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 18,628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 44,596 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Deferred Assets, net &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 130,405 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 40,446 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 170,851 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_V898NU8ASW00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; width: 3%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; width: 97%;" valign="top"&gt;&lt;span&gt;Goodwill and fair value adjustments on business combination comprise &lt;span&gt;three&lt;/span&gt; components, being (i) goodwill and fair value adjustment of prior business combination by Somos; (ii) amortization of fair value adjustment related to acquisition of the company; and (iii) deductibility of the acquisition goodwill for tax purposes as allowed by tax law.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; width: 3%;"&gt;&lt;span style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; width: 97%;"&gt;&lt;span&gt;The Company&#x2019;s income tax and social contribution loss carryforwards are primarily the result of tax amortization of goodwill and the amortization of certain intangibles recognized related to the business combination in &lt;span&gt;2018&lt;/span&gt;. In accordance with Brazilian tax regulation, tax loss carryforwards have a limitation for use of 30% of taxable profit generated in each year and do not expire. The tax benefit is expected to be realized over an estimated 6 year period beginning in &lt;span&gt;2026&lt;/span&gt;. &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 5pt 0pt !important;"&gt;ii.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;December 31, &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;2020&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Changes in deferred income tax and social contribution assets and liabilities are as follows:&#160;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_MA6HTF17B400000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 208px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Effect on profit (loss) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Deferred tax on business combination &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 53%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Income tax/social contribution: &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Income tax and social contribution losses carryforwards &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 182,257 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 125,062 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 307,319 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Temporary Differences: &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,543 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,467 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 13,010 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Provision for obsolete inventories &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,263 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (4,525 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,262 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Imputed interest on suppliers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (744 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,413 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (2,157 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Provision for risks of tax, civil and labor losses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 19,138 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 887 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20,025 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Refund liabilities and right to returned goods &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10,903 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,433 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,470 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Lease Liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,764 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,896 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6,660 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Fair value adjustments on business combination and goodwill amortization (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (150,598 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (90,588 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (7,442 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (248,628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other temporary difference &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10,020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 15,033 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 915 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Deferred Assets, net &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 88,546 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 48,386 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (6,527 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 130,405 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font-size: 7pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_3M14SUU1KG00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; width: 3%;" valign="top"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;(i)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 97%;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Goodwill&lt;/span&gt; and fair value adjustments on business combination comprise &lt;span&gt;three&lt;/span&gt; components, being (i) goodwill and fair value adjustment of prior business combination by predecessor Somos Anglo; (ii) amortization of fair value adjustment related to acquisition of the predecessor Somos Anglo by the successor Vasta; and (iii) deductibility of the acquisition goodwill for tax purpose allowed by tax law.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;/div&gt;
</ifrs-full:DisclosureOfIncomeTaxExplanatory>
    <vsta:ScheduleOfReconciliationOfIncomeTaxAndSocialContributionExpenseTableTextBlock contextRef="D20221231_3" id="Tag1816">
&lt;div id="t_ft_CNYG07DS4W00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 237px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 11px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.04167%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 11px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.4881%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 11px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 9.97024%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; width: 1.47929%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.881%; height: 16px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Loss before income tax and social contribution for the year &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (105,687 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.04167%; height: 16px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.04167%; height: 16px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (155,843 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.4881%; height: 16px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.04167%; height: 16px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.97024%; height: 16px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (71,053 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.47929%; height: 16px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Nominal statutory rate of income tax and social contribution &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 34% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 34% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 34% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; IRPJ and CSLL calculated at the nominal rates &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 35,934&#160;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 52,987 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 24,158 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;Share of loss equity-accounted investees&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,534 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Permanent additions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (8,292 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (7,265 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,246 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Additional IRPJ &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 24 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.881%; height: 15px; background-color: #bdd7ee;"&gt;Difference in presumed profit rate of subsidiary&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;"&gt;3,617&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.04167%; height: 15px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.04167%; height: 15px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;"&gt;-&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.4881%; height: 15px; text-align: right; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.04167%; height: 15px; text-align: right; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 9.97024%; height: 15px; text-align: right; background-color: #bdd7ee;"&gt;-&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1.47929%; height: 15px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Tax Contingencies IRPJ and CSLL &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 23,703 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Impairment write-off on tax loss carryforward &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;(&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;2,314 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; )&#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (8,657 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total IRPJ and CSLL &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 51,114 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 37,089 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 25,404 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Current IRPJ and CSLL in the result &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10,668 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (11,297 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,874 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Deferred IRPJ and CSLL in the result &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 40,446 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 48,386 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.4881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 9.97024%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 17,530 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; width: 1.47929%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 16px; width: 64.881%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 51,114 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.04167%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 37,089 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.4881%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 16px; width: 1.04167%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 9.97024%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 25,404 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 16px; width: 1.47929%; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Effective tax rate of Income and social contribution tax benefit &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 48% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.04167%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 24% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.4881%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1.04167%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 9.97024%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 36% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; height: 17px; width: 1.47929%; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</vsta:ScheduleOfReconciliationOfIncomeTaxAndSocialContributionExpenseTableTextBlock>
    <ifrs-full:ProfitLossBeforeTax
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1902"
      unitRef="BRL">-105687000</ifrs-full:ProfitLossBeforeTax>
    <ifrs-full:ProfitLossBeforeTax
      contextRef="D20211231_3"
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&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_GEMKRDBDJK00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 201px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Effect on profit (loss) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Income tax/social contribution: &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Income tax and social contribution losses carryforwards&#160;&lt;sup&gt;(ii)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 307,319 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 114,921 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 422,240 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Temporary Differences: &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 13,010 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,461 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20,471 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Provision for obsolete inventories &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,262 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,608 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,346 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Imputed interest on suppliers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (2,157 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (3,391 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (5,548 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Provision for risks of tax, civil and labor losses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20,025 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 420 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20,445 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Refund liabilities and right to returned goods &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,470 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6,348 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 15,818 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Lease Liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6,660 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,276 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 7,936 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Fair value adjustments on business combination and goodwill amortization &lt;sup&gt;(i)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (248,628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (109,826 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (358,454 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other temporary difference &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 18,628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 44,596 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Deferred Assets, net &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 130,405 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 40,446 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 170,851 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_V898NU8ASW00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; width: 3%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; width: 97%;" valign="top"&gt;&lt;span&gt;Goodwill and fair value adjustments on business combination comprise &lt;span&gt;three&lt;/span&gt; components, being (i) goodwill and fair value adjustment of prior business combination by Somos; (ii) amortization of fair value adjustment related to acquisition of the company; and (iii) deductibility of the acquisition goodwill for tax purposes as allowed by tax law.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top; width: 3%;"&gt;&lt;span style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: justify; width: 97%;"&gt;&lt;span&gt;The Company&#x2019;s income tax and social contribution loss carryforwards are primarily the result of tax amortization of goodwill and the amortization of certain intangibles recognized related to the business combination in &lt;span&gt;2018&lt;/span&gt;. In accordance with Brazilian tax regulation, tax loss carryforwards have a limitation for use of 30% of taxable profit generated in each year and do not expire. The tax benefit is expected to be realized over an estimated 6 year period beginning in &lt;span&gt;2026&lt;/span&gt;. &lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 5pt 0pt !important;"&gt;ii.&#160;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;December 31, &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;2020&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/div&gt;
&lt;div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Changes in deferred income tax and social contribution assets and liabilities are as follows:&#160;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_MA6HTF17B400000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 208px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Effect on profit (loss) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Deferred tax on business combination &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; As of December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; width: 53%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Income tax/social contribution: &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Income tax and social contribution losses carryforwards &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 182,257 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 125,062 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 307,319 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Temporary Differences: &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,543 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,467 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 13,010 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Provision for obsolete inventories &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 3,263 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (4,525 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,262 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Imputed interest on suppliers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (744 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,413 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (2,157 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Provision for risks of tax, civil and labor losses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 19,138 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 887 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 20,025 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Refund liabilities and right to returned goods &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10,903 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,433 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 9,470 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Lease Liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,764 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,896 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 6,660 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; Fair value adjustments on business combination and goodwill amortization (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (150,598 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (90,588 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (7,442 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (248,628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other temporary difference &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 10,020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 15,033 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 915 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 25,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 88,546 &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 48,386 &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (6,527 &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: middle; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 130,405 &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="font-size: 7pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; width: 3%;" valign="top"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;(i)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 97%;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Goodwill&lt;/span&gt; and fair value adjustments on business combination comprise &lt;span&gt;three&lt;/span&gt; components, being (i) goodwill and fair value adjustment of prior business combination by predecessor Somos Anglo; (ii) amortization of fair value adjustment related to acquisition of the predecessor Somos Anglo by the successor Vasta; and (iii) deductibility of the acquisition goodwill for tax purpose allowed by tax law.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
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&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt 28.35pt; text-indent: -28.35pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;24&lt;/span&gt;&lt;/span&gt;&#160;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Shareholder&#x2019;s Equity&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;a.&lt;/span&gt; &lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160; &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Share Capital &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 7.1pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="line-height: inherit;"&gt;Considering the corporate restructuring mentioned in note &lt;span&gt;1.2&lt;/span&gt;, in addition to the capital contributions made by Cogna during the periods, and the IPO that took place in &lt;span&gt;2020&lt;/span&gt;, the Company holds Class A shares (issued and sold in the IPO), in addition to Class B shares (owned by Cogna).&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="line-height: inherit;"&gt;As of December 31, 2020, the Company had 83,011,585 &lt;span&gt;common shares issued and outstanding, of which &lt;/span&gt; 64,436,093 &lt;span&gt;were Class B common shares and&lt;/span&gt;&lt;/span&gt;&lt;span style="line-height: inherit;"&gt;&#160;18,575,492 &lt;span&gt;were Class A common shares.&lt;/span&gt; &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 7.1pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="line-height: inherit;"&gt;On June 22, &lt;/span&gt;&lt;span style="line-height: inherit;"&gt;&lt;span&gt;2021&lt;/span&gt;&lt;/span&gt;&lt;span style="line-height: inherit;"&gt;, the Board of Directors approved the issuance of 382,266&#160;class A common shares, at par value of US$0.00005 per share. As a result, the Company&#x2019;s share capital on December 31, 2021 totals&#160;83,393,851&#160;shares, of which 64,436,093&#160;Class B shares are owned by the&#160;&lt;/span&gt;&lt;span style="line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="line-height: inherit;"&gt; Group and 18,957,758 are owned by third parties.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span&gt;&lt;span&gt;Considering the ILP exercised during 2022, in addition to the remuneration of restricted shares recognized in the same period, on December 31, 2022, the Company's capital stock totals&#160;&lt;/span&gt;83,649,887 shares, of which 64,436,093 are Class B shares owned by the Cogna Group and 18,213,794&lt;span&gt;&#160;are Class A shares owned by third-parties and 1,000,000 shares Class A are held in treasury.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="line-height: inherit;"&gt;The Company&#x2019;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% (&lt;span&gt;three&lt;/span&gt; per cent) of the issued and outstanding shares of the Company. Thus, &lt;/span&gt;&lt;span style="line-height: inherit;"&gt;during &lt;span&gt;2022&lt;/span&gt;&lt;/span&gt;&lt;span style="line-height: inherit;"&gt; the Company granted the following Class A shares to certain employees and executives: &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div id="t_ft_LMD7MMBBHC00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 82px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Class A Shares (units) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Class B Shares (units) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 15px;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 18,957,758 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 64,436,093 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 83,393,851 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Remuneration &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ILP exercised &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 184,117 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 184,117 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Premium recognized &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 71,919 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 71,919 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 19,213,794 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 64,436,093 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 83,649,887 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="line-height: inherit;"&gt;See below the Company&#x2019;s description of each restricted share unit plan &lt;/span&gt;&lt;span style="line-height: inherit;"&gt;vested&lt;/span&gt;&lt;span style="line-height: inherit;"&gt; and its corresponding changes disclosed in the Consolidated Statement of Changes in Equity, specifically in the &#x201c;Share based compensation reserve (vested)&#x201d;:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_JUYOMAU3UO00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 106px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 52px;"&gt;
&lt;td style="width: 3.88389%; vertical-align: top; text-align: left; height: 52px;" valign="top"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;(i)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 96.1161%; text-align: justify; padding: 1px 1px 8px; height: 52px;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;The Company issued&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;298,268&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;class A&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;share units as part of Bonus IPO remuneration, which were granted to eligible executives and employees. These share&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;units represented R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;29,124&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;(net of withholding taxes) previously provisioned&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;in Share Based Compensation Reserves (granted) and transferred to Share Based Compensation Reserves (vested) &#x2013; exercised in the Consolidated Statement of Changes in Shareholders&#x2019; Equity. The Bonus IPO was conditioned to a&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;1-year lockup period&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;expired in July 2021.&#160;There were no shares vested in &lt;span&gt;2022&lt;/span&gt; in connection with the Bonus IPO. In &lt;span&gt;2021&lt;/span&gt;, the corresponding payroll charges&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;amounted to &lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;R$ 21,456&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 44px;"&gt;
&lt;td style="width: 3.88389%; vertical-align: top; text-align: left; height: 44px;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 96.1161%; text-align: justify; padding: 1px 1px 8px; height: 44px;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;As result of the&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;carve-out process, as described in&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;Note&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;1.2&lt;/span&gt;, part of&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;Cogna&#x2019;s&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;executives and employees (eligible) were transferred to the Company. Those eligible executives and employees were part of the&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;Plan&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;and their plans were migrated to the&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;Vasta&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;ILP Plan, as described in Note&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;c&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;. In as much as those eligible parties exercise their plan, the Company delivers a fixed quantity of share units to them. The amount provisioned previously in Share based Compensation Reserves (granted) in the Consolidated Statement of Changes in Shareholders&#x2019; Equity on December 31,&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;is&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;259&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;(R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;58&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;on&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;December 31, 2021),&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;and&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;was transferred to Share based compensation reserves (vested) &#x2013; exercised. The corresponding payroll charges&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;in&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;amounted to&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;167&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;(R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;70 in &lt;span&gt;2021&lt;/span&gt;)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 3.88389%; vertical-align: top; text-align: left; height: 10px;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(iii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 96.1161%; text-align: justify; height: 10px;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;The Company remunerated part of its executives based on restricted share units. The amount provisioned and paid&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;in&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;was&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;R$ &lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;1,912&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt; (R$ &lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;1,861 in &lt;span&gt;2021&lt;/span&gt;), &lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;net of withholding taxes, see Share Based Compensation Reserves (granted) and subsequently vested to Share based compensation reserves (vested). Payroll charges &lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt; in &lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt; amounted &lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt; to &lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;1,748&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;(R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;1,538 in &lt;span&gt;2021&lt;/span&gt;).&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 14.2pt; text-align: justify; text-indent: -14.2pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="line-height: inherit;"&gt;The Company&#x2019;s shareholders on December 31, &lt;/span&gt;&lt;span style="line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="line-height: inherit;"&gt; are as follows:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div id="t_ft_JMQMEYIFGG00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 85px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; In units &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Company Shareholders &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Class A &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Class B &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Cogna Group &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 64,436,093 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;64,436,093 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Free Float &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 18,213,794 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 18,213,794 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Treasury shares (Note &lt;span&gt;24&lt;/span&gt;d) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,000,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;1,000,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total (%) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 23% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 77% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160;&#160;&#160;&#160;&#160;83,649,887 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;b &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Loss&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt; per share &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 7.1pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The basic loss per share is measured by dividing the profit attributable to the Company&#x2019;s shareholders by the weighted average common shares outstanding during the year. The Company considers as diluted earnings 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.&lt;/span&gt;&lt;/p&gt;

&lt;div id="t_ft_TE7K0GGQK000000000000000000000b"&gt;

&lt;div style="margin: 0px; text-indent: 0px;"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 72px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 64.8686%; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 14px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Loss Attributable to Shareholder&#xb4;s &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (54,573 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 1.38313%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (118,754 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (45,649 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Weighted average number of ordinary shares outstanding (thousands) (i)&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 83,651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 82,254 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 83,012 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Basic earning (loss) per share - R$&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (0.65 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1.44 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (0.55 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Diluted earning (loss) per share - R$&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (0.65 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 1.38313%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1.44 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (0.55 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_7EVB1U7DTC00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 10px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; text-align: left; width: 3%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 10px; text-align: justify; width: 97%;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;The Company has not changed its number of voting rights since the IPO on July 31, 2020.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;c Capital reserve - Share-based compensation (granted)&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="line-height: inherit;"&gt;The Company as of December 31, &lt;/span&gt;&lt;span style="line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="line-height: inherit;"&gt; had two&#160;share based compensation plans and one&#160;bonus plan paid in restricted share units, being:&lt;/span&gt;&lt;span style="line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_CXW1I5LQHC00000000000000000000b"&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; height: 204px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 95px;"&gt;
&lt;td style="width: 2.98446%; vertical-align: top; height: 95px; text-align: left;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;a)&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97.0155%; text-align: justify; height: 95px; padding: 1px 1px 8px;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;Plan - On September 3, 2018,&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;Group&#xb4; shareholders approved a restricted share-based compensation plan, which may grant rights to receive a maximum number of restricted shares not exceeding 19,416,233 shares, corresponding to 1.2% of&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;Group&#x2019;s total share capital at the Plan&#x2019;s approval date, excluding shares held in treasury on such date. This program should be wholly settled with delivery of&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;Cogna&#x2019;s&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;shares.&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;Cogna&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;Group&#xb4;s obligation to transfer the restricted shares under the Plan, in up to 10 days from the end of the vesting period, is contingent upon the continuing employment relationship of the employee or officer, as appropriate, for a period of three years from the date the respective agreement is signed. The number of outstanding restricted shares as of December 31, &lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt; was &lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;zero&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;(155,919 as of December 31, 202&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;) and the grant date fair value was R$10,58. The effect of events on compensation in the Consolidated Statement of Profit or Loss for the year ended December 31, 202&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;was R$&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;557&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;including labor charges (R$&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;2,234&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;, including labor charges for the year ended December 31,&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;).&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 95px;"&gt;
&lt;td style="width: 2.98446%; vertical-align: top; height: 95px; text-align: left;" valign="top"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;b)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97.0155%; text-align: justify; height: 95px; padding: 1px 1px 8px;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;Long Term Investment &#x2013; (&#x201c;ILP&#x201d;) &#x2013; Refers to two tranches granted being the first issued on July 23,&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;2020&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;and November 10, 2020. The Company compensates part of its employees and management.&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;This plan will grant up to&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;3% of the Company&#x2019;s class A share units.&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;The Company will grant the limit of&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;five&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;tranches approved by the Company&#x2019;s Board of Directors. The fair value of share units is measured at fair&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;value quoted on the grant date. The plan has a&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;vesting period corresponding to&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;5 years&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;added by expected volatility of&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;30% and&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;will be settled with Company&#x2019;s shares. All taxes and contributions are paid by the Company without additional costs to employees and management.&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;This program should be wholly settled with the delivery of the shares.&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;The effect of events on share-based compensation in the Consolidated Statement of Profit or Loss for the year ended December&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;31&lt;/span&gt;,&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;was&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;22,461&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;, being&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;22,404&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;in Shareholder&#x2019;s the Equity and a credit of&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;58&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;as labor charges in liabilities, due to share price fluctuation (R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;21,372&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;being R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;21,250&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;in Shareholder&#x2019;s the Equity and&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;a credit of&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;R$&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;122&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;as labor charges in liabilities for the year ended December&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;31&lt;/span&gt;,&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 14px;"&gt;
&lt;td style="width: 2.98446%; vertical-align: top; height: 14px; text-align: left;" valign="top"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"&gt;c)&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;"&gt;&#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 97.0155%; text-align: justify; height: 14px;"&gt;
&lt;p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: 0px; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Bonus paid in restricted share units &#x2013; &#x201c;Premium recognized&#x201d; - The Company granted and vested 99,193 shares on April, 2022 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$ 1,748 (net of withholding taxes), of which R$ 1,023 corresponds to labor charges. &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 12pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;d&lt;/span&gt; &lt;span style="font-weight: bold; line-height: inherit;"&gt;Vasta&#x2019;s&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt; share Repurchase Program&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="line-height: inherit;"&gt;On&lt;/span&gt;&lt;span style="line-height: inherit;"&gt; &lt;span&gt;2021&lt;/span&gt; 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, and on December 31, 2021, the Company had a balance of R$23,880 or 1,000,000 shares in its possession.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory>
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&lt;div id="t_ft_LMD7MMBBHC00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 82px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Class A Shares (units) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Class B Shares (units) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 15px;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 18,957,758 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 64,436,093 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: middle; width: 10%; background-color: #bdd7ee; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 83,393,851 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #bdd7ee; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Remuneration &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ILP exercised &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 184,117 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 184,117 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Premium recognized &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 71,919 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 71,919 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 19,213,794 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 64,436,093 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding: 0px; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 83,649,887 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #bdd7ee; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory>
    <vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury
      contextRef="I20211231_ClassACommonSharesMember"
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      id="Tag1986"
      unitRef="Shares">18957758</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
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      contextRef="I20211231_ClassBSeries1CommonSharesMember"
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      contextRef="I20211231"
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      id="Tag1952"
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      contextRef="D20221231_ClassACommonSharesMember"
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      contextRef="D20221231_ClassBSeries1CommonSharesMember"
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      unitRef="Shares">0</vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughLongTermCompensationPlanExercised>
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      contextRef="D20221231_3"
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      id="Tag1936"
      unitRef="Shares">184117</vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughLongTermCompensationPlanExercised>
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      contextRef="D20221231_ClassACommonSharesMember"
      decimals="0"
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      contextRef="D20221231_ClassBSeries1CommonSharesMember"
      decimals="0"
      id="Tag1956"
      unitRef="Shares">0</vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized>
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      contextRef="D20221231_3"
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      id="Tag1926"
      unitRef="Shares">71919</vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughPremiumRecognized>
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      contextRef="I20221231_ClassACommonSharesMember"
      decimals="0"
      id="Tag1960"
      unitRef="Shares">19213794</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
    <vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury
      contextRef="I20221231_ClassBSeries1CommonSharesMember"
      decimals="0"
      id="Tag1942"
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    <vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury
      contextRef="I20221231"
      decimals="0"
      id="Tag1958"
      unitRef="Shares">83649887</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
    <vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughBonusInitialPublicOffering
      contextRef="D20221231_ClassACommonSharesMember"
      decimals="0"
      id="Tag146"
      unitRef="Shares">298268</vsta:IncreaseInNumberOfOrdinarySharesIssuedThroughBonusInitialPublicOffering>
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      contextRef="D20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember"
      decimals="-3"
      id="Tag1976"
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      contextRef="D20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember"
      id="Tag149">P1Y</vsta:ShareBasedPaymentArrangementsBonusInitialPublicOfferingLockupPeriod>
    <vsta:NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering
      contextRef="I20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember"
      decimals="0"
      id="Tag1929"
      unitRef="Shares">0</vsta:NumberOfSharesVestedInConnectionWithBonusInitialPublicOffering>
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      contextRef="D20211231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember"
      decimals="-3"
      id="Tag1983"
      unitRef="BRL">21456000</vsta:ExpenseFromBonusInitialPublicOffering>
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      contextRef="D20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember"
      decimals="-3"
      id="Tag1950"
      unitRef="BRL">259000</vsta:IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity>
    <vsta:IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity
      contextRef="D20211231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember"
      decimals="-3"
      id="Tag1991"
      unitRef="BRL">58000</vsta:IncreaseDecreaseThroughExerciseOfLongTermCompensationPlanEquity>
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      contextRef="D20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember"
      decimals="-3"
      id="Tag1980"
      unitRef="BRL">167000</vsta:ExpenseFromLongTermCompensationPlanExercised>
    <vsta:ExpenseFromLongTermCompensationPlanExercised
      contextRef="D20211231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember"
      decimals="-3"
      id="Tag1934"
      unitRef="BRL">70000</vsta:ExpenseFromLongTermCompensationPlanExercised>
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      contextRef="D20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember"
      decimals="-3"
      id="Tag1972"
      unitRef="BRL">1912000</vsta:IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity>
    <vsta:IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity
      contextRef="D20211231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember"
      decimals="-3"
      id="Tag1930"
      unitRef="BRL">1861000</vsta:IncreaseDecreaseThroughExerciseOfPerformanceBasedRestrictedShareUnitsNetOfWithholdingTaxesEquity>
    <vsta:ExpenseFromPerformanceBasedRestrictedShareUnitsExercised
      contextRef="D20221231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember"
      decimals="-3"
      id="Tag1970"
      unitRef="BRL">1748000</vsta:ExpenseFromPerformanceBasedRestrictedShareUnitsExercised>
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      contextRef="D20211231_ClassACommonSharesMember_ReserveForShareBasedCompensationVestedMember"
      decimals="-3"
      id="Tag1977"
      unitRef="BRL">1538000</vsta:ExpenseFromPerformanceBasedRestrictedShareUnitsExercised>
    <ifrs-full:DisclosureOfIssuedCapitalExplanatory contextRef="D20221231_3" id="Tag1946">
&lt;div id="t_ft_JMQMEYIFGG00000000000000000000b"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 85px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; In units &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Company Shareholders &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Class A &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Class B &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Cogna Group &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 64,436,093 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;64,436,093 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Free Float &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 18,213,794 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 18,213,794 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Treasury shares (Note &lt;span&gt;24&lt;/span&gt;d) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,000,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160;&#160;1,000,000 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 15px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total (%) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 23% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 77% &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160;&#160;&#160;&#160;&#160;83,649,887 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.25pt double #000000; border-top: 0.5pt solid #000000; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
</ifrs-full:DisclosureOfIssuedCapitalExplanatory>
    <vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury
      contextRef="I20221231_ClassACommonSharesMember_ParentMember"
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      id="Tag2004"
      unitRef="Shares">0</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
    <vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury
      contextRef="I20221231_ClassBSeries1CommonSharesMember_ParentMember"
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      id="Tag1925"
      unitRef="Shares">64436093</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
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      contextRef="I20221231_ParentMember"
      decimals="0"
      id="Tag1967"
      unitRef="Shares">64436093</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
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      contextRef="I20221231_ClassACommonSharesMember_OtherRelatedPartiesMember"
      decimals="0"
      id="Tag2011"
      unitRef="Shares">18213794</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
    <vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury
      contextRef="I20221231_ClassBSeries1CommonSharesMember_OtherRelatedPartiesMember"
      decimals="0"
      id="Tag1969"
      unitRef="Shares">0</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
    <vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury
      contextRef="I20221231_OtherRelatedPartiesMember"
      decimals="0"
      id="Tag1933"
      unitRef="Shares">18213794</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
    <vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury
      contextRef="I20221231_ClassACommonSharesMember_TreasurySharesMember"
      decimals="0"
      id="Tag1992"
      unitRef="Shares">1000000</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
    <vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury
      contextRef="I20221231_ClassBSeries1CommonSharesMember_TreasurySharesMember"
      decimals="0"
      id="Tag70"
      unitRef="Shares">0</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
    <vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury
      contextRef="I20221231_TreasurySharesMember"
      decimals="0"
      id="Tag1990"
      unitRef="Shares">1000000</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
    <vsta:PercentageOfOwnershipInterestHeldByShareholders
      contextRef="D20221231_ClassACommonSharesMember"
      decimals="2"
      id="Tag1996"
      unitRef="Pure">0.23</vsta:PercentageOfOwnershipInterestHeldByShareholders>
    <vsta:PercentageOfOwnershipInterestHeldByShareholders
      contextRef="D20221231_ClassBSeries1CommonSharesMember"
      decimals="2"
      id="Tag1981"
      unitRef="Pure">0.77</vsta:PercentageOfOwnershipInterestHeldByShareholders>
    <vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury
      contextRef="I20221231"
      decimals="0"
      id="Tag1974"
      unitRef="Shares">83649887</vsta:NumberOfSharesIssuedIncludingSharesHeldInTreasury>
    <ifrs-full:DisclosureOfEarningsPerShareExplanatory contextRef="D20221231_3" id="Tag3123">
&lt;div style="margin: 0px; text-indent: 0px;"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 72px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; width: 64.8686%; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 15px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 14px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Loss Attributable to Shareholder&#xb4;s &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (54,573 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 1.38313%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (118,754 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (45,649 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 14px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Weighted average number of ordinary shares outstanding (thousands) (i)&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 83,651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 82,254 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 16px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 83,012 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Basic earning (loss) per share - R$&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (0.65 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 1.38313%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1.44 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 9.95851%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (0.55 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; border-top: 1pt solid #000000; vertical-align: bottom; width: 0.968188%; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 64.8686%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Diluted earning (loss) per share - R$&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (0.65 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 1.38313%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1.44 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.968188%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 9.95851%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (0.55 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2.63pt double #000000; vertical-align: bottom; width: 0.968188%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_7EVB1U7DTC00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 10px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; text-align: left; width: 3%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 10px; text-align: justify; width: 97%;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;The Company has not changed its number of voting rights since the IPO on July 31, 2020.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
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&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt 28.35pt; text-indent: -28.35pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="display: inline;"&gt;25&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &lt;/span&gt;&lt;span style="font-weight: bold;"&gt;Net Revenue from sales and Services&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The breakdown of net sales of the Company for the years ended December 31, 2022, &lt;span&gt;2021&lt;/span&gt; and &lt;span&gt;2020&lt;/span&gt; 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:&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;

&lt;div style="margin: 0px; text-indent: 0px;"&gt;
&lt;div style="margin: 0px; text-indent: 0px;"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 697px; text-indent: 0px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2022&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2021&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2020&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Learning Systems &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 878,468 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 568,522 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 608,200 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (382 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (219 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (40 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Discounts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (13,157 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (14,302 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (8,603 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (78,468 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (41,919 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (17,553 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 786,461 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 512,082 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 582,004 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Textbooks &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 228,094 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 212,708 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 308,298 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (214 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,608 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (250 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Discounts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,120 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (31,401 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (41,330 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (72,488 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 195,359 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 169,770 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 235,560 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px 5px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Complementary Education Services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 159,207 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 148,817 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 63,491 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (193 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (961 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (17 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Discounts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,415 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15,755 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (10,459 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,880 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 141,844 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 137,397 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 60,588 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Other services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 38,727 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 34,498 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 34,118 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (7,046 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,034 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,864 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 31,681 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 31,464 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 30,254 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Total Content &amp;amp; EdTech &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,304,496 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 964,545 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,014,107 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (7,835 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,822 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (4,171 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Discounts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15,692 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (14,302 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (8,609 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (125,624 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (93,708 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (92,921 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 1,155,345 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 850,713 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 908,406 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; E-commerce &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 113,569 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 97,632 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,873 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,473 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,261 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,533 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,595 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,149 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 106,163 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 95,016 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 89,222 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Other digital services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,026 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,850 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (254 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (160 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 2,772 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 1,690 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Total Digital Services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 116,595 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 101,934 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 97,632 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,127 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,633 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,261 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,533 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,595 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,149 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 108,935 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 96,706 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 89,222 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,421,091 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,066,479 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,111,739 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (9,962 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (8,455 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,432 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Discounts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15,692 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (14,302 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (8,609 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (131,157 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (96,303 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (99,070 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 1,264,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 947,419 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 997,628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Sales &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,229,827 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 914,266 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 967,374 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Service &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 34,453 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 33,153 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 30,254 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 1,264,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 947,419 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 997,628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

</ifrs-full:DisclosureOfRevenueExplanatory>
    <ifrs-full:DisclosureOfProductsAndServicesExplanatory contextRef="D20221231_3" id="Tag3443">
&lt;div style="margin: 0px; text-indent: 0px;"&gt;
&lt;div style="margin: 0px; text-indent: 0px;"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 697px; text-indent: 0px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2022&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2021&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2020&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Learning Systems &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 878,468 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 568,522 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 608,200 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (382 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (219 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (40 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Discounts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (13,157 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (14,302 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (8,603 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (78,468 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (41,919 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (17,553 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 786,461 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 512,082 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 582,004 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Textbooks &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 228,094 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 212,708 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 308,298 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (214 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,608 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (250 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Discounts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,120 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (31,401 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (41,330 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (72,488 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 195,359 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 169,770 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 235,560 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="vertical-align: bottom; height: 18px; padding: 0px 5px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Complementary Education Services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 159,207 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 148,817 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 63,491 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (193 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (961 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (17 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Discounts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,415 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15,755 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (10,459 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,880 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 141,844 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 137,397 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 60,588 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Other services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 38,727 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 34,498 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 34,118 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (7,046 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,034 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,864 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 31,681 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 31,464 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 30,254 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Total Content &amp;amp; EdTech &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,304,496 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 964,545 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,014,107 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (7,835 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,822 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (4,171 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Discounts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15,692 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (14,302 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (8,609 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (125,624 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (93,708 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (92,921 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 1,155,345 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 850,713 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 908,406 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; E-commerce &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 113,569 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 100,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 97,632 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,873 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,473 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,261 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,533 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,595 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,149 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 106,163 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 95,016 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 89,222 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Other digital services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 3,026 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,850 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (254 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (160 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 2,772 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 1,690 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Total Digital Services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 116,595 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 101,934 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 97,632 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,127 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,633 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,261 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,533 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,595 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,149 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 108,935 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 96,706 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 89,222 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #bdd7ee; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Gross revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,421,091 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,066,479 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,111,739 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (9,962 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (8,455 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,432 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Discounts &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15,692 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (14,302 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (8,609 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Returns &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (131,157 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (96,303 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (99,070 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 1,264,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 947,419 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 997,628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Sales &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,229,827 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 914,266 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 967,374 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Service &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 34,453 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 33,153 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 30,254 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Net revenue &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 1,264,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 947,419 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 997,628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
</ifrs-full:DisclosureOfProductsAndServicesExplanatory>
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      unitRef="BRL">254000</vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome>
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      contextRef="D20221231_OtherDigitalServicesPlatformMember"
      decimals="-3"
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      contextRef="D20211231_OtherDigitalServicesPlatformMember"
      decimals="-3"
      id="Tag2168"
      unitRef="BRL">1690000</ifrs-full:Revenue>
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      contextRef="D20201231_DigitalServicesPlatformMember"
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      contextRef="D20221231_DigitalServicesPlatformMember"
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      contextRef="D20211231_DigitalServicesPlatformMember"
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      contextRef="D20201231_DigitalServicesPlatformMember"
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      contextRef="D20211231_DigitalServicesPlatformMember"
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      id="Tag2089"
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      contextRef="D20201231_DigitalServicesPlatformMember"
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      unitRef="BRL">89222000</ifrs-full:Revenue>
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      id="Tag2172"
      unitRef="BRL">1421091000</vsta:GrossRevenue>
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      unitRef="BRL">1066479000</vsta:GrossRevenue>
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      unitRef="BRL">1111739000</vsta:GrossRevenue>
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      contextRef="D20221231_3"
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      unitRef="BRL">9962000</vsta:TaxExpenseIncomeOtherThanIncomeTaxExpenseIncome>
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      contextRef="D20211231_3"
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      id="Tag2152"
      unitRef="BRL">99070000</vsta:SalesReturns>
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      unitRef="BRL">947419000</ifrs-full:Revenue>
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      unitRef="BRL">997628000</ifrs-full:Revenue>
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      unitRef="BRL">1229827000</ifrs-full:RevenueFromSaleOfGoods>
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      unitRef="BRL">33153000</ifrs-full:RevenueFromRenderingOfServices>
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      unitRef="BRL">1264280000</ifrs-full:Revenue>
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      decimals="-3"
      id="Tag2122"
      unitRef="BRL">947419000</ifrs-full:Revenue>
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      decimals="-3"
      id="Tag2135"
      unitRef="BRL">997628000</ifrs-full:Revenue>
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&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 8pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span&gt;26&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &lt;/span&gt;&lt;span style="font-weight: bold;"&gt;Costs and Expenses by Nature&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_XSCTIT5WXS00000000000000000000b"&gt;

&lt;div&gt;
&lt;div&gt;
&lt;table cellpadding="0" style="height: 445px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 65%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Salaries and payroll charges &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (281,894 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (274,581 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (279,523 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Raw materials and productions costs &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (201,700 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (185,862 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (216,791 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Editorial costs &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (49,329 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (71,705 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (52,794 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (268,714 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (211,156 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (174,088 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Copyright &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (72,348 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (58,885 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (59,597 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Advertising and publicity &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (99,834 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (77,655 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (88,965 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Utilities, cleaning and security &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (20,087 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,505 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (19,499 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Rent and condominium fees &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (18,312 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (17,775 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (14,278 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Third-party services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (47,667 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,758 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (23,904 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Travel &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (23,577 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (8,747 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (8,760 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Consulting and advisory services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (34,166 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (23,395 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,269 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (45,904 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (32,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,015 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Material &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,263 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,523 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,708 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes and contributions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,777 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,808 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,066 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Reversal for tax, civil and labor risks &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 15,099 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,986 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,092 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Provision for obsolete inventories &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (40,924 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (22,117 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (4,057 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Income from lease and sublease agreements with related parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 13,047 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 15,939 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 21,683 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other income, net &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 662 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5,554 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4,283 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (1,183,688 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (1,018,719 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (970,256 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Cost of goods sold and services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (473,135 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (396,829 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (378,003 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Commercial expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (194,043 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (164,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (165,169 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; General and administrative expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (471,626 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (430,279 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (406,352 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Impairment loss on accounts receivable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (45,904 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (32,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,015 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other operating income, net &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; 1,020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5,554 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4,283 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (1,183,688 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (1,018,719 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (970,256 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;/div&gt;
&lt;/div&gt;

&lt;/div&gt;
</ifrs-full:DisclosureOfExpensesByNatureExplanatory>
    <vsta:ScheduleOfCostsAndExpensesByNatureTableTextBlock contextRef="D20221231_3" id="Tag75">
&lt;div&gt;
&lt;div&gt;
&lt;table cellpadding="0" style="height: 445px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 65%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Salaries and payroll charges &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (281,894 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (274,581 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (279,523 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Raw materials and productions costs &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (201,700 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (185,862 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (216,791 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Editorial costs &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (49,329 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (71,705 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (52,794 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (268,714 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (211,156 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (174,088 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Copyright &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (72,348 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (58,885 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (59,597 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Advertising and publicity &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (99,834 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (77,655 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (88,965 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Utilities, cleaning and security &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (20,087 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,505 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (19,499 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Rent and condominium fees &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (18,312 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (17,775 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (14,278 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Third-party services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (47,667 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,758 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (23,904 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Travel &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (23,577 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (8,747 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (8,760 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Consulting and advisory services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (34,166 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (23,395 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,269 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (45,904 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (32,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,015 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Material &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,263 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,523 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,708 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Taxes and contributions &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (1,777 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,808 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (2,066 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Reversal for tax, civil and labor risks &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 15,099 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 1,986 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,092 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Provision for obsolete inventories &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (40,924 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (22,117 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (4,057 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Income from lease and sublease agreements with related parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 13,047 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 15,939 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 21,683 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other income, net &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 662 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5,554 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4,283 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (1,183,688 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (1,018,719 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (970,256 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Cost of goods sold and services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (473,135 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (396,829 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (378,003 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Commercial expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (194,043 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (164,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (165,169 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; General and administrative expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (471,626 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (430,279 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (406,352 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Impairment loss on accounts receivable &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (45,904 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (32,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (25,015 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other operating income, net &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; 1,020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 5,554 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 4,283 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (1,183,688 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (1,018,719 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (970,256 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;

&lt;/div&gt;
&lt;/div&gt;
</vsta:ScheduleOfCostsAndExpensesByNatureTableTextBlock>
    <ifrs-full:EmployeeBenefitsExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2049"
      unitRef="BRL">281894000</ifrs-full:EmployeeBenefitsExpense>
    <ifrs-full:EmployeeBenefitsExpense
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2183"
      unitRef="BRL">274581000</ifrs-full:EmployeeBenefitsExpense>
    <ifrs-full:EmployeeBenefitsExpense
      contextRef="D20201231"
      decimals="-3"
      id="Tag2055"
      unitRef="BRL">279523000</ifrs-full:EmployeeBenefitsExpense>
    <ifrs-full:RawMaterialsAndConsumablesUsed
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2243"
      unitRef="BRL">201700000</ifrs-full:RawMaterialsAndConsumablesUsed>
    <ifrs-full:RawMaterialsAndConsumablesUsed
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2182"
      unitRef="BRL">185862000</ifrs-full:RawMaterialsAndConsumablesUsed>
    <ifrs-full:RawMaterialsAndConsumablesUsed
      contextRef="D20201231"
      decimals="-3"
      id="Tag2201"
      unitRef="BRL">216791000</ifrs-full:RawMaterialsAndConsumablesUsed>
    <vsta:EditorialCosts
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2235"
      unitRef="BRL">49329000</vsta:EditorialCosts>
    <vsta:EditorialCosts
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2181"
      unitRef="BRL">71705000</vsta:EditorialCosts>
    <vsta:EditorialCosts
      contextRef="D20201231"
      decimals="-3"
      id="Tag2200"
      unitRef="BRL">52794000</vsta:EditorialCosts>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2241"
      unitRef="BRL">268714000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2180"
      unitRef="BRL">211156000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="D20201231"
      decimals="-3"
      id="Tag2199"
      unitRef="BRL">174088000</ifrs-full:DepreciationAndAmortisationExpense>
    <vsta:CopyrightExpenses
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2062"
      unitRef="BRL">72348000</vsta:CopyrightExpenses>
    <vsta:CopyrightExpenses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2179"
      unitRef="BRL">58885000</vsta:CopyrightExpenses>
    <vsta:CopyrightExpenses
      contextRef="D20201231"
      decimals="-3"
      id="Tag2198"
      unitRef="BRL">59597000</vsta:CopyrightExpenses>
    <ifrs-full:AdvertisingExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2191"
      unitRef="BRL">99834000</ifrs-full:AdvertisingExpense>
    <ifrs-full:AdvertisingExpense
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2178"
      unitRef="BRL">77655000</ifrs-full:AdvertisingExpense>
    <ifrs-full:AdvertisingExpense
      contextRef="D20201231"
      decimals="-3"
      id="Tag2197"
      unitRef="BRL">88965000</ifrs-full:AdvertisingExpense>
    <vsta:UtilitiesCleaningAndSecurityExpenses
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2237"
      unitRef="BRL">20087000</vsta:UtilitiesCleaningAndSecurityExpenses>
    <vsta:UtilitiesCleaningAndSecurityExpenses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2177"
      unitRef="BRL">25505000</vsta:UtilitiesCleaningAndSecurityExpenses>
    <vsta:UtilitiesCleaningAndSecurityExpenses
      contextRef="D20201231"
      decimals="-3"
      id="Tag2196"
      unitRef="BRL">19499000</vsta:UtilitiesCleaningAndSecurityExpenses>
    <vsta:RentAndCondominiumFees
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2190"
      unitRef="BRL">18312000</vsta:RentAndCondominiumFees>
    <vsta:RentAndCondominiumFees
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2208"
      unitRef="BRL">17775000</vsta:RentAndCondominiumFees>
    <vsta:RentAndCondominiumFees
      contextRef="D20201231"
      decimals="-3"
      id="Tag2195"
      unitRef="BRL">14278000</vsta:RentAndCondominiumFees>
    <vsta:ThirdPartyServices
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2189"
      unitRef="BRL">47667000</vsta:ThirdPartyServices>
    <vsta:ThirdPartyServices
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2239"
      unitRef="BRL">25758000</vsta:ThirdPartyServices>
    <vsta:ThirdPartyServices
      contextRef="D20201231"
      decimals="-3"
      id="Tag2194"
      unitRef="BRL">23904000</vsta:ThirdPartyServices>
    <ifrs-full:TravelExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2233"
      unitRef="BRL">23577000</ifrs-full:TravelExpense>
    <ifrs-full:TravelExpense
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2240"
      unitRef="BRL">8747000</ifrs-full:TravelExpense>
    <ifrs-full:TravelExpense
      contextRef="D20201231"
      decimals="-3"
      id="Tag2193"
      unitRef="BRL">8760000</ifrs-full:TravelExpense>
    <ifrs-full:ProfessionalFeesExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2227"
      unitRef="BRL">34166000</ifrs-full:ProfessionalFeesExpense>
    <ifrs-full:ProfessionalFeesExpense
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2207"
      unitRef="BRL">23395000</ifrs-full:ProfessionalFeesExpense>
    <ifrs-full:ProfessionalFeesExpense
      contextRef="D20201231"
      decimals="-3"
      id="Tag2234"
      unitRef="BRL">25269000</ifrs-full:ProfessionalFeesExpense>
    <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2231"
      unitRef="BRL">45904000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables>
    <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2056"
      unitRef="BRL">32726000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables>
    <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables
      contextRef="D20201231"
      decimals="-3"
      id="Tag2188"
      unitRef="BRL">25015000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables>
    <vsta:MaterialsExpenses
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2186"
      unitRef="BRL">6263000</vsta:MaterialsExpenses>
    <vsta:MaterialsExpenses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2203"
      unitRef="BRL">3523000</vsta:MaterialsExpenses>
    <vsta:MaterialsExpenses
      contextRef="D20201231"
      decimals="-3"
      id="Tag2059"
      unitRef="BRL">3708000</vsta:MaterialsExpenses>
    <vsta:TaxesAndContributions
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2228"
      unitRef="BRL">1777000</vsta:TaxesAndContributions>
    <vsta:TaxesAndContributions
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2229"
      unitRef="BRL">2808000</vsta:TaxesAndContributions>
    <vsta:TaxesAndContributions
      contextRef="D20201231"
      decimals="-3"
      id="Tag2060"
      unitRef="BRL">2066000</vsta:TaxesAndContributions>
    <vsta:ReversalProvisionForTaxCivilAndLaborRisks
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2244"
      unitRef="BRL">15099000</vsta:ReversalProvisionForTaxCivilAndLaborRisks>
    <vsta:ReversalProvisionForTaxCivilAndLaborRisks
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2215"
      unitRef="BRL">1986000</vsta:ReversalProvisionForTaxCivilAndLaborRisks>
    <vsta:ReversalProvisionForTaxCivilAndLaborRisks
      contextRef="D20201231"
      decimals="-3"
      id="Tag2051"
      unitRef="BRL">2092000</vsta:ReversalProvisionForTaxCivilAndLaborRisks>
    <vsta:ProvisionForObsoleteInventories
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2185"
      unitRef="BRL">40924000</vsta:ProvisionForObsoleteInventories>
    <vsta:ProvisionForObsoleteInventories
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2230"
      unitRef="BRL">22117000</vsta:ProvisionForObsoleteInventories>
    <vsta:ProvisionForObsoleteInventories
      contextRef="D20201231"
      decimals="-3"
      id="Tag2187"
      unitRef="BRL">4057000</vsta:ProvisionForObsoleteInventories>
    <vsta:IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2236"
      unitRef="BRL">13047000</vsta:IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties>
    <vsta:IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2176"
      unitRef="BRL">15939000</vsta:IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties>
    <vsta:IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties
      contextRef="D20201231"
      decimals="-3"
      id="Tag2053"
      unitRef="BRL">21683000</vsta:IncomeFromLeaseAndSubleaseAgreementsWithRelatedParties>
    <vsta:MiscellaneousOtherOperatingIncomeExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2054"
      unitRef="BRL">662000</vsta:MiscellaneousOtherOperatingIncomeExpense>
    <vsta:MiscellaneousOtherOperatingIncomeExpense
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2052"
      unitRef="BRL">5554000</vsta:MiscellaneousOtherOperatingIncomeExpense>
    <vsta:MiscellaneousOtherOperatingIncomeExpense
      contextRef="D20201231"
      decimals="-3"
      id="Tag2050"
      unitRef="BRL">4283000</vsta:MiscellaneousOtherOperatingIncomeExpense>
    <ifrs-full:ExpenseByNature
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2184"
      unitRef="BRL">1183688000</ifrs-full:ExpenseByNature>
    <ifrs-full:ExpenseByNature
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2202"
      unitRef="BRL">1018719000</ifrs-full:ExpenseByNature>
    <ifrs-full:ExpenseByNature
      contextRef="D20201231"
      decimals="-3"
      id="Tag2226"
      unitRef="BRL">970256000</ifrs-full:ExpenseByNature>
    <ifrs-full:CostOfSales
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2063"
      unitRef="BRL">473135000</ifrs-full:CostOfSales>
    <ifrs-full:CostOfSales
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2211"
      unitRef="BRL">396829000</ifrs-full:CostOfSales>
    <ifrs-full:CostOfSales
      contextRef="D20201231"
      decimals="-3"
      id="Tag2061"
      unitRef="BRL">378003000</ifrs-full:CostOfSales>
    <vsta:CommercialExpenses
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2214"
      unitRef="BRL">194043000</vsta:CommercialExpenses>
    <vsta:CommercialExpenses
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2210"
      unitRef="BRL">164439000</vsta:CommercialExpenses>
    <vsta:CommercialExpenses
      contextRef="D20201231"
      decimals="-3"
      id="Tag2206"
      unitRef="BRL">165169000</vsta:CommercialExpenses>
    <ifrs-full:GeneralAndAdministrativeExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2192"
      unitRef="BRL">471626000</ifrs-full:GeneralAndAdministrativeExpense>
    <ifrs-full:GeneralAndAdministrativeExpense
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2209"
      unitRef="BRL">430279000</ifrs-full:GeneralAndAdministrativeExpense>
    <ifrs-full:GeneralAndAdministrativeExpense
      contextRef="D20201231"
      decimals="-3"
      id="Tag2058"
      unitRef="BRL">406352000</ifrs-full:GeneralAndAdministrativeExpense>
    <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2242"
      unitRef="BRL">45904000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables>
    <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2174"
      unitRef="BRL">32726000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables>
    <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables
      contextRef="D20201231"
      decimals="-3"
      id="Tag2205"
      unitRef="BRL">25015000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables>
    <ifrs-full:OtherOperatingIncomeExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2232"
      unitRef="BRL">1020000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2213"
      unitRef="BRL">5554000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense
      contextRef="D20201231"
      decimals="-3"
      id="Tag2175"
      unitRef="BRL">4283000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:ExpenseByNature
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2212"
      unitRef="BRL">1183688000</ifrs-full:ExpenseByNature>
    <ifrs-full:ExpenseByNature
      contextRef="D20211231_3"
      decimals="-3"
      id="Tag2057"
      unitRef="BRL">1018719000</ifrs-full:ExpenseByNature>
    <ifrs-full:ExpenseByNature
      contextRef="D20201231"
      decimals="-3"
      id="Tag2204"
      unitRef="BRL">970256000</ifrs-full:ExpenseByNature>
    <ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory contextRef="D20221231_3" id="Tag2267">
&lt;p style="font-size: 10pt; line-height: 125%; margin: 0pt 0pt 6pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span&gt;27&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;Finance result&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_PQEW1JHQN400000000000000000000b"&gt;

&lt;div&gt;
&lt;table cellpadding="0" style="height: 270px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Finance income &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Income from financial investments and marketable securities (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 54,954 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 26,719 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 16,907 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Income finance from indemnification assets and contingencies (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 31,077 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;6,818&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,476&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other finance income &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,526 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,103 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,601 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 88,557 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 35,640 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 20,984 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Finance costs &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest on bonds and financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (108,896 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (43,549 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (52,935 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest on account payables for business combinations&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (65,725 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;(&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;8,158&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;(&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,568&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Imputed interest on suppliers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (19,810 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,609 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (12,286 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest on Loans from related parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (157 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,344 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Bank and collection fees &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,891 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,587 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (17,771 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest on provision for tax, civil and labor losses&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (52,891 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (34,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (13,297 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest on Lease Liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (13,143 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (14,984 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15,077 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other finance costs&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,839 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,131 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (270,324 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (120,183 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (119,409 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Financial Result (net) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (181,767 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (84,543 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (98,425 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_QL3SN4CX2O00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; height: 21px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; height: 10px; text-align: left; width: 3%;" valign="top"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;span style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'times new roman', times; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; height: 10px; width: 97%;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Refers to income from marketable securities indexed at CDI.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="vertical-align: top; height: 11px; text-align: left;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; height: 11px;"&gt;&lt;span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;Refers to an indemnification asset in the amount of R$ 20,249&#160;in connection with the acquisition of&#160;&lt;/span&gt;Somos&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;(&lt;/span&gt;Vasta&#x2019;s&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;Predecessor) by&#160;&lt;/span&gt;Cogna&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;Group (&lt;/span&gt;Vasta&#x2019;s&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;Parent Company), as mentioned in the note &lt;span style="border-left: none; border-right: none;"&gt;21&lt;/span&gt;b, and reversal of interest on provision for tax losses in the amount of R$ 10,828.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;/div&gt;
</ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory>
    <vsta:ScheduleOfFinanceResultNetTableTextBlock contextRef="D20221231_3" id="Tag2266">
&lt;div&gt;
&lt;table cellpadding="0" style="height: 270px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Finance income &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 1%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Income from financial investments and marketable securities (i) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 54,954 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 26,719 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 16,907 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Income finance from indemnification assets and contingencies (ii) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 31,077 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;6,818&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,476&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other finance income &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,526 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,103 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; 2,601 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 88,557 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 35,640 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 18px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; 20,984 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Finance costs &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest on bonds and financing &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (108,896 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (43,549 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (52,935 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest on account payables for business combinations&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (65,725 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;(&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;8,158&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;(&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,568&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Imputed interest on suppliers &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (19,810 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,609 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (12,286 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest on Loans from related parties &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (157 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,344 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Bank and collection fees &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,891 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (6,587 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (17,771 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest on provision for tax, civil and labor losses&lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (52,891 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (34,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (13,297 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Interest on Lease Liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (13,143 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (14,984 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (15,077 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; Other finance costs&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (5,839 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (3,131 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (270,324 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (120,183 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (119,409 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; background-color: #bdd7ee; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; Financial Result (net) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (181,767 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (84,543 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt; (98,425 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_QL3SN4CX2O00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; height: 21px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; height: 10px; text-align: left; width: 3%;" valign="top"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/span&gt;&lt;span style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'times new roman', times; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; height: 10px; width: 97%;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Refers to income from marketable securities indexed at CDI.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="vertical-align: top; height: 11px; text-align: left;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; height: 11px;"&gt;&lt;span&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;Refers to an indemnification asset in the amount of R$ 20,249&#160;in connection with the acquisition of&#160;&lt;/span&gt;Somos&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;(&lt;/span&gt;Vasta&#x2019;s&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;Predecessor) by&#160;&lt;/span&gt;Cogna&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;Group (&lt;/span&gt;Vasta&#x2019;s&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"&gt;&#160;Parent Company), as mentioned in the note &lt;span style="border-left: none; border-right: none;"&gt;21&lt;/span&gt;b, and reversal of interest on provision for tax losses in the amount of R$ 10,828.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
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      unitRef="BRL">20249000</vsta:FinanceIncomeFromIndemnificationAsset>
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      contextRef="D20221231_3"
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    <ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory contextRef="D20221231_3" id="Tag2302">
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;28&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt; Segment Reporting&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Information reported to the Chief Operating Decision Maker (CODM) for the purposes of resource allocation and assessment of segment performance is focused on revenue, &#x201c;profit (loss) before finance result and tax&#x201d;, assets and liabilities segregated by the nature of the services provided to the Company&#x2019;s customers. Thus, the reportable segments are: (i) Content &amp;amp; EdTech Platform; and (ii) Digital Services.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Content &amp;amp; EdTech platform derives its results from core and complementary educational content solutions through digital and printed content, including textbooks, learning systems and other complementary educational services.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Digital Services aims to unify the entire school administrative ecosystem, allowing private schools to add multiple learning strategies and help them to focus on education, through the physical and digital e-commerce platform (Livro F&#xe1;cil) and other digital services of the Company. Operations related to this segment began with the acquisition of Livro F&#xe1;cil. In August 2021, the Company acquired EMME, which has its digital platform aimed at the production of educational marketing material for the Company's partner schools. Additionally, in January 2022, the Company acquired MVP and Phidelis, see note &lt;span&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Due to the nature of the Company&#x2019;s e-commerce platform, the Content &amp;amp; EdTech Platform segment sells its printed and digital content to the Digital Services segment. These transactions are priced on an arm&#x2019;s length basis and are to be settled in cash.&#160; However, the eliminations made in preparing the consolidated financial statements are included in the measure of the segment&#x2019;s profit or loss that is used by the CODM, and therefore the amounts presented herein are net of such intersegment&#160;transactions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="background-color: #ffffff; line-height: inherit;"&gt;T&lt;/span&gt;&lt;span style="background-color: #ffffff; line-height: inherit;"&gt;he following table presents the Company&#x2019;s revenue, its reconciliation to &#x201c;profit (loss) before finance result and tax&#x201d;, assets and liabilities by reportable segment. No other information is used by the CODM when assessing segment performance:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_A8S2XGVO0G00000000000000000000b"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;div&gt;
&lt;table cellpadding="0" style="height: 213px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Content &amp;amp;&#160;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;EdTech&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&#160;Platform&lt;/span&gt;&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Digital Services Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 11px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Net revenue from sales and services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,155,345 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 108,935 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,264,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Cost of goods sold and services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (375,167 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (97,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (473,135 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 14px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 14px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Operating income (expenses) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; General and administrative expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (445,330 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (26,295 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (471,626 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Commercial expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (183,118 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (10,926 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (194,043 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other operating income, net &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,260 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,240 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (45,769 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (135 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (45,904 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;Share of loss equity-accounted investees&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;(4,512&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;span style="font-weight: bold;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(4,512&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Profit (loss) before finance result and taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 103,709 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (27,629 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 76,080 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 7,438,094 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 82,497 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 7,520,591 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Current and non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 2,852,390 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 38,521 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 2,890,911 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="background-color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="height: 190px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"/&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Content &amp;amp; EdTech Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Digital Services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 65%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Net revenue from sales and services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 850,713 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1%; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 96,706 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 947,419 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Cost of goods sold and services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (327,651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (69,178 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (396,829 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Operating income (expenses) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; General and administrative expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (413,746 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (16,533 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (430,279 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Commercial expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (147,664 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (16,775 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (164,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other operating income &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 5,469 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 85 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 5,554 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (32,344 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (382 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (32,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Loss before finance result and taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (65,223 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (6,077 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (71,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 7,207,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 126,323 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 7,333,407 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Current and non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 2,605,351 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 62,847 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 2,668,198 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="background-color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 216px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; margin-left: 0.1px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Content &amp;amp; EdTech Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Digital Services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Net revenue from sales and services&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 908,406 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 89,222 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 997,628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Cost of goods sold and services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (301,882 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (76,121 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (378,003 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Operating income (expenses) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; General and administrative expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (387,023 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (19,329 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (406,352 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Commercial expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (152,659 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (12,510 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (165,169 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other operating income &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,283 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,283 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (25,015 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (25,015 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Profit (Loss) before finance result and taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 46,110 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (18,738 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 27,372 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 6,848,198 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 130,072 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 6,978,270 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Current and non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 2,141,107 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 51,847 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 2,192,953 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;

&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Segments&#x2019; profit represents the profit earned by each segment without finance results and income tax expense. This is the measure reported to the CODM for the purpose of resource allocation and assessment of segment performance.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 10pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company operates in Brazil, with no revenue from foreign customers, Additionally, no single customer contributed 10% or more to the Company&#x2019;s segments revenue for the years ended December 31, 2022, &lt;span&gt;2021&lt;/span&gt; and &lt;span&gt;2020&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;/div&gt;
</ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory>
    <ifrs-full:DisclosureOfOperatingSegmentsExplanatory contextRef="D20221231_3" id="Tag2301">
&lt;div&gt;
&lt;table cellpadding="0" style="height: 213px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Content &amp;amp;&#160;&lt;/span&gt;&lt;span style="font-weight: bold;"&gt;EdTech&lt;/span&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&#160;Platform&lt;/span&gt;&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Digital Services Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 11px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238); width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Net revenue from sales and services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,155,345 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 108,935 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,264,280 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Cost of goods sold and services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (375,167 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (97,968 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (473,135 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 14px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 14px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Operating income (expenses) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: rgb(189, 215, 238);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; General and administrative expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (445,330 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (26,295 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (471,626 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Commercial expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (183,118 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (10,926 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (194,043 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other operating income, net &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 2,260 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (1,240 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 1,020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (45,769 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (135 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (45,904 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;Share of loss equity-accounted investees&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;(4,512&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;span style="font-weight: bold;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;span style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(4,512&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 18px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Profit (loss) before finance result and taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 103,709 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (27,629 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 76,080 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(189, 215, 238); border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 7,438,094 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 82,497 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 7,520,591 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Current and non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 2,852,390 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 38,521 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 2,890,911 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(189, 215, 238);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="background-color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="height: 190px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2021 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"/&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Content &amp;amp; EdTech Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Digital Services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; width: 65%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Net revenue from sales and services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 850,713 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; width: 1%; height: 17px; background-color: #bdd7ee; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 96,706 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; width: 10%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 947,419 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; width: 1%; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Cost of goods sold and services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (327,651 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (69,178 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (396,829 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Operating income (expenses) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; General and administrative expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (413,746 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (16,533 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (430,279 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Commercial expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (147,664 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (16,775 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (164,439 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other operating income &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 5,469 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 85 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 5,554 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (32,344 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (382 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (32,726 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Loss before finance result and taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (65,223 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (6,077 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (71,300 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 7,207,084 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 126,323 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 7,333,407 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px; background-color: #bdd7ee;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Current and non-current liabilities &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 2,605,351 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 62,847 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 2,668,198 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/tbody&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="background-color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 216px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit; font-weight: bold;"&gt; December 31, 2020 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; margin-left: 0.1px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Content &amp;amp; EdTech Platform &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Digital Services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; width: 65%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Net revenue from sales and services&#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 908,406 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 89,222 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 997,628 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Cost of goods sold and services &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (301,882 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (76,121 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (378,003 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Operating income (expenses) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; General and administrative expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (387,023 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (19,329 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (406,352 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Commercial expenses &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (152,659 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (12,510 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (165,169 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Other operating income &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,283 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; 4,283 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; Impairment losses on trade receivables &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (25,015 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; (25,015 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Profit (Loss) before finance result and taxes &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 46,110 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (18,738 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; ) &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 27,372 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #bdd7ee;"&gt;
&lt;td style="padding-left: 3.75pt; padding-right: 3.75pt; vertical-align: middle; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; Assets &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 6,848,198 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; 130,072 &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #bdd7ee; height: 18px;"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt;
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      contextRef="D20221231_RevenueBenchmarkMember_CustomerConcentrationsRiskMember_BottomOfRangeMember_AggregateCustomersOfEntityMember"
      decimals="2"
      id="Tag2309"
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&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;29&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt; &lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Non-cash&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt; transactions &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;Non-cash transactions for the years ended December 31, 2022, &lt;span&gt;2021&lt;/span&gt; and &lt;span&gt;2020&lt;/span&gt; are, respectively: (i) Additions of right of use assets and lease liabilities in the amount of R$ 12,002, R$ 25,513 and R$ 35,925 (Note &lt;span&gt;17&lt;/span&gt;), (ii) Disposals of contracts of right of use assets and lease liabilities in the amount of R$ 3,180, R$ 3,481 and R$ 3,429 (Note &lt;span&gt;17&lt;/span&gt;), and (iii) Accounts payable assumed in the acquisition of Phidelis, during year &lt;span&gt;2022&lt;/span&gt;, in the amount of R$ 12,733 (net of the cash paid), SEL, in the amount of R$ 26,876, Reda&#xe7;&#xe3;o Nota &lt;span&gt;1000&lt;/span&gt;, in the amount of R$ 7,294, EMME, in the amount of R$ 12,253, De Gouges, in the amount of R$ 451,554, and Pluri, in the amount of R$ 12,347, Mind Makers, in the amount of R$ 13,621, Meritt, in the amount R$ 4,330&#160;(during year &lt;span&gt;2021&lt;/span&gt;). See note &lt;span&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
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    <ifrs-full:AdditionsToRightofuseAssets
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    <ifrs-full:AdditionsToRightofuseAssets
      contextRef="D20211231_3"
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      unitRef="BRL">25513000</ifrs-full:AdditionsToRightofuseAssets>
    <ifrs-full:AdditionsToRightofuseAssets
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      unitRef="BRL">35925000</ifrs-full:AdditionsToRightofuseAssets>
    <vsta:CancellationOfLeaseAgreements
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      unitRef="BRL">-3180000</vsta:CancellationOfLeaseAgreements>
    <vsta:CancellationOfLeaseAgreements
      contextRef="D20211231_3"
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      id="Tag2424"
      unitRef="BRL">-3481000</vsta:CancellationOfLeaseAgreements>
    <vsta:CancellationOfLeaseAgreements
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    <ifrs-full:LiabilitiesIncurred
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      id="Tag2421"
      unitRef="BRL">12733000</ifrs-full:LiabilitiesIncurred>
    <ifrs-full:LiabilitiesIncurred
      contextRef="I20211231_SociedadeEducacionalDaLagoaLtdaMember"
      decimals="-3"
      id="Tag2420"
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    <ifrs-full:LiabilitiesIncurred
      contextRef="I20211231_Nota1000ServicosEducacionaisSAMember"
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      id="Tag2423"
      unitRef="BRL">7294000</ifrs-full:LiabilitiesIncurred>
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    <ifrs-full:LiabilitiesIncurred
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      id="Tag2406"
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    <ifrs-full:LiabilitiesIncurred
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    <ifrs-full:LiabilitiesIncurred
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    <ifrs-full:LiabilitiesIncurred
      contextRef="I20211231_MerittInformacaoEducacionalLtdaMember"
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&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;3&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;0&lt;/span&gt;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;Subsequent events&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;"&gt;Anglo Start Acquisition&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The Company, through its subsidiary Somos Sistemas de Ensino S.A (&#x201c;Somos&#x201d;), acquired a 51% interest in the capital of &#x201c;Escola Start Ltda.&#x201d;, (&#x201c;Start&#x201d;), on March 3, 2023. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;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.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 12pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;The purchase price of R$4,454 will be paid in &lt;span&gt;two&lt;/span&gt; (2) installments, a fixed installment of R$4,100 in cash on the acquisition date and a variable installment of R$354, subject to price adjustment depending on the calculation of financial indicators defined as contract and corrected by 100% of the CDI, to be paid in May 2023. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;On the same date, a purchase option agreement was entered into 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$11,700.&lt;/span&gt;&lt;/p&gt;
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    <vsta:NumberOfInstallmentsForConsiderationPayment
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      unitRef="Pure">2</vsta:NumberOfInstallmentsForConsiderationPayment>
    <ifrs-full:CashTransferred
      contextRef="I20230303_MajorBusinessCombinationMember_EscolaStartLtdaMember_SomosSistemasDeEnsinoSaMember"
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      unitRef="BRL">4100000</ifrs-full:CashTransferred>
    <ifrs-full:LiabilitiesIncurred
      contextRef="I20230303_MajorBusinessCombinationMember_EscolaStartLtdaMember_SomosSistemasDeEnsinoSaMember"
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    <ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests
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    <link:footnoteLink
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        <link:footnote id="footnote13" xlink:label="footnote13" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">As of December 31, 2022, the balance of reverse factoring was R$ 155,469 (R$ 97,619 as of December 31, 2021), and the discount rates of assignment operations carried out by our suppliers with financial institutions had a weighted average of 1.27% per month (as of December 31, 2021, the weighted average was 1.05% 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.</xhtml:span></link:footnote>
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        <link:footnote id="footnote7" xlink:label="footnote7" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We present below the composition of interest and principal payments considering the issues made:</xhtml:span></link:footnote>
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        <link:footnote id="footnote4" xlink:label="footnote4" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Refers to new lease agreements which the Company has embedded part of its digital learning solutions. These lease agreements (digital learning) refer to lease terms of 36 months, with rates negotiated in the range of 10.3% p.a to 10.9% p.a.</link:footnote>
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        <link:footnote id="footnote36" xlink:label="footnote36" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="border-right: none; border-left: none;"><xhtml:span style="font-family: 'Times New Roman'; font-size: 10pt;"><xhtml:span style="font-size: 10pt; font-family: 'Times New Roman', 'serif'; color: #000000;">Entities that were merged during the fiscal year ended December 31,2022</xhtml:span></xhtml:span></xhtml:span></link:footnote>
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        <link:footnote id="footnote35" xlink:label="footnote35" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The Company&#x2019;s income tax and social contribution loss carryforwards are primarily the result of tax amortization of goodwill and the amortization of certain intangibles recognized related to the business combination in <xhtml:span>2018</xhtml:span>. In accordance with Brazilian tax regulation, tax loss carryforwards have a limitation for use of 30% of taxable profit generated in each year and do not expire. The tax benefit is expected to be realized over an estimated 6 year period beginning in <xhtml:span>2026</xhtml:span>. </link:footnote>
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        <link:footnote id="footnote38" xlink:label="footnote38" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.</link:footnote>
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        <link:footnote id="footnote52" xlink:label="footnote52" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-family: 'Times New Roman'; font-size: 10pt;">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.</xhtml:span></link:footnote>
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text-decoration-color: initial; line-height: inherit; display: inline;">100% of DI Interest Deposit rate (CDI)</xhtml:span><xhtml:span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, plus spread of&#160;</xhtml:span><xhtml:span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">2.30</xhtml:span><xhtml:span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">% per year. The debentures are aimed at reinforcing the Company&#x2019;s capital structure and elongating the debt maturity profile, which average maturity now stands at&#160;</xhtml:span><xhtml:span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline;">35 months</xhtml:span><xhtml:span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">.</xhtml:span></link:footnote>
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        <link:footnote id="footnote5" xlink:label="footnote5" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">On March 15, 2021, the Company, substantially settled bonds with related parties amounting to R$ 100,000 and R$ 1,488, in principal and interest, respectively as follows: 5th Issuance, 1st series &#x2013; R$ 101,488. In addition, the Company settled only interest on the following bonds: 5th Issuance, 2nd series &#x2013; R$ 1,451, 6th Issuance, 2nd series &#x2013; R$ 3,613 and 7th Issuance, single series &#x2013; R$ 5,663. This measure is part of a commitment with shareholders as a result of the IPO.

On May 31, 2021, the Company partially settled bonds with related parties amounting to R$ 188,000, of principal of the 7th issuance single series.

On August 6, 2021, the Company settled the remaining 7th issuance with related parties in the amounts of R$189,564 and R$5,871, as principal and interest. In addition, the Company settled only interest on the following bonds: 5th Issuance, 2nd series &#x2013; R$ 2,029 and 6th Issuance, 2nd series &#x2013; R$ 4,758.

Regarding the financing with Banco de Desenvolvimento de Minas Gerais SA - BDMG, the Company pays monthly the amount of R$ 15 and R$ 4, respectively, of principal and interest, totaling on December 31, 2021 an amount of R$177 and R$49, respectively, of principal and interest.</link:footnote>
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The debentures aim to strengthen the Company's capital structure and lengthen the maturity profile of the debt, whose average term has become&#160;</xhtml:span><xhtml:span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; cursor: default; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline;">37 months</xhtml:span><xhtml:span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</xhtml:span></link:footnote>
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